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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]

my moon hypothesis

I think monero's gonna goto the moon. Here's the reason why.

First, the general market seems to be in an upswing... this will naturally increase the price of monero (along with other alts). This rise in price will once again cause an increase in interest from outside of the crypto space.
For a lot of people new to the space, the idea of mining is attractive and fascinating. You can print money with your computer. What? Full stop. I remember reading a while ago that this component of nakamoto consensus has an allure because it is akin to alchemy, and apparently human culture has always had a fascination with alchemy.
So, these newcomers will think (as many do) "I should get into mining". They may do some research and discover that bitcoin mining is dead. Eventually they'll come across the fact that Monero is still CPU mineable. And at these bubble run prices, it could probably even turn a profit! So they'll set their PC to mine. Or maybe buy another PC.
And they'll mine.
And they'll read more about monero. They'll become fascinated with why (and how) monero is a privacy coin. They'll become fascinated with why (and how) monero has chosen to have a CPU-bound PoW. They'll probably also come across the tail emission, and why Monero has one, which will then get them reading about base layer scaling.
And they'll mine some more.
And they'll read some more about monero. They'll come across this notion of fungibility. They'll perhaps start to understand how blockchains work, and how consensus protocols work, and how base-layer protocol is the most important protocol for a cryptocurrency.
Probably after mining for a month, watching the price of monero increase and their pooled mining payout threshold *never* coming close to hitting, and all the while reading this or that about monero, they'll say "well, the only way I'm gonna get a good lot of this Monero is to buy some". And hopefully they'll be able to navigate the morass of AML/KYC(M - o - U - s - E) and get their hands on some.
And thats demand. On the buy side.
And where's the pressure from the sell side? Monero's emission just went under 2 xmr a block. And this new emission isn't going to mining farms with bottom lines to cover, so they always need to sell to keep the lights on.
No, its going to people like this, 500 khs bunch of workers with 1.7 to 7 kh/s per worker. Probably a sysadmin somewhere that has idle CPUs that they've decided to mine with.
or this glorious bastard, with 2.2 Mh/s. Their overall activity has a wave pattern, and the worker distribution seems like contemporary intel / amd PCs.
And then you get the ones like this, 11 Mh/s peak with a glorious wave pattern. This one is so cyclical you can't see the online workers because they seem to turn off every day at the same time. Or they have an agreement with nanopool to hide their worker details. But the waves are still visible.
And its also going to solo miners, like this guy. Roughly 13% of the found blocks aren't accounted for via the major pool aggregation website. I don't wanna make up numbers here, but what if that 13% is all just lucky solo miners?
There's ~1440 monero printed every day at this point. How much of that is going straight to market? Based on the fundamental differences in the monero mining ecosystem, I'd bet that more of the newly minted coin is going straight into cold, deep storage.
Of course, the markets are all just manipulated nonsense, so it really just depends on when some whale decides to market buy a bajillion xmr for the lulz.
submitted by gingeropolous to xmrtrader [link] [comments]

With the pretty awesome rise of almost all crypto currencies, it's time to restart our machines and mine the most profitable coin today 30.01.2020!!!

