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Dragonchain Great Reddit Scaling Bake-Off Public Proposal
Dragonchain Public Proposal TL;DR:
Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and postsper Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625. Watch Joe walk through the entire proposal and answer questions onYouTube. This proposal is also available on the Dragonchain blog.
Hello Reddit and Ethereum community!
I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale. For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube. We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.
Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.
Response and PoC
In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.
A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks. 24 hours in 4 minutes (YouTube): 24 hours in 4 minutes The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period. Tooling to reproduce our demo is available here: https://github.com/dragonchain/spirit-bomb
Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.
Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired. Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.
An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity. TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block. TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.
Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain. With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times. We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment. Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.
Flexibility in Scaling
Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems. We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
LBRY - To allow users to deploy content natively to LBRY
MakerDAO to allow users to lend small amounts backed by their Reddit community points.
STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.
Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction. Dragonchain Fees Table
How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node. Getting started is easy...
Download Dragonchain’s dctl
Input three commands into a terminal
Build an image
More information can be found in our Get started documents.
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain. Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain. After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks. Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.
Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.
Costs and resources
Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD. For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments. Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.
This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users. Over a 5 day period, your scaling PoC should be able to handle: *100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes. Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum. Reddit Scaling on Ethereum
Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
Operational on-premises capabilities
Operational deployment to any datacenter
Over 700 independent Community Verification Nodes with proof of ownership
Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)
Usability Scaling solutions should have a simple end user experience.
Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node. Examples:
Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.
Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users. All of Reddit's Transactions on Blockchain (month) Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees. Reddit Internal Token Transaction Fees Reddit Ethereum Token Transaction Fees When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
In a combination of the above, customers could cover aggregated fees.
Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.
Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here. Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here. In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here. A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.
Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.
Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.
Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible APIs should be well documented and stable
Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected. Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.
Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.
Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR. Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.
Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.
Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.
Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw
Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.
A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.
Bonus points Public, third-party implementation review available or in progress
Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.
Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.
One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).
Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).
Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!
Disney Releases Blockchain Platform as Open Source
The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group. https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html
In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney. Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
Obtain VP support and approval for the release
Verify ownership of the software to be released
Verify that no proprietary content would be released
Convince the organization that there was a value to the open source community
Convince the organization that there was a value to Disney
Offer the plan for ongoing maintenance of the project outside of Disney
Itemize competing projects
Verify no conflict of interest
Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
Obtain legal approval
Approval from corporate, parks, and other business units
Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
Trademark searches conducted for the selected name Dragonchain
Obtain IT security approval
Manual review of OSS components conducted
OWASP Dependency and Vulnerability Check Conducted
Obtain technical (software) approval
Offer management, process, and financial plans for the maintenance of the project.
Meet list of items to be addressed before release
Remove all Disney project references and scripts
Create a public distribution list for email communications
Remove Roets’ direct and internal contact information
Create public Slack channel and move from Disney slack channels
Create proper labels for issue tracking
Rename internal private Github repository
Add informative description to Github page
Expand README.md with more specific information
Add information beyond current “Blockchains are Magic”
Add getting started sections and info on cloning/forking the project
Add installation details
Add uninstall process
Add unit, functional, and integration test information
Detail how to contribute and get involved
Describe the git workflow that the project will use
Move to public, non-Disney git repository (Github or Bitbucket)
Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney. The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release. Original OSSRELASE-10 document
Decentralized security token exchange, DSTOQ, has launched a platform called its minimum viable product (MVP). MVP allows people to invest in real assets such as stocks, bonds, and commodities using cryptocurrencies. This platform runs using Stellar’s blockchain testnet, and all transactions will happen completely on-chain.
Agricultural Bank of China (ABC), the world fourth largest bank by assets, announces it will making its first loan on a blockchain system. The loan, valued at USD$300k, is meant to support the local tea industry in the Guizhou province and is backed by a piece of agricultural land.
“Civilized blockchain”1 company Billon, has partnered with Fidelity National Information Services (FIS) to develop blockchain technology solutions. Billon implements blockchain solutions for the main purpose of processing fiat currencies. FIS will utilize Billon for document and identity management, the exploration of joint sales and product development opportunities, and smartphone micropayments among other services.
SBI Group, a Japanese financial services company, has announced plans to develop a platform to trade cryptocurrency derivatives. The platform would help crypto investors hedge their risk by offering cryptocurrency credit default swap (CDS) trading. SBI will accomplish this through its recent 12% purchase of North Carolina-based digital marketplace developer Clear Markets.
Equity research provider Fundstrat Global Advisors has announced that it will begin accepting Bitcoin (BTC) as payment for accessing research reports. Fundstrat is using payment operator BitPay, which has processed over USD$1 billion in Bitcoin payments CY2017, to process their new BTC payments accepted from institutional investors, high net-worth clients, and financial advisors.
The most popular cryptocurrency markets tracking platform, CoinMarketCap (CMC), has added a professional-grade API, and support for derivatives markets to its services. The API provides developers with access to aggregated data packages, providing everything from price and market cap, to trading pair data and conversions. CMC is marketing this product to those who need to back-test trading strategies, and run simulations more accurately.
Logos Network, a decentralized payments platform, successfully raised USD$3mm in seed funding. Logos is hoping to build a quick and scalable P2P payments network on a new blockchain. The payments network plans to be quick, scalable, and secure.
The Stuggart Börse, Germany’s second largest stock exchange, has announced an initiative to construct a multilateral cryptocurrency trading platform, as well as an initial coin offering (ICO) platform. The exchange already launched in May a crypto trading app called Bison, which features zero-fee transactions.
Intercontinental Exchange (ICE), operator of the New York Stock Exchange (NYSE) and 22 others, will develop a Microsoft cloud-based digital asset ecosystem. ICE is creating a new company for this, called Bakkt, which will work closely with companies including Starbucks and BCG. The ecosystem is planned to be a one-stop-shop for all consumers, from retail to institutional, to buy, hold, sell, and spend cryptocurrencies on a communal network. ICE will also launch physically-delivered BTC futures contracts.
The Chamber of Digital Commerce, an American advocacy group promoting the blockchain industry, is producing new guidelines to aid the in the responsible growth of the initial coin offering (ICO) markets and cryptocurrency markets all together. These guidelines were released in a whitepaper detailing current and future regulations for investor reference, a set of principles for trading platforms and token sponsors to follow, and a general discussion about the growth of the cryptocurrency industry so far.
The South Korean government has proposed revisions to its tax law, affecting cryptocurrency exchanges. The proposition states that cryptocurrency exchanges will be exempt from the tax benefits given to startups and small-mid-sized businesses. It is important to note that new propositions might be made to change this before implementation, but the South Korean government doesn’t believe that crypto transaction companies do not generate added value like other companies do.
Indian cryptocurrency traders are finding ways to circumvent the India government’s decision to ban cryptocurrency trading. Traders are now making use of a Dabba trading which refers to making OTC trades that are off the books. Dabba traders execute trades through platforms at international banks in Dubbai, Europe and the UK. Indian stock traders have used this method for years, and has experienced an upsurge after the crypto ban.
The U.S. Consumer financial Protection Bureau (CFPB) has created an Office of Innovation. The Office of innovation is responsible for the development of a regulatory framework surrounding new products and services in the cryptocurrency, blockchain, and microlending fields. This regulatory sandbox could give some guidance on creation of regulatory frameworks around innovative fintech companies.
