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Why i’m bullish on Zilliqa (long read)

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

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

Telegram AMA - Summary

Telegram AMA - Summary
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Zhuling Chen
It’s always great to hang out in this group. This group means a lot to the Aelf community. It is the first Aelf community and has been there through all the ups and downs in the world. I would like to start with wishing everyone is staying safe at home during the virus outbreak. It definitely has been a difficult time for all of us, but together we can pull through it.
We understand that the situation is quite striking to all of us. But I really believe that the solution to the virus outbreak is about more global coordination and collaboration.
All of you to be assured, our team in different places are all safe and working from home as normal.
The Aelf team in Beijing were among the early ones experiencing the virus outbreak. As everyone was on the way home for Lunar New Year holiday and then experienced a total city lock-down followed by a 40 days’ work from home policy. It was definitely not easy for them, but our team stayed strong, took necessary precautions and focused on work with the right morale. Mappo has recently published some tips on how to work from home effectively based on our experience. Do check it out. Despite not working in the office since February, we have achieved great progress, including launching Aelf 1.0 preview, which is an important milestone in technical delivery and also the roadmap to mainnet launch (which listed out the essential steps for the community to work together to launch a successful public network)
Let's first talk about Aelf v1.0 preview. It is the cornerstone of the mainnet launch. The product itself has all the features that the public network is needed. The codebase has been reviewed and tested rigorously by the team. And a few highlights of how the network would look like:
  1. The code allows a stable and high throughput blockchain network to operate publicly.
  2. For developers, they will love how flexible the system is to be customized, the number of tools and documentation to help them start developing applications on the network
  3. For the whole community, the system is an ever-evolving one where the voting system is ready in place to conduct network-wide voting on various topics, such as transaction fee adjustment, network protocol upgrade, incentive adjustment, etc
  4. Aelf system is able to run multi-chain architecture where each side chain will host different applications and still ready to work with each other
So you may ask since the software is ready, why have we not yet launched the public network? The answer, in short, is that a public blockchain is launched not by a team but through a community effort and that's why we are coordinating the community effort based on the roadmap we proposed. Aelf team has launched the public testnet based on Aelf v1.0 preview and currently, all nodes are under the team. The goal is to let the community and elected nodes to take it over and launch it on a global scale. Not only launch it but also be familiar with the network and also set the launch parameters in a decentralized way. If we take a car as an example, we have made the car, but ultimately the drivers are you guys and therefore before it really hits on the road, we need to guide the community to do a test drive, adjust the car based on what really works for YOU, and ultimately let YOU drive the car freely and safely
So how are we going to help the community launch the network:
First of all, we have launched the codes, documents about the economic system and governance model and technical features. With all the things available, you are able to understand what the system is about, as a token holder what's your benefit in the system, and being a node in the system plays a big role in the governance
Next, without yet electing the nodes, we will get all token holders to join the current Aelf network through a mapping event. That means as long as you have Aelf tokens, you will be able to get 1:1 test tokens on the public testnet. that gives you full access to all the features, and you will feel like you are already using the mainnet. You will get rewarded in making transactions, voting, etc.
Do try out the Aelf wallet and voting features, you will see how easy to transfer tokens cross-chain. and also how flexible the system allows people to make changes. For example, the community may want to adjust the block rewarding parameters or fees to use certain services on mainnet, they can initiate a discussion and then vote in the system and once voted through, it will be reflected on mainnet.
For people or organizations that want to play a bigger role in the system, we will do a dry run of node election. Take it as the real node election before mainnet launch. We will see who the active members of the community are and being trusted by the community. Among the nodes, we will form a network launch committee. The committee will be the crucial party to oversees and ensures the smooth launch of Aelf mainnet, instead of just relying on the Aelf team. This is our step towards decentralization.
The committee will agree on the actual launch process, final checking all the parameters in the system to be ready for launch and then decide when the criteria are met to launch the network. Once all that is decided. We will invite all interested nodes to apply for the election and let the community know what's their plan to grow the Aelf network. the network will initially be launched with a few nodes from the committee and gradually be replaced by the selected nodes (a bootstrap phase). Along the way, we will work with exchanges to conduct token swap (which we are also designing an innovative system to further enhance security and usability of Aelf tokens in exchanges)
Among this isolated and worrisome time, at least we all have something to look forward to: a successful launch of Aelf network! Once it is launched, we are excited to see a vibrant and technically superior network that is good for Dapps to run on top of it.
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Doris Guo Q1: As a Blockchain start-up, what difficulties have you overcome when starting Aelf project? What motivates you to solve difficulties and achieve success today?
Zhuling Chen First, just like launching any start-up, its community and investors are usually regional. There is always some bias on if Asian projects are solid. It is really rare to have an Asian project to be supported by western funds and community from day 1. We were lucky to have overcome that obstacle. Having a global investor line-up from day 1. Having a global team from day 1 and also working with a global community from day 1. This benefited us to have an international perspective which is crucial in the blockchain industry.
Secondly, as a hardcore technology company, it is really hard to put in plain words what is our ambition. Our ambition is huge, achieving key innovations in multiple fronts of blockchain technology and organically combined them to serve real users for the future. Our marketing team has been working really hard to elaborate on what Aelf is. Now we have come to a point that the product is ready. Therefore, it is much easier for all of us to understand how solid Aelf is by trying out the network ourselves! That's exactly what the following events will be about - Try out all the exciting features of Aelf network before mainnet launch.
Doris Guo Q2: What critical problems do you see occurring in the blockchain industry nowadays? How does Aelf solve these problems?
Haobo Ma First, we need to distinguish the difference between BTC and ETH. One is Digital Cash and the other is the Smart Contract Platform. Aelf addresses most of the latter's problems. In short, it can be summarized as performance, end-user friendly, developer-friendly, network economy, and self-governance and upgrading. Each of these areas will probably take up a lot of space, and as a whole are the issues described in our two white papers. In short, Aelf is faster, end-users do not need to know the rules of the blockchain, developers can set up the development environment in 10 minutes, have a good economic model and can carry out proposal governance on the chain.
Doris Guo Q3: What is your long-term vision about the industry which Aelf is working at? Are you afraid someday there will be another project with more innovative technology can replace Aelf?
Haobo Ma Let's talk about where Aelf stands in the traditional Internet. It is essentially a cloud service provider, Aelf provides resources and infrastructure for developers to deploy their services, known as smart contracts. We eventually want Aelf to grow like AAA (Amazon, Azure, AliCloud). Because Aelf is a network that can be dynamically scaled, we can accept any new technology, some of the more advanced technologies we can put on a side chain.
Doris Guo Q4: Why did Aelf choose for cross-chain interaction?
Haobo Ma As I mentioned earlier, Aelf solves the Smart Contract Platform problem. However, there are other digital cash problems as well which we would need to use existing infrastructure such as Bitcoin's chain in order to interact with Bitcoin. There are a lot of infrastructures on Ethereum that we want to interact with. Multi-chain on Aelf network mainly is to isolate resources to improve network performance and network stability.
Doris Guo Q5: What difficulties do the Aelf team have now (I talk about COVID-19)? How does the Aelf team solve it? Have you changed the roadmap?
Haobo Ma There is no great impact. The teams in Singapore and Beijing are communicating with each other remotely on a regular basis. The only change is that most of us are now working from home which has no impact and in fact, it seems conducive to the acceptance of more community developers in the future to come. From the internal working schedule and development timeline, there is no great impact. We do not publish specific timeline as we do not want short term holders (traders) to create too much negative pressure on product development.
Doris Guo Q6: Aelf is an open-source blockchain, and there's the common problem of taking a substantial amount of time for the different participants to agree on strategic decisions. What types of governance models do you use in Aelf to address this issue???
Haobo Ma The issue is about public blockchain network, and who can decide the direction of the network. Our answer is long-term holders. For the short-term holders (traders), we refuse to allow them to participate in any discussion of the direction of Aelf because the short-term holders are likely to make a profit and sell quickly, which is essentially the same example of a person who cheats the President and then runs away for his personal gain. We defined a number of proposal processes, including the logic of the two-party system in the United States, and the participation in the referendum to ensure that the final proposal represents the majority. At the same time, we are looking for some legal solutions to avoid bifurcation, such as prohibiting exchanges from intervening in bifurcated new tokens. While we cannot limit a community, we should be able to find ways to limit a centralized organization. This restriction is akin to a ban on national secession.
Doris Guo Q7: How will Aelf empower Investors, Companies, Developers, Platform Users to deliver impactful solutions and bring value to people all over the world?
Haobo Ma We will learn from the operational experience of successful foundations such as the LINUX foundation and license some commercial companies to use Aelf solutions to solve business problems. At the same time, Aelf is an open-source product under the MIT License, and we accept any use that does not violate this open-source principle.
Zhuling Chen Let me add on to Haobo’s statement: to incentivize and empower the community, we are also exploring ways to let the community decide how to use the funds for Aelf (allocate to where it matters to our community) once mainnet is launched. This means you guys can decide what are the projects to be funded on Aelf, etc
Doris Guo Q8:When will the node campaign start? How will Aelf attract users to participate in nodes election?
Haobo Ma According to our published roadmap, the timeline can be dynamic, but I don't think it will be too long. The main idea is to let everyone understand what we envision Aelf to be like, and what are the rights and benefits of being a node in the future. We hope to find nodes that fully recognize the efforts of Aelf at the present stage and are willing to participate in the future development of Aelf. We will run a simulation of the node campaign on the testnet and set up a temporary mainnet launch committee. Please follow our official Twitter for more upcoming details!
Doris Guo Q9: Token swap form 2 is some kind of cross-chain transfer? It will be handled by a smart contract?
Haobo Ma It is handled by the smart contract, we define an asset cross-chain transfer protocol, but it may be opened after a snapshot.
Doris Guo Q10: Which Exchanges will support token swap? Do you have any plan to list Aelf in some big exchange like Binance, Houbi, Kucoin, .......?
Haobo Ma We are already in talks with some exchanges, there is still competition between exchanges, and many are still hoping to attract more users by getting access to mainnet token swap early.
Doris Guo Q11: Aside conversion of the current tokens to mainnet tokens, what other main features will be accomplished with the mainnet launch?
Haobo Ma We have a documentation file that has been published, which has listed some features: https://Aelf.io/gridcn/Aelf_public_testnet_and_supporting_features_introduction_en_v1.0.pdf
Doris Guo Q12: Do you have any plan to burn or buyback your coin?
Haobo Ma We have plans for the community to govern through DAO, we have no interest in short-term price incentive adjustment as we would prefer to drive the project to higher adoption. After mainnet starts operation, there will be a part of network revenue get destroyed automatically.
Doris Guo Q13: Often, as a newbie developer, I face difficulties on most blockchains. How easy and convenient is it for me on Aelf, and what programming language and tools are needed??
Haobo Ma We set up staging for DAPP developers on GitHub and configured CI. Develop a smart contract using C# with React Native on the front end. So, in fact, developers can fork the source code without setting up the environment locally, and you can conduct unit testing with the help of CI. You can also release the smart contract and generate the installation package of iOS and android online. https://github.com/AElfProject/Aelf-boilerplate
Doris Guo Q14: What is the progress of business development and what are some of your commercial partnerships? How will Aelf rapidly develop the number & performance of DAPP?
Haobo Ma First of all, the blockchain industry is still fairly small and users with ETH and EOS wallets are considered a very small group and its not effective to even promote within these groups. What we need to consider is how to enable users who have never been exposed to blockchain to use DAPP. The competitiveness of Aelf is to make it easier for Aelf developers to promote their DAPP to ordinary users, rather than to teach ordinary users a lot on blockchain knowledge. The average user doesn't like to hear about private keys, mnemonic, Gas Price, RAM, CPU, etc. Only until we solve such problems, companies that need to solve problems through blockchain will be more inclined to use Aelf in technology selection. Therefore, our main work is to explain the competitive advantages of Aelf, ETH and EOS to everyone. We have some business cooperation’s, but we also believe that simply through case-by-case business cooperation will not be able to gain adoption so quickly, therefore we still need to put our products to stay ahead of the next generation.
Doris Guo Q15: What other activities can encourage more people to be confident about Aelf?
Haobo Ma We are only going to state the truth by having those that have faith in us to stay and those that don't to leave. The development of Aelf is not driven by a single foundation, but by a steady stream of contributions from the community. In the future, we will also place the activities in the DAO for on-chain governance, and let the community make decisions by itself.