So let's talk about the GPUs to start with, the ranking has radically changed and even those that were running at a loss have become profitable again The top 10 chart:
1.NVIDIA GeForce RTX 2080 Ti 4.60 Mh/s 220W $1.35 $0.55 Zcoin(XZC) MTP Algo
2.NVIDIA GeForce RTX 2080 4.00 Mh/s 190W $1.17 $0.48 Zcoin(XZC) MTP
3.AMD Radeon VII 78.00 Mh/s 230W $1.22 $0.39 EthereumClassic(ETC) Ethash Algo
4.NVIDIA GeForce GTX 1080 Ti 3.60 Mh/s 190W $1.05 $0.37 Zcoin(XZC) MTP
5.AMD Radeon RX 5700 XT 51.50 Mh/s 140W $0.81 $0.30 EthereumClassic(ETC) Ethash
6.NVIDIA GeForce RTX 2060 2.60 Mh/s 130W $0.76 $0.29 Zcoin(XZC)MTP
7.NVIDIA GeForce RTX 2070 2.80 Mh/s 150W $0.82 $0.28 Zcoin(XZC) MTP
8.NVIDIA GeForce GTX 1080 2.80 Mh/s 150W $0.82 $0.28 Zcoin(XZC) MTP
9.NVIDIA GeForce GTX 1070 Ti 2.50 Mh/s 130W $0.73 $0.26 Zcoin(XZC) MTP
10.NVIDIA GeForce GTX 1660 Ti 2.00 Mh/s 100W $0.59 $0.22 Zcoin(XZC)
Now let's go to the asic Top 10:
  1. Innosilicon A10 ETHMaster 500.00 Mh/s 750W Ethash $5.13 EthereumClassic(ETC) Ethash
  2. Bitmain Antminer Z11 135.00 kh/s 1418W Equihash $3.45 Pirate(ARRR)
  3. BlackMiner F1+ 22.00 Gh/s 860W Eaglesong $3.23 Nervos(CKB) FPGAminer
4.Bitmain Antminer B7 96.00 kh/s 528W Tensority $1.87
5.Bitmain Antminer S17+ 73.00 Th/s 2920W SHA-256 $1.67 BitcoinSV(BSV)
6.StrongU STU-U6 420.00 Gh/s 2100W X11 $1.52 Dash(DASH)
  1. Bitmain Antminer S17 Pro 56 Th/s 2212W SHA-256 $1.46 BitcoinSV(BSV)
  2. Bitmain Antminer S17 59.00 Th/s 2385W SHA-256 $1.34 BitcoinSV(BSV)
  3. Innosilicon A9 ZMaster 50.00 kh/s 620W Equihash $1.08 Pirate(ARRR)
  4. FusionSilicon X7 262.00 Gh/s 1300W X11 $1.03 Dash(DASH)
Dont forget you can find around new Firmware for example for Z9/Z11 Efudd Firmware,and Hive OS firmwares which can Overclock S9/S15/S17 or Underclock (if your electriciy fee are too expensive), for example my S17 Pro I switched to new firmware (Hive OS) to 36Th/s with 900 Watts power gives me a 2.90 usd/day profit without electricity of course, for Z11 Overclocking without changing PSU from 135 to 150-160Ko/sol.
I calculated everything on the basis of 0.15 cens Kw / h.
Brand New Miner coming out:
ASICminer Zeon Turbo 400,000 Sol/s Equihash
Most Profitable Miner in the World. ASICminer Daily Revenue: $27 $16 (less 0.15 Kw/h fee) ASICminer Power Consumption: 2500W
asicminer dot co/shop (Factory)
submitted by pushingworld77 to BitcoinMining [link] [comments]