South Korea Financial Supervisory Service is advising local regulators to work towards creating an integrated blockchain system for stocks transactions. The group finds the use of a centralized ledger to be inefficient and vulnerable to hacks.
It was recently reported that HTC will be releasing a new mobile phone utilizing decentralized ledger technology, but Litecoin (LTC) founder Charlie Lee announced July 29th that he will be one of HTC’s advisors on the smartphone. The phone will be called Exodus and is expected to be the first blockchain phone. Exodus’s built-in cryptocurrency wallet will now natively support LTC and the Lightning Network (LN), in addition to Bitcoin (BTC) and Ethereum (ETH).
Cointelegraph.com reported that digital asset exchange Huobi will begin supporting trades in the Indian rupee (INR) on its over-the-counter (OTC) service. Huobi’s peer-to-peer (P2P) trading platform will allow INR users free trading in Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). This comes at a good time for Indian cryptocurrency traders after the Reserve Bank of India banned banks from dealing with cryptocurrency-related companies in early July.
IOHK, the company behind the popular cryptocurrency Cardano (ADA), announced that it has launched the testnet for a new Cardano virtual machine. The virtual machine, called IELE, provides developers with a stronger and more reliable platform for developing smart contracts on Cardano’s blockchain.
IoT and blockchain platform Ambrosus has announced the launch of its mainnet, called AMB-NET 1.0. Ambrosus improves pharmaceutical and food supply chains by allowing companies to record private and public supply chain data on its blockchain. Organizations can work with the Ambrosus Network through its native AMB token.
San Francisco-based platform, DCEX, will begin accepting registration applications for its new cryptocurrency exchange. DCEX’s base currency, the currency participants use to exchange for other currencies, will be Ripple’s XRP. This is a change from the cryptocurrency exchange norm of using Bitcoin (BTC) and Ethereum (ETH) as base currencies. Not basing all transactions off of Bitcoin is a step in the right directions for pushing the market to be more independent from it.
Thomson Reuters, a Canadian mass-media and information company, has announced a partnership with CryptoCompare, a cryptocurrency data tracking resource. CryptoCompare will provide Thomson Reuters will trade and order book data on 50 cryptocurrencies.
Major Cineplex, the largest movie theater chain in Thailand, is integrating cryptocurrency payments to permits moviegoers to buy anything from tickets to popcorn. Major Cineplex is partnering with RapizPay to deploy the digital currency payment system. This comes a week after the Thai Securities and Exchange Commission began allowing cryptocurrency operators to file license applications.
Coinbase, one of the largest cryptocurrency services in the world, has announced in a blog post that Jeff Horowitz, an ex-Pershing exec, has joined as company’s new Chief Compliance Officer. Horowitz has ample background experience for this position, as he was Managing Director and Global Head of Compliance for Pershing, a banking regulator for the FDIC, and even led compliance and anti-money-laundering (AML) programs at Goldman Sachs, Citigroup, and Salomon Brothers.
Binance, the world’s most popular cryptocurrency exchange, has made its first-ever acquisition, purchasing crypto wallet provider Trust Wallet. This move appeals to cryptocurrency investors wary of keeping their coins on centralized custodial services as Trust Wallet now introduces Binance users to decentralized custody. The decentralized wallet will be offered on mobile platforms, and supports coins built off of Ethereum’s protocol. You can read more about decentralized exchanges in our latest Crypto Quant Shot: Atomic Swaps, Decentralized Exchanges, and the Future of Crypto Exchanges.
Google has announced that later this year, it will introduce open-source integrations of Ethereum and Hyperledger applications through its Google Cloud Product marketplace. This move pushes Google into the blockchain services industry, thereby joining others such as Amazon Web Services, IBM, Oracle, and Microsoft Azure.
U.S. lawmakers working with the Congressional Valley Fever Task Force are looking for blockchain applications to help fight infectious fungal diseases. The lawmakers have proposed a bill as a part of the FORWARD Act for the creation of a blockchain pilot hoping to improve the way doctors share information about endemic fungal diseases such as Valley Fever. If information could be exchanged between doctors quicker and more efficiently, they would be better equipped to treat these infectious diseases.
Mobile engagement firm MobileBridge, has launched a blockchain loyalty program called Momentum. Momentum will offer other companies many data-based insights, and consumers full custody of their earned cryptocurrency rewards. Consumers can earn loyalty cards and other rewards for simply shopping at their favorite stores. These rewards can be exchanged for Momentum tokens, and then other branded reward tokens to be used with other companies.
CoinMarketApp, a cryptocurrency news multi-use app, has released compatibility with iOS and Android smartphones. CoinMarketApp is not like typical cryptocurrency apps, in that it offers crypto historic data, prices, mining information, trustworthy news, and even portfolio services.
Northern Trust, an asset manager with USD$954bn in AUM announces plans to start a custody service for digital assets. Pete Cherecwich, Northern Trust’s head of corporate and institutional business, explained that the firm plans to offer custodial services similar to others, but with lower fees.
Swissquote, a Switzerland-based online banking firm which recently added cryptocurrency investing to its services, has seen a 44% profit increase in this C1H2018 relative to C1H2017. Throughout the second half of CY2017, Swiss quote has allowed trading in Bitcoin (BTC) with the EUR and USD, as well as Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).
MINDOL is a blockchain platform aiming to disrupt the entertainment provider industry in Japan. MINDOL’s whitepaper states a growing demand for and heavy government investing in spreading Japanese culture throughout the world, including animations, games, music, and movies. MINDOL hopes to regularly produce programs on TV. MINDOL’s central network, called eMINDOL, lets consumers purchase products, watch content, and even invest in the projects and artists they like.
Telegram, a popular desktop and mobile app messenger, recently executed an ICO, raising USD$1.7 billion. However, US-based cybersecurity startup Virgil Security, praised the fact that Telegram published the application’s API on an open source platform for developers to review, but has uncovered several security flaws with Telegram’s ID verification app Passport. Virgil discovered issues with their encryption methods and the way they protect stored data. These issues are very important to fix if Telegram wishes to begin accepting payments on its platform.
Coinbase, one of the world’s largest cryptocurrency trading services, has now allowed users in the UK to purchase cryptocurrencies with the British Pound. Before this announcement, users in the UK would have had to acquire Euros in order to purchase cryptos on Coinbase, which sometimes took multiple days.
The government of Queensland, Australia is giving USD$8.3mm to a crypto start-up as part of the state’s innovation funding initiative. The start-up’s goal is to increase the number of tourists to Central Queensland through selling travel offers based in different cryptocurrencies.
RandomCrypto, a fintech firm working with cryptocurrencies has released a Bitcoin (BTC) mining calculator, which improves upon the details given by competing products. Random Crypto CEO Josh Metnick says he developed this product after “many years of getting screwed… by mining companies,” and that his goal is to “bring more truth, accuracy, and transparency to [proof-of-work] mining.”1 The calculator shows that at today’s current BTC prices, most bitcoin mining hardware on the markets is unprofitable.
Chinese company Seven Stars Cloud, has announced plans to build a USD$300 million crypto hub in Hartford, CT. Seven Stars Cloud is a fintech company hoping to create a community for itself and other fintech firms to collaborate on machine-learning, robotics, and crypto-related projects. The firm is also trying to launch a fintech college at schools near Hartford, CT such as Yale University, University of Hartford, University of New Haven, and University of Connecticut.
