Daily analysis of cryptocurrencies 20191111(Market index 40 — Fear state)
https://preview.redd.it/ng1rc23cm1y31.jpg?width=1080&format=pjpg&auto=webp&s=6b4874423f96506b8ff820b8983e6fac5f093a6a Argentina Sets New Trading Record After Central Bank Bans Bitcoin BuysBitcoin (BTC) trading set new records in two of its most keenly watched South American markets last week, new data has revealed.As monitoring resource Coin Dance confirmed on Nov. 10, the seven days ending Saturday (Nov 9) saw more trading against BTC than ever before in both Venezuela and Argentina.In total, Venezuela traded 142.9 billion sovereign bolivars (VES) last week, while Argentina managed 19.4 million pesos (ARS). Both are firm records over previous levels. Bitcoin Called “First Successful Application Of Blockchain” By State-Run Chinese NewspaperChinese state news agency Xinhua has published a front-page article entitled “Bitcoin: The First Successful Application of Blockchain Technology,” according to Sino Global Capital CEO Matthew Graham.The lengthy article explains the main peculiarities of Bitcoin, an open-source P2P cryptocurrency, describing how BTC transactions and mining work. It also mentions that the price of the top cryptocurrency tends to fluctuate a lot, and it’s difficult to ensure its stability. Canada’s First Legally-Delivered USD Stablecoin Launched By Blockchain Venture CapitalThe Blockchain Venture Capital Inc. (BVCI) has launched CUSD — the first legally delivered USD-stablecoin in Canada.The cryptocurrency is supplemented by a mobile wallet called Bvc Pay which is used to store, exchange, and trade CUSD over-the-counter (OTC).The same company also developed the world’s first stablecoin pegged to the value of the Canadian dollar (CAD) — first launched on Canada Day back on July 1, 2019. Bitcoin Mining Difficulty Sees Biggest 2019 Drop As Hash Rate SpikesBitcoin (BTC) mining difficulty adjusted downwards more than at any time since its 2018 price low on Nov. 8, data shows.As noted by entrepreneur and cryptocurrency commentator Alistair Milne on Monday (Nov 11), difficulty fell by around 7% after the network’s latest readjustment. After a major decline, bitcoin found support near the $8,670 level against the US Dollar. A new monthly low was formed near $8,674 before the price started an upside correction. The price recovered above the $8,800 and $8,900 levels. Moreover, there was a break above the $9,000 resistance area and the 100 hourly simple moving average. The bulls were able to gain strength, but they faced a strong selling interest near the $9,150 and $9,160 levels. A high was formed near $9,146 and the price is currently retreating from the high. It broke the $9,000 support area and the 100 hourly SMA. Additionally, there was a break below the 23.6% Fib retracement level of the recent wave from the $8,674 low to $9,146 high. Review previous articles:https://email@example.com
Encrypted project calendar（November 11, 2019）
PAX/Paxos Standard:Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference.Crypto.com Coin (CRO):and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore.GoldCoin (GLC):11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…”Horizen (ZEN):11 November 2019 (or earlier) Horizen Giveaway — Nodes Horizen Giveaway — Win Free Node Hosting! Entries before November 11th.SINOVATE (SIN):11 November 2019 Roadmap V3 SINOVATE (SIN) Roadmap V3 will be released with new upcoming technologies and proof of concepts!0x (ZRX):11 November 2019 0x V3 Vote Ends “The voting period will end on November 11. Learn more about all the exciting features included in v3 below.”Akropolis (AKRO):and 4 others 11 November 2019 Kucoin Blockchain Day “KuCoin Blockchain Day Berlin 2019” from 5 PM — 9:15 PM (CET) in Berlin.
Encrypted project calendar（November 12, 2019）
BTC/Bitcoin:The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13thBinance Coin (BNB)and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.”Aion (AION)and 17 others: 12 November 2019 The Capital The Capital conference from November 12–13 in Singapore.Loom Network (LOOM):12 November 2019 Transfer Gateway Update “If you have a dapp that relies on the Transfer Gateway, follow the instructions below to make sure you’re prepared.”Kava (KAVA):12 November 2019 Updated Mainnet Launch “Our updated mainnet launch will be on Tuesday November 12th at 14:00 UTC.”Crypto.com Coin (CRO):12 November 2019 Telegram AMA Live AMA with CRO COO and Kucoin’s Global Community Manager on KuCoin’s official English Telegram channel at 16:00 (UTC+8).Chainlink (LINK):and 1 other 12 November 2019 NYC Meetup “Ontology + Future of Blockchain in China Meetup Presented by Chainlink” in NYC from 6:30 PM — 8:30 PM.
Encrypted project calendar（November 13, 2019）
Fetch.ai (FET):13 November 2019 Cambridge Meetup “Join us for a@Fetch_ai#Cambridge #meetup on 13 November@pantonarms1.”Binance Coin (BNB)and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…”OKB (OKB):13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov.Centrality (CENNZ):13 November 2019 AMA Meetup “Ask our CEO@aaronmcdnzanything in person! Join the AMA meetup on 13 November in Singapore.”OKB (OKB):13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).Vexanium (VEX):13 November 2019 Dapps Incentive Program Vexanium will give an incentive for every Dapps that is submitted during this program period.Egretia (EGT):13 November 2019 Post Consensus Invest “2019 NYC Blockchain Gaming & DeFi Party | Post Consensus Invest” in NYC from 7–9 PM.Holo (HOT):13 November 2019 AMA “Submit your questions before the #AMA on Nov 13th @ 5PM — 5:45PM UTC”
Encrypted project calendar（November 14, 2019）
BTC/Bitcoin:The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th.Binance Coin (BNB):and 4 others 14 November 2019 BlockShow Asia 2019 BlockShow Asia 2019 at Marina Bay Sands Expo, Singapore from November 14–15.Basic Attention Token (BAT): 14 November 2019 London Privacy Meetup “If you’re in London on Nov. 14th, don’t miss our privacy meetup! The Brave research team, our CPO@johnnyryan, as well as@UoE_EFIHorizen (ZEN):14 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.IOTA (MIOTA):14 November 2019 Berlin Meetup From Construction to Smart City: IOTA, Maschinenraum & Thinkt Digital will explain, using concrete use cases, how to gain real value from..Dash (DASH):14 November 2019 Q3 Summary Call “Dash Core Group Q3 2019 Summary Call — Thursday, 14 November 2019”NEO (NEO):14 November 2019 NeoFest Singapore Meetup “Glad to have@Nicholas_Mertenfrom DataDash as our host for #NeoFest Singapore meetup on 14th Nov!”ANON (ANON):14 November 2019 ANONIO Wallet Upgrade In conjunction with the Echelon Update, the ANONIO wallet will also be receiving an upgrade!
Encrypted project calendar（November 15, 2019）
TRON (TRX):15 November 2019 Cross-chain Project “The #TRON cross-chain project will be available on Nov. 15th”Bluzelle (BLZ):15 November 2019 (or earlier) CURIE Release CURIE release expected by early November 2019.Zebi (ZCO):15 November 2019 ZEBI Token Swap Ends “… We will give 90 days to all the ERC 20 token holders to swap out their tokens into Zebi coins.”OKB (OKB):15 November 2019 OKEx Talks — Vilnius “Join us for a meetup on 15 Nov (Fri) for our 1st ever Talks in Vilnius, Lithuania.”Zenon (ZNN):15 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”
Encrypted project calendar（November 16, 2019）
Bancor (BNT): and 2 others 16 November 2019 Crypto DeFiance-Singapore “Crypto DeFiance is a new global DeFi event embracing established innovators, financial market disruptors, DApp developers…”NEM (XEM):16 November 2019 Developer’s Event “BLOCKCHAIN: Creation of Multifirma services” from 10:50 AM — 2 PM.
Encrypted project calendar（November 17, 2019）
OKB (OKB):17 November 2019 OKEx Talks — Lagos Join us on 17 Nov for another OKEx Talks, discussing the “Life of a Crypto Trader”.
Encrypted project calendar（November 18, 2019）
Maker (MKR):18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”
Encrypted project calendar（November 19, 2019）
Lisk (LSK):19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”Aion (AION):19 November 2019 Hard Fork “Leading up to the hard fork on November 19th-20th, 2019 the Unity — Aion Kernel will be upgraded by node operators.”
Encrypted project calendar（November 20, 2019）
OKB (OKB):20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!DAPS Token (DAPS):20 November 2019 Partnership with SWFT “Everyone will have $DAPS mobile wallets, atomic swaps and much more starting on the 20th of November!”
