How Bitcoin Mining Helps To Earn $1000 per Month Easily ...

Hash Rate

Hash Rate

https://preview.redd.it/g48ap01fov551.jpg?width=1200&format=pjpg&auto=webp&s=7acc3fbfeff8cac96bf1a020c1e4f2b02400f1db
Hash rate is the speed at which a computer is able to perform computations. In the context of cryptocurrencies, the hash rate represents the efficiency of a mining machine. Typically, the hash rate is measured in hashes per second (h/s) along with an SI prefix, such as mega, giga, or tera.

#BitcoinAcademy #bitcoinmanagement #bitcointips #bitcoininfo #bitcoinguru #bitcointechnology #hashrate
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Era Swap Network White Paper

Era Swap Network White Paper

Era Swap Network

White Paper



DISCLAIMER
This Whitepaper is for Era Swap Network. Its purpose is solely to provide prospective community members with information about the Era Swap Ecosystem & Era Swap Network project. This paper is for information purposes only and does not constitute and is not intended to be an offer of securities or any other financial or investment instrument in any jurisdiction.
The Developers disclaim any and all responsibility and liability to any person for any loss or damage whatsoever arising directly or indirectly from (1) reliance on any information contained in this paper, (2) any error, omission or inaccuracy in any such information, or (3) any action resulting therefrom
Digital Assets are extremely high-risk, speculative products. You should be aware of the risks involved and fully consider before participating in Digital assets whether it’s appropriate for you. You should only participate if you are an experienced investor with sophisticated knowledge of financial markets and you fully understand the risks associated with digital assets. We strongly advise you to take independent professional advice before making any investment or participating in any way. You should check what rules and protections apply to your respective jurisdictions before investing or participating in any way. The Creators & community will not compensate you for any losses from trading, investment or participating in any way. You should read whitepaper carefully before participating and consider whether these products are right for you.

TABLE OF CONTENT

· Abstract
· Introduction to Era Swap Network
· Development Overview
· Era Swap Utility Platform
· Alpha-release Development Plan
· Era Swap Network Version 1: Specification
· Bunch Structure: 10
· Converting ES-ERC20 to ES-Na:
· Conclusion:
· Era Swap Ecosystem
· Social Links

Abstract

The early smart contracts of Era Swap Ecosystem like TimeAlly, Newly Released Tokens, Assurance, BetDeEx of Era Swap Ecosystem, are deployed on Ethereum mainnet. These smart contracts are finance-oriented (DeFi), i.e. most of the transactions are about spending or earning of Era Swap tokens which made paying the gas fees in Ether somewhat intuitive to the user (withdrawal charges in bank, paying tax while purchasing burgers) but transactions that are not token oriented like adding a nominee or appointee voting also needs Ether to be charged. As more Era Swap Token Utility platform ideas kept appending to the Era Swap Main Whitepaper, more non-financial transaction situations arise like updating status, sending a message, resolving a dispute and so on. Paying extensively for such actions all day and waiting for the transaction to be included in a block and then waiting for enough block confirmations due to potential chain re-organizations is counter-intuitive to existing free solutions like Facebook, Gmail. This is the main barrier that is stopping Web 3.0 from coming to the mainstream.
As alternatives to Ethereum, there are few other smart contract development platforms that propose their own separate blockchain that features for higher transaction throughput, but they compromise on decentralization for improving transaction speeds. Moreover, the ecosystem tools are most advancing in Ethereum than any other platform due to the massive developer community.
With Era Swap Network, the team aims to achieve scalability, speed and low-cost transactions for Era Swap Ecosystem (which is currently not feasible on Ethereum mainnet), without compromising much on trustless asset security for Era Swap Community users.

Introduction to Era Swap Network

Era Swap Network (ESN) aims to solve the above-mentioned problems faced by Era Swap Ecosystem users by building a side-blockchain on top of Ethereum blockchain using the Plasma Framework.
Era Swap Network leverages the Decentralisation and Security of Ethereum and the Scalability achieved in the side-chain, this solves the distributed blockchain trilema. In most of the other blockchains, blocks are a collection of transactions and all the transactions in one block are mined by a miner in one step. Era Swap Network will consist of Bunches of Blocks of Era Swap Ecosystem Transactions.

Decentralization

Layer 2


Scalable and Secure

A miner mines all the blocks in a bunch consequently and will commit the bunch-root to the ESN Plasma Smart Contract on Ethereum mainnet.

Development Overview
Initially, we will start with a simple Proof-of-Authority (PoA) based consensus of EVM to start the development and testing of Era Swap Ecosystem Smart Contracts as quickly as possible on the test-net. We will call this as an alpha-release of ESN test-net and only internal developers will work with this for developing smart contracts for Era Swap Ecosystem. User’s funds in a Plasma implementation with a simple consensus like PoA are still secured as already committed bunch-roots cannot be reversed.
Eventually, we want to arrive on a more control-decentralized consensus algorithm like Proof-of-Stake (PoS) probably, so that even if the chain operator shuts down their services, a single Era Swap Ecosystem user somewhere in the world can keep the ecosystem alive by running software on their system and similarly more people can join to decentralize the control further. In this PoS version, we will modify the Parity Ethereum client in such a way, that at least 50% of transaction fees collected will go to the Luck Pool of NRT Smart Contract on Ethereum mainnet and rest can be kept by miner of the blocks/bunch of blocks if they wish. After achieving such an implementation, we will release this as a beta version to the community for testing the software on their computers with Kovan ERC20 Era Swaps (Ethereum test-net).

Era Swap Decentralised Ecosystem
Following platforms are to be integrated:
  1. Era Swap Token Contract (adapted ERC20 on Ethereum) The original asset will lie on Ethereum to avoid loss due to any kind of failure in ESN.
  2. Plasma Manager Contract (on Ethereum) To store ESN bunch headers on Ethereum.
  3. Reverse Plasma Manager Contract (on ESN) Bridge to convert ES to ES native and ES native to ES. User deposits ES on Mainnet Plasma, gives proof on ESN and gets ES native credited to their account in a decentralised way.
  4. NRT Manager Contract (on Ethereum or on ESN) If it is possible to send ES from an ESN contract to luck pool of NRT Manager Contract on Ethereum, then it’s ok otherwise, NRT Manager will need to be deployed on ESN for ability to add ES to luck pool.
  5. Era Swap Wallet (React Native App for managing ESs and ES natives) Secure wallet to store multiple private keys in it, mainly for managing ES and ES native, sending ES or ES native, also for quick and easy BuzCafe payments.
  6. TimeAlly (on Ethereum or on ESN) On whichever chain NRT Manager is deployed, TimeAlly would be deployed on the same chain.
  7. Assurance (on Ethereum or on ESN) On whichever chain NRT Manager is deployed, TimeAlly would be deployed on the same chain.
  8. DaySwappers (on ESN) KYC manager for platform. For easily distributing rewards to tree referees.
  9. TimeSwappers (on ESN) Freelance market place with decentralised dispute management.
  10. SwappersWall (on ESN) Decentralised social networking with power tokens.
  11. BuzCafe (on ESN) Listing of shops and finding shops easily and quick payment.
  12. BetDeEx (on ESN) Decentralised Prediction proposals, prediction and results.
  13. DateSwappers (on ESN) Meeting ensured using cryptography.
  14. ComputeEx (on Ethereum / centralised way) Exchange assets.
  15. Era Swap Academy (on ESN / centralised way) Learn. Loop. Leap. How to implement ES Academy is not clear. One idea is if content is constantly being modified, then subscription expired people will only have the hash of old content while new content hash is only available to people who have done Dayswapper KYC and paid for the course. Dayswapper KYC is required because this way people won’t share their private keys to someone else.
  16. Value of Farmers (tbd) The exchange of farming commodities produced by farmers in VoF can be deposited to warehouses where the depositors will get ERC721 equivalent tokens for their commodities (based on unique tagging).
  17. DeGameStation (on ESN) Decentralised Gaming Station. Games in which players take turns can be written in Smart Contract. Games like Chess, Poker, 3 Patti can be developed. Users can come to DeGameStation and join an open game or start a new game and wait for other players to join.

Alpha-release Development Plan
  1. Deploying Parity Node customized according to Era Swap Whitepaper with PoA consensus.
  2. Setting up Plasma Smart Contracts.
  3. Creating a bridge for ERC20 Swap from Ethereum test-net to ESN alpha test-net.

Alpha Version
Era Swap Network Version 1 : Specification
The Version 1 release of ESN plans to fulfill the requirements for political decentralisation and transparency in dApps of Era Swap Ecosystem using Blockchain Technology. After acquiring sufficient number of users, a version 2 construction of ESN will be feasible to enable administrative decentralization, such that the Era Swap Ecosystem will be run and managed by the Era Swap Community and will no longer require the operator to support for it's functioning.
Era Swap Network (ESN) Version 1 will be a separate EVM-compatible sidechain attached to Ethereum blockchain as it’s parent chain. ESN will achieve security through Plasma Framework along with Proof-of-Authority consensus for faster finality. The idea behind plasma framework is to avoid high transaction fees and high transaction confirmation times on Ethereum mainnet by instead doing all the ecosystem transactions off-chain and only post a small information to an Ethereum Smart Contract which would represent hash of plenty of ecosystem transactions. Also, to feature movement of Era Swap Tokens from Ethereum blockchain to ESN using cryptographic proof, reverse plasma of Ethereum on ESN will be implemented.
Also, submitting hash of each ESN blocks to ESN Plasma Smart Contract on Ethereum would force ESN to have a block time equal to or more than Ethereum’s 15 second time as well as it would be very much costly for operator to post lot of hashes to an Ethereum Smart Contract. This is why, merkle root of hashes of bunch of blocks would instead be submitted to ESN Plasma Smart Contact on Ethereum.
Actors involved in the ESN:
  1. Block Producer Nodes Lesser the number of nodes, quicker is the block propagation between block producers which can help quick ecosystem transactions. We find that 7 block producers hosted on different could hosting companies and locations reduces the risk of single point of failure of Era Swap Ecosystem and facilitates 100% uptime of dApps. Block Producer Nodes will also be responsible to post the small information to the Blockchain.
  2. Block Listener Nodes Rest of the nodes will be Block Listeners which will sync new blocks produced by the block producer nodes. Plenty of public block listener nodes would be setup in various regions around the world for shorter ping time to the users of Era Swap Ecosystem. Users would submit their Era Swap Ecosystem transactions to one of these public nodes, which would relay them to rest of the Era Swap Network eventually to the block producer nodes which would finalize a new block including the user transaction.
  3. Bunch Committers This will be an instance in the block producers which will watch for new blocks confirmed on ESN and will calculate bunch merkle roots and will submit it to ESN Plasma Smart Contract. This instance will also post hash of new Ethereum blocks to ESN (after about 10 confirmations) for moving assets between both the blockchain.
  4. Users These will be integrating with dApps which would be connected to some public ESN nodes or they can install a block listner node themselves. They can sign and send transactions to the node which they are connected to and then that node will relay their transactions to block producer nodes who would finalise a block including their transaction.

Bunch Structure

A Bunch Structure in Smart Contract will consist of the following:
• Start Block Number: It is the number of first ESN block in the bunch.
• Bunch Depth: It is Merkle Tree depth of blocks in the bunch. For e.g. If bunch depth is 3, there would be 8 blocks in the bunch and if bunch depth is 10, there would be 1024 blocks in the bunch. Bunch depth of Bunches on ESN Plasma Contract is designed to be variable. During the initial phases of ESN, it would be high, for e.g. 15, to avoid ether expenditure and would be decreased in due course of time.
• Transactions Mega Root: This value is the merkle root of all the transaction roots in the bunch. This is used by Smart Contract to verify that a transaction was sent on the chain.
• Receipts Mega Root: This value is the merkle root of all the receipt roots in the bunch. This is used to verify that the transaction execution was successful.
• Timestamp: This value is the time when the bunch proposal was submitted to the smart contract. After submission, there is a challenge period before it is finalised.

