Thank you for participating in the AMA session with Pundi X co-founder and CEO Zac Cheah.
For those of you who may have missed it, the live recording of the AMA session held on July 3 at 10:00 am GMT+8, tackling Q2 progress and addressing questions and concerns by the community members, can be viewed here. A side note that today’s AMA video quality and setting was not ideal. We acknowledge this situation and will make improvement for our next AMA session.
You may also find a summary of the Q2 progress presentation as well as all the detail Q&A below.
## Pundi X Q2 2019 Highlights
* Pundi X has integrated more public chains into our products. In Q2, we completed integration of Binance Chain. NEM chain is in the work. As of today we’ve launched BNB, the Binance Chain native Coin and XEM, NEM native coin on Pundi X payment platform. We will integrate at least one more public chain in Q3.
* The transactions on XPOS for Q2 is 15.5 million in USD, which is close to 300% quarterly growth. The number of transactions is 29,367, which leads to a 11% growth QoQ.
* XPOS has successfully received FCC and KC certifications. A new certification for Latin American market is on the way. * To expand XPOS footprint, Pundi X’s integration with a new leading mainstream point-of-sales device is in the work. Stay tuned for the announcement.
* Pundi X Open Platform was launched in May, 2019, which now supports ERC20 and BEP2 token listing. Moving forward, we will continue to support tokens from other public chains.
* A 3,000 XPASS order from DigiX, a gold-based token, and a 10,000 XPASS order from BitCobie this quarter.
* XPOS is spread in use in over 30 countries. We’ve published a map of XPOS location of self-report XPOS merchant directory. You can find a list of selected XPOS merchants at [https://www.pundix.com/products\](https://www.pundix.com/products)
. * The QoQ growth of XWallet is tremendous at 43%. In the previous quarter, we have less than 20k users, whereas in Q2 we have hit 297k XWallet users. More updates on XWallet:
* Supported BNB and NEM tokens; 2FA, face ID, and optimized SMS serviceAvailable on iOS, Android as well as in Samsung Galaxy Store
New features coming up in Q3:- DApp integration - Decentralized wallet- In-app crypto payments - Chat service, which will be compatible with a commonly used chat app- f(x) testnet features to be rolled out first in XWallet
## Other notices coming up in Q3 2019
* The Q2 token removal will take place on July 14, 2019, which will involve in total 34 billion of NPXS and NPXSXEM (22 million worth in USD) removal. In the past 365 days, we’ve removed a total of 36.1 million US dollar worth of NPXS and NPXSXEM.
Before Q2 removal, the total supply of NPXS ERC20 is 266,962,422,906.53 and NPXSXEM is 95,816,218,929. [See Q1 removal here.](/pundix/recap-of-ama-with-zac-on-july-3-and-q2-report-a23de165dd28)
* [NPXSXEM will be ported to Binance Chain from July 20](/pundix/npxsxem-will-be-on-binance-chain-c6485f17726b). * XPhone pre-order will start in late July with a new product name. Stay tuned. Check out the teaser video that we are releasing it across our communication channels. ## Q&A ## On XPOS
* **Where are we on official global location of XPOS?**
Zac: We have made a map on our official website that merchants can self report and feature their locations. It’s at [https://www.pundix.com/product\](https://www.pundix.com/product)
. We’ll be increasing and updating the map once we have permission form the merchants to update their locations.
* **The marketing from pundi has shifted from 100,000–700,000 xpos units by 2021 to 100,000. I understand the bear market has affected this but please share the strategy moving forward to hit your goal. How do you feel about hitting this goal?**
Zac: The 100K XPOS target has always been the initial goal and it’s stated in our whitepaper. And we are still working on achieving the goal by the end of 2021. Part of our growth strategy is to also explore the possibility to port our platform to traditional POS manufacturers to increase the adoption, which is ongoing at the moment.