Encrypted project calendar（November 21, 2019）
Cardano (ADA):and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…”Cappasity (CAPP):21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.”Horizen (ZEN):21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.OKB (OKB):21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.”IOST (IOST):22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech.OKB (OKB):22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “
Encrypted project calendar（November 22, 2019）
IOST (IOST):22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key techOKB (OKB):22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “
Encrypted project calendar（November 27, 2019）
OKB (OKB):27 November 2019 OKEx Cryptour Vinnytsia “Join us in Vinnytsia as we journey through Ukraine for our OKEx Cryptour!”Fetch.ai (FET):27 November 2019 London Meetup “Join us on 27 November@primalbasehqto hear an exciting progress report as we prepare for the launch of our #mainnet”
Encrypted project calendar（November 28, 2019）
Horizen (ZEN):28 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
Encrypted project calendar（November 30, 2019）
Ethos (ETHOS):30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.”Digitex Futures (DGTX):30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.”Monero (XMR):30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.”Chiliz (CHZ):30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…”Skrumble Network (SKM):30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019.Aergo (AERGO):30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November.Akropolis (AKRO):30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Nash Exchange (NEX):30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”
Encrypted project calendar（November 31, 2019）
Wanchain (WAN):31 December 2019 (or earlier) Wanchain 4.0 Release Wanchain 4.0, which introduces private chains integration and multi-coin wallet, released in Dec 2019.QuarkChain (QKC):31 December 2019 (or earlier) Token Testnet Release Testnet for Multi-Native-Token and New Consensuses.
QuarkChain (QKC): Why I'd Rather Burn my Money than Contribute to this ICO
Taken from: https://satoshi.blog/2018/05/24/quarkchain-qkc-burn-money/ At least in this case i’ll be responsible for my loss of money. For me this is not a worthy ICO but that doesn’t mean it’s the same for you. Do your own research as usual. If you haven’t heard about QuarkChain (QKC) by now(I doubt it!), it is yet another blockchain promising a very high throughput. The key difference of their blockchain compared to the already existing ones? QuarkChain adopts the divide-and-conquer idea to separate the two main functions in two layers with the goal of a better scalability while guaranteeing security. The network thus has two layers of blockchains:
The Sharding layer (shard)
This layer contains an elastic number of blockchains (shards). Each shard processes a portion of all transactions independently. This process increases the system capacity. The Casper Protocol being built for Ethereum to scale the network will be using sharding.
The Root Blockchain (rootchain)
The rootchain’s responsibility is to confirm all blocks from sharded blockchains. 📷 Their blockchain would supposedly be able to support cross-chain transactions since the transaction from another blockchain could be implemented by converting the tokens by an adapter. The QuarkChain Network should also be able to support smart contracts via Ethereum virtual Machine. This is the big picture of the project, i’ll let you go through the white paper if you want more information. I’ll concentrate my efforts on the multiple red flags i’ve encountered while trying to make sense of the project.
The Red Flags
You can see the token distribution below. First, 2B QKC are available for investors. Participants of the private sale get 75% of it with a 25% bonus while ICO participants get 25%. Classy. There is a slow release of tokens but only 7 months after the sale, private sale participants will have been able to dump all of their tokens. The mainnet is set to be released in Q4 2018(it will probably be later than that since most projects have difficulties respecting schedules) So private sale participants will probably have been able to sell their entire stack before the product is even released to the public. Makes perfect sense, right? 📷 📷 Then the other 80% of the total supply is, as we can see on the picture above, divided between the team, the foundation, the advisors, mining(Oh we need tokens to mine now?), community and marketing. I don’t know about you but I think it’s pretty vague and when I invest in a project I like to know where the money will go. As mentioned before, the community will get some of the tokens. To be able to get in the ICO, it is kind of a lottery system where participants get a rating based on:
Timestamp of Telegram join date
Understanding of the project
Contribution to the project
The last part is a bit ridiculous because it creates an incentive for potential investors to portray the project only in a good light in order to maybe be able to get a piece of the pie. Also, I think it’s important to mention that Ian Balina participated in the private sale. I’ll just leave it at that. He’s in it for the technology, right?
Potential attacks on the network
In the whitepaper it is mentioned that the root chain has a significantly large portion(over 50%) of hash power over the whole network. A malicious miner only needs 25%(50% * 50%) of the hash power to perform an attack on the network. What if the hash power on the root chain is even lower? It seems like attacking this network would be way too easy. We have seen recent events of 51% attacks on Bitcoin Goldand Verge. The number of different blockchains is going up at an alarming rate so the total available hash rate is spread around, making this kind of event even more likely for new projects. Blockchains just can’t tolerate the fact that someone with 25% of the hash rate can perform a malicious attack on the network.
GitHub and transactions per second (TPS)
They have a GitHub profile but it is private. Why would they do R&D, say that they have a good prototype but not show anything about it? In the whitepaper, they say the network will be able to do 100 000 TPS. Okay, and then on their website it is mentioned that for their latest testnet trial run they obtained a number of 2279 TPS. Where’s the logic behind this? Investors have no way to know what they’re investing in since the whitepaper is vague and the technology behind the project is not well explained.
The token will be used as fuel for the network, like most blockchain platforms do. Even after reading the whitepaper, incentives to hold the tokens are not clear. Apparently, and I quote
The essence of the virtual currency is the value carrier, which is the most important attribute of QKC.
How can the main value of a brand new cryptocurrency be attributed to its ability to carry value? In my previous article How to Analyze ICOs I mentioned I don’t analyze a project in its entirety if there are too many red flags. I’m out.
Quarkchain (QKC): High Capacity Transactional Blockchain
QuarkChain (QKC) is trying to solve one of the most pertinent issues that cryptocurrencies currently face, that of the blockchain trilemma. The project has been gaining quite a bit of traction ever since their successful ICO earlier this year. People were intrigued by the promise 1m transactions per second built on a two-layered blockchain that will implement sharding. However, are these just mere promises in another whitepaper? In this QuarkChain review, we will take a deep dive into the project by analyzing not only at the proposed technology but also at the practicality of it. We will also look into the team members, adoption, roadmap, and long-term QKC token prospects. With that being said, let’s jump right into the need for a QuarkChain like a solution.
What is QuarkChain?
QuarkChain is a decentralized blockchain that is also permission-less and secure, but most importantly it is scalable. The QuarkChain team has as one of its major goals to utilize sharding technology and deliver in excess of 1 million transactions per second. It is looking to become the blockchain for high capacity throughput, delivering a solution that is secure and fast enough for widely used decentralized applications (dApps). Scalability has been one of the biggest hurdles faced by blockchains in 2018, and QuarkChain was created specifically to resolve scalability issues faced by blockchains. This has become an urgent issue for the industry, and is one that the team feels simply cannot wait any longer. They have embarked on providing a solution that may be different from those put forward previously, but could also be the one that actually works best. They’re not afraid of needing a hard fork if that’s what it takes to succeed.
QuarkChain’s sharding technology will enable up to 1 million transactions per second. As a comparison, Bitcoin can only deliver 4 transactions per second, while Ethereum delivers 10 transactions per second. Even the Visa network is only capable of delivering 45,000 transactions per second. If QuarkChain can meet the goal of 1 million transactions per second it will be by far the fastest network on the planet. This could see it overtaking Ethereum as dApp developers switch to QuarkChain to support increased usage. Sharding is the primary reason that QuarkChain can deliver such a fast network, but since it is a blockchain it still brings decentralization and security. And the development team have experience at major tech companies, giving them the ability to create and deliver a large-scale distributed system. It also gives the team the knowledge needed to create scalability by extending their knowledge of centralized systems to the decentralized QuarkChain system.
QuarkChain Beyond High TPS
QuarkChain has pointed out that there are other projects that have transaction per second rates that are greater than the Visa 65k per second, but then go on to point out that TPS isn’t the only metric that needs to be considered in a network. The QuarkChain team specifically mentions Alipay, which has reached 200,000 transactions per second, but has done so by sacrificing decentralization and security. QuarkChain is aiming for scalability that includes decentralization and security, making it a superior network, if the team is successful.
Why QuarkChain is Different
Besides its focus on fast throughput, there are other features of the QuarkChain network that make it different from other decentralized blockchain projects. One of these features is the incentivization of weak miners to participate in the network without joining a mining pool. This incentive is based on game theory and works by giving miners an incentive for distributing hash power equally among the shards. This also increases decentralization. Another way that decentralization is encouraged is through the use of multiple cheap nodes which are joined in a cluster to make a super-full node. By using cheap nodes in clusters to create super-full nodes, the project avoids the high expenses that super-full nodes are subject to in high transaction per second environments. The network increases security by providing every transaction with the protection of 50% of the network hash power. By combining this protection with network decentralization it becomes nearly impossible for a bad actor to conduct a double-spending attack. The structure of QuarkChain is reliant on two layers. The first layer consists of sharding blockchains, called shards, and the second layer is the root blockchain which is used to confirm shards blocks and provide security for the entire network. QuarkChain has also built-in support for cross-shard transactions, and was built so that one account can be used for all the shards. It was also designed so that a single smart wallet is used to hold all the cryptocurrencies that can be associated with various shards. The benefit of the cross-shard transactions is that they can be issued anytime, and can be confirmed within minutes. The cross-shard transaction throughput also increases linearly as the number of total shards increases, providing scalability.