Converting ES-ERC20 to ERC-NA and BACK

On Ethereum Blockchain, the first class cryptocurrency is ETH and rest other tokens managed by smart contracts are second class. On ESN, there is an advancement to have Era Swaps as the first class cryptocurrency. This cryptocurrency will feature better user experience and to differentiate it from the classic ERC20 Era Swaps, it will be called as Era Swap Natives (ES-Na). According to the Era Swap Whitepaper, maximum 9.1 Million ES will exist which will be slowly released in circulation every month.
Era Swaps will exist as ES-ERC20 as well as in form of ES-Na. One of these can be exchanged for the other at 1:1 ratio.
Following is how user will convert ES-ERC20 to ES-Na:
  1. User will give allowance to a Deposit Smart Contract, and following that call deposit method to deposit tokens to the contract.
  2. On transaction confirmation, user will paste the transaction hash on a portal which will generate a Proof of Deposit string for the user. This string is generated by fetching all the transactions in the Ethereum Block and generating a Transaction Patricia Merkle Proof to prove that user’s transaction was indeed included in the block and the Receipts Patricia Merkle Proof to confirm that the user’s transaction was successful.
  3. Using the same portal, user will submit the generated proofs to a Smart Contract on ESN, which would release funds to user. Though, user will have to wait for the Etheruem block roots to be posted to ESN after waiting for confirmations which would take about 3 minutes. Once, it’s done user’s proofs will be accepted and will receive exact amount of ES- Na on ESN.
Following is how user will convert ES-Na to ES-ERC20:
  1. ES-Na being first class cryptocurrency, user will simply send ES-Na to a contract.
  2. User will paste the transaction hash on a portal which will generate a Proof of Deposit for the user. Again ES-Na being first class cryptocurrency, Transaction Patricia Merkle Proof is enough to prove that user’s transaction was indeed included in the block. Another thing which will be generated is the block inclusion proof in the bunch.
  3. User will have to wait for the bunch confirmation to the Plasma Smart Contract and once it’s done, user can send the proof to the Plasma Smart Contract to receive ES-ERC20.

HARD Exit

Since the blocks are produced and transactions are validated by few block producers, it exposes a possibility for fraud by controlling the block producer nodes. Because ESN is based on the Plasma Model, when failure of sidechain occurs or the chain halts, users can hard exit their funds directly from the Plasma Smart Contract on Ethereum by giving a Proof of Holdings.

HOld ES Tokens Swapping with New ES Tokens

The old ES Tokens will be valueless as those tokens will not be accepted in ESN because of NRT (New Released Tokens) and TimeAlly contracts on mainnet which is causing high gas to users, hence reducing interactions. Also, there was an event of theft of Era Swap Tokens and after consensus from majority of holders of Era Swap Tokens; it was decided to create a new contract to reverse the theft to secure the value of Era Swap Tokens of the community. Below is the strategy for swapping tokens:
TimeAlly and TSGAP: Majority of Era Swap Community have participated in TimeAlly Smart Contract in which their tokens are locked for certain period of time until which they cannot move them. Such holders will automatically receive TimeAlly staking of specific durations from the operator during initialization of ESN.
Liquid Tokens: Holders of Liquid Era Swap Tokens have to transfer the old tokens to a specified Ethereum wallet address managed by team. Following that, team will audit the token source of the holder (to eliminate exchange of stolen tokens) and send new tokens back to the wallet address.

Post-Genesis Tokens Return Program

Primary asset holding of Era Swap tokens will exist on Ethereum blockchain as an ERC20 compatible standard due to the highly decentralised nature of the blockchain. Similar to how users deposit tokens to an cryptocurrency exchange for trading and then withdraw the tokens back, users will deposit tokens to ESN Contract to enter Era Swap Ecosystem and they can withdraw it back from ESN Contract for exiting from ecosystem network. The design of the token system will be such that, it will be compatible with the future shift (modification or migration of ESN version 1) to ESN version 2, in which an entirely new blockchain setup might be required.
To manage liquidity, following genesis structure will be followed:

Holder ES-ERC20 ES-Na
Team Wallet 1.17 billion (Circulating Supply) 0
Locked in Smart Contract 7.93 billion (pending NRT releases) 9.1 billion
Though it looks like there are 9.1 * 2 = 18.2 Billion ES, but the cryptographic design secures that at any point in time at least a total of 9.1 billion ES (ES-ERC20 + ES-Na) will be locked. To unlock ES-Na on ESN, an equal amount of ES-ERC20 has to be locked on Ethereum and vice-versa.
9.1 billion ES-ERC20 will be issued by ERC20 smart contract on Ethereum Blockchain, out of which the entire circulating supply (including liquid and TimeAlly holdings) of old ES will be received to a team wallet.
TimeAlly holdings of all users will be converted to ES-Na and distributed on ESN TimeAlly Smart Contract by team to the TimeAlly holders on their same wallet address.
Liquid user holdings will be sent back to the users to the wallet address from which they send back old ES tokens (because some old ES are deposited on exchange wallet address).
ES-Na will be issued in the genesis block to an ESN Manager Smart Contract address. It will manage all the deposits and withdrawals as well as NRT releases.

Attack Vectors


Following are identified risks to be taken care of during the development of ESN:
Network Spamming: Attackers can purchase ES from the exchange and make a lot of transactions between two accounts. This is solved by involving gas fees. A setting of 200 nanoES minimum gas price will be set, which can be changed as per convenience.
DDoS: Attackers can query public nodes for computationally heavy output data. This will overload the public node with requests and genuine requests might get delayed. Block producers RPC is private, so they will continue to produce blocks. To manage user’s denial of service, the provider in dApps needs to be designed in such a way such that many public nodes will be queried simple information (let’s say latest block number) and the one which response quickly to user will be selected.
AWS is down: To minimize this issue due to cloud providers down, there will be enough nodes on multiple cloud providers to ensure at least one block producer is alive.
User deposit double spending: User deposits ES on Ethereum, gets ES-Na on ESN. Then the issue happens that there are re-org on ETH mainnet and the user’s transaction is reversed. Since ETH is not a fixed chain and as per PoW 51% attack can change the blocks. As Ethereum is now enough mature and by statistics forked blocks are at most of height 2. So it is safe to consider 15 confirmations.
Exit Game while smooth functioning: User starts a hard exit directly from Plasma Smart Contract on Ethereum, then spends his funds from the plasma chain too. To counter this, the exit game will be disabled, only when ESN halts, i.e. fails to submit block header within the time the exit game starts. This is because it is difficult to mark user’s funds as spent on ESN.
Vulnerability in Ecosystem Smart Contracts: Using traditional methods to deploy smart contracts results in a situation where if a bug is found later, it is not possible to change the code. Using a proxy construction for every ecosystem smart contract solves this problem, and changing a proxy can be given to a small committee in which 66% of votes are required, this is to prevent a malicious change of code due to compromising of a single account or similar scenario.
ChainID replay attacks: Using old and traditional ways to interact with dApps can cause loss to users, hence every dApp will be audited for the same.

Conclusion

Era Swap Network is an EVM-compatible sidechain attached to the Ethereum blockchain through Plasma Framework. This allows off-chain processing of Era Swap Ecosystem transactions and posting only the hash of the bunch to Ethereum. This greatly reduces the high network fee and confirmation time issues faced by the current Era Swap Ecosystem DApps deployed on Ethereum. Also, having a separate EVM-compatible blockchain tailored to Era Swap Ecosystem improves the user experience to a higher extent. Since by design, Plasma Framework makes the Era Swap Network as secure as the Ethereum Network, user's funds on the network would be secure as well.
We believe Era Swap Network will help scale dApps of Era Swap Ecosystem to onboard the increasing numbers of users.


Era Swap Ecosystem
Era Swap Ecosystem consist of multiple interlinked platforms which is powered by Era swap (ES) token, a decentralized utility token to be used on below utility platforms. Users can access the Platforms through Era Swap Life which is the Single Sign on (SSO) gateway to the one world of Era Swap Ecosystem.
Era Swap Life: https://eraswap.life/
TimeAlly DApp -> Decentralized Token Vesting: https://www.timeally.io/
BetDeEx -> Decentralized prediction platform: https://www.betdeex.com/
Swappers Wall -> Social Time Ledgerise: https://timeswappers.com/swapperswall
TimeSwappers -> Global P2P marketplace: https://timeswappers.com/
BuzCafe -> Connects local P2P outlets: https://buzcafe.com/
DaySwappers -> Unique Affiliate Program: https://dayswappers.com/
Era Swap Academy -> E-mart for skill development: https://eraswap.academy/
Value of Farmers (VOF) -> Farming ecosystem: http://valueoffarmers.org/ coming soon
ComputeEx -> P2P lending and borrowing: https://computeex.net/ coming soon
DateSwappers -> Next gen dating: coming soon
Smart Contract address

Era Swap Token (ES)
https://etherscan.io/address/0xef1344bdf80bef3ff4428d8becec3eea4a2cf574#code

Newly Released Token (NRT) https://etherscan.io/address/0x20ee679d73559e4c4b5e3b3042b61be723828d6c#code

TimeAlly DApp
https://etherscan.io/address/0x5630ee5f247bd6b61991fbb2f117bbeb45990876#code

BetDeEx DApp https://etherscan.io/address/0x42225682113E6Ed3616B36B4A72BbaE376041D7c#code
TSGAP DApp
https://etherscan.io/address/0xbad9af4db5401b7d5e8177a18c1d69c35fc03fd3#code

White Paper
Era Swap Whitepaper: https://eraswaptoken.io/pdf/eraswap_whitepaper.pdf
Era Swap Light Paper: https://eraswaptoken.io/pdf/eraswap_lightpaper.pdf

Howey Test
Howey Test: https://eraswaptoken.io/era-swap-howey-test-letter-august7-2018.php

Era Swap SOCIAL LINKS
Telegram: https://t.me/eraswap
Twitter: https://twitter.com/eraswaptec
Facebook: https://www.facebook.com/eraswap/
Instagram: https://www.instagram.com/eraswap/
BitcoinTalk: https://bitcointalk.org/index.php?topic=5025979.msg45502457
Youtube: https://www.youtube.com/channel/UCGCP4f5DF1W6sbCjS6y3T1g
LinkedIn: https://www.linkedin.com/company/eraswap/
Reddit: https://www.reddit.com/useEraSwap
Medium: https://medium.com/@eraswap
Tumblr: https://eraswap.tumblr.com/
Mix: https://mix.com/eraswap
Pinterest: https://www.pinterest.com/eraswapt/
GitHub: https://github.com/KMPARDS/EraSwapSmartContracts
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Which type of curren(t) do you want to see(cy)? A analysis of the intention behind bitcoin(s). [Part 2]

Part 1
It's been a bit of time since the first post during which I believe things have crystallised further as to the intentions of the three primary bitcoin variants. I was going to go on a long winded journey to try to weave together the various bits and pieces to let the reader discern from themselves but there's simply too much material that needs to be covered and the effort that it would require is not something that I can invest right now.
Firstly we must define what bitcoin actually is. Many people think of bitcoin as a unit of a digital currency like a dollar in your bank but without a physical substrate. That's kind of correct as a way to explain its likeness to something many people are familiar with but instead it's a bit more nuanced than that. If we look at a wallet from 2011 that has never moved any coins, we can find that there are now multiple "bitcoins" on multiple different blockchains. This post will discuss the main three variants which are Bitcoin Core, Bitcoin Cash and Bitcoin SV. In this respect many people are still hotly debating which is the REAL bitcoin variant and which bitcoins you want to be "investing" in.
The genius of bitcoin was not in defining a class of non physical objects to send around. Why bitcoin was so revolutionary is that it combined cryptography, economics, law, computer science, networking, mathematics, etc. and created a protocol which was basically a rule set to be followed which creates a game of incentives that provides security to a p2p network to prevent double spends. The game theory is extremely important to understand. When a transaction is made on the bitcoin network your wallet essentially generates a string of characters which includes your public cryptographic key, a signature which is derived from the private key:pub key pair, the hash of the previous block and an address derived from a public key of the person you want to send the coins to. Because each transaction includes the hash of the previous block (a hash is something that will always generate the same 64 character string result from EXACTLY the same data inputs) the blocks are literally chained together. Bitcoin and the blockchain are thus defined in the technical white paper which accompanied the release client as a chain of digital signatures.
The miners validate transactions on the network and compete with one another to detect double spends on the network. If a miner finds the correct solution to the current block (and in doing so is the one who writes all the transactions that have elapsed since the last block was found, in to the next block) says that a transaction is confirmed but then the rest of the network disagree that the transactions occurred in the order that this miner says (for double spends), then the network will reject the version of the blockchain that that miner is working on. In that respect the miners are incentivised to check each other's work and ensure the majority are working on the correct version of the chain. The miners are thus bound by the game theoretical design of NAKAMOTO CONSENSUS and the ENFORCES of the rule set. It is important to note the term ENFORCER rather than RULE CREATOR as this is defined in the white paper which is a document copyrighted by Satoshi Nakamoto in 2009.