Bitcoin Gold a Shitcoin Vulnerable to Attack Despite $200 Million Market Cap

Bitcoin Gold a Shitcoin Vulnerable to Attack Despite $200 Million Market Cap

https://preview.redd.it/vddehe8qfo321.png?width=690&format=png&auto=webp&s=44a4111dddd126729769612bd27e1ebc30753e14
https://cryptoiq.co/bitcoin-gold-a-shitcoin-vulnerable-to-attack-despite-200-million-market-cap/
The War On Shitcoins Episode 1: Bitcoin Gold (BTG). The war on shitcoins is a Crypto.IQ series that targets and shoots down cryptocurrencies that are not worth investing in either due to their being scams, having serious design flaws, being centralized, or in general just being worthless copies of other cryptocurrencies. There are thousands of shitcoins that are ruining the markets, and Crypto.IQ intends to expose all of them. The crypto space needs an exorcism, and we are happy to provide it.
There are more than 2,000 cryptocurrencies listed on CoinMarketCap, and Bitcoin Gold (BTG) is near the top at number 25 with a market cap of $207 million. This would seem to indicate that Bitcoin Gold is a major cryptocurrency, but it is simply a copycat of Bitcoin with one key and debilitating difference that makes it worse than Bitcoin. Bitcoin Gold is designed to block ASIC miners, leaving only GPU miners.
The idea was that GPU miners would rally around Bitcoin Gold since GPU Bitcoin miners were disenfranchised by ASIC miners years ago. Ultimately, this decision to only allow GPUs resulted in such a low mining hash rate that Bitcoin Gold is vulnerable to 51 percent attacks, and a serious 51 percent attack has already happened once. Further, Bitcoin Gold has had centralization problems from the very beginning.
When Bitcoin Gold launched in November 2017 the developers did a massive premine of 8,000 blocks, which yielded them about 100,000 BTG. At today’s price $12 this is $1.2 million, and when BTG’s price peaked near $500, this was $50 million. This premine is unfair to other BTG miners, traders, and investors. Supposedly, the premined BTG were placed in an “endowment,” which means the developers will receive all of that money eventually, just not all at once. There is no way to verify if this is even true, however, and the excessive 97 percent BTG price crash since January 2018 might be partially due to developers dumping their coins.
A far more serious issue than the premine is BTG’s lack of network security. BTG made mining ASIC resistant by using the Equishash Proof of Work (PoW) algorithm. However, ASICs were eventually developed for Equihash since ASICs can be developed for any PoW algorithm. In May 2018 a 51 percent double spend attack occurred on the Bitcoin Gold network, and a hacker stole $18.6 million from cryptocurrency exchanges that listed BTG. This caused the developers to hard fork in order to implement a newer version of Equihash that is supposedly more ASIC resistant. Clearly, the developers did not learn their lesson that there is no ASIC-resistant PoW algorithm. If Bitcoin Gold became valuable enough, someone would produce an ASIC for it.
It is unclear if Equihash ASICs were the reason for the 51 percent attack, since an attacker could literally just rent some hash rate on a cloud mining site and successfully 51 percent attack Bitcoin Gold. Currently it only takes 1.6 MH/s of rented mining power to successfully perform a double spend attack on the Bitcoin Gold network, and this costs about $1,000 per hour if the hash rate is rented from NiceHash.
Effectively, Bitcoin Gold is not cryptographically secure. The original purpose of banning ASIC miners so that GPU miners could thrive ended up being a fatal flaw for Bitcoin Gold. It is ridiculous that major exchanges like Binance and Bitfinex still offer BTG trading. This is a true disservice to the users of these exchanges and is a risk for the exchanges themselves.
Crypto users need to educate themselves thoroughly before buying any cryptocurrency, or they could end up buying a shitcoin like Bitcoin Gold just because it has a high ranking on CoinMarketCap. BTG has already lost 97 percent of its value since January 2018, and there is strong potential for it to become completely worthless once someone decides to rent some hash power and perform a vicious 51 percent attack.
submitted by turtlecane to CryptoCurrency [link] [comments]