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Kun Aguero As you know that in the present market situation many new coins or either dying or thriving for liquidity? How will you manage this liquidity problem?
Zhuling Chen Aelf started in 2017. we have gone through a few cycles in the market, still, remember the big down period in 2018-2019. Aelf is financially solid and the team has always been working hard. if you are referring to liquidity in exchanges, we are among the lucky ones that are listed in all major exchanges
Xinshu Dong Hello, great discussions! I would like to ask what are the criteria to join the committee for launching the mainnet? Would love to participate
Zhuling Chen Hi xinshu, great to see you here. The committee will be chosen among the nodes elected during the testnet dry run. Which means, it is really important to participate in the testnet dry run and also start to establish your reputation in the community so that people will elect you as a node. The detailed criteria will include what is your plan to help Aelf to grow, tech competency and reputation.
An Da What are Aelf’s achievements in 2019? Who had supported you to get those things?
Zhuling Chen To name a few, in 2019, Aelf is one of the most active projects on GitHub. This means Aelf is evolving and improving fast in this space and our team has the tech strength. In addition, we have also successfully listed on all major cloud service providers, such as AWS, Azure, Google. So large companies can easily launch Aelf side chains in their organization with minimum hassle.
John How does the voting for master nodes candidates occur? And why is the development of this system important for your project?
Zhuling Chen Voting is going to be pretty simple. All token holders can vote for the nodes they support on our block explorer.
Miha After mainnet lunch, how will you assure that transactional fees will stay low? We know what sometimes happens to fees on ETH blockchain.
Zhuling Chen First of all, due to the fact that is Aelf is scalability, this will reduce transaction fee. Secondly, all transaction fees will be voted by the nodes (which will be elected by you). So they will represent your interest
Bobbyfernandito Currently, as we see All projects are concerned with the speed and security. So, tell us here - what are the facilities Aelf provide to their user and investors?
Haobo Ma Security: we have an automated smart contract code audit. During contract deployment, production nodes and the community audit participation are required. On the other hand, we are also planning to provide a standardized model of centralized exchange access for 100% asset certification and emergency measures to deal with exchange attacks, which we will be released later. Speed: Aelf has been working on improving performance, which is transparent to users which they can also experience by themselves.
An Da What effect does Aelf token have on the Aelf ecosystem? Holding Aelf, what benefits will users receive?
Zhuling Chen Holding ELF enables you to use all the services on the Aelf network. ELF has a deflating system where the total amount will reduce as the network grows. token holders can also vote for the nodes to run the network and also vote for big decisions in the network. part of the fees in the system will also be distributed to token holders via a smart contract
ahihi132 Which companies do you view them as potential partners and that they are somewhat also beneficial for both the user base and Aelf itself?
Zhuling Chen Great question, if I could write a wish list, that will be: let medium-sized financial institutions to use Aelf to challenge the big boys. Let telecommunication companies use Aelf for micro-payment and other innovative business models. We also would like to try out a few public sector projects, which blockchain will is still more transparency and trust
Misun Q1: Which programming languages are you using in your project? And why? Q2-What are another big MILESTONES you have planned for 2020 roadmap and how are they supposed to benefit your costumers? Will it be an exciting year?
Haobo Ma For Q1: We mainly use C# for development, I personally like it. Performance is good, development environment IDEs are strong, and C# creators are influential in the industry. We believe in the right thing, though it may take a while to develop. The smart contract will then add support for multiple languages, such as WebAssembly, depending on the needs of the community. Now it seems that C# is enough.
Hambi crypto Which platforms are your competitors? How will you soar above them, and what better things do you offer than them? So, What’s your outlook on the future of cryptocurrencies in this year and next few years?
Haobo Ma As I have already mentioned this before, Eth and Eos. We provide better performance, cross-chain support (already implemented), end-users do not need to know the details of the blockchain, developer’s payment models and so on.
Floris-Jan What plans is Aelf making to prevent centralized exchange to take over the DPoS algorithm like what happened to Steem? Are we talking about blacklisting exchange wallets, or having the foundation say "No", or putting all trust in the community?
Zhuling Chen Great question, Floris. I’m not going to give away all the details of what Haobo has proposed to work on this, but in a nutshell, in Aelf system, exchange wallets will not be allowed to vote, but only the sub-wallets for each individual can vote. This will also help exchanges to prevent hacking and theft in the future
Alex What your plans in place for global expansion, are Aelf wallet focusing on the only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?
Haobo Ma Our core focus will be through the developers to promote, developers will help Aelf to attract more users. So our product has to be attractive to developers. Just like AWS, they only focus on getting their service right, their developers will think about how to promote it. We don't want to burden them in their promotion process.
Ellkay What do you think are the major threats and barriers that could face the development and adoption of Aelf?
Haobo Ma If I'm a DAPP developer and I need to promote my APP to people who don't recognize blockchain, then I'd like to choose a platform that doesn't have to explain a lot of blockchain details to the end-user, so they can use it easily. We've provided some options in the Boilerplate that allow you to log-in simply via QR code + Password, and our recommended Dapp is an independent wallet and a separate iOS/Android application.
ahihi132 Give me some important reasons why we need to hold Aelf token where in fact hundreds of projects failed and it went to bankruptcy or even developers run when they collect millions/billions of funds?
Haobo Ma First of all, we will not give any suggestions as we only describe the fact that the long-term token holder will be able to govern the Aelf network, get Aelf mining reward and Aelf network profit. At the same time, Aelf network is a deflation model, Aelf network received transaction fees, profit dividends will immediately destroy 10% etc. All investments are risky, and we don't judge the behaviour of other developers. There are so many things in this world that cannot be understood and unfair. It is important to do our job well. I cannot explain these things.
见愁 I remember that boss Ma mentioned to only find those truly innovative applications and enterprises with blockchain, how to find and win partners in these aspects?
Haobo Ma When Linus was developing Linux, I did not think he would find a lot of collaboration when the code was not good. The response we can give is that we already have a lot of interest in cooperation, including what we have announced, what we have not announced, etc.
见愁 How interested are cloud computing providers in participating nodes?
Haobo Ma The vast majority of our nodes should be using cloud services, and as long as a large number of our 17 nodes and other candidate nodes are based on cloud services, our network robustness is determined by these cloud computing providers. Of course, in the expansion, we can also use cloud computing services.
submitted by Floris-Jan to aelfofficial [link] [comments]