Now if we look at the three primary variants of bitcoin understanding these important defining characteristics of what the bitcoin protocol actually is we can make an argument that the variants that changed some of these defining attributes as no longer being bitcoin rather than trying to argue based off market appraisal which is essentially defining bitcoin as a social media consensus rather than a set in stone rule set.
BITCOIN CORE: On first examination Bitcoin Core appears to be the incumbent bitcoin that many are being lead to believe is the "true" bitcoin and the others are knock off scams. The outward stated rationale behind the bitcoin core variant is that computational resources, bandwidth, storage are scarce and that before increasing the size of each block to allow for more transactions we should be increasing the efficiency with which the data being fed in to a block is stored. In order to achieve this one of the first suggested implementations was a process known as SegWit (segregating the witness data). This means that when you construct a bitcoin transaction, in the header of the tx, instead of the inputs being public key and a signature + Hash + address(to), the signature data is moved outside of header as this can save space within the header and allow more transactions to fill the block. More of the history of the proposal can be read about here (bearing in mind that article is published by the bitcoinmagazine which is founded by ethereum devs Vitalik and Mihai and can't necessarily be trusted to give an unbiased record of events). The idea of a segwit like solution was proposed as early as 2012 by the likes of Greg Maxwell and Luke Dash Jnr and Peter Todd in an apparent effort to "FIX" transaction malleability and enable side chains. Those familiar with the motto "problem reaction solution" may understand here that the problem being presented may not always be an authentic problem and it may actually just be necessary preparation for implementing a desired solution.
The real technical arguments as to whether moving signature data outside of the transaction in the header actually invalidates the definition of bitcoin as being a chain of digital signatures is outside my realm of expertise but instead we can examine the character of the individuals and groups involved in endorsing such a solution. Greg Maxwell is a hard to know individual that has been involved with bitcoin since its very early days but in some articles he portrays himself as portrays himself as one of bitcoins harshest earliest critics. Before that he worked with Mozilla and Wikipedia and a few mentions of him can be found on some old linux sites or such. He has no entry on wikipedia other than a non hyperlinked listing as the CTO of Blockstream. Blockstream was a company founded by Greg Maxwell and Adam Back, but in business registration documents only Adam Back is listed as the business contact but registered by James Murdock as the agent. They received funding from a number of VC firms but also Joi Ito and Reid Hoffman and there are suggestions that MIT media labs and the Digital Currency Initiative. For those paying attention Joi Ito and Reid Hoffman have links to Jeffrey Epstein and his offsider Ghislaine Maxwell.

Ghislaine is the daughter of publishing tycoon and fraudster Robert Maxwell (Ján Ludvík Hyman Binyamin Hoch, a yiddish orthodox czech). It is emerging that the Maxwells are implicated with Mossad and involved in many different psyops throughout the last decades. Greg Maxwell is verified as nullc but a few months ago was outed using sock puppets as another reddit user contrarian__ who also admits to being Jewish in one of his comments as the former. Greg has had a colourful history with his roll as a bitcoin core developer successfully ousting two of the developers put there by Satoshi (Gavin Andreson and Mike Hearn) and being referred to by Andreson as a toxic troll with counterpart Samon Mow. At this point rather than crafting the narrative around Greg, I will provide a few links for the reader to assess on their own time:
  1. https://coinspice.io/news/btc-dev-gregory-maxwell-fake-social-media-account-accusations-nonsense/
  2. https://www.trustnodes.com/2017/06/06/making-gregory-maxwell-bitcoin-core-committer-huge-mistake-says-gavin-andresen
  3. https://www.ccn.com/gavin-andresen-samson-mow-and-greg-maxwell-toxic-trolls//
  4. https://www.nytimes.com/2016/01/17/business/dealbook/the-bitcoin-believer-who-gave-up.html
  5. https://www.coindesk.com/mozilla-accepting-bitcoin-donations
  6. https://spectrum.ieee.org/tech-talk/computing/networks/the-bitcoin-for-is-a-coup
  7. https://www.reddit.com/btc/comments/68pusp/gavin_andresen_on_twitter_im_looking_for_beta/dh1cmfl/
  8. https://www.reddit.com/btc/comments/d14qee/can_someone_post_the_details_of_the_relationships/?ref=tokendaily
  9. https://www.coindesk.com/court-docs-detail-sexual-misconduct-allegations-against-bitcoin-consultant-peter-todd
  10. https://coinspice.io/news/billionaire-jeffrey-epstein-btc-maximalist-bitcoin-is-a-store-of-value-not-a-currency/
  11. https://www.dailymail.co.uk/news/article-7579851/More-300-paedophiles-arrested-worldwide-massive-child-abuse-website-taken-down.html
  12. https://news.bitcoin.com/risks-segregated-witness-opening-door-mining-cartels-undermine-bitcoin-network/
  13. https://micky.com.au/craig-wrights-crackpot-bitcoin-theory-covered-by-uks-financial-times/
  14. https://www.reddit.com/btc/comments/74se80/wikipedia_admins_gregory_maxwell_of_blockstream/

Now I could just go on dumping more and more articles but that doesn't really weave it all together. Essentially it is very well possible that the 'FIX' of bitcoin proposed with SegWit was done by those who are moral reprobates who have been rubbing shoulders money launderers and human traffickers. Gregory Maxwell was removed from wikipedia, worked with Mozilla who donated a quarter of a million to MIT media labs and had relationship with Joi Ito, the company he founded received funding from people associated with Epstein who have demonstrated their poor character and dishonesty and attempted to wage toxic wars against those early bitcoin developers who wished to scale bitcoin as per the white paper and without changing consensus rules or signature structures.
The argument that BTC is bitcoin because the exchanges and the market have chosen is not necessarily a logical supposition when the vast majority of the money that has flown in to inflate the price of BTC comes from a cryptographic USD token that was created by Brock Pierce (Might Ducks child stahollywood pedo scandal Digital Entertainment Network) who attended Jeffrey Epstein's Island for conferences. The group Tether who issues the USDT has been getting nailed by the New York Attorney General office with claims of $1.4 trillion in damages from their dodgey practices. Brock Pierce has since distanced himself from Tether but Blockstream still works closely with them and they are now exploring issuing tether on the ethereum network. Tether lost it's US banking partner in early 2017 before the monstrous run up for bitcoin prices. Afterwards they alleged they had full reserves of USD however, they were never audited and were printing hundreds of millions of dollars of tether each week during peak mania which was used to buy bitcoin (which was then used as collateral to issue more tether against the bitcoin they bought at a value they inflated). Around $30m in USDT is crossing between China to Russia daily and when some of the groups also related to USDT/Tether were raided they found them in possession of hundreds of thousands of dollars worth of counterfeit physical US bills.
Because of all this it then becomes important to reassess the arguments that were made for the implementation of pegged sidechains, segregated witnesses and other second layer solutions. If preventing the bitcoin blockchain from bloating was the main argument for second layer solutions, what was the plan for scaling the data related to the records of transactions that occur on the second layer. You will then need to rely on less robust ways of securing the second layer than Proof Of Work but still have the same amount of data to contend with, unless there was plans all along for second layer solutions to enable records to be deleted /pruned to facilitate money laundering and violation of laws put in place to prevent banking secrecy etc.
There's much more to it as well and I encourage anyone interested to go digging on their own in to this murky cesspit. Although I know very well what sort of stuff Epstein has been up to I have been out of the loop and haven't familiarised myself with everyone involved in his network that is coming to light.
Stay tuned for part 3 which will be an analysis of the shit show that is the Bitcoin Cash variant...
submitted by whipnil to C_S_T [link] [comments]

Powerful New Ethereum Miner Reaches Final Stage Before Mass Production

Powerful New Ethereum Miner Reaches Final Stage Before Mass Production

https://preview.redd.it/ao78avnae4m31.png?width=860&format=png&auto=webp&s=11f62e6227dc7d93e9a6c2c3874782fcd4892b59
News by Coindesk: Wolfie Zhao
After a nine-month delay and $3.8 million of investment, an upstart manufacturer is ready to produce its first batch of powerful new machines for mining cryptocurrencies ethereum and ethereum classic.
Linzhi, based in Shenzen, China, said Wednesday it had ordered 37 wafers from Taiwan Semiconductor Manufacturing Company, the main parts that will allow it to build about 200 application-specific integrated circuit (ASIC) miners.
These sample units will test whether the machines can mine as efficiently as they are designed to do using ethash, the proof-of-work algorithm used on ethereum and ethereum classic.
The testing units, if successful, would mark a major step toward mass production as Linzhi sets out to compete with makers of general-purpose computing chips, such as NIVIDA, as well as mining gear specialists Bitmain and InnoSilicon, which both make ASIC miners for the ethash algorithm.
Roughly five million ether (ETH), the native cryptocurrency on the ethereum network, is being mined every year, which, at its current price, is worth more than $800 million. Even for ethereum classic, which maintains the original ethereum ledger from before a hard fork in 2016, about nine million native ETC gets mined every year, worth more than $60 million.

Powerful chips

Linzhi was founded in February 2018 by Chen Min, a former chip design head at Canaan Creative, maker of the Avalon bitcoin miner. Chen told CoinDesk the new company was completely self-funded with about $4 million as starting capital.
It announced the plan to produce ethash ASIC miners in September 2018 with an ambition to beat the efficiency of most existing equipment. Chen’s target specification for Linzhi’s ethash ASIC miner is set at 1400 mega hashes per second (MH/s) with an electricity consumption level of one kilowatt-hour.
To put those figures in perspective, NVIDIA’s GTX TitanV 8 card is now one of the most profitable piece of equipment on the ethash algorithm, able to compute 656 MH/s at an energy consumption level of 2.1 kWh, according to mining pool f2pool’s miner profitability index,
With ETH’s current price ($180) and network difficulty, as well as an electricity cost of $0.04 per kWh, each GTX TitanV 8 would bring home a daily profit of $7.35. Similarly, if one uses the same GTX TitanV 8 card to mine ETC, which has both a lower price and a lower mining difficulty than ETH, the daily profit would still be around $6.70.
The total computing power racing on ethereum and ethereum classic to compete for block rewards and to secure the two networks is around 160 and 13 tera hashes per second (TH/s), respectively.

Plan A

Since the announcement of its plan, Linzhi has spent almost all of its initial capital on research and development of the chip design, the operations of its dozen-person team, and the order of the first batch of wafers, to bet the sample testing units will deliver the intended mining power.
Linzhi previously said it was aiming to order the first batch of wafers around December in order to have samples ready in April and mass production in June.
Speaking of the delay, the company said:
“We underestimated the complexity of the chip and how long it would take to grow the team and make the company functional. We are cautiously optimistic that we can just move forward the rest of the schedule, which would mean 12/2019 for sample machines and 02/2020 for mass production.”
One possible risk for the business is that the ethereum community has previously voted to activate the so-called ProgPow algorithm in order to remove the edge maintained by large miners that can afford expensive, specialized chips, although the timing for that switch is not yet decided. (Eventually, ethereum developers want to transition from proof-of-work to proof-of-stake, which would eliminate mining altogether.)
When asked if Linzhi has any Plan B if the switch happens, Chen said the company is, in fact, more active in the ETC community, adding:
“Our plan A is to focus on ETC mining. So if ETH will still be an option, that’s something good to have. In the ethereum community, the ProgPow plan still has some uncertainty. For the time being, we don’t see it as a market that we will obtain, so I don’t really care that much.”