Continuous Pool Disconnection & 0 Mh/s Speeds

What's up internet/fellow miners. About a week ago I've made the decision to turn my gaming PC to a mining rig. I've had some success solo mining with nicehashminer (Bitcoin miner) but decided that it would be better to mine Ethereum. I've followed the guide and kept coming across these issues. . . I don't know if it's because my config files are whack or another underlying issue.
(EDIT) Connected to us1.ethermine.org:4444 now i'm getting different issues. Here are my most recent logs.
11:11:21:867 c20 args: -epool us1.ethermine.org:4444 -ewal 0x390C9630e0672Eb1DD15D2Eb3891B07069e6c6F2.lightsdriftminer -epsw x 11:11:21:869 c20 11:11:21:878 c20 ÉÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ» 11:11:21:883 c20 º Claymore's Dual GPU Miner - v14.7 º 11:11:21:894 c20 º ETH + DCSIA/LBC/PASC/BLAKE2S/KECCAK º 11:11:21:896 c20 º Supercharged Edition º 11:11:21:899 c20 ÈÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍͼ 11:11:21:912 c20 11:11:21:914 c20 b745 11:11:22:117 c20 ETH: 2 pools are specified 11:11:22:125 c20 Main Ethereum pool is us1.ethermine.org:4444 11:11:22:128 c20 DCR: 0 pool is specified 11:11:22:200 c20 OpenCL platform: NVIDIA CUDA 11:11:22:201 c20 AMD OpenCL platform not found 11:11:22:441 c20 CUDA initializing...
11:11:22:442 c20 NVIDIA Cards available: 1 11:11:22:443 c20 CUDA Driver Version/Runtime Version: 10.2/8.0 11:11:22:444 c20 GPU #0: GeForce GTX 960, 4096 MB available, 8 compute units, capability: 5.2 (pci bus 1:0:0) 11:11:22:445 c20 Total cards: 1 11:11:26:468 c20 NVML version: 10.430.86 11:11:27:273 c20 SSL: Imported 60 certificates from local storage 11:11:27:308 33f8 ETH: Stratum - connecting to 'us1.ethermine.org' <172.65.218.238> port 4444 (unsecure) 11:11:27:331 33f8 sent: {"worker": "eth1.0", "jsonrpc": "2.0", "params": ["0x390C9630e0672Eb1DD15D2Eb3891B07069e6c6F2.lightsdriftminer", "x"], "id": 2, "method": "eth_submitLogin"}
11:11:27:332 33f8 ETH: Stratum - Connected (us1.ethermine.org:4444) (unsecure) 11:11:27:375 c20 No pool specified for Decred! Ethereum-only mining mode is enabled
11:11:27:383 c20 ETHEREUM-ONLY MINING MODE ENABLED (-mode 1)
11:11:27:385 c20 ETH: eth-proxy stratum mode 11:11:27:386 c20 Watchdog enabled 11:11:27:388 c20 Remote management (READ-ONLY MODE) is enabled on port 3333 11:11:27:397 c20
11:11:27:404 33f8 buf: {"id":2,"jsonrpc":"2.0","result":true}
11:11:27:405 33f8 ETH: Authorized 11:11:27:412 33f8 sent: {"worker": "", "jsonrpc": "2.0", "params": [], "id": 3, "method": "eth_getWork"}
11:11:27:468 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xa4dc2ea0667952442926fb027314fd0cd783cb300063809c3ce279d84884953f","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df052"]}
11:11:27:505 1cf8 Setting DAG epoch #275... 11:11:29:851 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xb34311e461aeedbc6e19ff26eb477bb24241f67c6fcca04ae0ce5c9ea9416c9b","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df052"]}
11:11:29:852 33f8 ETH: 07/30/19-11:11:29 - New job from us1.ethermine.org:4444 11:11:29:853 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:29:855 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:29:856 33f8 ETH: GPU0 0.000 Mh/s 11:11:30:189 1cf8 Setting DAG epoch #275 for GPU0 11:11:30:192 1cf8 Create GPU buffer for GPU0 11:11:33:056 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x246dfc2d4c7299214c5bff6890eaec46e95326f10a0f7778a2c3711893fc20eb","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df053"]}
11:11:33:058 33f8 ETH: 07/30/19-11:11:33 - New job from us1.ethermine.org:4444 11:11:33:060 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:33:067 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:33:070 33f8 ETH: GPU0 0.000 Mh/s 11:11:33:114 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xffd191ec99473ea193905f976655434dc56a0818a92e0bc3f49759df4ce6a428","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df053"]}
11:11:33:116 33f8 ETH: 07/30/19-11:11:33 - New job from us1.ethermine.org:4444 11:11:33:118 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:33:125 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:33:128 33f8 ETH: GPU0 0.000 Mh/s 11:11:37:182 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xa9a3b30ea8bb6f0f46147809276667bd3d72f0f54efab024a1014c5f3a2d2da5","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df053"]}