PCHAIN & Gate.io AMA Summary

PCHAIN & Gate.io AMA Summary

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Glad to have a great AMA with Gate.io on Feb.13th, 2020. Read patiently and you will get more known about PCHAIN and the future of PCHAIN.
For the AMA in Chinese, welcome to visit: https://www.gate.io/help/livetext/17312
Gate.io: Very happy to invite Dr. Jeff, founder of PCHAIN as our guest today!
Dr Jeff: I am very happy to receive an exclusive interview with Gate.io to share and exchange some things about the development of PCHAIN ​​with you.
Gate.io: Dr Jeff, you were engaged in Internet finance in 2017. Why did you want to do PCHAIN ​​as a public chain?
Dr Jeff: The development path of the Internet is that applications are king. You can see that many good Internet companies are doing applications. The blockchain is the next generation Internet. At that time, considering applications was a very good place to stay, and the best direction. It is the financial sector. At the time, I was the chief scientist of Internet finance at IBM and the head of the blockchain. At the time of 2015 and 2016, Ethereum was also very early. But after completing the application discovery, I found that the underlying technology is not enough. All applications need a good public chain as the basic support. It is in line with the stable development law and it is gradual, so I decided to do this underlying building block. In addition, many functions of Ethereum have been criticized, such as performance. Many public chains 2.0 and 3.0 have emerged to solve the performance problem-TPS, and we have also made many innovations. From TPS, interoperability, cross-chain to application direction by 2020, changes are very fast. Of course, we have also achieved very good results on TPS: Under the 1064 intercontinental (Asia, Europe, America) node environment, it can support 256 childchains to produce blocks in parallel and interoperate with the main chain without issue. The test network measured 126,000 TPS, theoretical TPS is 180,000 TPS, and can be infinitely expanded horizontally. This is not difficult from a technical perspective in the local area network, but it is difficult to achieve it in a transcontinental environment. This is a very good foundation, and we will develop applications in the future.
Gate.io: Users ask: How do you think of the progress made in PCHAIN ​​and how do you think of Private CCC?
Dr Jeff: This is what I want to talk about in this AMA. One direction is DeFi, including Staking. In addition to these two directions, more opportunities from the applications in the industry. In terms of industry opportunities, we have a pioneering layout, which is to propose a new concept: commercial childchain, Private CCC. Because the domestic regulatory environment is difficult to achieve large-scale direct public chain applications in China, everyone expects the form of alliance chains. However, the alliance chain has limited imagination space, produces results in a small scope, and the communication link between the alliance chain and the public chain does not exist. It is equivalent to setting up many small local area networks, but now everyone is directly connected to the Internet. We did a multi-chain commercial childchain architecture at the time, including 256 childchains in parallel worldwide, also to verify the scalability and technical stability of this architecture. A question of mutual trust. How to trust it? Through the interaction between the main chain and the childchain, the information on the childchain is continuously updated to the main chain. When an alliance chain wants to know the information of its alliance chain, it can fully trust the information recorded on the main chain in history. This will surely link everyone together and is in line with China’s policies. This is a very important logic that we propose for the commercial childchain. It is a consideration and design oriented to supervision and future-oriented.
Gate.io: When did PCHAIN ​​start?
Dr Jeff: The white paper was released at the end of March 2018, and the mainnet was launched on March 30, 2019. In less than a year, the main chain has generated more than 10 million blocks. Let’s take a specific example: Ethereum launched the mainnet in July 2015. Until this year, about 5 years already, the total block is 9 million.
Gate.io: Will it produce invalid information accumulation?
Dr Jeff: Yes, but there is a follow-up solution, which is SmartData-Intelligent Data Processing, which was released last year. It is scored on this framework. It is different from the simplest highest TPS. In the past, many blocks will be empty. Redundancy is even worthless, which will put a lot of pressure on the node disk. After the release of SmartData reduction, it successfully compressed 200G to 20G, which is almost 10 times compression. In theory, mobile phones can run on it. But because of some bandwidth requirements, the subsequent continuous evolution process, the ultimate goal is to make the nodes lighter and lighter and let more nodes access.
Gate.io: We are also mining at Pos nodes. Staking is hot in 2019, what do you think of Staking?
Dr Jeff: Halved, burning is also very hot this year. Why is burning important? I think it is related to Staking. Staking is naturally an inflation. There will be more and more tokens. Only burning will make the value continuously increase.
Gate.io: How did you consider this piece of PCHAIN?
Dr Jeff: We have such a mechanism for planning POS in the white paper, and we have always believed that it is leading the technology development trend in the industry. People who have read the PCHAIN ​​white paper will understand that PCHAIN ​​is also a halved token. Like Bitcoin, our mechanism is also halved in 4 years. This year is the second year. Second, the total amount is constant. How much Ethereum will issue on the original basis each year, and the newly mined Token on PCHAIN ​​is limited to 15% of pos. If it cannot be mined already, the owner on the childchain can go to the market to buy Token and inject it into the childchain, so that the miners of the childchain have the motivation to continue mining. This is different from Bitcoin and Ethereum.
Gate.io: Users ask: When will the commercial childchain start?
Dr Jeff: First quarter. The most important part of the year 2020 plan is the commercial childchain. The commercial childchain project in the first quarter must be confirmed. Although the impact of the new coronavirus, we are still very confident and communication has been ongoing.
Gate.io: How many commercial childchains are expected to be in PCHAIN ​​this year?
Dr Jeff: It’s hard to predict, but I can tell you that there are three childchains moving forward. Recently, there have been successive partners and domestic top software developers communicating. Because of the high incidence of blockchain applications this year, if they cooperate with large-scale software development, there may be a relatively explosive momentum.
Gate.io: What do you think of Staking?
Dr Jeff: Many of us still think from a technical point of view. POW has been for many years. The disadvantages of power consumption have been around for a long time, but the degree of decentralization is high. The future trend must be the large-scale application of the blockchain. This is a trend, and efficiency is very important. All projects are talking about POS. Staking is a derivative of the consensus mechanism. Only by holding the token in it will we focus on its security . Many early projects also exposed a lot of problems, which gradually reduced by half.
Gate.io: What are the shortcomings in the development process that need to be improved?
Dr Jeff: The shortcomings in the market are still relatively lacking. In 2018, our focus is all overseas, so the domestic voice is relatively small. After 2019, it has been developing and strengthening in the domestic market area, so that more people recognize PCHAIN.
Gate.io: I think we have our own wallet?
Dr Jeff: Yes, the current function can be staking, and a cross-chain transfer can be performed between the main chain and the childchain. Its basic positioning is a technology-oriented wallet, and the future plan is also in terms of technology. For example, quickly put some interesting applications (especially Ethereum) on PCHAIN, which is also a relatively important function. We are compatible with EVM of Ethereum. An Ethereum application developer can put it on PCHAIN ​​with almost no code changes.
Gate.io: What other application scenarios does the blockchain have in addition to the cryptocurrency circle? How to balance speed and decentralization under safe conditions?
Dr Jeff: Impossible triangle of blockchain, security, efficiency and security, in a certain perspective, there is no solution. The fundamental problem of balance lies in whether the consensus algorithm itself is good enough. Our original new consensus algorithm is called PDBFT consensus algorithm. Last year, everyone talked more than BFT, VIF random numbers, and a BOS data compression, including the Cosmos overseas team said that BOS has been integrated, our PDBFT integrates these three factors together, let the communication volume from the square of N to N, the degree of decentralization has been improved while ensuring efficiency.
Gate.io: The current commercial childchain is Private Chain. How to connect to Public Chain?
Dr Jeff: Cross-chain. In the future, in addition to its own main chain and childchains, it can also cross other chains.
Gate.io: Why did you choose to be listed at Gate.io?
Dr Jeff: Gate.io is one of the few exchanges that is very consistent with our basic thinking and philosophy of work, including founder Mr. Han, who has been persistently committed to technology, and even we have studied technical details for several hours. We have also contacted the founders of many exchanges. There are not many people like founder Mr. Han who know every detail very well. Secondly, Gate.io has a good community foundation. I think Gate.io is also in the world TOP position, its transaction volume and non-wash trading order are very real, this is very consistent with the spiritual pursuit of the blockchain.
Gate.io: Our users ask you, how to reduce the number of communication handshake to maintain consistency? The current workload proofs are all based on Sha256. Is there any further progress?
Dr Jeff: The Sha256 workload proof belongs to POW’s consensus algorithm and belongs to an axiom proof. Based on this axiom, everyone agrees that its decentralization is very good. However, in all POS, the emphasis is on cooperative handshake, which cannot be reduced from the perspective of collaboration, but it can reduce the amount of information transmitted during the collaboration process. Example: The reduction of communication volume makes the amount of collaboration less. Through communication compression, a lot of people shaking hands at the same time also improve the efficiency.
Gate.io: If the user wants to know some information, in addition to the official website and public account, and where can I find the desired content on the domestic platform?
Dr Jeff: If you prefer technology, you can go to github to watch it. There have been 23 major and minor upgrades since the mainnet launch last year.
Gate.io: What are the main adjustments to the mainnet upgrade?
Dr Jeff: It’s mainly rewarding. It’s a small part of staking for optimization.
Gate.io: Can you talk about future plans?
Dr Jeff: In the future, the focus will be on the commercial childchain. In addition to this, SmartData will be more important. At present, it is relatively new. Like Oracle, it is also part of SmartData.
Gate.io: How many people are using the new commercial childchain?
Dr Jeff: Generally speaking, there were thousands of data on a commercial childchain last year.
Gate.io: Some of the businesses on PCHAIN ​​are private chains. How can we get to the common chain in the future?
Dr Jeff: The commercial childchain itself has such a switch, uploading a part of the hash value to the public chain, and the user can operate it if he wants to open the switch, which depends on the consensus of these enterprises participating in the alliance chain.