How to get Involved with QuarkChain
QuarkChain has offered several ways for the community to get involved in the project. The testnet for the project was only launched in May 2018, but prior to the launch they actively recruited 100 volunteers from the community to act as beta testers. It also welcomes anyone with blockchain development experience and a strong technical background to get involved in the project. On September 17, 2018 the team made their code open source on Github so that anyone can inspect it. Further, they are running a developers contest to see who can build a QuarkChain testnet by running their own nodes/clusters and achieve the greatest transactions per second utilizing a provided load test. The winner will receive 1 BTC, with additional prizes for places 2 through 10. Currently, the peak testnet performance is 14,755.25 transactions per second.
QuarkChain Tokens (QKC)
QuarkChain tokens have the ticker symbol QKC and they are currently ERC-20 compatible tokens on the Ethereum blockchain. Once the QuarkChain mainnet is launched these will be converted to native tokens through a premine, and in the future miners will produce QKC tokens. QuarkChain held their ICO in June 2018, raising $20 million at a token price of $0.0197. There was a total of 10 billion tokens created, with 20% allocated to the ICO sale. The rest of the tokens were allocated as follows: 15% to the development team, 5% to the project advisors, and 15% for the QuarkChain foundation. The remaining 45% is to be allocated for marketing, mining and to the community. It’s already been noted by the QuarkChain team that mining is likely to create some inflation in the future.
2018 has seen a massive focus on scalability issues from across the blockchain ecosystem. While there are several other projects looking to solve the scalability problem, the QuarkChain sharding solution is on track to create a blockchain free of scalability issues. If they accomplish this it would be a great breakthrough for blockchain technology, since many of the planned applications using blockchain technology are hampered by issues of scalability. It’s true that the project is still very much in development, but they have made great progress, and have been hitting their projected completion dates with regularity. This leads to confidence in the team and the project, and if the mainnet launches before the end of 2018 this could become one of the most talked about blockchain projects in 2019.
QuarkChain Testnet 1.0 was built based on standardized blockchain system requirements, which included network, wallet, browser, and virtual machine functionalities. Other than the fact that the token was a test currency, the environment was completely compatible with the main network. By enhancing the communication efficiency and security of the network, Testnet 2.0 further improves the openness of the network. In addition, Testnet 2.0 will allow community members (other than citizens or residents of the United States) to contribute directly to the network, i.e. running a full node and mining, and receive testnet tokens as rewards. QuarkChain Testnet 2.0 will support multiple mining algorithms, including two typical algorithms: Ethash and Double SHA256, as well as QuarkChain’s unique algorithm called Qkchash – a customized ASIC-resistant, CPU mining algorithm, exclusively developed by QuarkChain. Mining is available both on the root chain and on shards due to QuarkChain’s two-layered blockchain structure. Miners can flexibly choose to mine on the root chain with higher computing power requirements or on shards based on their own computing power levels. Our Goal By allowing community members to participate in mining on Testnet 2.0, our goal is to enhance QuarkChain’s community consensus, encourage community members to participate in testing and building the QuarkChain network, and gain first-hand experience of QuarkChain’s high flexibility and usability. During this time, we hope that the community can develop a better understanding about our mining algorithms, sharding technologies, and governance structures, etc. Furthermore, this will be a more thorough challenge to QuarkChain’s design before the launch of mainnet! Thus, we sincerely invite you to join the Testnet 2.0 mining event and build QuarkChain’s infrastructure together! Today, we’re pleased to announce that we are officially providing the CPU mining demo to the public (other than citizens and residents of the United States)! Everyone can participate in our mining event, and earn tQKC, which can be exchanged to real rewards by non-U.S. persons after the launch of our mainnet. Also, we expect to upgrade our testnet over time, and expect to allow GPU mining for Ethash, and ASIC mining for Double SHA256 in the future. In addition, in the near future, a mining pool that is compatible with all mining algorithms of QuarkChain is also expected to be supported. We hope all the community members can join in with us, and work together to complete this milestone! 2 Introduction to Mining Algorithms 2.1 What is mining？ Mining is the process of generating the new blocks, in which the records of current transactions are added to the record of past transactions. Miners use software that contribute their mining power to participate in the maintenance of a blockchain. In return, they obtain a certain amount of QKC per block, which is called coinbase reward. Like many other blockchain technologies, QuarkChain adopts the most widely used Proof of Work (PoW) consensus algorithm to secure the network. A cryptographically-secure PoW is a costly and time-consuming process which is difficult to solve due to computation-intensity or memory intensity but easy for others to verify. For a block to be valid it must satisfy certain requirements and hash to a value less than the current target threshold. Reverting a block requires recreating all successor blocks and redoing the work they contain, which is costly. By running a cluster, everyone can become a miner and participate in the mining process. The mining rewards are proportional to the number of blocks mined by each individual. 2.2 Introduction to QuarkChain Algorithms and Mining setup According to QuarkChain’s two-layered blockchain structure and Boson consensus, different shards can apply different consensus and mining algorithms. As part of the Boson consensus, each shard can adjust the difficulty dynamically to increase or decrease the hash power of each shard chain. In order to fully test QuarkChain testnet 2.0, we adopt three different types of mining algorithms” Ethash, Double SHA256, and Qkchash, which is ASIC resistant and exclusively developed by QuarkChain founder Qi Zhou. These first two hash algorithms correspond to the mining algorithms dominantly conducted on the graphics processing unit (GPU) and application-specific integrated circuits (ASIC), respectively. I. Ethash Ethash is the PoW mining algorithm for Ethereum. It is the latest version of earlier Dagger-Hashimoto. Ethash is memory intensive, which makes it require large amounts of memory space in the process of mining. The efficiency of mining is basically independent of the CPU, but directly related to memory size and bandwidth. Therefore, by design, building Ethash ASIC is relatively difficult. Currently, the Ethash mining is dominantly conducted on the GPU machines. Read more about Ethash: https://github.com/ethereum/wiki/wiki/Ethash II. Double SHA256 Double SHA256 is the PoW mining algorithms for Bitcoin. It is computational intensive hash algorithm, which uses two SHA256 iterations for the block header. If the hash result is less than the specific target, the mining is successful. ASIC machine has been developed by Bitmain to find more hashes with less electrical power usage. Read more about Double SHA256: https://en.bitcoin.it/wiki/Block_hashing_algorithm III. Qkchash Originally, Bitcoin mining was conducted on the CPU of individual computers, with more cores and greater speed resulting in more profitability. After that, the mining process became dominated by GPU machines, then field-programmable gate arrays (FPGA) and finally ASIC, in a race to achieve more hash rates with less electrical power usage. Due to this arms race, it has become increasingly harder for prospective new miners to join. This raises centralization concerns because the manufacturers of the high-performance ASIC are concentrated in a small few. To solve this, after extensive research and development, QuarkChain founder Dr. Qi Zhou has developed mining algorithm — Qkchash, that is expected to be ASIC-resistant. The idea is motivated by the famous date structure orders-statistic tree. Based on this data structure, Qkchash requires to perform multiple search, insert, and delete operations in the tree, which tries to break the ASIC pipeline and makes the code execution path to be data-dependent and unpredictable besides random memory-access patterns. Thus, the mining efficiency is closely related to the CPU, which ensures the security of Boston consensus and encourges the mining decentralization. Please refer to Dr. Qi’s paper for more details: https://medium.com/quarkchain-official/order-statistics-based-hash-algorithm-e40f108563c4 2.3 Testnet 2.0 mining configuration Numbers of Shards: 8 Cluster: According to the real-time online mining node The corresponding mining algorithm is Read more about Ethash with Guardian: https://github.com/QuarkChain/pyquarkchain/wiki/Ethash-with-Guardian) We will provide cluster software and the demo implementation of CPU mining to the public. Miners are able to arbitrarily select one shard or multiple shards to mine according to the mining difficulty and rewards of different shards. GPU / ASIC mining is allowed if the public manages to get it working with the current testnet. With the upgrade of our testnet, we will further provide the corresponding GPU / ASIC software. QuarkChain’s two-layered blockchain structure, new P2P mode, and Boson consensus algorithm are expected tobe fully tested and verified in the QuarkChain testnet 2.0. 