Canaan Creative, the world’s second largest provider of Bitcoin mining components has announced a new product called the AvalonMiner Inside. The Avalon Miner Inside is essentially a television with built-in Bitcoin (BTC) mining capabilities. The TV will be powered by artificial intelligence and will also enable voice dictation. The mining components possess a 2.8 trillion hashes-per-second hash rate, and even includes a profitability calculator to measure performance.
Bitfi, a cryptocurrency hardware wallet manufacturer claiming it is “unhackable”, denies claims that it was hacked. Bitfi and its official partner John McAfee offered a $100,000 bug bounty in July to try to get people to hack its wallet. But when one twitter user claimed to have done this, Bitfi CEO Daniel Khesin denied these claims amid no evidence of a hack, and because of the fact that the “hacker” refused the bounty reward.
Switzerland-based cryptocurrency platform MCO has added Litecoin (LTC) to its supported coins. MCO enables users to purchase, sell, and trade cryptocurrencies from its mobile app. Formerly known as Monaco, MCO has amassed over 180,000 downloads, and expects to widen its user base as it adds more coins to its platform. This app will soon integrate with a Visa card allowing international purchases.
Hong Kong cryptocurrency exchange OKEx says it will have to claw back millions in USD$ following a single user’s large bet on bitcoin futures (the user lost “the bet”). Each futures contract has a notional value of $100, and OKEx estimate the total value of the position was over $400 million. OKEx initiated a forced liquidation of the account but because of the size, the exchange has had to trigger “societal loss risk management” mechanisms because of the size of the order. After insurance coverage is considered, the aggregate loss to investors is around BTC$1,200 (USD$8.8mm), which will "split proportionately by all profited traders' realized + unrealized gains".
Coinbase Commerce, Coinbase’s non-custodial merchant payment service, has launched a product integrating with e-commerce company WooCommerce. WooCommercie is currently used by between 21% and 28% of all web stores, and affiliated stores will now accept cryptocurrency payments from Coinbase Commerce users.
Miner Edge is a strategized, diversified and crowdfunded mining facility. We are building world's largest crowdfunded diverse portfolio cryptocurrency techno registered in Belarus and mining operations will be done in Manitoba Canada. With these favorable locations we are headed towards fully fledged mining sites across Canada. Our major sites have been setup in Alberta, Ontario, Newfoundland and Quebec. Miner Edge is utilizing pioneering technology in its operations, with multiple mining sites and pretty advanced technology, Miner Edge will be mining in five major cryptocurrencies that are Bitcoin, Litecoin, Dash, Ripple and Monero. Miner Edge is launching its ICO with huge benefits for investors and community members. The most notable of them are 9% (calculation based on 9000USD BTC rate) return of investment to token holders each month and 109% of the future revenues. This huge margin of profit sharing has never been proposed by any other organization before. Miner Edge believes in strengthening cryptocurrency by spreading its benefits among people. And our ICO will strengthen us to make our vision possible. Therefore, we encourage more & more investors to participate in this marathon. Highlights of Miner Edge Operations Green Electricity: All the locations chosen by Miner Edge offer cheap green electricity and abound in renewable energy. This very energy is consumed in all our units, ensuring low cost, green electricity supply at less than $0.04 - $0.06/kWh. Technology: Miner Edge is all geared up with avant-garde technology which will help us countering any contingencies. It will also help us to ensure maximum profitability. The wiring and cooling solutions that we have deployed will aid us in achieving the target. We also have plans to invest a certain amount from our revenue into the retrofitting of hardware. Diverse Portfolio: To make the maximum use of resources and gain utmost throughput, we will be mining in five major cryptocurrencies i.e. Bitcoin, Litecoin, Dash, Ripple and Monero. This diverse portfolio provides security in case of downtrend faced with one particular coin. Experience: We have a team of experienced and skilled professionals who have pulled off some of the toughest projects. This team consists of experts in every domain from Technology, Finance, Marketing, Real Estate and Operations. Location: Canada is the most preferred location of miners today and our mining operations are based in Manitoba, which is one of the most crypto-friendly cities in the world. With the energy rates between $0.04-$0.06/kWh, Manitoba is a crypto miner's haven. Manitoba is one of the coolest places in Canada which becomes an ideal destination for crypto mining, for the mining rigs generate extreme heat and need freezing temperatures to work properly. Tax-Free: Miner Edge is registered in Belarus which has legalized cryptocurrency. Belarus has also declared the crypto trades to be tax-free. Although, due to operations held in Canada, we become liable to Canadian government for payment of taxes and we will gratefully do so. About Miner Edge Miner Edge aims to grant investors an opportunity to become a part of the largest techno mining operation. We have acquired the acumen by using cutting edge technology and relatively low-cost Green Energy. We plan to distribute 75% of Miner Edge output to all MET token holders. We also intend to retrofit our facilities for which we are going to invest 25% of the proceeds back into the system. We take care of our community's investment by providing them with an income in ETH on monthly basis from the mining and hosting profits, taking foolproof security measures and maintaining transparency in divulging all the reports to them. Our highly skilled team has encouraged us to expand our operations and we are glad to broaden the MET community. Kucoin Binance Bit-Z Bibox Linkcoin Qryptos
12-04 11:13 - 'Have a Look at the Most Valuable Companies in Crypto Space' (self.Bitcoin) by /u/MonteCarloDEX removed from /r/Bitcoin within 465-475min
''' Many things have been said about the champions who have been at the forefront of making things happen in the crypto space but not much has been known about them. The list below and the descriptions indicate the biggest companies in the industry not only by valuation and capitalization but also by goodwill and corporate presence both online and offline as well. They shall be listed in no particular order of preference.
Ripple (Valuation of about $5 Billion)
Many people have heard one way or the other about [Ripple Labs Inc]1. It is widely associated with the now popular [XRP]2token as it uses this coin in its solutions. Ripple Labs owns and runs RipppleNet. Driven by what is referred to as the Ripple Protocol Consensus Algorithm (RPCA), RippleNet is used for all kinds of transactions between financial institutions but with the introduction of new tools different kinds of platforms will be able to run off it making Ripple be not only the darling of the financial services sector but also to be one of the cryptocurrency companies to watch out for come next year. Ripple has been [tipped]3to be worth about $5 billion.
Circle (about $3 Billion)
While [Circle]4is quite popular these days with its hands in many pies in the crypto space, this cryptocurrency unicorn started out as a service where you could buy [Bitcoin]5with credit card and has grown to be one of the most dynamic organizations out there also with its own stablecoin USDcoin which is tied to the United States Dollar. Sources indicate that Circle achieved its $3 billion valuation after a funding round of about $100 million last year.
Bitmain (about $12 Billion)
Now everyone knows that [Bitmain]6is by far the largest cryptocurrency corporate organization by sheer size and valuation. Owning the world’s largest cryptocurrency mining facilities and being a major hardware manufacturer of cryptocurrency mining equipment, Bitmain has overtaken just about everyone else to be at the top when it comes to valuations. This does not mean however that it hasn’t had its share of corporate issues. Sources [estimated]7last year that the total valuation of Bitmain stood at $12 billion.
Binance (about $2 Billion)
[Binance]8is quite popular in the crypto space as it is one of the most popular cryptocurrency exchanges at the moment. Its premier position in terms of trading volume (as the second largest) has only made it more obvious that it holds the top spot in the hearts and minds of many within the industry.Apart from trading cryptocurrencies, Binance is also known for other products such as [Binance Coin]9and its decentralized trading blockchain Binance Chain. CEO Changpeng “CZ” Zhao has [indicated]10that Binance is worth at least $ 2 billion or more.