11:11:37:184 33f8 ETH: 07/30/19-11:11:37 - New job from us1.ethermine.org:4444 11:11:37:186 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:37:193 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:37:259 33f8 ETH: GPU0 0.000 Mh/s 11:11:37:472 33f8 ETH: checking pool connection... 11:11:37:474 33f8 sent: {"worker": "", "jsonrpc": "2.0", "params": [], "id": 3, "method": "eth_getWork"}
11:11:37:515 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xa9a3b30ea8bb6f0f46147809276667bd3d72f0f54efab024a1014c5f3a2d2da5","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df053"]}
11:11:41:214 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x08148d13c03fc8be24926cf555957aa73eebaa6fb9a0f7bc802f2e4a59b27508","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df053"]}
11:11:41:216 33f8 ETH: 07/30/19-11:11:41 - New job from us1.ethermine.org:4444 11:11:41:218 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:41:225 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:41:247 33f8 ETH: GPU0 0.000 Mh/s 11:11:45:196 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x7ce7a4c8ff23af05ae5b2a100b57a704d55f0ba2b7f57e4f4d96e8115b643c5d","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df053"]}
11:11:45:198 33f8 ETH: 07/30/19-11:11:45 - New job from us1.ethermine.org:4444 11:11:45:200 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:45:208 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:45:211 33f8 ETH: GPU0 0.000 Mh/s 11:11:47:486 33f8 ETH: checking pool connection... 11:11:47:488 33f8 sent: {"worker": "", "jsonrpc": "2.0", "params": [], "id": 3, "method": "eth_getWork"}
11:11:47:529 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x7ce7a4c8ff23af05ae5b2a100b57a704d55f0ba2b7f57e4f4d96e8115b643c5d","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df053"]}
11:11:49:322 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x126f150e00540173459de4712848eeb5993cf40f015de6bef8e1b921b0ab1014","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df053"]}
11:11:49:324 33f8 ETH: 07/30/19-11:11:49 - New job from us1.ethermine.org:4444 11:11:49:326 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:49:334 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:49:337 33f8 ETH: GPU0 0.000 Mh/s 11:11:49:676 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x998033b4ddf28107f5b4d5e55b2d4cdf1ca5206ad5d1b0eacbf4a4a33e04c796","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df054"]}
11:11:49:677 33f8 ETH: 07/30/19-11:11:49 - New job from us1.ethermine.org:4444 11:11:49:678 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:49:682 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:49:684 33f8 ETH: GPU0 0.000 Mh/s 11:11:49:794 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xc29af38a326413d6ccee7806a33d6af54eb6118d2035c9f5e1e042cf355d61fa","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df054"]}
11:11:49:796 33f8 ETH: 07/30/19-11:11:49 - New job from us1.ethermine.org:4444 11:11:49:798 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:49:805 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:49:983 33f8 ETH: GPU0 0.000 Mh/s 11:11:51:336 1cf8 GPU0 DAG creation time - 20882 ms 11:11:51:339 1cf8 Setting DAG epoch #275 for GPU0 done 11:11:52:152 2664 GPU0 t=48C fan=45% P=45W 11:11:52:162 2664 Total GPUs power consumption: 45 Watts 11:11:52:404 3344 em hbt: 0, fm hbt: 78, 11:11:52:406 3344 watchdog - thread 0 (gpu0), hb time 1063 11:11:52:407 3344 watchdog - thread 1 (gpu0), hb time 1063 11:11:53:742 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xff392982f7826cc5d2c866c6e29cb156157adfb9390f546cabea7c37522410e1","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df054"]}
11:11:53:744 33f8 ETH: 07/30/19-11:11:53 - New job from us1.ethermine.org:4444 11:11:53:746 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:53:753 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:55:069 33f8 ETH: GPU0 0.000 Mh/s 11:11:55:350 1cf8 GPU 0, GpuMiner cu_k1 failed 30, unknown error 11:11:55:353 2664 NVML: cannot get current temperature, error 999 (an internal driver error occurred) 11:11:55:361 2664 NVML: cannot get fan speed, error 999 (an internal driver error occurred) 11:11:55:363 1cf8 GPU 0, GpuMiner kx failed 1 11:11:55:369 1cf8 Set global fail flag, failed GPU0 11:11:55:410 1cf8 GPU 0 failed 11:11:55:424 37fc GPU 0, GpuMiner cu_k1 failed 30, unknown error 11:11:55:432 37fc GPU 0, GpuMiner kx failed 1 11:11:55:436 37fc Set global fail flag, failed GPU0 11:11:55:440 37fc GPU 0 failed 11:11:57:502 33f8 ETH: checking pool connection... 11:11:57:504 33f8 sent: {"worker": "", "jsonrpc": "2.0", "params": [], "id": 3, "method": "eth_getWork"}