3 Mining Guidance In order to encourage all community members to participate in QuarkChain Testnet 2.0 mining event, we have prepared three mining guidances for community members of different backgrounds. Today we are releasing the Docker Mining Tutorial first. This tutorial provides a command line configuration guide for developers and a docker image for multiple platforms, including a concise introduction of nodes and mining settings. Follow the instructions here: Quick Start with QuarkChain Mining. Next we will continue to release: A tutorial for community members who don’t have programming background. In this tutorial, we will teach how to create private QuarkChain nodes using AWS, and how to mine QKC step by step. This tutorial is expected to be released in the next few days. Programs and APIs integrated with GPU / ASIC mining. This is expected to allow existing miners to switch to QKC mining more seamlessly. Frequently Asked Questions: 1. Can I use my laptop or personal computer to mine? Yes, we will provide cluster software and the demo implementation of CPU mining to the public. Miners will be able to arbitrarily select one shard or multiple shards to mine according to the work difficulty and rewards of different shards. 2. What is the minimum requirements for my laptop or personal computer to mine? Please prepare a Linux or MacOs machine with public IP address or port forwarding set up. 3. Can I mine with my GPU or an ASIC machine? For now, we will only be providing the demo implementation of CPU mining as our first step. Interested miners/developers can rewrite the corresponding GPU / ASIC mining program, according to the JSON RPC API we provided. With the upgrade of our testnet, we expect to provide the corresponding GPU / ASIC interface at a later date. 4. What is the difference among the different mining algorithms? Which one should I choose? Double SHA256 is a computational intensive algorithm, but Ethash and Qkchash are memory intensive algorithms, which have certain requirements on the computer’s memory. Since currently we only support CPU mining, the mining efficiency entirely depends on the cores and speed of CPU. 5. For testnet mining, what else should I know? First, the mining process will occupy a computer’s memory. Thus, it is recommended to use an idle computer for mining. In Testnet 2.0 settings, the target block time of root chain is 60 seconds, and the target block time of shard chain is 10 seconds. The mining is a completely random process, which will take some time and consume a certain amount of electricity. 6. What are the risks of testnet mining? Currently our testnet is still under the development stage and may not be 100% stable. Thus, there would be some risks for QuarkChain main chain forks in testnet, software upgrades and system reboots. These may cause your tQKC or block record to be lost despite our best efforts to ensure the stability and security of the testnet. For more technical questions, welcome to join our developer community on Discard: https://discord.me/quarkchain. 4 Reward Mechanism Testnet 2.0 and all rewards described herein, including mining, are not being offered and will not be available to any citizens or residents of the United States and certain other jurisdictions. All rewards will only be payable following the mainnet launch of QuarkChain. In order to claim or receive any of the following rewards after mainnet launch, you will be required to provide certain identifying documentation and information about yourself. Failure to provide such information or demonstrate compliance with the restrictions herein may result in forfeiture of all rewards, prohibition from participating in future QuarkChain programs, and other sanctions. NO U.S. PERSONS MAY PARTICIPATE IN TESTNET 2.0 AND QUARKCHAIN WILL STRICTLY ENFORCE THIS VIA OUR KYC PROCEDURES. IF YOU ARE A CITIZEN OR RESIDENT OF THE UNITED STATES, DO NOT PARTICIPATE IN TESTNET 2.0. YOU WILL NOT RECEIVE ANY REWARDS FOR YOUR PARTICIPATION. 4.1 Mining Rewards
Prize Pool A total of 5 million QKC prize pool have been reserved to motivate all miners to participate in the testnet 2.0 mining event. According to the different mining algorithms, the prize pool is allocated as follows:
Total Prize Pool: 5,000,000 QKC Prize Pool for Ethash Algorithm: 2,000,000 QKC Prize Pool for Double SHA256 Algorithm: 1,000,000 QKC Prize Pool for Qkchash Algorithm: 2,000,000 QKC The number of QKC each miner is eligible to receive upon mainnet launch will be calculated on a pro rata basis for each mining algorithm set forth above, based on the ratio of sharded block mined by each miner to the total number of sharded block mined by all miners employing such mining algorithm in Testnet 2.0.
Early-bird Rewards To encourage more people to participate early, we will provide early bird rewards. Miners who participate in the first month (December 2018, PST) will enjoy double points. This additional point reward will be ended on December 31, 2018, 11:59pm (PST).
4.2 Bonus for Bug Submission: If you find any bugs for QuarkChain testnet, please feel free to create an issue on our Github page: https://github.com/QuarkChain/pyquarkchain/issues, or send us an email to [email protected]. We may provide related rewards based on the importance and difficulty of the bugs. 4.3 Reward Rules: QuarkChain reserves the right to review the qualifications of the participants in this event. If any cheating behaviors were to be found, the participant will be immediately disqualified from any rewards. QuarkChain further reserves the right to update the rules of the event, to stop the event/network, or to restart the event/network in its sole discretion, including the right to interpret any rules, terms or conditions. For the latest information, please visit our official website or follow us on Telegram/Twitter. About QuarkChain QuarkChain is a flexible, scalable, and user-oriented blockchain infrastructure by applying blockchain sharding technology. It is one of the first public chains that successfully implemented state sharding technology for blockchain in the world. QuarkChain aims to deliver 100,000+ on-chain TPS. Currently, 14,000+ peak TPS has already been achieved by an early stage testnet. QuarkChain already has over 50 partners in its ecosystem. With flexibility, scalability, and usability, QuarkChain is enabling EVERYONE to enjoy blockchain technology at ANYTIME and ANYWHERE. Testnet 2.0 and all rewards described herein are not being and will not be offered in the United States or to any U.S. persons (as defined in Regulation S promulgated under the U.S. Securities Act of 1933, as amended) or any citizens or residents of countries subject to sanctions including the Balkans, Belarus, Burma, Cote D’Ivoire, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe, Central African Republic, Crimea, Lebanon, Libya, Somalia, South Suda, Venezuela and Yemen. QuarkChain reserves the right to terminate, suspend or prohibit participation of any user in Testnet 2.0 at any time. In order to claim or receive any rewards, including mining rewards, you will be required to provide certain identifying documentation and information. Failure to provide such information or demonstrate compliance with the restrictions herein may result in termination of your participation, forfeiture of all rewards, prohibition from participating in future QuarkChain programs, and other actions. This announcement is provided for informational purposes only and does not guarantee anyone a right to participate in or receive any rewards in connection with Testnet 2.0. Note: The use of Testnet 2.0 is subject to our terms and conditions available at: https://quarkchain.io/testnet-2-0-terms-and-conditions/ more about qurakchain: Website: https://quarkchain.io/cn/ Facebook: https://www.facebook.com/quarkchainofficial/ Twitter: https://twitter.com/Quark_Chain Telegram: https://t.me/quarkchainio
The Strange Birth & History of Monero, Part II: BitMonero
--YOU CAN READ THIS IN SPANISH HERE-- When i first knew about Monero i was hungry of information, and when i found the americanpegasus post about "The Strange Birth & History of Monero" i loved it. I looked for a second part for a while but as there was no trace of it i did my own investigations. Now i've decided it could be a good idea to paste the results here with the same format as americanpegasus did, to help new users looking for info about the "strange birth" of Monero. Bitmonero - a new coin based on CryptoNote technology https://bitcointalk.org/index.php?topic=563821.0 Notable comments in this thread: -1: " Important: this is not a Bytecoin relaunch or not a Bytecoin replacement but a Bytecoin fork. Bytecoin has its own long history, community and stakeholders we don't know much about. I respect them and their decisions even if I don't understand them now. An intention to relaunch coin is always harmfull for everybody involved. Fork is a right way to contribute to community in case you don't agree with decisions already made. - Why did I make fork? - Because there is a number of technical and marketing issues I wanted to do differently. And also because I like ideas and technology and I want it to succeed. I did an announcement ASAP while a lot of details aren't still defined because the earlier it is announced the more people will be able to join. Details will appear as soon as they will be defined and decided. Here are details that are already defined and I don't plan to change this:
New coin will use Bytecoin(BCN)/CryptoNote code base.
New coin is started from scratch (i.e. from genesis block).
Emission schedule has a flatter curve (close to Bitcoin's original curve).