Reverse discount

In an arguably counterintuitive move, Chen said the company plans to adopt what it calls a “reverse discount” strategy when it starts to take in pre-orders if sample units prove to be successful. That would mean the more you buy, the more you are likely going to pay.
The reason is to discourage any single entity from buying too many machines and thus concentrating power over the network.
While Linzhi has not yet decided on final pricing for each unit to be sold at pre-orders, it says the goal is to achieve a payback period of four months for individual miners with a relatively small number of orders.
“This is our efforts and contribution to the idea of decentralization,” Chen said, concluding:
“Our sales will go to developers and community first, with a focus on geographical distribution, and potentially with a malus [reverse discount] for large orders. This means that small orders by individuals would be priced to hit the 4 month [return of investment] and larger orders would pay more.”
Mining equipment image via CoinDesk archive
submitted by GTE_IO to u/GTE_IO [link] [comments]

What's the difference between Litcoin and Bitcoin?

In 2009, Satoshi Nakamoto launched bitcoin as the world’s first cryptocurrency. The code is open source, which means it can be modified by anyone and freely used for other projects. Many cryptocurrencies have launched with modified versions of this code, with varying levels of success.
Litecoin was announced in 2011 with the goal of being the ‘silver’ to bitcoin’s ‘gold’. At the time of writing, Litecoin has the highest market cap of any mined cryptocurrency, after bitcoin.
Here’s our guide to show you the crucial difference between bitcoin and litecoin.
Mining differences
Just like bitcoin, litecoin is a crytocurrency that is generated by mining. Litecoin was created in October 2011 by former Google engineer Charles Lee. The motivation behind its creation was to improve upon bitcoin. The key difference for end-users being the 2.5 minute time to generate a block, as opposed to bitcoin’s 10 minutes. Charles Lee now works for Coinbase, one of the most popular online bitcoin wallets.
ASIC Mining
For miners and enthusiasts though, litecoin holds a much more important difference to bitcoin, and that is its different proof of work algorithm. Bitcoin uses the SHA-256 hashing algorithm, which involves calculations that can be greatly accelerated in parallel processing. It is this characteristic that has given rise to the intense race in ASIC technology, and has caused an exponential increase in bitcoin’s difficulty level.
Litecoin, however, uses the scrypt algorithm – originally named as s-crypt, but pronounced as ‘script’. This algorithm incorporates the SHA-256 algorithm, but its calculations are much more serialised than those of SHA-256 in bitcoin. Scrypt favours large amounts of high-speed RAM, rather than raw processing power alone. As a result, scrypt is known as a ‘memory hard problem‘.
The consequences of using scrypt mean that there has not been as much of an ‘arms race’ in litecoin (and other scrypt currencies), because there is (so far) no ASIC technology available for this algorithm. However, this is soon to change, thanks to companies like Alpha Technologies, which is now taking preorders.
GPU mining
To highlight the difference in hashing power, at the time of writing, the total hashing rate of the bitcoin network is over 20,000 Terra Hashes per second, while litecoin is just 95,642 Mega Hashes per second.
For the time being, ‘state of the art’ litecoin mining rigs come in the form of custom PCs fitted with multiple graphics cards (ie: GPUs). These devices can handle the calculations needed for scrypt and have access to blisteringly fast memory built into their own circuit boards.
There was a time when people could use GPU mining for bitcoin, but ASICs have made this method not worth the effort.
If you are a developer, cryptocurrency investor, or just a curious person and want to invest some time to learn about cryptocurrency visit BTCNEWZ
Transaction differences
The main difference is that litecoin can confirm transactions must faster than bitcoin. The implications of that are as follows:
Transaction speed (or faster block time) and confirmation speed are often touted as moot points by many involved in bitcoin, as most merchants would allow zero-confirmation transactions for most purchases. It is necessary to bear in mind that a transaction is instant, it is just confirmed by the network as it propagates.
submitted by alifkhalil469 to BtcNewz [link] [comments]

Will I earn money by mining? - An answer to all newcomers

When people start their adventure with Bitcoin, they often go through a small gold fever with the concept of mining (I would know, that's how I started ;) ). Here is a small guide to answer your eternal question "will I make money with it?":
First of all, lets talk about hardware (click on the link for a long and useful list). You won't make money mining bitcoins unless you either have a really high-end GPU from ATI, an FPGA or an ASIC. That's the short answer. Having a decent CPU can be used for Litecoin mining, which can be a small income in itself, but we are here to talk about Bitcoin.
To see whether you will earn any money, you need to input a few pieces of data into a special calculator:
And then there are two magical variables that will either make it all work out, or be doomed for failure: * difficulty - it is automatically filled in by the calculator, but for long-term mining (more than a few weeks), you want to be a pessimist. Multiply the value by 10 for predictions over a few months or 100 for a year or two (it will rise steeply soon) * bitcoin price - also filled by the calculator - it might go up or down in the future, affecting your bottom line. It will probably increase in the long run, but lets be pessimistic and lower that to $10-$20 to make sure we are earning money no matter what
Having all your hard data and your guesses on the last two variables, you put it all into the mining calculator and see what you get. You will get your earnings in BTC and dollars, as well as summary of your costs and when you will brake even, and what will your net income be over your investment period.
Most likely you won't be earning money with Bitcoin mining, and that's okay - mining has become a very specialised process. If you want to invest money into new ASICs, you might be able to turn a tidy profit.
TLDR: Use this to check everything. ASICs may earn you money, GPUs won't anymore.
submitted by ThePiachu to Bitcoin [link] [comments]

Could EOS Be The Biggest Crypto On Earth?

Steemit's Hero and Savior, Dan Larimer, to which steemit and by extent the community owe's its existence to, is working on building a smart contract platform called EOS. EOS is meant to be an Ethereum killer. That doesn't necessarily mean it's going to banish Ethereum out of existence, because it won't. But Ethereum will be long forgotten in a couple of years, just like Yahoo!
Reason #1 Eos has no Gas, unlike ethereum. This may not sound like such a big deal, but it actually is. The reason cryptos are only expanding at the pace they're expanding at even though people are getting shocking, life-changing returns in them is because it takes time. You really need someone to show you the ropes of how to store your coins, and the do and do-nots of the crypto space and security is perhaps the single greatest concern in the crypto world. Steem solves this with steem power and a time delay, which is crucial.
But steem could never be built on Ethereum, because every time you liked a post, you would need to make a mircopayment, or any time you commented as well. This is definitely not sustainable as a means of expanding at an as fast as humanly possible rate. Steemit has the ability to go mainstream, because the genius Larimer made Graphene, which is able to handle this many transactions per second. EOS will build Dapps (Decentralized Apps) that will all be able to have the same setup as steem. Reason #2 Parallel Processing. At Intel, they spend billions of dollars a year researching, edging out an extra few percent in processing power linearly. At EOS, they're going to have parallel processing in order to support a mega amount of Dapps that should be the ones that go mainstream and change the world. Twitter-like dapps are being made, as well as a bunch of others. You can expect all these things to change the world by 2023-2027, according to Ray Kurzweil, a futurist at Google who's accurately been predicting the future since the 1980's. You can find a website with all his claims on www.future-timeline.net
Reason #3 Account Recovery and Simplicity of Use. Steemit was the first platform on earth where you could make money to blog using a crypto back-end and most people using the platform who weren't introduced to it from crypto, wouldn't even know they were using a cryptocurrency. And that's the way it should be. Account recovery is also essential. You can't expect the mainstream public who don't know anything about private keys and crypto to be able to secure their passwords or know anything about hash functions, so when their accounts eventually do get compromised, they need to be able to recover their accounts, and this is an all time first for crypto in steem.
Reason #4 Bug Flexibility. If there's a bug on any single Dapp, you don't need to hard fork the entire network. You can simply suspend the specific Dapp that has a bug in it while it's developers fix it and bring it back online as soon as it's fixed.
Reason #5 It solves the Governance problem, making it a Tezos killer too. When disputes do happen, and they will, there's a process to follow, and a constitution that everyone abides by in using the platform, and you don't have to worry about a specific Dapp located in a different country bringing you to their courts and having to fight them under a set of laws you've never heard of. All in all, I think EOS is definitely going to be one of the best Investments of the next few years as most business go on the blockchain. Furthermore, with people anticipating the flippening happening, wherein Ethereum overtakes Bitcoin in market cap, I think it's safe to say that EOS, a bit futher down the line, will take Ether by storm.
submitted by Fizzywhale to eos [link] [comments]