11:11:57:542 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xff392982f7826cc5d2c866c6e29cb156157adfb9390f546cabea7c37522410e1","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df054"]}
11:11:57:660 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x787a852f5ac545481815d71276fd0a24414e57d78626b67cb3cb9ba02cf4d0aa","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df054"]}
11:11:57:662 33f8 ETH: 07/30/19-11:11:57 - New job from us1.ethermine.org:4444 11:11:57:664 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:11:57:672 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:11:57:675 33f8 ETH: GPU0 0.000 Mh/s 11:11:58:418 2664 NVML: cannot get current temperature, error 999 (an internal driver error occurred) 11:11:58:429 2664 NVML: cannot get fan speed, error 999 (an internal driver error occurred) 11:12:00:381 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xd9a845fe323638bbfc0901441a5959e6f2e73b625dda369cc55a51d855896e03","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df055"]}
11:12:00:382 33f8 ETH: 07/30/19-11:12:00 - New job from us1.ethermine.org:4444 11:12:00:383 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:12:00:388 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:12:00:391 33f8 ETH: GPU0 0.000 Mh/s 11:12:00:490 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x4302100500931a1c914b488a598d8737ff3edbf3f3633468314d6c4e28dab922","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df055"]}
11:12:00:491 33f8 ETH: 07/30/19-11:12:00 - New job from us1.ethermine.org:4444 11:12:00:492 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:12:00:497 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:12:00:498 33f8 ETH: GPU0 0.000 Mh/s 11:12:01:488 2664 NVML: cannot get current temperature, error 999 (an internal driver error occurred) 11:12:01:500 2664 NVML: cannot get fan speed, error 999 (an internal driver error occurred) 11:12:04:502 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xde108059f93a8a4ea034bb5febc5150be8e60ae89581d5ff7d41bd418c8cb815","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df055"]}
11:12:04:504 33f8 ETH: 07/30/19-11:12:04 - New job from us1.ethermine.org:4444 11:12:04:506 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:12:04:514 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:12:04:518 33f8 ETH: GPU0 0.000 Mh/s 11:12:04:557 2664 NVML: cannot get current temperature, error 999 (an internal driver error occurred) 11:12:04:569 2664 NVML: cannot get fan speed, error 999 (an internal driver error occurred) 11:12:07:486 33f8 sent: {"id":6,"jsonrpc":"2.0","method":"eth_submitHashrate","params":["0x0", "0x00000000000000000000000000000000000000000000000000000000b5f052d5"]}
11:12:07:518 33f8 ETH: checking pool connection... 11:12:07:519 33f8 sent: {"worker": "", "jsonrpc": "2.0", "params": [], "id": 3, "method": "eth_getWork"}
11:12:07:525 33f8 buf: {"id":6,"jsonrpc":"2.0","result":true}
11:12:07:558 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xde108059f93a8a4ea034bb5febc5150be8e60ae89581d5ff7d41bd418c8cb815","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df055"]}
11:12:07:626 2664 NVML: cannot get current temperature, error 999 (an internal driver error occurred) 11:12:07:638 2664 NVML: cannot get fan speed, error 999 (an internal driver error occurred) 11:12:08:620 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x25869655f7de1b4af101faf41f51e59fa600e7fea8b139c90dbcfaa55b6c9fb6","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df055"]}
11:12:08:622 33f8 ETH: 07/30/19-11:12:08 - New job from us1.ethermine.org:4444 11:12:08:624 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:12:08:634 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:12:08:637 33f8 ETH: GPU0 0.000 Mh/s 11:12:10:592 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x31c0d6df2259de2b9db8cecd3ae97eadb63342697df59490297136aa71c2ac8d","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df056"]}