(https://bitcointalk.org/index.php?topic=563821.msg6476068#msg6476068) [TFT breaks out (30th, Apr 2014): he does not recognize community changes] -403: “You did not really fix it. You just ignore every error in the code with your 'update' We should wait for tacotime to confirm that the issue is fixed. PS: We should all use the main thread: Please use main thread: https://bitcointalk.org/index.php?topic=583449.0” (https://bitcointalk.org/index.php?topic=563821.msg6476331#msg6476331) [It is not a secret anymore: TFT and the “rebel” community do not have a good relationship] -480: (https://bitcointalk.org/index.php?topic=563821.msg7384159#msg7384159) [Months back (June 2014) and after a few months of inactivity, TFT comes back and makes public that he will keep working in BitMonero] -487: “Actually, several attempts were made behind the scenes and TFT's continued demand was full admin rights over the Monero repo. Now, what could that be useful for when tacotime already offered push/pull rights? It's certainly not about contributing code - push/pull offers the right to do that without interference or permission. This is basically a repeating pattern of shutting out everyone else, which is ironically what caused him to lose the project in the first place. The tone of that post makes his level of maturity obvious for everyone to see. I might also point out that his contribution to date consists of 10 or so lines of code changed in a header file (to clone BCN). Then a bug 'fix' that actually allowed the chain to be attacked later (now fixed). This was followed by his disappearance. Disproportionate visibility indeed.” (https://bitcointalk.org/index.php?topic=563821.msg7387658#msg7387658) [eizh makes clear they tried to make a deal with TFT] This is basically everything worth reading in this thread. I’ve extracted the most important posts in the whole thread, from first to last page. TFT, Bitmonero and its community are key in the birth of Monero. These are the main conclussions:
BitMonero has a reason to exist. But to justify its existence it doesn’t need just reasons, but also a dedicated team and a participative community.
Thankful_for_today definitely it is not a sociable leader. His posts are scarce, every few days, and he can’t keep up to date with a nascent community really dedicated
TFT is desperate to launch BitMonero, probably to be the first Bytecoin fork and have the “first mover” advantage. He is even about to launch without Windows client.
Due to the rush, TFT has induced a few bugs. The most important one the emission curve.
Bytecoin starts to have some traction, and TFT keeps ignoring community suggestions, so the community has now doubts of BMR future. NoodleDoodle, eizh, David Latapie, Tacotime and smooth among others lead a split, firstly just to change the name and re-publishing the announcement thread, but they will eventually hard-split.
I have already ready a summary of the MRO topic that has a short life of not even 2 days but still has A LOT of interesting info about how the team is being built and what are their opinions on several topics. May i remember you that by then Monero had 1 minute blocks and an emission curve that would have created 86% of the tokens in 2 years. In the next post (will only make it public if i see there's any interest) we will see how and when the team adressed the problems with the emission curve, and when was the miner optimized to take away the probably voluntary obfuscations the code had.
4. Spreadstreet needs to connect to an external API, click on “Allow”.
Click "Allow" when prompted Note on security: All add-ins within the store go through a review. This is a wonderful security measure, especially in the Crypto industry, which is rife with scams and hacks.
5. Make sure the add-on is activated in your sheet:
Go to Add-on > Spreadstreet > Help
Click on View in store , then click on Manage and check Use in this document:
Data returned includes: Coin, ID, Tag, Algorithm, Block Time, Block Reward, Block Reward 24, Last Block, Difficulty, Difficulty 24, Net Hash, Exchange Rate, Exchange Rate Volume, Exchange Rate Currency, Market Cap, Estimated Rewards, Estimated Rewards 24, BTC Revenue, BTC Revenue 24, Profitability, Profitability 24, Lagging, and Timestamp
Example usage using the GUI: Open the Add-in Click “Add” to view the list of available APIs Click on the “WhatToMine” icon Click “Stats” Click “Insert” Click “Run”. This will paste values into the currently selected Cell, and save that in the main GUI for future retrieval Example usage using the =SS() Formula: =QUERY(A:W,”select A, T where T is not null order by T desc”) returns the most profitable GPU-minable cryptocurrencies.
How to use for ASIC-Mineable Coins
How does WhatToMine calculate profitability for ASIC-mineable cryptocurrencies?
SHA-256 values are adapted for Antminer S9, Scrypt for L3+ and X11 for D3.
Price is formulated from the following exchanges: Abucoins, Bitfinex, Bittrex, Bleutrade, Cryptopia, HitBTC, Poloniex, YoBit
Hash rate and wattage vary by algorithm. See the main page of WhatToMine for default values
Calculations are based on mean values, so final results will vary
What is the calculation missing?
Calculation does not account for future changes in price
Calculation does not account for future changes in network hash rate
Block rewards are fixed, future block reward reductions not taken into consideration
No significant changes to the underlying algorithm are assumed (for example, the Casper update)
Get most profitable ASIC coins Call the function =SS(“get-asic-whattomine”, true) to return various stats from ASIC-minable cryptocurrencies.
Data returned includes: Coin, ID, Tag, Algorithm, Block Time, Block Reward, Block Reward 24, Last Block, Difficulty, Difficulty 24, Net Hash, Exchange Rate, Exchange Rate Volume, Exchange Rate Currency, Market Cap, Estimated Rewards, Estimated Rewards 24, BTC Revenue, BTC Revenue 24, Profitability, Profitability 24, Lagging, and Timestamp
Example usage: =QUERY(A:W,”select A, T where T is not null order by T desc”) returns the most profitable GPU-minable cryptocurrencies.
Common issues and how to fix:
Do not keep your sheet open at all time. This will prevent the rates from refreshing. The rates will auto-refresh each time you re-open your sheet.
The add-on may not work right away on other old spreadsheets. You need to do this to activate Spreadstreet: Open the old sheet, click the menu Add-ons / Spreadstreet / Help / View in store, and then click Manage and in the dropdown menu click Use in this document .
QuarkChain is a high-throughput blockchain that aims to achieve millions of transactions per second (TPS). What is Quarkchain and what are they trying to do? QuarkChain is a decentralized, scalable & secure permission-less blockchain that aims to deliver a million (YES 1 MILLION!!!!) on-chain Transactions Per Second (TPS)by applying sharding technology. QuarkChain has a two layer structure encouraging weak miners to mine directly to the source without joining mining pools. It’s aim is to encourage decentralisation by allowing multiple cheap nodes to form a cluster running as a supper full node. This is good as it will help the everyday crypto enthusiast to try running a node at a low cost. All transactions on QuarkChain are protected by 50% hash power of the network, therefore things like a double spending attack will be much harder to perform due to the decentralised nature. QuarkChain supports cross-shard transactions and only one account is needed for all shards which is quite a cool feature. It’s a high capacity peer-to-peer transactional system, changing the world with this revolutionary blockchain technology. Whilst I am not 100% convinced by their 1 million TPS claim (even though theoretically possible on their system), I do believe technologically QuarkChain will be able to achieve around 50,000 TPS, and even at that rate it blows Bitcoin & Ethereum (it’s competition) out of the water. Even looking at the graph you can see that it would definitely give Visa a run for it’s money too at this conservative TPS rate, which is a great marketing point to try and entise companies to adopt a decentralised component to their business. Key Technology Functions 1) Two-layered blockchains — QuarkChain consists of two layers of blockchains. They will use elastic sharding blockchains (shards) as the first layer, and a root blockchain that confirms the blocks from the shards as the second layer. This increases it’s safety & security. 2) Cross-shard Transactions — Cross-shard transactions can be issued at any time, and confirmed in minutes. The throughput of cross-shard transactions increases linearly as the number of shards increases. 3) Market Driven Collaborative Mining — They have designed a game theoretic framework for incentives, where hash powers are incentivized to distribute evenly among shards. There are at least 50% of overall hash power allocated to the root chain to prevent double spending attack as mentioned above. 4) Simple Account Management — There is only one account needed for all shards. All cryptocurrencies from different shards are stored in one smart wallet. 5) Horizontal Scalability — Because a super-full node can be extremely expensive when TPS goes high, they will allow multiple honest nodes forming a cluster running as a super-full node. TOKEN SALE: MAY — JUNE (NO EXACT DATES) Token: QKC Token type: ERC20 Hard Cap:$20,000,000 USD Whitelist: YES (PERIOD ISN’T SET) Know Your Customer (KYC): YES Website: https://quarkchain.io/index.html Whitepaper: https://quarkchain.io/quark.pdf Before I start reading a Whitepaper, I always like to see if the three most important factors to a successful ICO are within investable range. These variables can be summed up into three groups: 1st — Token economics & Product. 2nd — Team and Advisors. 