Canaan Creative (about $2 Billion)
While maybe not many new people know about this particular cryptocurrency mining company, Canaan Creative is also one of the leaders when it comes to cryptocurrency mining. Even though the company itself hasn’t been dong well as of late, it is still punching above its weight when it comes to having superstar status. Reports have it that the recent [IPO]11places it at a little over $ 2 billion.
Coinbase (about $8 Billion)
We all know [Coinbase]12and its cryptocurrency exchange platform were one way or the other going to be on the list. With other products such as the recently introduced Coinbase Prime, Coinbase Custody and even Coinbase Commerce, Coinbase is indeed on a curve to grow exponentially. So much so that the cryptocurrency exchange put its [valuation]13at $8 billion last year after finishing its series E round of financing.
BitMEX (around $3 Billion)
With an innovative cryptocurrency trading platform that offers more than the usual trading of cryptocurrencies ( futures and perpetual contracts as well), [BitMEX]14enables traders to use the necessary leverage to enhance the potential for profit as well. Reports [indicate]15that BitMEX is worth $3.6 billion from last year although other reports contradict this and put the valuation at around $1 billion.
Robinhood (about $7 Billion)
[Robinhood]16has created a more centrist appeal than many other cryptocurrency trading platforms. This has led to its massive success as its main focus are the millennials. Robinhood took off in the beginning as a fee-free stock trading platform. Its valuation at around $7 billion was [reported]17earlier this year and this, of course, makes it be a force to be reckoned within the industry.
Block.One (around $3 Billion)
[Block.One]18has been one of those organizations that have scaled through all the odds when it comes to corporate-startup challenges. Being a contender for the throne of king of Decentralized Applications, Block.One it has been [reported]19has a valuation of about $3 billion with a significant majority of its holdings in fiat assets surprisingly for a company that rules its share of the crypto space.
Kraken (about $4 Billion)
[Kraken]20is one of the premier cryptocurrency exchanges. This goes without saying that the recent [acquisition]21of a futures trading platform and the closing of its last [funding round]22to the tune of $13 million had quite a bit to do with its recent $ 4 billion valuation. It has, of course, raised the bar for the cryptocurrency trading platform whose future had reportedly been in the doldrums prior to the acquisition and new funding round.
Is It All about Money?
While the performance of the companies is as important as the reason that they were set up or are operational in the first place, the basic reason for the consideration of the most valued companies in terms of valuation is to gauge the health of the corporate actors currently on the big stage within the crypto space. This also indicates the direction that the sphere is going in; the direction of greater adoption and inclusion in normal day-to-day events. One thing is certain from the above: a new industry has been born and those who can catch the “crypto-fire” may one day be also among these above-listed companies as many others are in fierce pursuit of being unicorns themselves. ''' Have a Look at the Most Valuable Companies in Crypto Space Go1dfish undelete link unreddit undelete link Author: MonteCarloDEX 1: *ww*coi*s*ea*e*.*o**organi**tions*ripple-labs/ 2: w***coi*spe*ker.com/coi***xrp/ 3: *w**forbes.com/*ites/*ic***ldelcast*ll*/2018/0*/04/rip*le*-tril*ion-*o**a**ma*/ 4: www.**inspeaker.com/orga**z*tion**ci**l*/ 5: w**.coinspe*ker**o*/c*in*/bitcoin/ 6: w*w.coi*s*eaker.com**r*a*i*ation*/bitm*in/ 7: w**.caixinglobal.com/20*8-06-***crypto-c****czars**e*rc*-*or*ai-pow*red-future-10*27***4*htm* 8: **w.c*inspe*k*r.com/org*n*zations/bi**n*e/ 9: *w*.coinspeak*r.*om*coins*bi*ance**oi*/ 10: fork***.me*ia/ex*lus*v*-cz-bina*ce-on-***-**a*t*-values-russia-*nd-chi*a* 11: **w.c**nspeake*.co*/ca*aan-raise*90*mi**ion-i*o/ 12: ww*.*oins*eak*r.*o*/orga*i*ations*c**nbase/ 13: bl**.coinbas*.com/*o*nba*e-raises*serie*-e-*o*n*-o*-fin*nci**-to-***el**at*-th*-adop***n-of-c*yptocurren*ies-1ad92*46*81* 14: www.*oinspeaker.c****r*aniz*ti*ns/bitme** 15: www.th**i*es***.u*/**t*cle/wheres-*al*et-c*n-*o*-spot-ben-delo*the-*ks-*i*st*bitco*n*billion*ire-llp**k2r* 16: ww*.coi*s*eaker*c*m*org*n*zati*ns/rob*nho*d/ 17: www.theinf*rmati*n*com/*r*icle**robinh*od-*e*rs-f**ding-*t-*alua*ion*o*er-7-***lio* 18: *w*.c*inspeaker.c*m*tag*bl*ck-o*e/ 19: www.bl*omb*r*.com/new*/articles/**1*-****2/thiel-b*ck*d****pto-startup*pay*-out*6-567-*et*r* 20: **w.**in*p*aker*com/organiz**ion*/kraken/ 21: www.coi*s*e*ke*.*om/k*aken-cry*to*facili*ie*-s*o*-f*tu*es/ 22: w*w.co*n*peak*r*c*m/krakens-f*n*ing*valu*tion-*-bi**i*n/ Unknown links are censored to prevent spreading illicit content.
I wrote a 30,000 ft. "executive summary" intro document for cryptos. Not for you, for your non-technical parents or friends.
This document was originally written for my dad, an intelligent guy who was utterly baffled about the cryptocurrency world. The aim was to be extremely concise, giving a broad overview of the industry and some popular coins while staying non-technical. For many of you there will be nothing new here, but recognize that you are in the 0.001% of the population heavily into crypto technology. I've reproduced it for Reddit below, or you can find the original post here on my website. Download the PDF there or hit the direct link: .PDF version. Donations happily accepted:
This document is purely informational. At the time of writing there are over 1000 cryptocurrencies (“cryptos”) in a highly volatile, high risk market. Many of the smaller “altcoins” require significant technical knowledge to store and transact safely. I advise you to carefully scrutinize each crypto’s flavor of blockchain, potential utility, team of developers, and guiding philosophy, before making any investment  decisions. With that out of the way, what follows are brief, extremely high-level summaries of some cryptos which have my interest, listed in current market cap order. But first, some info: Each crypto is a different implementation of a blockchain network. Originally developed as decentralized digital cash, these technologies have evolved into much broader platforms, powering the future of decentralized applications across every industry in the global economy. Without getting into the weeds,  most cryptos work on similar principles: Distributed Ledgers Each node on a blockchain network has a copy of every transaction, which enables a network of trust that eliminates fraud.  Decentralized “Miners” comprise the infrastructure of a blockchain network.  They are monetarily incentivized to add computing power to the network, simultaneously securing and processing each transaction.  Peer-to-peer Cryptos act like digital cash-- they require no third party to transact and are relatively untraceable. Unlike cash, you can back them up. Global Transactions are processed cheaply and instantly, anywhere on Earth. Using cryptos, an African peasant and a San Francisco engineer have the same access to capital, markets, and network services. Secure Blockchains are predicated on the same cryptographic technology that secures your sensitive data and government secrets. They have passed seven years of real-world penetration testing with no failures. 