Dr. Jeff Cao introduction
Dr Jeff, the founder of PCHAIN, the chief scientist of the China Internet of Things blockchain, the inventor of China’s first blockchain international patent, and the co-sponsor of China Ledger. In 2016, he completed the world ’s first transfer of blockchain asset income rights. He was the head of the IBM blockchain and has published a total of 22 top international papers and more than 30 US patents. He has chaired multiple ACM IEEE top international conference forums.

You can follow PCHAIN below
Telegram 1, Telegram(Chinese Community) Telegram(Russian Community),Telegram(Spanish Community) Telegram(Germany Community), Telegram (French Community) Telegram (Vietnam Community), Telegram Announcement Channel Twitter, Steemit,RedditFoundeCEO’s Twitter
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The Decade in Blockchain — 2010 to 2020 in Review

2010

February — The first ever cryptocurrency exchange, Bitcoin Market, is established. The first trade takes place a month later.
April — The first public bitcoin trade takes place: 1000BTC traded for $30 at an exchange rate of 0.03USD/1BTC
May — The first real-world bitcoin transaction is undertaken by Laszlo Hanyecz, who paid 10000BTC for two Papa John’s pizzas (Approximately $25 USD)
June — Bitcoin developer Gavin Andreson creates a faucet offering 5 free BTC to the public
July — First notable usage of the word “blockchain” appears on BitcoinTalk forum. Prior to this, it was referred to as ‘Proof-of-Work chain’
July — Bitcoin exchange named Magic The Gathering Online eXchange—also known as Mt. Gox—established
August —Bitcoin protocol bug leads to emergency hard fork
December — Satoshi Nakamoto ceases communication with the world

2011

January — One-quarter of the eventual total of 21M bitcoins have been generated
February — Bitcoin reaches parity for the first time with USD
April — Bitcoin reaches parity with EUR and GBP
June — WikiLeaks begins accepting Bitcoin donations
June — Mt. Gox hacked, resulting in suspension of trading and a precipitous price drop for Bitcoin
August — First Bitcoin Improvement Proposal: BIP Purpose and Guidelines
October — Litecoin released
December — Bitcoin featured as a major plot element in an episode of ‘The Good Wife’ as 9.45 million viewers watch.

2012

May — Bitcoin Magazine, founded by Mihai Alisie and Vitalik Buterin, publishes first issue
July — Government of Estonia begins incorporating blockchain into digital ID efforts
September — Bitcoin Foundation created
October — BitPay reports having over 1,000 merchants accepting bitcoin under its payment processing service
November — First Bitcoin halving to 25 BTC per block

2013

February — Reddit begins accepting bitcoins for Gold memberships
March — Cyprus government bailout levies bank accounts with over $100k. Flight to Bitcoin results in major price spike.
May —Total Bitcoin value surpasses 1 billion USD with 11M Bitcoin in circulation
May — The first cryptocurrency market rally and crash takes place. Prices rise from $13 to $220, and then drop to $70
June — First major cryptocurrency theft. 25,000 BTC is stolen from Bitcoin forum founder
July — Mastercoin becomes the first project to conduct an ICO
August — U.S. Federal Court issues opinion that Bitcoin is a currency or form of money
October — The FBI shuts down dark web marketplace Silk Road, confiscating approximately 26,000 bitcoins
November — Vitalik Buterin releases the Ethereum White Paper: “A Next-Generation Smart Contract and Decentralized Application Platform
December — The first commit to the Ethereum codebase takes place

2014

January — Vitalik Buterin announces Ethereum at the North American Bitcoin Conference in Miami
February — HMRC in the UK classifies Bitcoin as private money
March — Newsweek claims Dorian Nakamoto is Bitcoin creator. He is not
April — Gavin Wood releases the Ethereum Yellow Paper: “Ethereum: A Secure Decentralised Generalised Transaction Ledger
June — Ethereum Foundation established in Zug, Switzerland
June — US Marshals Service auctions off 30,000 Bitcoin confiscated from Silk Road. All are purchased by venture capitalist Tim Draper
July — Ethereum token launch raises 31,591 BTC ($18,439,086) over 42 days
September — TeraExchange launches first U.S. Commodity Futures Trading Commission approved Bitcoin over-the-counter swap
October — ConsenSys is founded by Joe Lubin
December — By year’s end, Paypal, Zynga, u/, Expedia, Newegg, Dell, Dish Network, and Microsoft are all accepting Bitcoin for payments