3rd — Social media and general publicity. Token Economics: Not a lot is known about the token economics as of yet, so it’s hard to say anything possitive or negative. What we do know is that the hard cap is $20 million and considering QuarkChain aims to disrupt Bitcoin & Ethereum this goal is fairly reasonable. They have a live beta testnet where you can participate as volunteers to test it. They are looking for 100 volunteers to help test their next version of testnet available in May 2018, so if you have a strong technical background and programming experience in blockchain get in touch with via their website. Once live the QKC token will act as a transaction currency (similar to Ethereum) where there will be a small fee for processing transactions. The QKC token will also act as a reward to community members who continually help contributing to the system, , this is a good incentive to be a part of their crypto family. Team: The team is made up of 10 very capable and highly experienced members. Lead by Qi Zhouthe fouder & CEO he is a former Google employee and is an expert in high-performance SYS. He was also the principle software engineer at Dell & also spent some time at Facebook, all highly respected companies in the technology/internet sector. Zhaoguang Wangwho is one of their Software Enginee is an expert in large scale distributed systems with 6 years work experience at Facebook, Instagram and Google. He also holds a Master in computer science from University of Michigan. Again, highly experienced and a great asset to the team. The one thing I couldn’t really find was anyone highly experienced in blockchain technology on their team. I’m sure as software engineers they have touched on this, and they could well be highly skilled in blockchain but nothing on paper shows this from my investigations. Hopefully their advisors will have experience and expertise in this area, let’s have a look. Advisors: From first looks they are highly experienced as you’d expect for a project from a project of this calibre, but it would have been nice if QuarkChain had links to their LinkedIn profiles so we can dig a little deeper. Arun G. Phadke is a University Distinguished Professor emeritus in the Department of Electrical Engineering at Virginia Tech. He has written a series of well regarded books including: Computer Relaying for Power Systems Handbook of Electrical Engineering Calculations Power System Relaying Bill More is a distinguished Engineer at Sun Microsystems. He Co-led the ZFS team and served as Chief Engineer for Storage at Sun Microsystems and is President of DSSD / EMC Fellow. Leo Wang is a Crypto Fund Manager which we believe is the most relevant advisor. He’s invested in Over 50+ Project allover the world, including: Ontology, ArcBlock, SmartMesh, Elastos, Penta, MedicalChain, AppCoin to name a few. So, all in all a very good advisory board to have for QuarkChain. Social Media and General Publicity: As of 18th April 2018, these are the stats: Telegram: 8,291— Twitter: 1,900 — Medium: 512 As you can see they have a healthy amount of Telegram members considering it’s such a new ICO. There has been quite a lot of hype from key influencers which i’m sure has helped and I can imagine it’ll be above 10k before the end of April. It’s rated highly on ICODROP and they are also very active on Twitter with regular updates for the community. Conclusion: Personally i’m excited by QuarkChain as i can see that their technology is highly disruptive and if they can reach 1 million TPS, (or anywhere near it) it could sky rocket! It would take a huge community effort for it to achieve this with the use of trusted small nodes & weak miners, but it the long run, it could be achievable. The question is, by the time they reach 1 million TPS many years down the line, will there be another revolutionary technology to rival this one with better features? All of this is speculation of course especially without seeing their token economics. Could this be a good investment? Most likely? Will i make my money back if i invest? Quite possibly? We’ll just have to wait and see, only time can tell! QuarkChain is a highly anticipated ICO with huge potential! The TPS speed would easily rival other centralised competitors like Visa so QuarkChain have a huge potential to disrupt not only the decentralised space but the centralised one. The market is huge and with such a stellar team, they could definitely be the ones to make a big impact in the space. Definitely an ICO to keep your eyes on, we are very excited about QuarkChain!
We should pirate the entire piratebay.org website and all it's functionality directly on to the Bitcoin Cash blockchain. The piratebay.org is just magnet links and comments. Then they will say bcash stole our business ... (232 points, 439 comments)
Fees higher than a dollar cent or waiting times longer than a couple of seconds defeat the entire purpose of why Bitcoin was invented. (218 points, 164 comments)
Bitcoin Cash can turn in to the biggest non violent protest against the establishment ever : "We simply stop using their money." Which is a great way of getting edgy teenagers to join us. There is an almost infinite supply of edgy teenagers in the world. (156 points, 42 comments)
The retard tribalism is so real. SBI japan's financial giant says they will launch a platform with BCH as settlement coin (due to BTC being bad) and XRP as remittances. I provide the link and cryptocurrency shills deny plain literally declared fact. (124 points, 50 comments)
Reminder: Blockstream plans to make money from the proprietary solutions it sells, which is why it moved away from the free permissionless blockchain to an abstracted layer on top which requires 3rd party solutions to be cost effective for most users. (220 points, 146 comments)
It seems there's been a massive propaganda campaign to brainwash people into thinking hardforks are bad. (180 points, 56 comments)
BCH could really be missing the new big use case. Gamers would love to have real ownership of game items. The first game which will integrate a digital coin and make it popular will be groundbreaking. (141 points, 76 comments)
If BCH had decent privacy features it'd gain so much more market share. It's hard to compete with privacy-always-on coins such as XMR but many more coins offer moderate privacy and would be easy to beat. (42 points, 31 comments)
I am excited that BCH is being irrationally criticized, because it reminds me of 2011 and 2012 when Bitcoin was being irrationally criticized. Any of 2013, when the price rose 100x. (183 points, 82 comments)
Let's start a class action lawsuit against Canada for calling their currency the dollar. I accidentally bought CAD when I wanted USD, and didn't know I could just exchange it again. (511 points, 243 comments)
322 points: rdar1999's comment in My dog ate my TREZOR. Check your recovery seeds folks!
314 points: my_next_account's comment in Erik Voorhees: “Roger - please stop referencing me to back up your opinion that Bitcoin Cash is Bitcoin. It isn't. Bitcoin is the chain originating from the genesis block with the highest accumulated proof of work. The Bitcoin Cash fork failed to gain majority, thus it is not Bitcoin.”
259 points: everyother's comment in 1 For whoever questions the utility of Bitcoin, here's banking summarized accurately
225 points: morli's comment in Can’t believe this was available. My new license plate..
My Collection of information for when someone states where does Bitcoin, or Crypto-currencies derive their value
Let’s start with some basics first then we can move forward. Your question is where does Bitcoin derive its value from? Well that is a multifaceted answer. Its Utility creates the demand, plus it has a relatively high scarcity, but that is an over-simplified answer. A few other factors need to be addressed. The first point is the security of the block-chain, and the second is the openness of the block-chain which is derived from the public ledger. It literally records every transaction for public records which are available to any, and everyone to review. This allows it to stand up to public scrutiny, and a thorough technical analysis. We will start here for you. This is the basis of the whole concept. A Block-chain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, block-chains are inherently resistant to modification of the data. A block-chain is defined as an open, distributed ledger that can record transactions between two, or more parties efficiently and in a verifiable, and permanent way. For use as a distributed ledger, a block-chain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Block-chains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a block-chain. This makes block-chains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, or food traceability. The invention of the block-chain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications. Block-chain also has incorporated the Merkle Tree, and Fast Merkle Trees. A Hash tree or Merkle tree is a tree in which every leaf node is labelled with a data block and every non-leaf node is labelled with the cryptographic hash of the labels of its child nodes. Hash trees allow efficient and secure verification of the contents of large data structures. Hash trees are a generalization of hash lists and hash chains. Demonstrating that a leaf node is a part of a given binary hash tree requires computing a number of hashes proportional to the logarithm of the number of leaf nodes of the tree; this contrasts with hash lists, where the number is proportional to the number of leaf nodes itself. Hash trees can be used to verify any kind of data stored, handled and transferred in and between computers. Currently the main use of hash trees is to make sure that data blocks received from other peers in a peer-to-peer network are received undamaged and unaltered, and even to check that the other peers do not lie and send fake blocks. Suggestions have been made to use hash trees in trusted computing systems. Hash trees are also used in hash-based cryptography. Hash trees are used in the IPFS, Btrfs and ZFS file systems (to counter data degradation), BitTorrent protocol, Dat protocol, Apache Wave protocol, the Bitcoin and Ethereum peer-to-peer networks, the Certificate Transparency framework, and a number of NoSQL. Whether you understand it, or not we will be moving more to this as a standard for all most all industries. Yes, the United States is looking at getting rid of Social Security numbers in favor of your identity being stored on the block-chain, in fact it is already in the works as they are in the research of feasibility stage. What you need to is familiarize yourself with the following regarding block-chain protocols. Proof of Work (POW) A Proof of Work is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify and which satisfies certain requirements. Producing a proof of work can be a random process with low probability so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hash-cash proof of work system. One application of this idea is using Hash-cash as a method to prevent email spam, requiring a proof of work on the email's contents (including the to address), on every email. Legitimate emails will be able to do the work to generate the proof easily (not much work is required for a single email), but mass spam emailers will have difficulty generating the required proofs (which would require huge computational resources). Hash-cash proofs of work are used in Bitcoin for block generation. In order for a block to be accepted by network participants, miners must complete a proof of work which covers all of the data in the block. The difficulty of this work is adjusted so as to limit the rate at which new blocks can be generated by the network to one every 10 minutes. Due to the very low probability of