The first cryptocurrency. As with first movers in any technology, there are associated pros and cons. Bitcoin has by far the strongest brand recognition and deepest market penetration, and it is the only crypto which can be used directly as a currency at over 100,000 physical and web stores around the world. In Venezuela and Zimbabwe, where geopolitical events have created hyperinflation in the centralized fiat currency, citizens have moved to Bitcoin as a de facto transaction standard.  However, Bitcoin unveiled a number of issues that have been solved by subsequent cryptos. It is experiencing significant scaling issues, resulting in high fees and long confirmation times. The argument over potential solutions created a rift in the Bitcoin developer community, who “forked” the network into two separate blockchains amidst drama and politicking in October 2017. Potential solutions to these issues abound, with some already in place, and others nearing deployment. Bitcoin currently has the highest market cap, and since it is easy to buy with fiat currency, the price of many smaller cryptos (“altcoins”) are loosely pegged to its price. This will change in the coming year(s).
Where Bitcoin is a currency, Ethereum is a platform, designed as a foundational protocol on which to develop decentralized applications (“Dapps”). Anyone can write code and deploy their program on the global network for extremely low fees. Just like Twitter wouldn’t exist without the open platform of the internet, the next world-changing Dapp can’t exist without Ethereum. CurrentDapps include a global market for idle computing power and storage, peer-to-peer real estate transactions (no trusted third party for escrow), identity networks for governments and corporations (think digital Social Security card), and monetization strategies for the internet which replace advertising. Think back 10 years to the advent of smartphones, and then to our culture today-- Ethereum could have a similar network effect on humanity. Ethereum is currently the #2 market cap crypto below Bitcoin, and many believe it will surpass it in 2018. It has a large, active group of developers working to solve scaling issues,  maintain security, and create entirely new programming conventions. If successful, platforms like Ethereum may well be the foundation of the decentralized internet of the future.
Ripple is significantly more centralized than most crypto networks, designed as a backbone for the global banking and financial technology (“fintech”) industries. It is a network for exchanging between fiat currencies and other asset classes instantly and cheaply, especially when transacting cross-border and between separate institutions. It uses large banks and remittance companies as “anchors” to allow trading between any asset on the network, and big names like Bank of America, American Express, RBC, and UBS are partners. The utility of this network is global and massive in scale. It is extremely important to note that not all cryptos have the same number of tokens. Ripple has 100 Billion tokens compared to Bitcoin’s 21 Million. Do not directly compare price between cryptos. XRP will likely never reach $1k,  but the price will rise commensurate with its utility as a financial tool. In some sense, Ripple is anathema to the original philosophical vision of this technology space. And while I agree with the cyberpunk notion of decentralized currencies, separation of money and state, this is the natural progression of the crypto world. The internet was an incredible decentralized wild west of Usenet groups and listservs before Eternal September and the dot-com boom, but its maturation affected every part of global society.
Cardano’s main claim to fame: it is the only crypto developed using academic methodologies by a global collective of engineers and researchers, built on a foundation of industry-leading, peer-reviewed cryptographic research. The network was designed from first-principles to allow scalability, system upgrades, and to balance the privacy of its users with the security needs of regulators. One part of this ecosystem is the Cardano Foundation, a Swiss non-profit founded to work proactively with governments and regulatory bodies to institute legal frameworks around the crypto industry. Detractors of Cardano claim that it doesn’t do anything innovative, but supporters see the academic backing and focus on regulation development as uniquely valuable.
Stellar Lumens (XLM)
Stellar Lumens and Ripple were founded by the same person. They initially shared the same code, but today the two are distinct in their technical back-end as well as their guiding philosophy and development goals. Ripple is closed-source, for-profit, deflationary, and intended for use by large financial institutions. Stellar is open-source, non-profit, inflationary, and intended to promote international wealth distribution. As such, they are not direct competitors. IBM is a major partner to Stellar. Their network is already processing live transactions in 12 currency corridors across the South Pacific, with plans to process 60% of all cross-border payments in the South Pacific’s retail foreign exchange corridor by Q2 2018. Beyond its utility as a financial tool, the Stellar network may become a competitor to Ethereum as a platform for application development and Initial Coin Offerings (“ICOs”). The theoretical maximum throughput for the network is higher, and it takes less computational power to run. The Stellar development team is highly active, has written extensive documentation for third-party developers, and has an impressive list of advisors, including Patrick Collison (Stripe), Sam Altman (Y Combinator), and other giants in the software development community.
Iota was developed as the infrastructure backbone for the Internet of Things (IoT), sometimes called the machine economy. As the world of inanimate objects is networked together, their need to communicate grows exponentially. Fridges, thermostats, self-driving cars, printers, planes, and industrial sensors all need a secure protocol with which to transact information. Iota uses a “Tangle” instead of a traditional blockchain, and this is the main innovation driving the crypto’s value. Each device that sends a transaction confirms two other transactions in the Tanlge. This removes the need for miners, and enables unique features like zero fees and infinite scalability. The supply of tokens is fixed forever at 2.8*1015, a staggeringly large number (almost three thousand trillion), and the price you see reported is technically “MIOT”, or the price for a million tokens.
The most successful privacy-focused cryptocurrency. In Bitcoin and most other cryptos, anyone can examine the public ledger and trace specific coins through the network. If your identity can be attached to a public address on that network, an accurate picture of your transaction history can be built-- who, what, and when. Monero builds anonymity into the system using strong cryptographic principles, which makes it functionally impossible to trace coins,  attach names to wallets, or extract metadata from transactions. The development team actively publishes in the cryptography research community. Anonymous transactions are not new-- we call it cash. Only in the past two decades has anonymity grown scarce in the first-world with the rise of credit cards and ubiquitous digital records. Personal data is becoming the most valuable resource on Earth, and there are many legitimate reasons for law-abiding citizens to want digital privacy, but it is true that with anonymity comes bad actors-- Monero is the currency of choice for the majority of black market (“darknet”) transactions. Similarly, US Dollars are the main vehicle for the $320B annual drug trade. An investment here should be based on the underlying cryptographic research and technology behind this coin, as well as competitors like Zcash. 
Zero fees and instantaneous transfer make RaiBlocks extremely attractive for exchange of value, in many senses outperforming Bitcoin at its original intended purpose. This crypto has seen an explosion in price and exposure over the past month, and it may become the network of choice for transferring value within and between crypto exchanges. Just in the first week of 2018: the CEO of Ledger (makers of the most popular hardware wallet on the market) waived the $50k code review fee to get RaiBlocks on his product, and XRB got listed on Binance and Kucoin, two of the largest altcoin exchanges globally. This is one to watch for 2018. 
Developed as a single answer to the problem of supply-chain logistics, VeChain is knocking on the door of a fast-growing $8 trillion industry. Every shipping container and packaged product in the world requires constant tracking and verification. A smart economy for logistics built on the blockchain promises greater efficiency and lower cost through the entire process flow. Don’t take my word for it-- VeChain has investment from PwC (5th largest US corporation), Groupe Renault, Kuehne & Nagel (world’s largest freight company), and DIG (China’s largest wine importer). The Chinese government has mandated VeChain to serve as blockchain technology partner to the city of Gui’an, a special economic zone and testbed for China’s smart city of the future. This crypto has some of the strongest commercial partnerships in the industry, and a large active development team.