The Strange Birth & History of Monero, Part II: BitMonero

--YOU CAN READ THIS IN SPANISH HERE--
When i first knew about Monero i was hungry of information, and when i found the americanpegasus post about "The Strange Birth & History of Monero" i loved it. I looked for a second part for a while but as there was no trace of it i did my own investigations. Now i've decided it could be a good idea to paste the results here with the same format as americanpegasus did, to help new users looking for info about the "strange birth" of Monero.
Bitmonero - a new coin based on CryptoNote technology
https://bitcointalk.org/index.php?topic=563821.0
Notable comments in this thread:
-1: " Important: this is not a Bytecoin relaunch or not a Bytecoin replacement but a Bytecoin fork. Bytecoin has its own long history, community and stakeholders we don't know much about. I respect them and their decisions even if I don't understand them now. An intention to relaunch coin is always harmfull for everybody involved. Fork is a right way to contribute to community in case you don't agree with decisions already made. - Why did I make fork? - Because there is a number of technical and marketing issues I wanted to do differently. And also because I like ideas and technology and I want it to succeed. I did an announcement ASAP while a lot of details aren't still defined because the earlier it is announced the more people will be able to join. Details will appear as soon as they will be defined and decided.
Here are details that are already defined and I don't plan to change this:
  1. New coin will use Bytecoin(BCN)/CryptoNote code base.
  2. New coin is started from scratch (i.e. from genesis block).
  3. Emission schedule has a flatter curve (close to Bitcoin's original curve).
  4. Bitmonero - BMR (monero /esperanto/ = coin)
  5. Block target = 60 seconds"
(https://bitcointalk.org/index.php?topic=563821.msg6146656#msg6146656) [thankful_for_today makes public BitMonero, and he stablishes some features he is not willing to change]
-11: “I honestly don't see the advantage of bringing the block time down to 1 minute. You're ultimately looking at increasing orphan blocks and decreasing hash power, and all you get is a feature that looks great on paper but has little purpose. I wouldn't mess with it. Apparently the BCN devs wanted 5-10 minute block times but settled on 2 minutes after lengthy disputes. Their decision is explained in more detail here: https://forum.cryptonote.org/viewtopic.php?f=5&t=20”
(https://bitcointalk.org/index.php?topic=563821.msg6151158#msg6151158) [Johnny Mnemonic tries to persuade TFT into bigger block target]
-15: ” Block target isn't only about transaction speed.
It also influences the chance to get block in solomining […] Solo mining gives decentralization.
[…]
From another point of view faster block are smaller (less transactions per block). Small blocks are easier to propagate through network.”
(https://bitcointalk.org/index.php?topic=563821.msg6160389#msg6160389) [TFT justifies his position]
-16: “Any coin that is successful wont be feasible to solo mine eventually.”
(https://bitcointalk.org/index.php?topic=563821.msg6161218#msg6161218) [smooth supports Johnny Mnemonic proposal of bigger blog target]
-25: “There are very good reasons for having a fork instead. With BCN we have a coin that refused to show itself for 2 years and has been 80% mined. Why would the markets accept that? Crypto distribution is absurdly bad […] But this [BCN] is taking it to a whole new level. […]Don't underestimate "instamining" stigma - it annihilated Quark and continues to plague DRK
[…]
A fresh start pre-announced start gives a known market history, a fairer and longer distribution, and active development with feedback.
That said, I'm disappointed in what this thread turned out to be. We should've had discussion on the name and the parameters and other things and yet thankful_for_today is nowhere to be seen 4 days from the supposed launch.”
(https://bitcointalk.org/index.php?topic=563821.msg6239589#msg6239589) [eizh justifies the fork and shows the first public complains on TFT activity/communication: he’s been 100% quiet for 5 days]
-37: “Looks like everything is ready. Bitmonero will be launched in 24 hours => Launch time 17 April, 22:00”
(https://bitcointalk.org/index.php?topic=563821.msg6256385#msg6256385) [TFT announces the BitMonero launch time, it is his first post in 6 days]
-53: “Bitmonero = bit + monero monero = mono (money) + ero (bit) = coin (esperanto language)
OS X build is a problem for me. I don't have a mac available for building and testing. In case somebody can help with building for Mac or for Windows, please PM me.”
(https://bitcointalk.org/index.php?topic=563821.msg6272312#msg6272312) [TFT, 1h prior to launch, announces there are not neither Mac nor Windows clients built]
-54: “Wait, you won't have Windows available? A launch is basically a premine without a Windows client available. BCN has one, so what's the issue?”
(https://bitcointalk.org/index.php?topic=563821.msg6272532#msg6272532)
-56: “I will wait until somebody will help with windows and mac compilation.”
(https://bitcointalk.org/index.php?topic=563821.msg6272768#msg6272768) [TFT delays BitMonero launch]
-58: “Trying to cross compile”
(https://bitcointalk.org/index.php?topic=563821.msg6272876#msg6272876) [tacotime]
-70: “I really like the idea of forking BCN but only if it is done properly!”
(https://bitcointalk.org/index.php?topic=563821.msg6274881#msg6274881) [x0rcist, as others do, thinks the launch is being rushed]
-71: “I think the most important change is the emissions schedule, but yes, this is rushed. The name alone may doom it.
This coin had no discussion behind it. It was pointed that the block time is too fast beyond the solo mining phase. It was kept without offering reasons. It was pointed out that the name should be voted on. Nope, and a bizarre name resulted.
Perhaps the biggest reason to fork is that it was mined for 2 years without making itself available to the other 99.9999999% of the internet on the clearweb. Yet, we wouldn't be much better if we did a launch without a GUI client and a website. Instead, we were 1 hour from launch without a Windows client, which is actually a step backwards from BCN itself (they released an easy-to-use package with a batch file for nontechnical users). We need (1) an accessible release with (2) proper marketing (including a different name). Right now this fork doesn't have much of a reason to exist, IMO. There's no reason to release it now and work on these things later, either. All we'd be doing is unfairly mining it ahead of everyone else”
(https://bitcointalk.org/index.php?topic=563821.msg6275044#msg6275044) [eizh points out that TFT blatantly ignored the community suggestions and also thinks all this is being rushed]
-77: “I've updated an OP: sources are on git, binaries are on MEGA.
Height is 5, difficulty is 27908. This is a good start.”
(https://bitcointalk.org/index.php?topic=563821.msg6279564#msg6279564) [TFT follows through his plans w/o much interaction]
-87: “not happy with the rush job and the 12 decimal numbers (Huh) but the blockchain already started so;
i registered the channel #bitmonero on freenode, this is easier for support questions so come join!
(https://bitcointalk.org/index.php?topic=563821.msg6280702#msg6280702)
-97: “I'm working on this [merged mining with Bytecoin] together with a friend of mine. Merged mining will be released next week.”
(https://bitcointalk.org/index.php?topic=563821.msg6281655#msg6281655) [TFT announces a feature that would confront him with the whole community in the near future]
-133: “The only community discussion this coin saw (regarding the reduced block time) the developer ignored outright. It was made pretty clear that moving to 60 second blocks was not the best approach and had zero long-term benefit.”
(https://bitcointalk.org/index.php?topic=563821.msg6286990#msg6286990)
-159: “There is a lot of issues with GUI to talk about. I propose to meet in Irc at 20GMT today. Is this time good?
I have some budget we can spend to motivate GUI developers: 1.000.000 BCN and 400 BMR.
Anybody can contribute some coins also for this purpose.”
(https://bitcointalk.org/index.php?topic=563821.msg6295475#msg6295475) [TFT shows himself collaborative “for first time”]
-175: “The current situation is that someone disabled mempool and forked the chain so that the invalid tx doesn't get in the way. But the difficulty hasn't changed much so blocks are being found much more rarely than 1 minute. So you can mine, it's just very slow. A few people are on the freenode channel trying to solve the cause of the problem.”
(https://bitcointalk.org/index.php?topic=563821.msg6300059#msg6300059) [eizh points the first “TFT-induced” bug]
-177: “Hello!
It's all right
I have a fix and I will deploy it now. Hardfork is not required. The problem is in mining code not in protocol rules.
10 minutes, please”
(https://bitcointalk.org/index.php?topic=563821.msg6300328#msg6300328) [TFT says he already has a fix ready]
-204: “Auctioning 100 BMR minimum bid 0.001 btc https://bitcointalk.org/index.php?topic=577296”
(https://bitcointalk.org/index.php?topic=563821.msg6303161#msg6303161) [smooth tries to sell for first time a BMR token]
-205: ”This topic's first post should also be more informative.”
(https://bitcointalk.org/index.php?topic=563821.msg6303294#msg6303294) [Once again, eizh points out a TFT-related problem.]
-214: “a botnet or cloud has come onto the network starting at block 2633, difficulty is now almost 100k!”
(https://bitcointalk.org/index.php?topic=563821.msg6304960#msg6304960) [tacotime notices a difficulty increase]
-215: “We had our first public trade [...] 100 BMR = 0.005 BTC https://bitcointalk.org/index.php?topic=577296.0”
(https://bitcointalk.org/index.php?topic=563821.msg6304971#msg6304971) [smooth announces that the first BMR sale has taken place]
-275: “New BCN clone: "HoneyPenny" (yes, really)
https://bitcointalk.org/index.php?topic=577267.0
[…]
Props to them for actually putting anonymous and unlinkable in the thread title. A casual browser still would have no idea what BMR actually does.”
(https://bitcointalk.org/index.php?topic=563821.msg6327901#msg6327901) [eizh shares the announcement of a third cryptocurrency based on CryptoNote so far by then, this coin will be re-named Boolberry (BBR) in the future. He also takes advantage of this launch to point again the lack of communication and cooperation of TFT, specially with the OP]
-300: “Difficulty still skyrocketing. At this rate BMR may pass BCN within the next day or so.”
(https://bitcointalk.org/index.php?topic=563821.msg6331990#msg6331990) [BitMonero hashrate is growing so fast it might outpace BCN soon]
-317: “Hi! I have two news (good one and bad one):
[bad] I haven't read previous messages yet
[good] here is a logo contest: https://bitcointalk.org/index.php?topic=580155.0”
(https://bitcointalk.org/index.php?topic=563821.msg6338544#msg6338544) [TFT shows up again against community expectations. He is not taking part at all in the community debates]
-329: (https://bitcointalk.org/index.php?topic=563821.msg6349635#msg6349635) [eizh is still pressing TFT to change the OP without luck]
-341: “CryptoNote has relatively good privacy for transmitting values throughout the network (ring signatures, stealth addressing) while not compromising things like being able to detect inflation over the network. In ZeroCash, you can only prove that coins have been generated, not the amount that was generated, so any bugs within the system will go undetected. This would have been a huge problem for Bitcoin, as there was a well known bug involving integer overflow that allowed you to generate 2 billion coins.
Note that zero knowledge proofs are used in the ring signature method by ByteCoin/BitMonero, too (see section 4.4 of the whitepaper). Obfuscation of signature linkability is much more advanced than that used in DarkCoin, and you need to read the whitepaper to truly appreciate it.
CryptoNote also has support for multisig built in, despite the much more limited scripting language as compared to Bitcoin (see Section 6.3 of the CryptoNote 2.0 whitepaper). This is important for the implementation of decentralized marketplaces like DarkMarket that use multisig to enable the blockchain to be an escrow.”
(https://bitcointalk.org/index.php?topic=563821.msg6356308#msg6356308) [tacotime justifies the CryptoNote improvements to DarkCoin and ZeroCash]
-357: “I can't help with anything else but I can donate 2000 BMR towards various projects relating to the coin. I hope it helps.”
(https://bitcointalk.org/index.php?topic=563821.msg6359986#msg6359986) [NoodleDoodle shows up for first time in the BMR topic]
-363: “Discussion of chain future going on presently in IRC”
(https://bitcointalk.org/index.php?topic=563821.msg6362144#msg6362144) [tacotime posts probably the most important message in the whole thread: the community is taking decisions on BMR future w/o TFT]
-365: “So far:
New OP: https://bitcointalk.org/index.php?topic=582080.0”
(https://bitcointalk.org/index.php?topic=563821.msg6362485#msg6362485) [David Latapie summarizes the rebels have agreed on]
MRO thread is live and emission curve issue (inflation is 2 times higher than it should be) is made public
-374: “Voting about emission curve change added: https://bitcointalk.org/index.php?topic=585480”
(https://bitcointalk.org/index.php?topic=563821.msg6406102#msg6406102) [TFT tries to satisfy a community that is letting him alone]
-380: “Same fork, same dev as the original author. The community changed the name, but the original author didn't close the thread.”
(https://bitcointalk.org/index.php?topic=563821.msg6414656#msg6414656) [tacotime makes clear that, so far (27th, April 2014), BMR and MRO are the same coin with the same dev team]
-401: ”Transaction extra parse issue
Fixing as we speak
Please use main thread https://bitcointalk.org/index.php?topic=583449.0”
(https://bitcointalk.org/index.php?topic=563821.msg6475592#msg6475592) [tacotime announces a bug and that its fix is in progress. Besides he asks to use the “main” thread]
-402: “Takotime, there are two issues:
  1. Main thread is here.
  2. Bug is fixed.”
(https://bitcointalk.org/index.php?topic=563821.msg6476068#msg6476068) [TFT breaks out (30th, Apr 2014): he does not recognize community changes]
-403: “You did not really fix it. You just ignore every error in the code with your 'update' We should wait for tacotime to confirm that the issue is fixed. PS: We should all use the main thread: Please use main thread: https://bitcointalk.org/index.php?topic=583449.0”
(https://bitcointalk.org/index.php?topic=563821.msg6476331#msg6476331) [It is not a secret anymore: TFT and the “rebel” community do not have a good relationship]
-480: (https://bitcointalk.org/index.php?topic=563821.msg7384159#msg7384159) [Months back (June 2014) and after a few months of inactivity, TFT comes back and makes public that he will keep working in BitMonero]
-487: “Actually, several attempts were made behind the scenes and TFT's continued demand was full admin rights over the Monero repo. Now, what could that be useful for when tacotime already offered push/pull rights? It's certainly not about contributing code - push/pull offers the right to do that without interference or permission. This is basically a repeating pattern of shutting out everyone else, which is ironically what caused him to lose the project in the first place. The tone of that post makes his level of maturity obvious for everyone to see.
I might also point out that his contribution to date consists of 10 or so lines of code changed in a header file (to clone BCN). Then a bug 'fix' that actually allowed the chain to be attacked later (now fixed). This was followed by his disappearance. Disproportionate visibility indeed.”
(https://bitcointalk.org/index.php?topic=563821.msg7387658#msg7387658) [eizh makes clear they tried to make a deal with TFT]
This is basically everything worth reading in this thread. I’ve extracted the most important posts in the whole thread, from first to last page. TFT, Bitmonero and its community are key in the birth of Monero.
These are the main conclussions:
  • BitMonero has a reason to exist. But to justify its existence it doesn’t need just reasons, but also a dedicated team and a participative community.
  • Thankful_for_today definitely it is not a sociable leader. His posts are scarce, every few days, and he can’t keep up to date with a nascent community really dedicated
  • TFT is desperate to launch BitMonero, probably to be the first Bytecoin fork and have the “first mover” advantage. He is even about to launch without Windows client.
  • Due to the rush, TFT has induced a few bugs. The most important one the emission curve.
  • Bytecoin starts to have some traction, and TFT keeps ignoring community suggestions, so the community has now doubts of BMR future. NoodleDoodle, eizh, David Latapie, Tacotime and smooth among others lead a split, firstly just to change the name and re-publishing the announcement thread, but they will eventually hard-split.
I have already ready a summary of the MRO topic that has a short life of not even 2 days but still has A LOT of interesting info about how the team is being built and what are their opinions on several topics. May i remember you that by then Monero had 1 minute blocks and an emission curve that would have created 86% of the tokens in 2 years. In the next post (will only make it public if i see there's any interest) we will see how and when the team adressed the problems with the emission curve, and when was the miner optimized to take away the probably voluntary obfuscations the code had.
submitted by el_hispano to Monero [link] [comments]