successful generation, this makes it unpredictable which worker computer in the network will be able to generate the next block. For a block to be valid it must hash to a value less than the current target; this means that each block indicates that work has been done generating it. Each block contains the hash of the preceding block, thus each block has a chain of blocks that together contain a large amount of work. Changing a block (which can only be done by making a new block containing the same predecessor) requires regenerating all successors and redoing the work they contain. This protects the block chain from tampering. The most widely used proof-of-work scheme is based on SHA-256 and was introduced as a part of Bitcoin. Some other hashing algorithms that are used for proof-of-work include Scrypt, Blake-256, CryptoNight, HEFTY1, Quark, SHA-3, scrypt-jane. Proof of Stake (POS) Proof-of-stake (POS) is a type of algorithm by which a cryptocurrency block-chain network aims to achieve distributed consensus. In POS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e. the stake).In general, a proof of stake algorithm looks as follows. The block-chain keeps track of a set of validators, and anyone who holds the block-chain's base cryptocurrency (in Ethereum's case, ether) can become a validator by sending a special type of transaction that locks up their ether into a deposit. The process of creating and agreeing to new blocks is then done through a consensus algorithm that all current validators can participate in. There are many kinds of consensus algorithms, and many ways to assign rewards to validators who participate in the consensus algorithm, so there are many "flavors" of proof of stake. From an algorithmic perspective, there are two major types: chain-based proof of stake and BFT-style proof of stake. In chain-based proof of stake, the algorithm pseudo-randomly selects a validator during each time slot (every period of 10 seconds might be a time slot), and assigns that validator the right to create a single block, and this block must point to some previous block (normally the block at the end of the previously longest chain), and so over time most blocks converge into a single constantly growing chain. In BFT-style proof of stake, validators are randomly assigned the right to propose blocks, but agreeing on which block is canonical is done through a multi-round process where every validator sends a "vote" for some specific block during each round, and at the end of the process all (honest and online) validators permanently agree on whether or not any given block is part of the chain. Note that blocks may still be chained together; the key difference is that consensus on a block can come within one block, and does not depend on the length or size of the chain after it. This is what Ethereum is moving to later in 2018. Advantages of POS over POW No need to consume large quantities of electricity in order to secure a block-chain ( it's estimated that both Bitcoin and Ethereum burn over $1 million worth of electricity and hardware costs per day as part of their consensus mechanism). Because of the lack of high electricity consumption, there is not as much need to issue as many new coins in order to motivate participants to keep participating in the network. It may theoretically even be possible to have negative net issuance, where a portion of transaction fees are "burned" and so the supply goes down over time. Proof of stake opens the door to a wider array of techniques that use game-theoretic mechanism design in order to better discourage centralized cartels from forming and, if they do form, from acting in ways that are harmful to the network. Reduced centralization risks, as economies of scale are much less of an issue. $10 million of coins will get you exactly 10 times higher returns than $1 million of coins, without any additional disproportionate gains because at the higher level you can afford better mass-production equipment. Ability to use economic penalties to make various forms of 51% attacks vastly more expensive to carry out than proof of work. Delegated Proof of Stake (DPOS) Delegated Proof-of-Stake, on the other hand, works slightly differently. It is a more efficient PoS algorithm altogether, and seemingly provides more decentralization when it comes to issuing stake rewards to more people. Moreover, DPOS provides reliably confirmed transactions on the networks that implement this technology. If it were to be added to bitcoin at some point, it could potentially speed up transaction times, even though it would add inflation to the ecosystem as well. Under the hood, DPOS uses a reputation system and real-time voting to achieve consensus. To be more specific, a panel of trusted parties has to be established, with all of its members eligible to create blocks and prevent non-trusted parties from participating. Delegates, the parties responsible for creating blocks, are unable to change transaction details. However, they can prevent specific transactions from being included in the next network block. This seemingly requires a fair bit of trust, which makes the concept look far less appealing. However, there is a caveat. Any transaction not included in the next block, or a block failing to create, will mean the next network block is twice the size. In a way, this prevents malicious intent to block certain transactions or blocks being created in the allotted time period. All it does is perhaps slightly delay said transaction or block, but it is seemingly impossible to prevent inclusion and creation in the long run. Moreover, anyone who behaves in a nefarious way will have their behavior exposed to the public. Community members of the DPOS-capable currencies can vote to have said person removed as a delegate altogether. It appears as if cheating under DPOS rules is not only impossible, but it is not in anybody’s best interest to do so either. It is equally possible to have more or fewer delegates as part of the network, although that may not necessarily be beneficial either. It is always possible to change the number of delegates, though, which is an important factor to keep in mind. It is also worth mentioning delegates in a DPOS ecosystem are paid for the creation of blocks and inclusion of transactions. However, the delegates can use these funds to pay for marketing or lobbying efforts, which benefit the exposure of the cryptocurrency network as a whole. Network stakeholders determine how much delegates are paid for their efforts. Delegated Byzantine Fault Tolerance (dBFT) The dBFT (Delegated Byzantine Fault Tolerance) algorithm Consensus is about trying to maintain one version of truth. Over time we have transactions that we want to record in this ledger (book of truth). Because block-chains run decentralized around the world, and they receive different transactions at different times, they can often disagree about what is truth. The key is to get consensus one way or another, otherwise all sorts of bad things can happen (double spending). dBFT Delegated Byzantine Fault Tolerance is a fancy and cool name for a solution to getting eventual consensus under certain conditions. The condition is really simple: as long as less than 1/3 of bookkeeper nodes are BAD actors, you can get eventual consensus and everyone is happy. That's the main thing to remember, and I'll explain why 1/3 and not 1/4 or any other fraction. An Analogy - Painting the walls A King has decided to paint the walls of his castle. He's decided it is either going to be Green (G) or Black (B). He doesn't mind which of the two but he wants consistency throughout the kingdom. And he wants all of his sons and daughters to agree on the color. So he calls his four painters to come over and sends a signed message to his sons and daughters: I am getting my painters to redecorate my walls. I am torn between Green and Black. To resolve this, I want you, my beloved sons and daughters, to agree on the color and tell my painters and they will paint my walls. As soon as a painter hears from you and you can prove that 2/3 of my family agree on a color, she will start painting that color. Good luck. The painters are all contactable by any of the sons and daughters. However, due to fighting between the family, the sons and daughters don't all talk to each other directly. Instead they pass messages between them. They all connected, just not directly. Some of the family is evil and they want to get at least one of the painters to paint the wrong color. The family discuss and decide on the following protocol: 1. The oldest member of the family is elected speaker. He or she will communicate the chosen color with their signature. Everyone will communicate that color to everyone else (until everyone is informed.) along with their signatures. If you hear from 2/3 of people the same color, then you can call any or all of the painters and tell them. If not, wait for some time and then elect the next oldest member as the speaker and repeat. These signatures are magic and cannot be forged, and also are without a doubt proof that the person did sign it. Proving consensus protection. With this setup, we can now prove that as long as less than a 1/3 of the family are evil, it is impossible for any of the painters to get a different message to the others and thereby paint the walls inconsistently. The proof goes like this. Imagine that the evil members of the family belong to a secret clan F and have managed to insert themselves in between the other family members such that the rest of the family is split into two groups, R1 and R2. R1 members can talk to each other and to F but they can't talk directly to R2. And the same for R2. So F is in control here as they can control what information flows from R1 to R2 and vice versa. In order for them to exact chaos, they need to get 2/3 of the signatures (including theirs) to be Green and Black. Remember, they can sign Green and pass that message to one person and also sign Black and pass that message to another person. The next bit is really easy. In order to get 2/3 of the signatures, we need the size of F and R1 (the number of people in those two groups) to be >= 2/3 of the total. We also need that to be true for F and R2. That way R1 members think that it's green (for example) and the other group think it's black and they tell the painters and it all goes wrong. However, because F is less than a 1/3 (remember, 2/3 people are honest), then it's impossible for BOTH F+R1 and F+R2 to be >= 2/3 x N. By using the fact that F+R1+R2 = N (the total number in the family) and a bit of algebraic rearrangement, you can prove that to get two separate consensus you requires F >= 1/3. Ta da - that's impossible as F < 1/3. dBFT doesn't guarantee consensus in the sense that it's possible the messaging network is broken