11:12:10:594 33f8 ETH: 07/30/19-11:12:10 - New job from us1.ethermine.org:4444 11:12:10:596 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:12:10:604 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:12:10:607 33f8 ETH: GPU0 0.000 Mh/s 11:12:10:696 2664 NVML: cannot get current temperature, error 999 (an internal driver error occurred) 11:12:10:706 2664 NVML: cannot get fan speed, error 999 (an internal driver error occurred) 11:12:10:768 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x428bacd8f4c294dccc3870b0402b8ea1ba9a5b578ef42309a312ea78e37e7ae4","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df056"]}
11:12:10:769 33f8 ETH: 07/30/19-11:12:10 - New job from us1.ethermine.org:4444 11:12:10:770 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:12:10:775 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:12:10:777 33f8 ETH: GPU0 0.000 Mh/s 11:12:11:654 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xf9a5e3322470de0aca5def6fbfa5c559e350f580687ec91f6c452e693b64084e","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df057"]}
11:12:11:656 33f8 ETH: 07/30/19-11:12:11 - New job from us1.ethermine.org:4444 11:12:11:658 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:12:11:676 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:12:11:679 33f8 ETH: GPU0 0.000 Mh/s 11:12:11:754 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x77acbeb5ef7ac259f42365da8bc180d934d14d7e61514475e431a74bb33092e8","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df057"]}
11:12:11:755 33f8 ETH: 07/30/19-11:12:11 - New job from us1.ethermine.org:4444 11:12:11:756 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:12:11:761 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:12:11:763 33f8 ETH: GPU0 0.000 Mh/s 11:12:13:764 2664 NVML: cannot get current temperature, error 999 (an internal driver error occurred) 11:12:13:767 2664 NVML: cannot get fan speed, error 999 (an internal driver error occurred) 11:12:15:902 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x61c461dc5d400f04c95e7af0113e2be581749c3aef0a73e79f615657bf79a17d","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df057"]}
11:12:15:904 33f8 ETH: 07/30/19-11:12:15 - New job from us1.ethermine.org:4444 11:12:15:906 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:12:15:914 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:12:15:917 33f8 ETH: GPU0 0.000 Mh/s 11:12:16:823 2664 NVML: cannot get current temperature, error 999 (an internal driver error occurred) 11:12:16:835 2664 NVML: cannot get fan speed, error 999 (an internal driver error occurred) 11:12:17:534 33f8 ETH: checking pool connection... 11:12:17:536 33f8 sent: {"worker": "", "jsonrpc": "2.0", "params": [], "id": 3, "method": "eth_getWork"}
11:12:17:575 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0x61c461dc5d400f04c95e7af0113e2be581749c3aef0a73e79f615657bf79a17d","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df057"]}
11:12:19:862 33f8 buf: {"id":0,"jsonrpc":"2.0","result":["0xac10bfccd03a5ada731630cbccba3733cfbccfecc5b9f531c6373ccd47cf9e71","0x05a66c07931e801a56d8e423677f6ff2ff4814d538d377e1253810b3520f97c9","0x0000000112e0be826d694b2e62d01511f12a6061fbaec8bc02357593e70e52ba","0x7df057"]}
11:12:19:864 33f8 ETH: 07/30/19-11:12:19 - New job from us1.ethermine.org:4444 11:12:19:866 33f8 target: 0x0000000112e0be82 (diff: 4000MH), epoch 275(3.15GB) 11:12:19:873 33f8 ETH - Total Speed: 0.000 Mh/s, Total Shares: 0, Rejected: 0, Time: 00:00 11:12:19:876 33f8 ETH: GPU0 0.000 Mh/s 11:12:19:893 2664 NVML: cannot get current temperature, error 999 (an internal driver error occurred) 11:12:19:903 2664 NVML: cannot get fan speed, error 999 (an internal driver error occurred) 11:12:22:679 3344 em hbt: 0, fm hbt: 63, 11:12:22:680 3344 watchdog - thread 0 (gpu0), hb time 31344 11:12:22:682 3344 watchdog - thread 1 (gpu0), hb time 27281 11:12:22:684 3344 WATCHDOG: GPU error, you need to restart miner :( 11:12:22:759 11f8 NVML: cannot get current temperature, error 999 (an internal driver error occurred) 11:12:22:770 11f8 NVML: cannot get fan speed, error 999 (an internal driver error occurred) 11:12:24:035 3344 Restarting OK, exit...
Config File.txt -