2015

January — Coinbase opens up the first U.S-based cryptocurrency exchange
February — Stripe initiates bitcoin payment integration for merchants
April — NASDAQ initiates blockchain trial
June — NYDFS releases final version of its BitLicense virtual currency regulations
July — Ethereum’s first live mainnet release—Frontier—launched.
August — Augur, the first token launch on the Ethereum network takes place
September — R3 consortium formed with nine financial institutions, increases to over 40 members within six months
October — Gemini exchange launches, founded by Tyler and Cameron Winklevoss
November — Announcement of first zero knowledge proof, ZK-Snarks
December — Linux Foundation establishes Hyperledger project

2016

January — Zcash announced
February — HyperLedger project announced by Linux Foundation with thirty founding members
March — Second Ethereum mainnet release, Homestead, is rolled out.
April — The DAO (decentralized autonomous organization) launches a 28-day crowdsale. After one month, it raises an Ether value of more than US$150M
May — Chinese Financial Blockchain Shenzhen Consortium launches with 31 members
June — The DAO is attacked with 3.6M of the 11.5M Ether in The DAO redirected to the attacker’s Ethereum account
July — The DAO attack results in a hard fork of the Ethereum Blockchain to recover funds. A minority group rejecting the hard fork continues to use the original blockchain renamed Ethereum Classic
July — Second Bitcoin halving to 12.5BTC per block mined
November — CME Launches Bitcoin Price Index

2017

January — Bitcoin price breaks US$1,000 for the first time in three years
February — Enterprise Ethereum Alliance formed with 30 founding members, over 150 members six months later
March — Multiple applications for Bitcoin ETFs rejected by the SEC
April — Bitcoin is officially recognized as currency by Japan
June — EOS begins its year-long ICO, eventually raising $4 billion
July — Parity hack exposes weaknesses in multisig wallets
August — Bitcoin Cash forks from the Bitcoin Network
October — Ethereum releases Byzantium soft fork network upgrade, part one of Metropolis
September — China bans ICOs
October — Bitcoin price surpasses $5,000 USD for the first time
November — Bitcoin price surpasses $10,000 USD for the first time
December — Ethereum Dapp Cryptokitties goes viral, pushing the Ethereum network to its limits

2018


January — Ethereum price peaks near $1400 USD
March — Google bans all ads pertaining to cryptocurrency
March — Twitter bans all ads pertaining to cryptocurrency
April — 2018 outpaces 2017 with $6.3 billion raised in token launches in the first four months of the year
April — EU government commits $300 million to developing blockchain projects
June — The U.S. Securities and Exchange Commission states that Ether is not a security.
July — Over 100,000 ERC20 tokens created
August — New York Stock Exchange owner announces Bakkt, a federally regulated digital asset exchange
October — Bitcoin’s 10th birthday
November — VC investment in blockchain tech surpasses $1 billion
December — 90% of banks in the US and Europe report exploration of blockchain tech

2019

January — Coinstar machines begin selling cryptocurrency at grocery stores across the US
February — Ethereum’s Constantinople hard fork is released, part two of Metropolis
April — Bitcoin surpasses 400 million total transactions
June — Facebook announces Libra
July — United States senate holds hearings titled ‘Examining Regulatory Frameworks for Digital Currencies and Blockchain”
August — Ethereum developer dominance reaches 4x that of any other blockchain
October — Over 80 million distinct Ethereum addresses have been created
September — Santander bank settles both sides of a $20 million bond on Ethereum
November — Over 3000 Dapps created. Of them, 2700 are built on Ethereum
submitted by blockstasy to CryptoTechnology [link] [comments]

List of Cardano accomplishments - I just read Cardano has only released "a wallet".

Hi, I'm a super Cardano fan, and I have this idea that I want to share and see if you think it's a good idea and want to collaborate.
Basically, the idea is to elaborate a list of things Cardano has accomplished, to have for ourselves and to share as an answer to false claims like the one in my title. I'm assuming some of those are not trolls but instead uninformed people. Maybe later we could develop a list of things that are in progress, separate, because I really think most people don't grasp the scope of the ecosystem that they are building.
I propose to elaborate here that first list of already accomplished and finished things. I can start and then edit with your comments.
I think it would be nice to have them in chronological order too, and a brief (5-10 words) explanation or subtitle to each thing in the list.
I'm not technical and don't have much memorized, so I can start with very little. This is much more about collaborating than my Cardano knowledge. Also I'm Spanish, so my English is far from perfect.
Feel free to copy paste and make it your own. My goal is to come up with a version of it that is as complete, accurate and simple as possible, to share. It could be an image too once is finished.

Cardano Achievements


  1. 40+ Peer reviewed academic papers
    1. 20+ accepted in major top-tier conventions and gone through peer review.
    2. These are an open source gift to our space
    3. The objective is to study first, research, elaborate theory, have it reviewed and improve it, then build from the ground up from that
    4. About Proof of Stake
      1. Solved how to achieve a network as probably secure (at least) as Bitcoin's network with it's Proof of Work
      2. Solved how to achieve decentralization of 1000 pools (or more)
      3. Solved how to operate a pool with around 100$ of hardware
      4. Solved how to have a network that consumes in it's totality an estimate somewhere between an average hotel and an average house
    5. About Treasury
      1. Solved how to delegate voting, vote as a community who gets paid for doing what
      2. Solved how to be an open community that anyone is able to propose changes and can be heard
    6. About scaling
      1. Solved how to increase speed as more users use the network
    7. About interoperability
  2. Daedalus wallet
    1. Paper wallet support
  3. KEVN
    1. The first Cardano testnet
    2. Write smart contracts easily on Cardano from many other programming languages
    3. Executable form of the semantics of the EVM
    4. Specified in the K-framework
  4. IELE
    1. The second Cardano testnet, a virtual machine (VM)
    2. Makes it easier to write secure smart contracts on Cardano by supporting direct compilation from Solidity and more languages
    3. Serves as a uniform lower-level platform for translating and executing smart contracts from higher-level languages
  5. Icarus
    1. Rust programming language based codebase for light client wallets
    2. Yoroi and ADALite light wallets use Icarus
    3. Very secure and light weight
  6. Yoroi wallet
    1. Ledger S and Trezor support
    2. Chrome, Brave and Firefox extensions. Android and iOS apps
  7. Marlowe programming language
    1. Marlowe was designed to be used by people working in finance and different other fields that requires no experience in programming
    2. Marlowe free online course in Udemy
  8. Plutus programming language
    1. Plutus requires programming knowledge but it allows you to create complex smart contracts using programming paradigms
    2. Plutus programming language digital book
    3. Plutus free online course in Udemy
    4. Plutus playground
  9. Locally training engineers to develop Apps for Cardano
    1. Successfully locally trained many (1st batch was 30) engineers in developing nations
  10. Prepaid card in South Korea
    1. Developed by Metaps+, a subsidiary of Emurgo and Metaps
    2. With it people can trade Cardano (ADA) at over 30,000 merchants and outlets in South Korea
  11. Emurgo's partnership with Y2X
    1. Y2X is a leading digital merchant bank for the decentralized economy
    2. Emurgo became the anchor investor of Y2X
    3. Cardano as the protocol for all portfolio firms within the Y2X management to promote the the technology, particularly in the STOs regulated field
  12. Emurgo's partnership with dLab
    1. For it's startup accelerator and venture studio that explores new topics in decentralization and blockchain technology
    2. Powered by SOSV and Emurgo from Cardano
  13. Tangem cards partnership
    1. This are nfc cards to recieve, carry and spend ADA paired with your phone
  14. Atala
    1. An enterprise solution to do all kinds of data what Bitcoin did to money
    2. Decentralization, privacy, control, security and trust are it's core characteristics
    3. Being built to have interoperability with Cardano, this will eventually provide on ramps and access opportunities for adoption on Cardano