Nice Article About How HPB Perform Vs EOS (and so ETH)

HPB: Unique Blockchain Infrastructure
Now most public chains will mention that the problem of tps development is the problem of the blockchain. This is also because the traditional blockchain has the problem of poor performance. In order to reach consensus, the efficiency is sacrificed. But if you want to build an ecosystem of countless DAPPs based on the public chain, there is no guarantee of performance that is almost impossible.
The dream of building a DAPP ecosystem is that Bitcoin has not been completed and it is not necessary to complete it. Bitcoin is only a digital currency and it has initially fulfilled its historical mission. It has become a value storer, and it has opened the world of the blockchain. .
Ethereum started with the goal of building a world-wide computer that provided the infrastructure for building decentralized applications, but so far it has only succeeded in the crowdfunding field. Due to performance, cost, scalability, and other issues, it is not yet possible to become a DAPP infrastructure. By the end of 2017, a simple encrypted cat game would have caused Ethereum to jam. Ethereum tried to get rid of the predicament through techniques such as fragmentation, Plasma, and PoS consensus.
Newcomers, such as EOS, are highlighting their high performance, emphasizing the possibility of reaching mega-level tps. Then, in the future, an infrastructure is needed to build a prosperous DAPP ecosystem on this decentralized infrastructure to meet the user or business needs of different scenarios.
What kind of program is a better choice? This is what blue fox has been paying attention to. Blue Fox focuses on an HPB blockchain project that uses a completely different search path than other public chains or infrastructure. This path is worth paying attention to all the buddies who pay attention to the blockchain.
This path is a combination of hardware and software. It is more demanding and the practice is more difficult. However, if it is truly grounded, it may be a good path.
HPB to become a high-performance blockchain infrastructure
Whether HPB or EOS have the same goals, they must provide a high-performance infrastructure for the decentralized ecosystem. why? Mainly from the blockchain to the mainstream business scene point of view. The current blockchain has achieved some success in security and decentralization, but there are natural constraints in terms of efficiency. This hinders its application scenario to the mainstream.
This is also a direction that Blockchain 3.0 has been exploring. Through higher performance, lower costs, and better scalability to meet the needs of more decentralized application scenarios.
The current bitcoin and Ethereum's throughput are both worrying. Bitcoin supports about 7 transactions per second on average, and Ethereum has about 15 throughputs. If you make the block bigger, you can also increase the throughput, but it will cause the problem of block bloat. Last year, an encrypted cat game made everyone see the blockchain congestion problem. From a performance point of view, it takes a long time for blockchains to reach the mainstream.
In addition to the lack of tps performance, the transaction cost of the blockchain is high. Both ordinary users and developers cannot afford gas costs that are too high. For example, before Ethereum's crypto-games became hot, there were even transaction fees compared to encrypted cats. It is also expensive.
The HPB and EOS goals are similar, but their paths are completely different. HPB uses a combination of hardware and software, has its own dedicated chip hardware server, which makes it theoretically have higher performance.
HPB is also trying to create an operating system architecture that can build applications. This architecture includes accounts, identity and authorization management, policy management, databases, asynchronous communications, program scheduling on CPUs, FPGAs, or clusters, and hardware accelerated technology. Realizes low delay and high concurrency and realizes mega-level tps to meet the needs of commercial scenarios.
It is different from EOS. Its architecture, in addition to its software architecture and its hardware architecture, is a combination of hardware and software blockchain architecture that combines high-performance computing and cloud computing concepts. The hardware system includes a distributed core node composed of high performance computing hardware, a general communication network, and a cloud terminal supported by high performance computing hardware.
The core node supports a standard blockchain software architecture, including consensus algorithms, network communications, and task processing. It also introduces a hardware acceleration engine. It works with software to achieve high-performance tps through BOE technology (Blockchain Offload Engine) and consensus algorithm acceleration, data compression, and data encryption.
BOE makes HPB unique
In the HPB's overall architecture, compared with other blockchain infrastructures, there are obvious differences. One of the important points is its BOE technology.
BOE mentioned above, is the blockchain offload engine. The BOE engine includes BOE hardware, BOE firmware, and matching software systems. It is a heterogeneous processing system that achieves high performance and high concurrent computational acceleration by combining CPU serial capabilities with the parallel processing capabilities of the FPGA/ASIC chip.
In the process of parsing TCP packets and UDP packets, the BOE module does not need to participate in the CPU, which can save CPU resources. The BOE module performs integrity checking, signature verification, and account balance verification on received messages such as transactions and blocks, performs fragment processing on large data to be transmitted, and encapsulates the fragments to ensure the integrity of received data. At the same time, statistics work will be performed according to the received traffic of the TCP connection, and corresponding incentives will be provided according to the system contribution.
BOE has played its own role in signature verification speed, encryption channel security, data transmission speed, network performance, and concurrent connections.
The BOE acceleration engine embeds the ECDSA module. The main purpose of this module is to improve the speed of signature verification. ECDSA is also an elliptic curve digital signature algorithm. Although it is a mature algorithm that is widely used at present, the pure software method can only be performed thousands of times per second and cannot meet the high performance requirements. So the combination of BOE and ECDSA is a good attempt.
In the process of data transmission between different nodes, BOE needs to establish an encrypted channel. In this process, it uses a hardware random number generator to implement the security of the encrypted channel, because the seed of the random number of the key exchange becomes unpredictable.
The BOE acceleration engine also uses block data fragmentation broadcasting technology. Block fragmentation includes a complete block header, which facilitates the broadcast of newly generated blocks to all nodes. With block data fragmentation, network data can be quickly transmitted between different nodes.
The BOE technology can perform traffic statistics of node connections based on hardware, and can calculate network bandwidth data provided by different nodes. Only providing network bandwidth to the system will have the opportunity to become a high contribution value node. In this way, incentives for the contribution of the nodes are provided.
In terms of concurrency, BOE is expected to maintain more than 10,000 TCP sessions and handle 10,000 concurrent sessions through an acceleration engine. BOE's dedicated parallel processing hardware replaces the traditional software serial processing functions such as transaction data broadcasting, unverified blockwide network broadcasting, transaction confirmation broadcasting, and the like.
According to HPB estimates, through the BOE acceleration engine, the session response speed and the number of session maintenance can reach more than 100 times the processing power of the common computing platform node. If the actual environment can be achieved, it is a very significant performance improvement.
Consensus algorithm for internal and external bi-level elections
HPB not only significantly improves performance through BOE, but also adopts a dual-layer internal and external voting mechanism in consensus algorithms. It attempts to achieve more efficient consensus efficiency on the premise of ensuring security and privacy.
Outer election refers to the selection of high-contribution-value node members from many candidate nodes, and the election will use node contribution value evaluation indicators. Inner-layer election refers to an anonymous voting mechanism based on a hash queue. When a block is generated, it calculates which high-contribution value node preferentially generates a block. Nodes with high priority have the right to generate blocks preferentially.
So, how to choose high contribution value node? Here is the first indicator to evaluate the contribution value. The indicators include whether a BOE acceleration engine is configured, network bandwidth contribution (data throughput over a fixed period of time), reputation, and total node token holding time. Among them, the creditworthiness of the node is obtained through the analysis of participating transactions and data analysis such as packaged blocks and transaction forwarding. The total holding time of the node token can be obtained by real-time statistics on the account information.
The outer election adopts an adaptive and consistent election plan. That is, by maintaining the consistency of “books” to ensure the consistency of outer elections, this can reduce network synchronization, and can also use the data of each node on the chain. The first is to put the above-mentioned four evaluation indicators into the block. By keeping the account books consistent, you can calculate the current ranking of all the participating candidate nodes. The higher-ranking high-contribution value nodes will become the official high contribution in the next round. Value node.
With the formal high contribution value node, the goal of the inner election is to find the high contribution value node corresponding to each block as soon as possible. The entire process is divided into three phases: nominations, statistics, and calculations. These three phases combine security, privacy, and performance.
The first is the nomination. At the beginning of the voting period, the BOE acceleration engine generates a random Commit. The high contribution value node submits its Commit, and the Commit synchronizes with the chain generated by the high-performance node. After the voting period is over, the Commit in the blockchain is started and the ticket pool is created. The last is the calculation. The calculation is mainly based on the weight algorithm to calculate the node's generation priority in the block. Generate the highest-priority high-contribution value node and obtain the block package right.
Other nodes can verify the random number and address signature according to the principle of verifiable random function, which not only guarantees security, but also guarantees the unpredictability and privacy of high contribution value nodes.
In general, HPB's consensus algorithm combines security, privacy, and speed through a combination of hardware and software. Using the BOE acceleration engine to generate random numbers, contribution value evaluation indicators, coherence ledgers, anonymous voting mechanisms, weight algorithms, signature verification, etc., privacy, reliability, security, and high efficiency are achieved.
Universal virtual machine design: support for different blockchains
The HPB virtual machine adopts a plug-in design mechanism and can support multiple virtual machines. It can implement the combination of the underlying virtual machine and upper level program language translation and support, and support the basic application of virtual machines. In addition, the external interface of the virtual machine can be realized through customized API operations, which can interact with the account data and external data.
The advantage of this mechanism is that it can realize the high performance of native code execution when the smart contract runs, and it can also implement the common virtual machine mechanism supporting different blockchains. For example, it can support Ethereum virtual machine EVM. The smart contract on EVM can also be used on HPB.
Neo's virtual machine NeoVM can also be used on HPB. When high-performance scenarios are needed, users of both EVM and NeoVM need only a few adaptations to interact with other HPB applications.
The HPB smart contract has also made some improvements, such as the management of the life cycle, auditing and forming a common template. No progress can realize the full lifecycle management of smart contracts, such as the complete and controllable process management and integration rights management mechanism for intelligent contract submission, deployment, use, and logout.
In smart contract auditing, HPB conducts a protective audit that combines automated tool auditing with professional code design. In terms of templates, HPB gradually formed a generic smart contract template to support the flexible configuration of various common business scenarios.
Incentives for a positive cycle of token economy
When the high-contribution value node generates a block, it will receive a token reward from the system. From the design of the HPB, the system will issue a token of no more than 6% per year, and the additional token will be proportional to the total number of high-contribution nodes and candidate nodes.
In order to obtain the token reward from the system, it must first become a high contribution value node, and only the high contribution value node has the right to generate a block.
In order to obtain the right to generate a block, it is necessary to contribute, including holding a certain number of HPB tokens, having a BOE hardware acceleration engine, and contributing network bandwidth to the system.
From its mechanism, we can see that HPB's token economic system design is considered from the formation of a positive incentive system. It maintains the overall HPB system by holding the HPB token, having a BOE hardware acceleration engine, and contributing network bandwidth to the system. safe operation.
HPB landing: supports a variety of high-frequency scenes
In essence, HPB is a high-performance blockchain platform and is an infrastructure where various blockchain applications can be explored. Including blockchain finance, blockchain games, blockchain entertainment, blockchain big data, blockchain anti-fake tracking, blockchain energy and many other fields.
In terms of finance, decentralized lending, decentralized asset management, etc. can all be built on the HPB platform to meet high-frequency lending and transaction scenarios.
In terms of games, although all game operations are not practical, the up-chaining and trading of assets such as game props are important scenes. Once the realization of the game product chain, you can ensure that the game assets are transparent, unique, can not be tampered with, never disappeared, etc., providing great convenience for the transaction between the game products.
Compared with traditional centralized service providers, there are many advantages. For example, there is no need to worry about the loss, confiscation, or change of virtual game products. The transaction process is also simple and convenient. Since HPB has a high-performance blockchain, it is expected to support millions of concurrents, and many high-frequency scenarios can also be satisfied.
For blockchain entertainment, it can support the securitization of star assets, such as star-related token assets. In terms of blockchain big data, it can support the data right, ensure that the data owner controls the data ownership, ensure the authenticity of the data, traceability, can not be modified, and finally realize data transactions according to the needs of different entities. , to ensure personal privacy and data security.
Based on HPB's blockchain infrastructure, based on its high performance, blockchain applications can be built in multiple scenarios. The HPB design provides a blockchain application program interface and application development package. In the HPB blockchain base layer, it provides blockchain data access and interactive interfaces, and supports various applications and development languages ​​using JSON-RPC and RESTful APIs. It also supports multi-dimensional blockchain data query and transaction submission, and the interactive access interface can be integrated with the privilege control system.
The application development package includes comprehensive functional service packages that operate on blockchains based on different development languages. For example, it provides functional interfaces such as encryption, data signature, and transaction generation, and can seamlessly support integration and function expansion of various language service systems. , supports multiple language SDKs such as Java, JavaScript, Ruby, Python, and .NET.
Conclusion
If the future blockchain wants to enter the mainstream population, it must have high-performance public-chain or infrastructure support to form a true application ecosystem. Ethereum's dream to build a decentralized ecosystem cannot be achieved on an existing basis. Ethereum is trying to improve performance and expand scalability through fragmentation, plasma, and pos consensus mechanisms.
At the same time, the current status quo has also spawned other public-linked efforts, including eos, HPB, etc. Among them, HPB has adopted a unique combination of hardware and software, dedicated BOE hardware acceleration, signature verification speed, encryption channel security, data transmission Speed, network performance, and high concurrent support all have their own advantages over simple software solutions.
In the software architecture, consensus algorithms for internal and external elections, flexible virtual machine design, application program interfaces, and development packages are also used to provide infrastructure for the development of blockchain application scenarios.
From the overall design of HPB, its goal is to provide high-performance infrastructure for the entire blockchain to mainstream people. With a high-performance infrastructure, blockchains can only be implemented in many high-frequency scenarios to create more application ecosystems and have the opportunity to reach mainstream people.
The HPB team focused on the technical background, including the founder Wang Xiaoming who was an early evangelist in the blockchain and once participated in the establishment of UnionPay Big Data, Beltal, and Beltal CTO. Co-founder CTO Xu Li has more than 10 years of experience in chip industry R&D and management. He was responsible for the logic design, R&D, and FPGA chip marketing of the core products of the world's top qualified equipment suppliers and the world's largest component distributor. Technical VP Shu Shanlin once worked for Inspur, a well-known Chinese server manufacturer, as an embedded chief engineer, and has extensive R&D experience in embedded software and underlying software. Another co-founder, Li Jinxin, is a former blockchain analyst of Guotai Junan and has extensive experience in digital asset investment.
The background of the team members is in line with the HPB's soft and hard path. According to the latest monthly report, the basic PCB layout design of the BOE board, the overall architecture design of the BOE, and the ECC acceleration scheme have also been completed. At the same time, several tests have been completed for the BOE hardware acceleration engine.
It is hoped that HPB will develop rapidly and will embark on a path with its own characteristics in the future of blockchain infrastructure competition. It will provide support for more decentralized applications and eventually build a prosperous ecosystem.
Risk Warning: All Blue Fox articles do not constitute investment recommendations, investment risks, it is recommended to conduct in-depth inspection of the project, and carefully make their own investment decisions.
Source: https://mp.weixin.qq.com/s/RSuz6R6MTotEL_U__Al_Wg
submitted by azerbajian to HPBtrader [link] [comments]