WARNING! Remove "#" characters to enable lines, with "#" they are disabled and will be ignored by miner! Check README for details.

WARNING! Miner loads options from this file only if there are not any options in the command line!

-epool us1.ethermine.org:4444 -ewal 0x390C9630e0672Eb1DD15D2Eb3891B07069e6c6F2.lightsdriftminer -epsw x

-dpool stratum+tcp://yiimp.ccminer.org:4252

-dwal DsUt9QagrYLvSkJHXCvhfiZHKafVtzd7Sq4

-dpsw x

-esm 1 -mode 0 -tt 70 -asm 0
epool file.txt-

WARNING! Remove "#" characters to enable lines, with "#" they are disabled and will be ignored by miner! Check README for details.

POOL: eth-eu.dwarfpool.com:8008, WALLET: 0xD69af2A796A737A103F12d2f0BCC563a13900E6F/YourWorker, PSW: x, ESM: 0, ALLPOOLS: 0

POOL: us1.ethermine.org:4444, WALLET: 0x390C9630e0672Eb1DD15D2Eb3891B07069e6c6F2.lightsdriftminer, PSW: x, ESM: 1, ALLPOOLS: 0

POOL: coinotron.com:3344, WALLET: YourUserName.YourWorkerName, PSW: YourWorkerPass, WORKER: , ESM: 2, ALLPOOLS: 1, ESTALE: 1

POOL: us-east1.ethereum.miningpoolhub.com:20535, WALLET: YourLogin.YourWorkerName, PSW: YourWorkerPass, WORKER: YourLogin.YourWorkerName, ESM: 2

ANY HELP/GUIDANCE IS APPRECIATED
submitted by FlawlessPig to EtherMining [link] [comments]

Bitcoin Mining Hash Rate Plummets To 35 EH/s, Increasing Centralization Of Bitcoin Mining

Bitcoin Mining Hash Rate Plummets To 35 EH/s, Increasing Centralization Of Bitcoin Mining

https://preview.redd.it/7qe13wsg3yz11.jpg?width=600&format=pjpg&auto=webp&s=cdb3cb372c118e1bde3b75332739ab61ca868e21
http://genesisblocknews.com/bitcoin-mining-hash-rate-plummets-to-35-eh-s-increasing-centralization-of-bitcoin-mining/
The Bitcoin mining hash rate had been exponentially increasing from 2009 through August 2018, from MH/s, to GH/s, to TH/s, to PH/s, and now EH/s. The all-time record high for Bitcoin’s mining hash rate was 62 EH/s on 26 August 2018.
After that point the trend broke, and Bitcoin’s mining hash rate plateaued. This was due to a combination of two factors. First, the Bitcoin bear market brought Bitcoin’s price down from USD 20,000 to about USD 6,500, making mining much less profitable. Second, Bitcoin’s mining difficulty had been rapidly rising despite the bear market, as all the new hash power came online. The end result was there was no more room to profitably add hashing power to the Bitcoin network.
It was thought that Bitcoin’s support l