Honorable mentions


• Cardano uses two parallel development clients, one in Haskell and another in Rust. Two different teams. This helps have a faster, more reliable development and also each client is better for different uses.
• Cardano operates from 3 different entities. IOHK, Emurgo and The Cardano Foundation. This achieves focus, decentralization within the Cardano development and resilience.
• Charles Hoskinson, Cardano co-founder, hosts periodical AMA's on his YouTube personal channel. It achieves great communication with the community.
• Cardano keeps usually at number 1 for Github commits. They are real work, you can check the code.
• Everything that Cardano makes is open source, so it's also an accomplishment for the whole space, not just for Cardano.
• There are different 3rd-party multi-currency wallets supporting Cardano, like Infinito and Atomic.
submitted by KiKaily to cardano [link] [comments]

AMA: Ask Mike Anything

Hello again. It's been a while.
People have been emailing me about once a week or so for the last year to ask if I'm coming back to Bitcoin now that Bitcoin Cash exists. And a couple of weeks ago I was summoned on a thread called "Ask Mike Hearn Anything", but that was nothing to do with me and I was on holiday in Japan at the time. So I figured I should just answer all the different questions and answers in one place rather than keep doing it individually over email.
Firstly, thanks for the kind words on this sub. I don't take part anymore but I still visit occasionally to see what people are talking about, and the people posting nice messages is a pleasant change from three years ago.
Secondly, who am I? Some new Bitcoiners might not know.
I am Satoshi.
Just kidding. I'm not Satoshi. I was a Bitcoin developer for about five years, from 2010-2015. I was also one of the first Bitcoin users, sending my first coins in April 2009 (to SN), about 4 months after the genesis block. I worked on various things:
You can see a trend here - I was always interested in developing peer to peer decentralised applications that used Bitcoin.
But what I'm best known for is my role in the block size debate/civil war, documented by Nathaniel Popper in the New York Times. I spent most of 2015 writing extensively about why various proposals from the small-block/Blockstream faction weren't going to work (e.g. on replace by fee, lightning network, what would occur if no hard fork happened, soft forks, scaling conferences etc). After Blockstream successfully took over Bitcoin Core and expelled anyone who opposed them, Gavin and I forked Bitcoin Core to create Bitcoin XT, the first alternative node implementation to gain any serious usage. The creation of XT led to the imposition of censorship across all Bitcoin discussion forums and news outlets, resulted in the creation of this sub, and Core supporters paid a botnet operator to force XT nodes offline with DDoS attacks. They also convinced the miners and wider community to do nothing for years, resulting in the eventual overload of the main network.
I left the project at the start of 2016, documenting my reasons and what I expected to happen in my final essay on Bitcoin in which I said I considered it a failed experiment. Along with the article in the New York Times this pierced the censorship, made the wider world aware of what was going on, and thus my last gift to the community was a 20% drop in price (it soon recovered).

The last two years

Left Bitcoin ... but not decentralisation. After all that went down I started a new project called Corda. You can think of Corda as Bitcoin++, but modified for industrial use cases where a decentralised p2p database is more immediately useful than a new coin.
Corda incorporates many ideas I had back when I was working on Bitcoin but couldn't implement due to lack of time, resources, because of ideological wars or because they were too technically radical for the community. So even though it's doesn't provide a new cryptocurrency out of the box, it might be interesting for the Bitcoin Cash community to study anyway. By resigning myself to Bitcoin's fate and joining R3 I could go back to the drawing board and design with a lot more freedom, creating something inspired by Bitcoin's protocol but incorporating all the experience we gained writing Bitcoin apps over the years.
The most common question I'm asked is whether I'd come back and work on Bitcoin again. The obvious followup question is - come back and work on what? If you want to see some of the ideas I'd have been exploring if things had worked out differently, go read the Corda tech white paper. Here's a few of the things it might be worth asking about:
I don't plan on returning to Bitcoin but if you'd like to know what sort of things I'd have been researching or doing, ask about these things.
edit: Richard pointed out some essays he wrote that might be useful, Enterprise blockchains for cryptocurrency experts and New to Corda? Start here!
submitted by mike_hearn to btc [link] [comments]