“Investment” is a misnomer. Cryptos are traded like securities, but grant you no equity (like trading currency).
It is impossible to double-spend or create a fake transaction, as each ledger is confirmed against every other ledger.
Some utility token blockchains use DAG networks or similar non-linear networks which don’t require mining.
In practice, these are giant warehouses full of specialized computers constantly processing transactions. Miners locate to the cheapest electricity source, and the bulk of mining currently occurs in China.
Centralized second-layer exchange websites have been hacked, but the core technology is untouched.
Hashrate: went from 54 to 76 PH/s, the low was 50 and the new all-time high is 100 PH/s. BeePool share rose to ~50% while F2Pool shrank to 30%, followed by coinmine.pl at 5% and Luxor at 3%. Staking: 30-day average ticket price is 95.6 DCR (+3.0) as of Sep 3. During the month, ticket price fluctuated between a low of 92.2 and high of 100.5 DCR. Locked DCR represented between 3.8 and 3.9 million or 46.3-46.9% of the supply. Nodes: there are 217 public listening and 281 normal nodes per dcred.eu. Version distribution: 2% at v1.4.0(pre) (dev builds), 5% on v1.3.0 (RC1), 62% on v1.2.0 (-5%), 22% on v1.1.2 (-2%), 6% on v1.1.0 (-1%). Almost 69% of nodes are v.1.2.0 and higher and support client filters. Data snapshot of Aug 31.
Obelisk posted 3 email updates in August. DCR1 units are reportedly shipping with 1 TH/s hashrate and will be upgraded with firmware to 1.5 TH/s. Batch 1 customers will receive compensation for missed shipment dates, but only after Batch 5 ships. Batch 2-5 customers will be receiving the updated slim design. Innosilicon announced the new D9+ DecredMaster: 2.8 TH/s at 1,230 W priced $1,499. Specified shipping date was Aug 10-15. FFMiner DS19 claims 3.1 TH/s for Blake256R14 at 680 W and simultaneously 1.55 TH/s for Blake2B at 410 W, the price is $1,299. Shipping Aug 20-25. Another newly noticed miner offer is this unit that does 46 TH/s at 2,150 W at the price of $4,720. It is shipping Nov 2018 and the stats look very close to Pangolin Whatsminer DCR (which has now a page on asicminervalue).
www.d1pool.com joined the list of stakepools for a total of 16. Australian CoinTreeadded DCR trading. The platform supports fiat, there are some limitations during the upgrade to a new system but also no fees in the "Early access mode". On a related note, CoinTree is working on a feature to pay household bills with cryptocurrencies it supports. Three new OTC desks were added to exchanges page at decred.org. Two mobile wallets integrated Decred:
Coinomiadded Decred to their Android and iOS wallets. In addition to the Apple App Store and Google Play you can download the APK directly. Coinomi features an integrated cryptocurrency exchange and is the first company to offer a mobile Decred wallet.
Reminder: do your best to understand the security and privacy model before using any wallet software. Points to consider: who controls the seed, does the wallet talk to the nodes directly or via middlemen, is it open source or not?
Bit Dialsannounced DCR support via GloBee at their bitdials.eu luxury boutique. Their separate supercar and classic car shop bitcars.eu also accepts DCR, either via GloBee or with manual invoicing in case of privacy concerns.
Targeted advertising report for August was posted by @timhebel. Facebook appeal is pending, some Google and Twitter campaigns were paused and some updated. Read more here. Contribution to the @decredproject Twitter account has evolved over the past few months. A #twitter_ops channel is being used on Matrix to collaboratively draft and execute project account tweets (including retweets). Anyone with an interest in contributing to the Twitter account can ask for an invitation to the channel and can start contributing content and ideas there for evaluation by the Twitter group. As a result, no minority or unilateral veto over tweets is possible. (from GitHub)
Meetup in Puebla City, Mexico, organized by @elian. (photo, slides, missed in July issue)
@joshuam discussed Decred and decentralized organizations with Craig Laundy, Federal Minister for Small Business, the Workplace, and Deregulation with the Australian Government, at @YBFVentures. (photos)
Meetup at @TheBlockCafe in Lisbon, Portugal. @mm presented "Decred 101 - Governance with Skin in the Game" and @moo31337 talked about Decred's 2018 roadmap. (photos: 123)
Meetup in Taipei, Taiwan. @morphymore made a short intro of Decred and noted: "After the talk, many have approached to tell me that they literally don’t hear of Decred until today, and are interested in finding out more about the merit of a hybrid consensus system.". Longer report here, some photos and a video are here.
@eSizeDave introduced Decred to the SILC Undergraduate Program students at @YBFVentures. (photo)
OKEx Global Meetup Tour in Ho Chi Minh City, Vietnam. @joshuam gave a brief presentation covering the history of Decred, how the project functions, and the importance of governance. Afterwards he joined a panel discussion and spoke about Decred's incentives for long term viability. (video, video, photo)
Blockchain Futurist Conference in Toronto, Canada. @zubairzia0 noted: "Devs and the community were held in high regard for the people who knew about decred ... one positive thing I remember was someone defending us saying 'Decred does not need a booth', I believe that comment was reflective of the quality of projects being showcased at the conference.". (photo)
Meetup at @YBFVentures in Melbourne, Australia. @joshuam discussed Decred with Graham Stuart, U.K. Minister for International Trade. (news, photos)
Small meetup with Jackson Palmer in Melbourne, Australia. (photo)
Hawthorne Street Fair in Portland, USA. Raedah Group was out answering questions about crypto and Decred. (photos)
Blockchain APAC in Melbourne, Australia. @joshuam joined a panel discussion with reps from banking, university and ISO/TC 307. @eSizeDave reports: "This enterprise conference was indeed a whole lot better than I expected. The presentations were actually full of very worthwhile information from credible people, articulated aptly to a very government, academic, and corporate crowd, who genuinely took on board valuable insights. Good to know some of these key people are Decred holders and stakers as well. I got to use the entire day to speak directly with some of the most pivotal personalities in this particular populace. Ongoing relationships have been built and strengthened.". (photos: 123)
For those willing to help with the events:
BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning) The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)
One private work channel was successfully migrated to Matrix.
Stylish room avatars were set.
@Haon has prepared a short guide to help new Matrix users get started and join the Decred rooms.
A thread was started to discuss changes to Decred jargon with the intent to make it more consistent and accessible to newcomers. The question whether changing "official" terminology requires stakeholder approval was touched in this thread and in #documentation.
Project fund transparency and constitution were extensively discussed on Reddit and in #general.
Pre-proposal to use Politeia to approve Politeia as a legitimate decision-making tool for Decred.