Announcing the MegaBit Bitcoin Lottery

EDIT: Removed the lottery address per /bitcoin rules. You can see how to play at /MegaBitLotto
We are pleased to introduce the provably-fair MegaBit Bitcoin Lottery. To enter send any amount of bitcoin to the pool address at any time as often as you like. The total prize pool at any time is the balance of that pool address. Drawings for the lottery will be done every 1120 blocks. The likelihood of winning any prize depends on the total lottery pot size and the amount of your entry (as detailed below).
How it works
Lottery Draw Pools
If any prize pool has no winners it rolls over to the next draw.
Odds of Winning
The odds of winning first prize are the entry amount divided by the pot amount, the odds of winning second prize and third prize are 1/50 and 1/20 the total number of entries if all entries are for the same amount. Larger entries have greater odds of winning.
For example, assume a 1000 euro pot from 1000 entries of 1 euro each the odds of any one entry winning are:
Provably Fair
The DRAW_ODDS and ENTRY_ODDS are easily calculated from the block and transaction information in the blocks in the DRAW_PERIOD, therefore it is possible for anyone with access to the blockchain to verify that the MegaBit draw was performed fairly.
Since a block hash cannot be known in advance it is impossible for anyone, including us, to generate a winning entry transaction hash before the drawing block is solved.
What about miners?
Miners have the ability to determine the DRAW_HASH because they create the block hash. However, in order to create a winning block hash their difficulty in solving a block will increase by a factor of DRAW_ODDS divided by ENTRY_ODDS for their entry (even miners must purchase an entry ticket to win).
For example: if the total prize pot is 500 euros and the miner buys a 500 euro ticket the total prize pot becomes 1000 euros and the block hash generated by the miner has a 50% chance of winning first prize (their ticket amount divided by the total pot). In this example the miner must, on average, generate twice the block hashes as usual to ensure a winning entry, effectively doubling their block difficulty. With this effective increase of difficulty the miner is less likely to solve the block. They then become simply a regular participant in the lottery as they have a much higher chance of losing their block reward and transaction fees to other miners.
A miner cannot generate a winning transaction after the block hash has been calculated as this new transaction would change the merkle root of the block and they'd have to start solving the block all over again.
Help us out!
The MegaBit lottery is in beta and needs participants so we can verify the drawing code is working properly before making the first actual draw. Please only enter small amounts (a few euro cents) as we realize this is an unproven venture. The first actual draw will be in seven to fourteen days. Draw results will be posted to the MegaBit lottery subreddit at /MegaBitLotto and cross-posted to /Bitcoin.
At first the lottery pool will be quite small, but we hope that it will grow to be a substantial amount over time.
Regards,
The MegaBit Bitcoin Lottery team
submitted by MegaBitLotto to Bitcoin [link] [comments]

problems with GUIminer

hey everybody, i finally started mining a few days ago. but, i'm having problems. here's the info on my system
64 bit windows 7 amd 7700 gpu- gpu clock at 1000mhz and memory clock at 1125 mhz, pulling about 180-210 mega hashes per second amd 8350 cpu-4ghz, not overclocked 8gb of ram mining at slush's pool- i know something's up with the pool right now, but i've been having problems the past few days using GUIMiner version 2012-12-03 also, i've made sure the 7700's drivers are updated (please tell me if i'm not including enough info, as i can include more)
so here's the problem. i've been having graphics issues, and guiminer seems to quit mining by itself. on the windows start button, there was a small black bar (would include pics, but it stopped doing that). also, when i woke up this morning guiminer had crashed. plus, when i check on it, sometimes guiminer prompts me to start mining, as if somebody had told it to stop mining. can i solve this by switching miners, or is it something with the gpu? i'm not really sure where to go from here, any info/tips are greatly appreciated. thanks!
on a side note, i have about 3 mBTC and I'm super exciting on finally being a part of bitcoin!
submitted by _connor_ to BitcoinMining [link] [comments]

[original research / proposal] [codenamed: BUTTBREAKER] A Million Little Shitchains

This concept is guaranteed to annoy you or your money back!
This builds on the 100,000 tps proposal. To recap, I've thrown together 100 clonecoins with 50MB cap each "into one large Voltron Coin", as SoCo_cpp aptly put it.
Now I'm going to wave my hand, wait for the ding, and level up to exascale technology. So terabytes are basically kilobytes now.
Our previous "Voltron Coin" will be termed "MegaBlockA" (MBA) and will have become the new Bitcoin: it's top by marketshare and stagnating. It has 100,000 tps throughput, which should be enough for anyone, and a fee market is now developing. Dice transactions have started to be labeled as spam, and bible verses now cost $1 or more to embed in the megachain (composed of all 100 subsidiary clonecoin chains).
A Commodore of Industry develops a bold, new scheme: a million little shitchains. A million generic chains are created, and organized into 1,000 blockchain units each on the model of MBA, termed MegaShitChain1 through MegaShitChain1000. A controlling overchain, known as the UltraShitChain (USC), is similarly composed of those MegaShitChains. One USC represents a coin on each of the one million shitcoins, through being one coin in each of the MegaShitChains.
The total throughput available for USC transactions on the shitcoins would be one billion transactions per second, based on the 50 MB block size hard cap and 1 minute block rate of the clones. The total disk space and bandwidth necessary in order to keep a full USC node synchronized will be greater than that needed for a modern NSA data center, but we're in exascale, so it'll be like a $5 calculator.
Prohashing is the new Google, as Scrypt mining becomes the most profitable industry in the world. AmericanPegasus is on CNN every night warning about how cryptocurrency has now developed into a bubble and investors should consider putting their money into conventional equities instead as a hedge. Subsistence farmers in Africa invest a dollar into USC and cash out for millions (of shitcoins worth less than a dollar collectively which are then sold to neighbors). Euphoria and weaseldust run rampant on the streets and hospitals are overwhelmed with overdoses.
And that's the story of how scale-out solved throughput.
Usecases
Decentralized mining
The NSA can sponsor a ProHashing underwater Scrypt mining megacenter in each of the seven oceans (more depending on how one counts). The accelerated ocean warming should be ideal for swimming (may not be ideal for swimming; no warranty of fitness of warmed oceans for swimming should be implied).
Tradebots / SkyNet 2.0
Autonomous, intelligent tradebots become massively wealthy trading between the million underlying shitcoins. These bots become leading patrons of the Robot Supremacy movement which is a major advance in sentient being rights overall, although human rights suffer a bit incidentally during the uprising and for a few centuries thereafter.
Weaseldust Road
The ultimate in weaseldust markets, Weaseldust Road is hosted on the USC ultrashitchain itself and is its killer app. The Weaseldust Road client, codenamed HONEYPOT, is a full USC node combined with a few trojans and a GUI for accessing Weaseldust Road. Featuring suspiciously low prices on weaseldust as well as some sellers with long-term (1+ month) exit scams who provide excellent service in the meantime, Weaseldust Road quickly becomes the leading weaseldust marketplace, as well as being the second place market for buying alpaca socks with USC (behind Alpaca Road, which is the second leading weaseldust marketplace).
In fact, Weaseldust Road's legendary abilities as a killer app will ultimately be memorialized in the song Weaseldust Road, with the "you never come back from Weaseldust Road" refrain, a tribute to the Copperhead Road song linked above, as well as to the wave of weaseldust-related deaths linked by critics to the rise of Weaseldust Road.
Proofs
1=1, therefore, quod erat demonstrandum.
I can conceive of it, and I can imagine that it necessarily exists, therefore, it exists.
If a thousand angels can dance on the head of a pin, and if the Lightning Network can handle infinite throughput, and if the weaseldust supply lasts, and if the USC ICO raises at least 22 million BTC in value, then USC will be created and trade above its par value of 1 satoshi per million USC.
lorem ipsum, nil illegitimi carborundum, hocus pocus
submitted by coinaday to Buttcoin [link] [comments]

Help me understand NiceHash statistics chart (the units).