The whole Ambrosus AMA in one Post

1) For ensuring the possibility that Ambrosus can be successful in achieving its objectives, what can the community do in order to try and facilitate this? Is there anything that you would like to see people doing more/less of to support the project?
1) If you have connections at any companies that manufacture/distribute food/pharma/chemicals/luxury products, make an intro (rewards available); 2) if you know any consultancy/ICT companies/integrators, introduce them to our tech/code to possibly develop Joint Value Proposition**
3) if you are a dev, contribute to our code; IoT enthusiast - then expertiment using our tech; 4) if you are an entrepreneur launching startups, consider launching it on AMB-NET (support/financing available from dev pool); 5) just generally educate others about #ambrosus. Thx
https://mobile.twitter.com/yashilou/status/1065572906040737793
*....info on releases of partnerships etc. What is the aim for the next 6 months with regards to promoting the brand even further to reach more potential community members? *
1/ Presently we promote the brand via PR (placement in top-tier media, thought leadership), attendance of high-profile conferences (industry / crypto), holding various meetups, online promotion of brand, community engagement, interactive social media. Next year we want to have
more personalised/targetted communication towards individual verticals/sub-industries, with detailed corporate USP, tailored pricing, commercial aspects; we are also fostering consultants/entrepreneurs around Ambrosus with narrow focus who will approach individual industries.
https://mobile.twitter.com/angelversetti/status/1065947465944363008
3) Can you give an update on the current PoC's? What do you estimate to be the probability that the clients will continue once the PoC's are done? How is the general feedback regarding the solutions you are offering them?
We primarily hire additional people to specifically work on delivery and execution of projects. I think PoC is not necessarily the right term to use, because it implies that the tech is unproven and the concept itself needs to be proved (hence proof of concept, PoC), on our 1/...
side we are talking about industrial projects (some of them can be called pilot projects), whereby we actually integrate our tech into supply chain operations. The feedback we are getting on that is overwhelmingly positive and we are developing larger-scale proposals with partner
https://mobile.twitter.com/angelversetti/status/1065948382634672128
5) Random q: Was the number 361 million tokens chosen because it represents the km² of the ocean/was there another motivation for choosing that no. in particular? And, what was the logic behind that number of tokens chosen rather than, say 100mn/1 bn?
actually this number resulted from the smart contract, based on emission of AMB, which in turn was based on ETH incoming.
https://mobile.twitter.com/angelversetti/status/1065949442413666304
DHelix85: If you applied for a node in the 1st wave (not accepted yet) and now wish to upgrade to a bigger node, can you replace your intial application with the new one and not drop to the end of the queue?
I think a new application should be submitted, the applicants will be cross-checked with old lists, so no risk of being at the end. We have now placed one person full-time to deal with masternodes applicants (Aleksandra), to help the dev team stay focused on building $AMB-NET.
https://mobile.twitter.com/angelversetti/status/1065949908702773248
1) Angel, what do you think is necessary to take Ambrosus from 0 to 10k bundles a day?
2) And to take it from 10k to 100k bundles daily? How do you see the company getting there?....
We are now actively modeling the pricing structure and transactions on chain. Firstly, for many business use-cases a bundle does not have to be full to make sense (e.g. a luxury watch producer may use 1 bundle for 10 watches, at 1$ per watch, which makes sense for them 1/...
similarly, for containers or individual units the bundling processes may be different. So, it should not be assumed that the full 16k+ transactions need to be filled to dispatch a bundle. Our current projects help us to optimise the total number of bundles/transactions for AMBNET
https://mobile.twitter.com/angelversetti/status/1065950293236551681
3) When Ambrosus is doing, let's say, over 100k bundles a day, do you think your job as CEO will be different than now? How?
I am very impressed with what AMB has achieved so far, in so little time. Congratulations to you and to the whole team!
Hard for me to speculate, but I think the core aspects of Ambrosus will remain the same, only the complexity of scaling will of course make the network less nimble. Our minds are preoccupied with assuring true decentralisation in all senses of that word
https://mobile.twitter.com/angelversetti/status/1065952712444006401
Will the Apollo node auctions start in November or not until Q1? Both have been stated during timeline updates.
I think the dev team are tweaking a few parameters and have also ordered another cybersecurity audit for AMB-NET to try and break it. On this side they push the Better Safe than Sorry narrative, with which I have to agree..
https://mobile.twitter.com/angelversetti/status/1065953205752864769
What is the most important difference between amb and other projects with similar goals?
Our intimate knowledge of BOTH #blockchain and #IoT. The foundations of the $AMB-NET architecture were built with IoT in mind. Most other projects are trying to stitch two technologies together, without having proper understanding of either blockchain or iot
https://mobile.twitter.com/angelversetti/status/1065953692334137345
AMA -- When would you think may can release new road map for 2019-2020? What's your time frame may could starting sign contracts with the long term partnership corporation of using your product and also starting have revenue? Thank you very much.
we already have a roadmap/vision for 2019, we now go through the structural/cosmetic changes and are also debating whether to release it end of this year, or early 2019. Negotiations for long-term contracts are currently ongoing.BTW the network itself should run without Ambrosus
https://mobile.twitter.com/angelversetti/status/1065954552627765248
#AMB_AMA Q: How closely is the success of the Ambrosus protocol tied to the growth of the Ethereum ecosystem and their progress towards scalability? ...would a different base-layer protocol ever be an option?
We do not use Ethereum as base-layer protocol. This was the case at the very early stages of Ambrosus. We now have our own architecture, with our own scalability/IoT/storage solutions. We cooperate a lot with ETH stakeholders, but AMBNET does not depend on their progress/success
https://mobile.twitter.com/angelversetti/status/1065954890692919297
#AMB_AMA I would love to better understand the uniqueness of Amber as "the first data-bonded token." Q: Does Ambrosus have any posts/articles/case studies out there to better describe the possibilities and uniqueness of this new architecture?
our white paper is very outdated, please refer to (link: http://blog.ambrosus.com) blog.ambrosus.com for all the latest developments / updates to architecture, cryptoeconomics and more. We will release a new paper in the foreseeable future that as a single document will perform the WP function
and yes, all the use-cases you are talking about are also discussed at length in our blog , which i in general recommend to everyone following the project to follow, as it contains all the up to date and relevant info/content on the project.
https://mobile.twitter.com/angelversetti/status/1065955293023088640
#AMB_AMA Q: What does the recent Securities and Exchange Commission court ruling mean for the AMB token? Will Ambrosus be registering $AMB token as a security with the SEC... or filing as an exemption?
We carefully avoided all the interactions that would put us under the jurisdiction of the SEC. For future interactions, our legal team will assess and act as appropriate.
https://mobile.twitter.com/angelversetti/status/1065956124455776258
Can you tell us more about the different revenue streams of Ambrosus now and in the future? (E.g AMB-NET, Sensors, Consulting or IT Integration work)
The key focus for us right now is to make AMB-NET a self-sustaining network that could operate without support of any third party, including Amrbosus. Thus sensors, consultancy, IT integration we leave to partners and focus on the blockchain to run irrespective of revenues
https://mobile.twitter.com/angelversetti/status/1065957306020569088
There has been some talk of the sec cracking down on certain ERC20 tokens. Is this a concern at all? How well equipped is Ambrosus legally and financially?
already answered on sec below. as for the legal, it's immensely complicated in crypto, and we leave it to the professional teams to take care of our legal/compliance, while we focus on the tech and delivery
https://mobile.twitter.com/angelversetti/status/1065957796875780096
Looking forward to hear ETA for swap from erc20 to native Amber tokens and how? Also wondering when will we be able to start Atlas nodes freely without invitation? Lastly when moon sir? :)
this is a better question to the dev team. For me, I want it to happen now, but it's not feasible technology-wise. I think permissionless onboarding for Atlas nodes will be possible in Q2 2019. Full moon is today, next one 22 dec
https://mobile.twitter.com/angelversetti/status/1065958297352716290
Can we see somewhere in the eth explorer how are the amb tokens moving from erc20 to native amb token on amb-net? Is more tokens floating from or to amb-net?
the bridge for real AMB/AMBERC20 has not yet been released on mainnet, as they are still testing it on test net. On nodes you already can play with TESTAMB. The dev team are doing a new security audit on AMB-NET, so after that they can launch the bridge, it will be visible on eth
https://mobile.twitter.com/angelversetti/status/1065958759409819648
What impact, if any, does the current state of the crypto market have on a companies willingness to implement Ambrosus' blockchain supply chain solutions?
our discussions with corporates seldom involve the discussion of the crypto markets. we focus on the tech and integration with them, not the value of various digital assets.
https://mobile.twitter.com/angelversetti/status/1065959004034215936
1) Do you think the number of partnerships will increase?
2) How is the masternodes going now? The both of the test net and main net working well?
3) When will the AMB-NET 2.0 (industrial grade one) be launched?
4) How many bundles are the publicly announced 5 partnerships generating currently and how do you think the possibilities that they increase it in the coming months?
5) What are the assumed number of Atlases for 1k, 10k, 100k bundles respectively?
6) How many applications for the masternode have you got so far? Could you provide us with the estimated number of the running nodes in the future?
7) If the number of masternode far exceeds the estimated number, will you cap the number of it?
1/ if I didn't think that, I would not be involved in the project.
2/ going well, talk to onboarded people on slack/tg to get their insights
3/ as per dev team's roadmap should be end of this year
4/ see my answer on bundles below
5/ not sure what you mean by this question. There is an upper limit of the number of bundles an Atlas node could host, which is defined by the technical imperatives outlined by the dev team
6/ we are well into the 4digit numbers with the number of applicants who submitted full applications to be a masternode operator. I am personally looking at a few hundred apollos and about 10 thousand atlases in the future, but we have some tech team members arguing for limiting
7/ the numbers for stakes in masternodes were designed in such a way as to never reach the point where we would have to cap any numbers
https://mobile.twitter.com/angelversetti/status/1065959353575006208
1) In a scale from 1 to 10, how do you think that the adoption of AMB-Net is going so far?
I am a biased party to ask for such an assessment. I am also a perfectionist and thus I am never satisfied with anything so there could not be a perfect score anyway
https://mobile.twitter.com/angelversetti/status/1065961119246925824
2) Can we expect more commercial partnerships in the near future (next 2-3 months)?
yes, we are working on a few interesting deals now
https://mobile.twitter.com/angelversetti/status/1065966085172862976
3) What is a rough ratio between companies wanting to run their own Hermes node (pay in crypto) vs companies wanting someone else running the Hermes node (paying in fiat)?
most large corporates want to run and host their own nodes (for data ownership/ privacy, amongst other reasons), whereas the SMEs have a tendency to require a BaaS type of support
https://mobile.twitter.com/angelversetti/status/1065966412743753728
4) Which of the upcoming milestones of Ambrosus are you the most excited for and why?
Execution of transactions between IoT devices in a smart city in a decentralised and autonomous manner (long-term). All masternodes onboarded and maintaining the network independently (mid-term). First ICO to accept $AMB (short-term).
https://mobile.twitter.com/angelversetti/status/1065968212104355841
5) What could be the biggest catalyst for adoption of AMB-Net in your opinion?
more nimble SMEs/startups adopting innovative technologies such as $AMB-NET and showing great growth due to consumer trust/choice and improved business operations should cause large enterprises to speed up their adoption of such technologies
https://mobile.twitter.com/angelversetti/status/1065968899034886144
#Ambrosus AMA
Have you ever been approached by any Japanese companies?
What do you think would be the hardest part when you try to get adoptions from Japanese companies?
We had a few invitations to various corporate accelerators and/or public sector sanctioned business programmes in Tokyo. Unfortunately, the stipulations included the senior team moving to Japan, which was not an option. Thus so far we have not had much involvement in Japan.
https://mobile.twitter.com/angelversetti/status/1065969297284112384
1. What is your biggest concern for ambrosus success as a whole? 2. What can the US community do to help spread awareness and help ambrosus succeed here?....
1/ to what extent corp management and even the end consumers care about true decentralisation. Ultimately, it seems few people are bothered that IBM or Ripple are not truly decentralised/trustless, and they still adopt their tech... 2/ see my response on the community help below.
https://mobile.twitter.com/angelversetti/status/1065969864161091584
3. What is the status of my resume? (self-plug haha but seriously I've been trying to work on your dev and full stack or front end developer team for some time now!) - from a strong and passionate developer, Mannan
the dev team reviewed it and right now it does not suit their needs. Vlad told me he replied to your enquiry
https://mobile.twitter.com/angelversetti/status/1065970873893564416
Are you going to fix the issue with Storage Limit for Omega masternode in the contract config that was posted on reddit and github?
I am not personally creating code for masternodes. I think such a request is best made via github and the dev team will fix this, if it needs fixing
https://mobile.twitter.com/angelversetti/status/1065971263301185541
Are you having any goal till January in terms of new clients just like you gave a count of 5 for october?
not till january, because it's christmas time and most corporates are busy with end of year issues and then vacations. see my other reply below on a similar question. in short, we do have other ongoing initiatives. i have made changes to our business team to better achieve goals
https://mobile.twitter.com/angelversetti/status/1065971557007269888
Ambrosus' mainnet will launch soon and thus the native blockchain it's running on. Ambrosus is also planning to release wallet applications and handle the token swap....
yes, in the latest blog entry from Vlad, you can see that a Wallet for native AMB is coming. as for the swap for the foreseeable future we envision a two-way bridge between native AMB and ERC20 to ensure compatibility, while we build infra for native AMB
https://mobile.twitter.com/angelversetti/status/1065971915989413890
Can you tell us a little bit about how (in your experience) companies currently see Ambrosus compared to other blockchain supply chain solutions like vechain, Ibm one etc. (like a mini market analysis...)
most corporations we deal with are not aware of vechain or other crypto projects' existence. they usually compare us to IBM, Oracle, EY Blockchain, etc. They see our unique IoT architecture and expertise as USP, which others, even the big guys do not necessarily have.
https://mobile.twitter.com/angelversetti/status/1065972439702798337
Can you tell us a little bit about how (in your experience) companies currently see Ambrosus compared to other blockchain supply chain solutions like vechain, Ibm one etc. (like a mini market analysis...)
Which sensor from your innovation lab excites you the most, and why?
what is the biggest challenge/deal breaker when trying to sign up customers?
I am very interested in the sensors that are able to process data in a trusted enrivonment and sign transactions on the blockchain at the sensor level. according to Innolab, such sensors can become like lite clients of the blockchain, enabling any IoT devices to be blockchain nod
answered below where i talked about education for top management about real blockchain vs decentralised constructs with a single point of control and failure. most people are either unaware of the distinction or do not care much about it, so long as blockchain buzzword is there
https://mobile.twitter.com/angelversetti/status/1065974008292745218
In a scale from 1 to 10, how do you think that the adoption of AMB-Net is going so far? Can we expect more commercial partnerships in the near future (next 2-3 months)? What is a rough ratio between companies wanting to
all these questions answered below
https://mobile.twitter.com/angelversetti/status/1065974532035551232
What is the baseline of the size of companies you would work with regarding the revenue?
I will put a contact form in my website so that Japanese companies can more easily ask me about Ambrosus in Japnese.
actually we have value proposition both for small and large companies. Big companies are nice because they offer scale but are slow, whereas small companies compensate for their size with their nimble approach and ability to adapt processes faster. Thus both are interesting to us
https://mobile.twitter.com/angelversetti/status/1065978121856475136
Q: Angel, with Devcon4 behind us, what are you thoughts on Ethereum's progress towards scalability?
Q: Does the success of the Ethereum ecosystem matter much to Ambrosus' developers? Would a different blockchain base-layer protocol ever be an option?
1/ I have always been a fan of Ethereum community, in terms of a large number of thinkers and visionaries they have gathered. Unlike EOS/Tezos who seem to try to buy communities with money, or IBM who are plain boring, Ethereum is truly about experimentation and bold vision...
many great proposals to scalability of Ethereum. Of course they keep pushing the deadline and are vague on any timeline of execution, but let's be frank, who isn't? They also succumbed to the hype last year, but vision is limited only by imagination, while execution has friction
thus, all tech needs time. I do believe there are enough people with vested interest around Ethereum technology and a lot of visionaries who cannot be simply bought off (although I guess every person has their sale price...), so I am hopeful of Ethereum's future
We do not directly depend on Ethereum's success/failure, but of course we are heavily intertwined with many leading stakeholders from the ecosystem. We are influenced heavily by the tech, perception, markets, successes/failtures of Ethereum as spillover effects. AMB-NET is built
on solidity framework and uses many elements from Ethereum, so where needed we are happy to borrow more of their open-source code - and then also share our improved/updated code with other projects. So yes, when others are doing well, we are also doing better. Of course all the
uncertaintly and badmouthing that ethereum is experiencing does not help us, but now the pendulum of the crypto has swung towards panic, delusion, despondence and blame-game - which too shall pass - we aim to prove our point and deliver the tech that works and improves the world.
https://mobile.twitter.com/angelversetti/status/1065978675135434752
thank you very much for the AMA session everyone. We appreciate having a strong and curious community who come up with strong contributions and have critical thinking. Until next time. In the meantime enjoy my latest interview with @Independent on #bitcoin
https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-usd-2018-crash-analysis-stock-cryptocurrency-bubble-burst-dotcom-a8648296.html
https://mobile.twitter.com/angelversetti/status/1065984937281667072
submitted by skythe4 to ambrosus [link] [comments]