Reddit: substantive discussion about Decred cons; ecosystem fund; a thread about voter engagement, Politeia UX and trolling; idea of a social media system for Decred by @michae2xl; how profitable is the Obelisk DCR1. Chats: cross-chain trading via LN; plans for contractor management system, lower-level decision making and contractor privacy vs transparency for stakeholders; measuring dev activity; what if the network stalls, multiple implementations of Decred for more resilience, long term vision behind those extensive tests and accurate comments in the codebase; ideas for process for policy documents, hosting them in Pi and approving with ticket voting; about SPV wallet disk size, how compact filters work; odds of a wallet fetching a wrong block in SPV; new module system in Go; security of allowing Android app backups; why PoW algo change proposal must be specified in great detail; thoughts about NIPoPoWs and SPV; prerequisites for shipping SPV by default (continued); Decred vs Dash treasury and marketing expenses, spending other people's money; why Decred should not invade a country, DAO and nation states, entangling with nation state is poor resource allocation; how winning tickets are determined and attack vectors; Politeia proposal moderation, contractor clearance, the scale of proposals and decision delegation, initial Politeia vote to approve Politeia itself; chat systems, Matrix/Slack/Discord/RocketChat/Keybase (continued); overview of Korean exchanges; no breaking changes in vgo; why project fund burn rate must keep low; asymptotic behavior of Decred and other ccs, tail emission; count of full nodes and incentives to run them; Politeia proposal translations and multilingual environment. An unusual event was the chat about double negatives and other oddities in languages in #trading.
DCR started the month at USD 56 / BTC 0.0073 and had a two week decline. On Aug 14 the whole market took a huge drop and briefly went below USD 200 billion. Bitcoin went below USD 6,000 and top 100 cryptos lost 5-30%. The lowest point coincided with Bitcoin dominance peak at 54.5%. On that day Decred dived -17% and reached the bottom of USD 32 / BTC 0.00537. Since then it went sideways in the USD 35-45 / BTC 0.0054-0.0064 range. Around Aug 24, Huobi showed DCR trading volume above USD 5M and this coincided with a minor recovery. @ImacallyouJawdy posted some creative analysis based on ticket data.
StopAndDecrypt published an extensive article "ASIC Resistance is Nothing but a Blockchain Buzzword" that is much in line with Decred's stance on ASICs. The ongoing debates about the possible Sia fork yet again demonstrate the importance of a robust dispute resolution mechanism. Also, we are lucky to have the treasury. Mark B Lundeberg, who found a vulnerability in atomicswap earlier, published a concept of more private peer-to-peer atomic swaps. (missed in July issue) Medium took a cautious stance on cryptocurrencies and triggered at least one project to migrate to Ghost (that same project previously migrated away from Slack). Regulation: Vietnam bans mining equipment imports, China halts crypto events and tightens control of crypto chat groups. Reddit was hacked by intercepting 2FA codes sent via SMS. The announcement explains the impact. Yet another data breach suggests to think twice before sharing any data with any company and shift to more secure authentication systems. Intel and x86 dumpsterfire keeps burning brighter. Seek more secure hardware and operating systems for your coins. Finally, unrelated to Decred but good for a laugh: yetanotherico.com.
About This Issue
This is the 5th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are welcome too. Some areas are collecting content, pre-release review or translations to other languages. Check out @Richard-Red's guide how to contribute to Decred using GitHub without writing code. Credits (Slack names, alphabetical order): bee, Haon, jazzah, Richard-Red and thedecreddigest.
We would like to thank Qudem for inviting us and hosting this AMA session and community for asking such interesting and high-qualify questions! See full review in our Blog 1. The price of your token continues to go down. What factors do you think influence it and what’s your strategy to keep holding communities attention? 2. Could you share more details about the marketplace you are working on? When is it going to be launched, what products will be there, etc? 3. When will you share the progress made so far with your announced partners? For now the crypto market is a highly speculative market and the token price almost has nothing to do the projects’ progress for most of the projects. IoTeX is such an ambitious project that our goal is to change how the physical world works with the blockchain world and not a lot people can understand our vision and hold the belief of it. So it is not a surprise to me that speculative investors come and go rather than hodl. But I see more and more long term believers are joining us recently, no matter through investment, development and other forms of ways to work with us, which is super encouraging! In addition, it seems like we are in the initial phase of another bull run for the entire crypto market and usually bitcoin is taking the lead but more attention will be shifted to other projects once bitcoin finished its sprint. We have more focus on the underlying privacy/TEE technologies as for now which is innovative, unprecedented and not easy. Once the underlying hardware/protocol is stylized, we will kick off trusted data marketplace project. For partnering with other projects and companies, we are selective because we want to work with our partners seriously rather than for PR purposes. We are working with many projects such as Chainlink (we announced the partnership yesterday), Neutral dollar (stablecoin), Celer (l2 scaling), Harmony (zkp projects) and many other companies from the traditional world. As great and solid progress is made, we will make official announcements. 1. How many nodes do you have ? How many token do you need to run a node? And what are the rewards? 2. “IoTeX and Lineable hope to connect 1,000,000+ Lineable devices to the IoTeX blockchain in 2019.” What is the status thereof? I assume you mean delegate nodes — globally we have ~60 delegates on-board and the top 36 of them are serving the network by producing and validating blocks. We specifically designed the low entry barrier for delegate candidates — one has to stake down 1.2M IOTX and get another 0.8M IOTX from others (including oneself) to be eligible as a delegate candidate. Check out the reward details here; my impression is that the annual return is 10% — 15%. Lineable project is going well. They will host their chain (for orchestrating lora gateways) within IoTeX network. We are kind of slow on the development of subchain SDK given other priorities; and we are actively staffing the team to have more hands working on the subchain SDK. “How did you survive during a long bear market? What difficulties, if any, have been encountered in this period?” What has been the biggest technical challenge that you overcame this year? And what from your pov is the biggest one to come , this year and beyond? Do you see IoTeX having a role in home surveillance and home automation some day — and of what kind? To be honest, I don’t have a strong feeling about the bear market in the past year since we have been so focused on building things :) I am an early bitcoin investor and user and tell me about the bear markets — bitcoin has been through many much tougher market situations and it is true that a blockchain project (including its token) becomes valuable only after being through tough times! In terms of the technical challenge, it is an interesting topic. We used to have lots of internal discussions around the technical roadmap — opinion 1 is to develop a useful blockchain by focusing more on the application/user-facing features while option 2 is to focus on the moonshot features which will likely not useful in the near term but important for the future. Both of them are legit and great. I would think option 1 may partly because the aforementioned “bear market” made people more realistic and desperately want a landing case for blockchain. Still, we decide to go for option 2 since we are an ambitious project for changing the world. The biggest one to come this year and beyond is decentralization — I feel like the industry focus is slightly off the right track as it puts too much attention on scalability technologies such as sharding — for which I think it is totally wrong. The blockchain is only valuable cuz it provides low-cost trust which roots in the decentralization. If one wants a fast system, there are many such as cassandra and kafka. Blockchain is not meant to be fast, at least the layer 1 chain. Yes! Device identity and trusted data are the two concrete things we are working on rewarding IoT+blockchain. We have quite a few inbound requests from home surveillance manufacturers and companies around these two. Can you explain better so that the token is used IoTeX Foundation and Ecosystem? Could you update the amount of available foundation and Ecosystem tokens? Why are not the foundation and Ecosystem tokens used for new associations? Any explanation of the current status of the iotex project? Do you plan to sell OTC iotex tokens? In that case, what provision of tokens are available for sale. Why is not iotex published in more media crypto and YouTubers? What idea of expansion is there currently, globally, which countries are you most interested in? How many fairs of iot and crypto do you plan to go to in 2019 and 2020? How many companies have contacted you interested in security iot? How many staff resources do you currently have? How much available capital is there for the project? People are procured with the alts, in what position do you think is iotex as a project, from 1 to 10? Why do you think iotex is better than similar projects? Do you