I am specifically interested in labels (near mouse) on the following screen:
http://i.imgur.com/uwmI0P8.png
First says: Paying: 4.2908 BTC/MSol/Day Second says: Hashing speed: 25.26 MSol/s
And my interpretation of them:
First: NiceHash is paying me 4.2908 Bitcoins for one Megahash (Mega solution) per day. So if I understand it right: If I could deliver MSol (Megahash) per every day, I would earn 4.2908 bitcoins (probably minus fee) every day.
Second: As this number is very large (and in MSol/s unit!) I assume that this is currently available hashing speed (from all active miners).
Do I understand those right?
submitted by yazoodd to NiceHash [link] [comments]

QubitCoin Crypto-Currency

Qubitcoin was started on Jan 12 2014 as an CPU based Crypto Currency under the symbol Q2C Trading Symbol (Qbit on Poloniex). What makes Qubit unique is it was not pre-mined, build on new algorithms, with first 1000 blocks rewarding on 1 Q2C / Qbit, CPU based mining with a total of 248 million Q2C / Qbit limit. Blocks are rewarded at 2048 Q2C / Qbit Per Block with Halving every 60480 Blocks, Qubit Blocks are generated every 30 seconds. With a very fast conformation rate, Qubit’s wallet transactions are very fast making it very useful for commerce. Join our Qubit community and get started now and become part of one of the most promising Crypoto-Coin’s today!
New Hashing Algorithm
Single hashing algorithm’s will often pose, security risks! Due to the fact that if it is compromised, the whole network runs the risk of being permanently compromised. Qubit’s (QBIT) multiple hashing algorithms increase the security of the entire network by not only mitigating that risk, but also the additional layer’s of complexity, help prevent Qubit from hacker attacks. Along with the fact that Qubit was launched fairly with a staggered system and no coins mined before public launch. Making Qubit a very unique CPU mined coin!
Website http://www.Qubitcoin.net is a place for Qubitcoin users to find the latest info, mining info and news. The site was designed to be a simple way interact with Qubit Community and provide new users all the information need to get started mining or trading Qubit.
Specifications * Super secure hashing: 5 rounds of hashing functions (luffa, cubehash, shavite, simd, echo). * CPU mining * Qubit block generation: 30 seconds * Firsts 1000 blocks – block reward will be 1 Q2C / Qbit * 2048 Q2C per block (halving every 60480 blocks) * Total of 248 million Q2C / Qbit. * Difficulty retargets every 20 blocks.
Website: http://www.qubitcoin.net
Social Media: (Liking/Sharing these social media links are best way to promote Qubit Coin, Please Share)
Facebook: https://www.facebook.com/Qubitcoin Twitter: https://twitter.com/QubitCoin Google+ : https://plus.google.com0/115159166049750443281/posts AhhaBox Groups: http://www.ahhabox.com/en/discussion/viewgroup/221-qubitcoin-qbit-cryptocurrency Reddit: http://redd.it/1w8hd6 Delicious: https://delicious.com/qubitcoin Quoura: http://www.quora.com/Qubit-CryptoCurrency Diigo.com: https://www.diigo.com/usequbitcoin Plurk.com http://www.plurk.com/QubitCoin Inbound.org: http://inbound.org/users/view/QubitCoin 
Block Explorer
Block Crawler – http://qbit-chain.com/ Difficulty chart Connected nodes list API returning total minted coins which is needed for coinmarketcap 
BitcoinTalk Page: https://bitcointalk.org/index.php?topic=411065.0
Poloni Exchange (Qbit) – https://poloniex.com/market?currencyPair=BTC_QBIT https://cryptsy.freshdesk.com/support/discussions/topics/72658 vote for QubitCoin on cryptsy.com !!
http://www.reddit.com/CoinedUp/comments/1vgygj/qubitcoin_q2c_on_coinedup_new_innovation_in/ coinedUP.com
Mac Wallet: https://www.dropbox.com/s/275o370p5n3vm6j/QubitCoin-Qt.app.osx10.7.zip
NEW VERSION (Mandatory upgrade) windows wallet + windows daemon + qubitcoin.conf example = https://mega.co.nz/#!WdxllJRA!BSUo5icYnlK1oLtF1aDLdXKPEboOBh0XxmqC2OYqcO0
cpu miner binary for win64 and win32 https://mega.co.nz/#!rFRXUYIT!VTS3dkXEXo2C25RzY1BK11eQ2gY2A6la9sV2pkT1w-c
submitted by QubitCoinCrypto to Bitcoin [link] [comments]

Watcoin [ANN]- World's First Politically Incorrect Meme Coin - Release Date June 13, 2014

Watcoin
In WAT we trust
Ticker Symbol: WAT
http://watcoin.org
twitter: http://twitter.com/watcoin
Release date: Friday, June13th, 2014 12:00 GMT
WAT is Watcoin?
Watcoin is a secure cryptocurrency that will be released on Friday, June 13th, 2014. We consider it a meme coin based on the famous WAT lady of Internet fame.
No IPO was required to develop this coin as Devs and friends paid for development using their own time and bitcoin.
We did a 1% premine of Watcoin prior to release. It will be used for contests, bounties, giveaways, rewards, and overhead. We also kept a portion of the premine for the Wat Lady who’s likeness we have used. Once she can be identified we will attempt to set up a wallet for her or her legal guardian. It is our way for her to receive some payback.
Our coin is resistant to 51% attack and ASIC mining , meaning that GPU mining should be profitable for you and your rigs.
Coin Specifications:
We decided on using the secure hashing algorithm X11 + KGW, making the coin 51% attack resistant and ASIC mining resistant. 99 second Block Targets 9 Hour Difficulty Readjustments 
The Math of WAT: available at http://watcoin.org/wat/#about-us
Wallet Download:
Windows-coming soon
Linux-coming soon
MacOSX-coming soon
Website:
http://watcoin.org – pre-launch viewing
Community:
http://watcoin.net – coming soon
Source Code on GitHub:
Coming soon
Pools:
http://WAT.pool.mn/
Mining Software:
CPU Miner: https://mega.co.nz/#!GAcGQYwS!8s9rHZPRxdb9TyJ2k-svU9iXLUUC-1LP0XAY6b38ixg
CPU Miner AVX AES – (make sure your processor is compatible): https://mega.co.nz/#!CZ80kaAJ!J5VONEjA2B4d0VXBLkmqiBuF5fJwMoW-Va5BruU7Uo0
GPU Miner – SG Miner: https://mega.co.nz/#!3VNhVQTA!yN5Zh0J-0MMV4JXS0XnqEy49X5C3ebAb0FVVT60yB-8
GPU Miner – CC Miner – NVIDIA cards only: https://mega.co.nz/#!3UsHWSra!8gC_DOrBnh7wby5CNiHjptVs0yO52e_xMZ2CM5gb5tE
WatCoin.conf:
Coming soon
Bounties:
• 10,000 WAT – promoting us to be listed on an exchange, tweeting, about us, or linking to us using facebook , reddit, or other forum or social media. We do not have and never will have a facebook presence. facebook sucks! - Unlimited rewards are available until further notice. Claim this by sending an email to [email protected]. Include a link to your Watcoin splash and your wallet address.
• 20,000 WAT for designing and displaying unique WAT memes. If you accept payment then the artwork can be used by the community at large with no further compensation to you. - Unlimited rewards are available until further notice. Claim this by sending an email to [email protected]. Include a link to your Watcoin meme and your wallet address.
• 1 million WAT annually for 2 years for creating, running, and maintaining a Watcoin pool. You will receive 50% of your annual bounty up front and the rest 12 months later. - 10 rewards are available. Claim this by sending an email to [email protected]. Include a link to your Watcoin pool and your wallet address. Do not mess with our miners. Take their coins and you lose your rewards and get blacklisted in a very public fashion.
• 1 million WAT – Writing and publishing a unique positive article about Watcoin – Devs discretion and we are fussy. Make it good and not some retarded drivel. Discussing how political correctness is a tool meant to stifle free speech will be considered non-retarded and moved to the front of the line. In exchange for your reward we get to use/edit your article in any way we want. Must be 250 words or more. - 10 rewards are available – Claim this by sending an email to [email protected]. Include a link to your Watcoin article and your wallet address.
• 1 million WAT annually for two years for creating and maintaining a properly functioning Watcoin block explorer. You will receive 50% of your annual bounty up front and the rest 12 months later. - 3 rewards are available. Claim this by sending an email to [email protected]. Include a link to your Watcoin block explorer and your wallet address.
• 2 million WAT annually for 2 years for merchants who accept Watcoin as a method of payment. You will receive 50% of your annual bounty up front and the rest 12 months later. - 8 rewards are available. Claim this by sending an email to [email protected]. Include a link to your store and your wallet address.
• 2 million WAT per year for 2 years for adding a seed node. You will receive 50% of your annual bounty up front and the rest 12 months later. - 5 rewards are available. Claim this by sending an email to [email protected]. Include proof of a properly functioning node and your wallet address.
• 5 million WAT – article at CoinDesk, Bitcoin Magazine, Forbes or Money Week. - 5 rewards are available. Writing and publishing a unique article about Watcoin – Give us some maximum exposure. Watch the politically correct fallout from what we like to call Libatrds. Claim this by sending an email to [email protected]. Include a link to your Watcoin article and your wallet address. You have to prove that you are the author.
• 10 million WAT – promotional YouTube video – We love Whiteboard videos (hint hint). If you accept payment then the video(s) can be used by the community at large with no further compensation to you. - 5 rewards are available. Claim this by sending an email to [email protected]. Include a link to the YouTube video and your wallet address.
• 50 million WAT – to first person who can provide legitimate contact info for the WAT lady and/or her legal guardian. We will be contacting/visiting the family to set up their wallet so we will be verifying it before payout. That info must be sent in a PM and you must tell us, in detail, how you know that your information is accurate. - 1 reward is available. Claim this by sending an email to [email protected]. Include detailed information about how you solved this mystery and your wallet address. This will take time to verify.
NOTE: More bounties, rewards, and prizes will be made available in the coming months. Learn how you can earn free WAT by visiting our official website at http://watcoin.org.
submitted by watcoindev to CryptoCurrency [link] [comments]

BITCOIN PUMP TO $10,500?!  Hashrate At 80 Quintillion Hashes Per Second!!! WARNING: The Truth About Bitcoin - YouTube Bitcoin Generator Bitcoin Mining Using Android Phone !!  Easiest and Safest ... Bitcoin Back OVER $10,400! BAKKT? Highest BTC Hash Rate  Use Shopify With Bitcoin Lightning Network

Die schnellste Grafikkarte für die Ethereum-Währung ist mit etwa 31,7 MH/s (Mega-Hashes per Second) zwar ebenfalls die GeForce GTX 1080 Ti, doch ist die Konkurrenz deutlich näher dran: Schon ... hashes per bitcoin = (network hash rate) / (25 BTC per 10 minutes) = (180 * Th / s) / (25 * BTC / (600 * s) ) = 180 * 600 / 25 * Th / s / BTC * s = 2,700 Th / BTC = 2,700,000,000,000,000 h/BTC share improve this answer follow answered Jul 7 '13 at 9:41. Anonymous Anonymous. 166 2 2 bronze badges. What does the 180 stand for? – powtac Jul 7 '13 at 9:58. That is read from the charts I ... hashes per bitcoin = (network hash rate) / (25 BTC per 10 minutes) = (180 * Th / s) / (25 * BTC / (600 * s) ) = 180 * 600 / 25 * Th / s / BTC * s = 2,700 Th / BTC = 2,700,000,000,000,000 h/BTC . So that’s a BIG NUMBER! So this lead me to wonder what is after 1 trillion… It takes 2.7 Quadrillion hashes calculated to generate a BTC. Whoa… What is the approximate network hash rate to mine ... Specify how many mega-hashes per second each worker (graphics card or cpu) is able to generate. hash rates examples: consumption: The power consumption in watts of each individual worker. If you have multiple workers on a single computer (for example when using multiple graphics cards) remember to add the power consumption of the computer to the consumption of one of the workers, You may also ... Hash per second is an SI derived unit representing the number of double SHA-256 computations performed in one second, referred to as hash rate.It is usually symbolized as h/s (with an appropriate SI prefix).. Use in hardware specifications. The hash rate is the primary measure of a Bitcoin miner's performance. In 2014, a miner's performance was generally measured in Ghash/s, or billions of ...

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BITCOIN PUMP TO $10,500?! Hashrate At 80 Quintillion Hashes Per Second!!!

Lets talk about Bitcoin and what I THINK caused the recent jump in price - enjoy! Add me on Instagram: GPStephan The YouTube Creator Academy: Learn EXACTLY h... This video is unavailable. Watch Queue Queue Horizen (ZEN) Airdrop. Make money online and I will teach you how to earn free bitcoins. Fast and instant withdrawals. You can claim once a day and no need invite! Make money using your mobile ... All together they hash at about 15.2 Mega Hash a second On the GPU they get to about 90 Degrees Celsius but temps emanating from the cards get to about 140 degrees Fahrenheit. Basically, a miner's computer spits out hashes at a rate of megahashes per second (MH/s), gigahashes per second (GH/s), or even terahashes per second (TH/s) depending on the unit, guessing all ...

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