Ultimate Guide To Paper Wallets(Storing Cryptocurrency) DIY Bitcoin Paper Wallet Tutorial - free wallet How to Make a Dr. Evil Bitcoin Brain Wallet - Video Tutorial Bitcoin: Creating a Paper Wallet for the First Time [BitcoinPaperWallet.com] MadBitcoins How to make Secure Paper Bitcoin Wallets (step by step) (PC version)

Follow their code on GitHub. bitcoinVBR has 8 repositories available. Follow their code on GitHub. paper-wallet. Generate a cold storage wallet HTML 2 bisq. Forked from bisq-network/bisq. The decentralized bitcoin exchange network Java 1 bitcoinv-seeder. dns seeder for the BitcoinV network C++ 1 node-stratum-pool The Best Bitcoin Wallets. We review five of the top cryptocurrency wallet apps that will let you buy, sell, and trade digital assets and cryptocurrencies, including not only Bitcoins but also a Bitcoin SV is the original Bitcoin. It restores the original Bitcoin protocol, will keep it stable, and allow it to massively scale. Bitcoin SV will maintain the vision set out by Satoshi Nakamoto’s white paper in 2008: Bitcoin: A Peer-to-Peer Electronic Cash System. We use Amazon AWS and Alibaba Server Seed Nodes all over the world to support our Blockchain. Out with the old, in with the New. The original Bitcoin is clunky, slow and showing it’s age. Not to mention its limited 21,000,000 coins. Hekaton has nearly 5 times that amount @ 100,000,000 Hekaton Coins. Banks are post-paper: But still use paper logic: It's horse and buggy. Two billion people: Cannot afford bank account. Stuck with microfees. Banks aren't transparent. Instead of using smart cash, Take days to settle. There's no incentive: To improve banking product, Just to add in fees. Pegged onto a hash, Sidechains borrow resources (Computing

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Ultimate Guide To Paper Wallets(Storing Cryptocurrency)

Bitcoin Basics: How To Make A Paper Wallet For Bitcoin, Litecoin, Dash & Others. I recomend downloading the source code and doing this with no internet connected. - Download BitAddress.org from GitHub Mac Instructions - Create Temporary Account - System Preferences - Users ... Creating Secure Bitcoin Paper Wallets - Duration: 36:20. Block and Key 2,873 ... The following is a tutorial about creating a 99.9% secure paper wallet for storing your Bitcoins in cold storage. For more information visit http://99bitcoin... paper wallet cryptocurrency, paper wallet ethereum, paper wallet ripple, bitcoin paper wallet designs, paper wallet diy, coinbase paper wallet, blockchain paper wallet, litecoin paper wallet ... How to Make a Bitcoin Paper Wallet & Protect your Crypto - Duration: 10:03. Every Bit Helps 2,462 views. 10:03. Bitcoin 101 - Intro to Paper Wallets & Cold Storage ...

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