have a board of directors, how often do you meet? Early stage venture capital investors, is there any of them that joins the board of directors and decisions? How can big investors contribute to iotex? He thinks it would be interesting to buy more tokens from venture capital investors. Do you communicate with new venture capitalists and other iot companies to buy iotex tokens? Thanks for such a list of thorough questions. The Binance Research Report will have some concrete numbers for some of the questions here; let me address them from a high level. IOTX is used for governance (through staking/voting), utility (like gas in Ethereum) and operating of subchains in IoTeX Network. Please see the Binance Report for concrete numbers of tokens allocation. One change we made recently is to distribute last trance of the private-sale tokens in July (which is already done) according to http://member.iotex.io/polls. Otherwise, everything else stays the same. Foundation and ecosystem tokens will be used for incubating new projects/initiatives on top of IoTeX network. We received some ideas and applications already and are selecting which are the ones we want to start with. We have no plans to sell IOTX via OTC. Any interested investors can buy from the secondary market. We are focusing on building :) As the project gets more well-established, we are talking about ourselves more on media, conferences and etc.. We already have enough number of inbound queries from IoT companies to start with. We are a team of 30+ people and most of us are engineers and scientists. For procuring of tokens, I cannot give financial advice. IoTeX has an ambitious vision and solid execution, it is a great project. We have few advisors from IoT industry, academia and venture side, and we meet roughly once a month. We are open to strategic investors especially the ones coming with industry resources. We are working with some of them but cannot disclose the details for now. What role do you think IOTEX will play in making blockchain highly adaptable in the worldwide stage? IoTeX’s role is clear — it connects the physical world and the blockchain world by leveraging the machines/devices and things. To make it highly adaptable, IoTeX has this blockchains-in-blockchain structure that we encourage applications/scenarios to have their specific subchains that acting like adapters to specific verticals. It is interesting to see that Polkadot adopts similar designs which they call parachains. Where do you and the team see the world of blockchain being in years to come, and how will $vita change the landscape of the cryptocurrency space in years to come? What do you think is the biggest problem Team will solve that no other project is solving now, and why is the problem important to solve? Connecting the physical world with the blockchain world is a huge trend in the next 5 years. VITA’s mission is to engage the community and make crypto super easy to use for normal people in this world, so it is another way to connect the physical world with the blockchain world. The important problem is “how to connect physical and blockchain worlds”. This is super important: 1. The physical world needs a parallel virtual world to enable programmability and automation for lots of things; 2. The blockchain world needs to have an impact on physical world to demonstrate its value and generate revenue potentially. There are very few projects working on this now, e.g., chainlink takes a great first step on this. IoTeX continuously pushing this forward. When you look back to the day you guys started IoTeX, are you guys satisfied with the progress you have made? When you say IoTeX is a truly private blockchain, how do you think it is better than other private blockchain implementations in the industry? I am super impressed by the progress of the team — we started with three co founders and we now have 30 employees all over the world and ~100K people in our community in 18 months; we started with a whitepaper and now we have a decentralized, stable and performant public blockchain already processed 1million transactions and every line of code of this blockchain is written by us, no fork, no clone. IoTeX project has been highly recognized in the industry by top exchanges, top institutional investors and top companies in internet and IoT industry. Very different. If you look at the privacy-focused blockchains as Monero, Zcash and Grin — they are all slow, hard to use (like in Grin, sender and receiver should cosign a message before transferring coins) and has limited privacy (like monero has limited anonymity set). Most importantly, they set a high bar for developers and users to embrace this privacy technology. What we want is to set a privacy-preserving enabled platform so users and developers can enjoy using it without hassling with the hardcore techniques underlying. Also compared to ZKP, ring-sig approaches, our TEE-based approach provides faster and easier user experience. What killer features has IoTeX that are ahead of the competition and how does IOTEX intend to open up the technology to the community and to researchers so it can be continuously improved on? In short, PoS-based decentralization and TEE-based trusted computing are the two killer features of IoTeX. The former one is in production, and we are welcome anyone to join our Delegate Program! The second one is still under R&D stage and we will gradually open to the community once features are stabilized. Is it possible to introduce such an option as re-delegation of profit (type of reinvestment) so that the coins are not sent to the delegate’s purse but are automatically delegated, implementing the concept of compound interest. Hah, this is the second time I received such a requirement! This is something definitely technically feasible and let me pass this back to my PM as they are building an auto reward-distribution service for all delegates and this could be one fancy feature. 1. Do you guys worry when the price of your token goes down in the market and try something to bring it up? 2. Why did you made the Vita token pre-mined? 3. Do you believe adding Blockfolio, Citex as delegates will benefit Iotex in the long run? A little bit since we do not let our supporters suffer; but not too much since we know it will pick up in the near future. Basically to me, the “blue chip” age in the crypto market is coming or already came. Great projects with an ambitious vision and solid execution are getting more attention from the market. VITA is not pre-mined, as the purpose is to create a fair token for everyone to enjoy. We have no intention to do fundraising using it. Yes, if you look at our delegates they are really coming from different sectors — community/media, tech, investors, exchanges/wallets, developers, ambassadors. All of them are contributing and make IoTeX a prosperous ecosystem! Check to see who they are I saw that IoTeX is currently holding its first network-wide vote via smart contract. Why is such community engagement important for IoTeX and what role will this type of voting play going forward? What kind of decisions do you think is important from IoTeX to put to the community? Great question. Decentralization is the soul of a blockchain. Every shareholder’s opinion is important to us! We will have more voting events like this regarding how to grow tech, community, token economics and etc.. What’s your outlook on the future of cryptocurrencies? What can we do to keep increasing adoption? We long both crypto and the world! We identify ourselves as the connector of the physical world and blockchain world, which will have massive adoption. Can you explain why IoTeX is unique and how you expand your project? IoTeX’s role is clear — it connects the physical world and the blockchain world by leveraging the machines/devices and things. PoS-based decentralization and TEE-based trusted computing are the two killer features of IoTeX. What other platforms (if any) are you and your team working on to expand blockchain development and technologies? We are exclusively focused on IoTeX Network for now but we use different techniques/tools to make it better such as graphql, typescript, tee and etc.. Hello, I’m just a newbie in this current new world, what’s your plan to expand/grab knowledge about cryptocurrency especially for IOTEX project? docs.iotex.io is definitely a great place to start. We will also launch our codelabs in a few weeks which would be a great place for starters. You can also check out lots of useful resources here https://www.iotex.io/community-resources How do you see the project develop in 3–5 years from now, both business wise & company wise? What are the plans to expand in different regions? Will you outsource the team/skills or keep it centralized and set up offices? The past 18 months is a great start for the project and we are working even harder since then. This year we aim to finish most of the tech foundation (blockchain + trusted computing); 2020 will be one year we focus on some use cases — device identity, trusted collecting of IoT data, trusted storage of data and compute. Second half of 2020, we will focus on commercialization of such as the data marketplace on top of our technologies. In terms of where to start, we found out that Asian and Europe are most passionate about IoT that’s where we will likely to push first. Decentralization is the soul of the blockchain, both at operation level (e.g., delegates) and organization level (e.g., diversified team and decentralized offices). We are always trying to make IoTeX more decentralized and we would love to have believers to join us no matter from where! Why iotx doesnt spend more time to promote more news about the project? We are focusing on building :) As the project gets more well-established, we are talking about ourselves more.
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Cryptocurrency Mining 2019 Profitability October Update
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