and people just can't talk to each other. But it gives protection guarantees that if you do reach consensus you can't then reach some other different consensus later. As long as the bad actors are less than a 1/3 of the bookkeepers (the Family), then everything is all good. This is the important part of ensuring the integrity of the system going forward. Now that we have stated that You will need to read about the following. Consensus Nodes (Bookkeeper Nodes) *See dBFT section Master Nodes *See Full Node, but used in a POS block-chain. These also pay out fees to you for running a Master Node. Full Nodes These are usually POW block-chains Full nodes download every block and transaction and check them against Bitcoin's core consensus rules. Here are examples of consensus rules, though there are many more: · Blocks may only create a certain number of bitcoins. (Currently 12.5 BTC per block.) · Transactions must have correct signatures for the bitcoins being spent. · Transactions/blocks must be in the correct data format. · Within a single block-chain, a transaction output cannot be double-spent. If a transaction or block violates the consensus rules, then it is absolutely rejected, even if every other node on the network thinks that it is valid. This is one of the most important characteristics of full nodes: they do what's right no matter what. For full nodes, miners actually have fairly limited power: they can only reorder or remove transactions, and only by expending a lot of computing power. A powerful miner is able to execute some serious attacks, but because full nodes rely on miners only for a few things, miners could not completely change or destroy Bitcoin. Nodes that have different consensus rules are actually using two different networks/currencies. Changing any of the consensus rules requires a hard fork, which can be thought of as creating a new currency and having everyone move to it. Consensus rules are different from policy rules, which specify how a node or miner prioritizes or discourages certain things. Policy rules can be changed freely, and different nodes can have different policy rules. Because all full nodes must use exactly the same consensus rules in order to remain compatible with each other, even duplicating bugs and oddities in the original consensus rules, creating a full node from scratch is extremely difficult and dangerous. It is therefore recommended that everyone who wishes to run a full node use software based on the reference client, which is the only client guaranteed to behave correctly. At minimum, a full node must download every transaction that has ever taken place, all new transactions, and all block headers. Additionally, full nodes must store information about every unspent transaction output until it is spent. By default full nodes are inefficient in that they download each new transaction at least twice, and they store the entire block chain (>60 GB) forever, even though only the unspent transaction outputs (<2 GB) are required. Again to give you a slightly different over-simplified answer Bitcoin’s value is derived from the energy it cost to run the block-chain whether its coal-powered, hydro-powered, natural gas powered, or nuclear reactor-powered electricity. Will Bitcoin be replaced by another block-chain as the reserve standard? Well it’s a possibility, but not likely any time soon. Most new Alt-coins are here to Compliment Bitcoin. Why do I say this? Well the goal is a Decentralized Smart Economy with the least amount of Centralized control possible. The Lightning Network integrates Bitcoin, Litecoin, and Vertcoin. Bitcoin has 21,000,000 coins when they are finally fully released. This requires ASIC Miners a rather expensive, and specialized Computer. The block times are ten minutes. These for the older versions will still run about $20,000. It may have changed a little since I last looked, but the cutting edge ones will be much more. Litecoin has 84,000,000 coins when they are finally fully released. This requires ASIC Miners a rather expensive, and specialized Computer. The block times are 2.5 minutes. It’s an improved clone of Bitcoin. Vertcoin has 84,000,000 coins when they are finally fully released. The average Joe can mine this with a good graphics card. The block times are 2.5 minutes. It’s an modified clone of Litecoin. Ethereum Is a Smart contract platform. It has many uses cases. Too many to list. This will be moved to a POS block-chain. NEO Is a Smart contract platform. It has many uses cases. Too many to list. This has a lot of things in common with Ethereum, but at the same time it doesn’t. This uses the dBFT system, and has more common programming languages for Smart Contracts. ARK this is a Smart Bridge ecosystem. It’s aim is to build bridges to other block-chains. Its aim is to be the hub of this new block-chain economy. Ark has bridged to Bitcoin, and also to Ethereum. They have plans for NEO, and Monero as well in the future. ARK has many other use cases I haven’t discussed, and don’t have time to right now. These very originally made to compete with each other, but have found ways to coexist, but are also still be competitive with each other at the same time. I have kept this section short. I could spend many more pages writing about these Cryptocurrencies, and many more. These are the building blocks for the Smart Economy. This is what Bitcoin, and all of the Alt-coins were brought about to fix. · People used to pay each other in gold and silver. Difficult to transport. Difficult to divide. · Paper money was invented. A claim to gold in a bank vault. Easier to transport and divide. · Banks gave out more paper money than they had gold in the vault. They ran “fractional reserves”. A real money maker. But every now and then, banks collapsed because of runs on the bank. · Central banking was invented. Central banks would be lenders of last resort. Runs on the bank were thus mitigated by banks guaranteeing each other’s deposits through a central bank. The risk of a bank run was not lowered. Its frequency was diminished and its impact was increased. After all, banks remained basically insolvent in this fractional reserve scheme. · Banks would still get in trouble. But now, if one bank got in sufficient trouble, they would all be in trouble at the same time. Governments would have to step in to save them. · All ties between the financial system and gold were severed in 1971 when Nixon decided that the USD would no longer be exchangeable for a fixed amount of gold. This exacerbated the problem, because there was now effectively no limit anymore on the amount of paper money that banks could create. · From this moment on, all money was created as credit. Money ceased to be supported by an asset. When you take out a loan, money is created and lent to you. Banks expect this freshly minted money to be returned to them with interest. Sure, banks need to keep adequate reserves. But these reserves basically consist of the same credit-based money. And reserves are much lower than the loans they make. · This led to an explosion in the money supply. The Federal Reserve stopped reporting M3 in 2006. But the ECB currently reports a yearly increase in the supply of the euro of about 5%. · This leads to a yearly increase in prices. The price increase is somewhat lower than the increase in the money supply. This is because of increased productivity. Society gets better at producing stuff cheaper all the time. So, in absence of money creation you would expect prices to drop every year. That they don’t is the effect of money creation. · What remains is an inflation rate in the 2% range. · Banks have discovered that they can siphon off all the productivity increase + 2% every year, without people complaining too much. They accomplish this currently by increasing the money supply by 5% per year, getting this money returned to them at an interest. · Apart from this insidious tax on society, banks take society hostage every couple of years. In case of a financial crisis, banks need bailouts or the system will collapse. · Apart from these problems, banks and governments are now striving to do away with cash. This would mean that no two free men would be able to exchange money without intermediation by a bank. If you believe that to transact with others is a fundamental right, this should scare you. · The absence of sound money was at the root of the problem. We were force-fed paper money because there were no good alternatives. Gold and silver remain difficult to use. · When it was tried to launch a private currency backed by precious metals (Liberty dollar), this initiative was shut down because it undermined the U.S. currency system. Apparently, a currency alternative could only thrive if “nobody” launched it and if they was no central point of failure. · What was needed was a peer-to-peer electronic cash system. This was what Satoshi Nakamoto described in 2008. It was a response to all the problems described above. That is why he labeled the genesis block with the text: “03/Jan/2009 Chancellor on brink of second bailout for banks.”. Bitcoin was meant to be an alternative to our current financial system. To answer you on if this is a bubble. I personally do not see it that way at the moment. There will always be corrections in Crypto, or any field of Investing. Yes we have seen an unprecedented meteoric rise in cryptocurrencies there will be severe corrections in the future, but there will not be a ninety-nine percent crash like you are stating unless there is another Great Depression, or severe economic collapse. Cryptocurrencies are currently the greatest potential wealth equalizer around the world.
I'm using the ballpark figure of ca. 2000 to 3000 integer operations per double SHA-256 hash to get this from the guess that 24000 MIPS (based on 24 GFLOPS) are available. – pyramids Nov 21 '13 at 10:22 List of known QuarkCoin pools (QRK) Quark PoW algorithm. Live network hashrate distribution, pool fees & minimum payment comparison. Mining Pools & Block Explorer Looking for list of all coins based on Quark algorithm? Here you can find them all, e.g. DigitalDenar (DDEN), 1111 (111111). Bitcoin Quark transactions use a new signature hashing algorithm indicated by the flag SIGHASH_FORKID and a New ForkID value.These signatures are not valid on the Bitcoin or other blockchain network.This prevents Bitcoin Quark transactions from being replayed on the Bitcoin blockchain and vice versa. BitQuark uses Bitcoin's distribution method with the addition of 0.5% annual inflationary after the initial 21,000,000 BitQuark's have been mined. It uses the super secure 'quark' algorithm made up of 9 rounds of hashing from 6 hashing functions (blake, bmw, grøstl, JH, keccak, skein). 3 rounds apply a random hashing function.
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