* **1 year ago you sent 5000 XPOS somewhere. When, at least half of them, will be working? 3 year target was 100,000 by 2021. Now we have only 150 units, how do you expect to reach this goal?**
Zac: Yes, we have shipped thousands of XPOS to over 30 countries in the world. The 150 you’ve mentioned are the featured merchants which are published on the map. The active XPOS devices are deployed over 33 countries and we are actively talking to B2B partners to have higher wholesale and big deployments.
* **How many XPOS are live and used?**
Zac: We have gone through a very serious bear market, and some of the initial inbound requests for XPOS are not delivered. However, we are working slowly but surely with our Business Development team to not just roll-out into individual buyers, such as what we did on Pizza Day, but also to B2B partners. With the certifications approved, that will also help us to officially roll out to some of the key markets.
Individual merchants can use XWallet collection feature to accept crypto payment with QR code. For the merchants who have physical offline storefronts, they can use XPOS to enable the instant crypto transaction seamlessly. Moreover, as mentioned previously, we are exploring the integration on leading traditional POS terminal so that their distributors have option to enable crypto transaction feature. As for the challenge to adopt XPOS, it is the regulatory compliance in different countries. For this, our legal team think ahead and encourage our merchants to complete KYC.
I must be very honest to say the activation takes longer time than we expect but it will be worth at the end.
* **What’s the average number of transactions per xpos in use?**
Zac: The transaction number has increased very well. The number of each XPOS differs, due to the frequency of using crypto currency to purchase item or crypto assets. There’s no standard answer to this, but overall we see the transaction number and volume are going up.
* **How do you plan to reach the target of 100,000 by 2021?**
Zac: One of the challenges that we have is regulatory compliances in different countries. There are certain markets that do not allow crypto currencies and some require a clear approval for us to deploy XPOS. We are working on both challenges by talking to governments and applying for certifications. So how we plan to reach 100,000 XPOS user by 2021 is to work with distributors, B2B partners on a government / business level, and with existing POS companies to integrate our software solution into the system.
* **We understand as there was bear market and hence Xpos usage demand was low. Are you guys seeing growth of Xpos usage with current market conditions. Can you guys put some statistics comparison like last 30 days Xpos usage vs any month from bear market usage?**
Zac: It is very clear that as we moved out from the bear market, the demand for XPOS has been increasing. As we’ve shared just now both the transaction number and volume of Q2 have beaten Q1. We’ll be able to share more transaction numbers once we receive approval from our XPOS merchants.
One exciting thing is that, with the listing of different tokens, we also see users using these tokens as a way to transact on XPOS, which means we will be having more ways to transact and this is a growth point for XPOS.
* **When will there be more details for XPHONE and XPOS HANDY?**
Zac: For XPOS handy, we have finished production and it will be released in Q3
* **When will the iOS version of XWallet and XPOS be fully translated to other languages?**
Zac: Right now, the XWallet has Traditional Chinese, Korean, Spanish, German and English. With the latest version update, it now includes Portuguese. XPOS also comes with many languages and we hope to finish with more language, either working with professionals or volunteers. If you’re interested in volunteering, please contact us.
* **When will the Merchant back office have Product Registration and SKU id ability and also integrate with other POS software?** * **When will the top-up feature go away for XPOS to allow liquidity for XPOS**
Zac: We constantly update features in XPOS and merchant backend to make it easier for distributors and merchants to use. We understand that one of the ways for mass adoption is to enhance our distributor management system. With that, the distributors can manage manay XPOS at one time with different merchants.
Please stay tuned as we announce more and more functions of this feature. ## On Dubai
* **When will we see the deployment of the XPOS in Dubai?** * **Can we spend NPXS on the Dubai XPOS?**
Zac: As with all big projects there are a lot of moving parts, that includes working very closely with the local government, in Dubai’s case, the Credit Bureau of the Finance Ministry. Things are progressing for the Dubai project but due to confidentiality agreements with the parties involved, we cannot reveal much. All we can say is that we and our Dubai partners are working hard to have XPOS roll-out in the Dubai market and the UAE.
We are also discussing aggressively with Dubai partners whether to include crypto assets in the XPOS in Dubai. That clearly will involve local compliance and legal for that to happen.
* **Your system upgrades expect merchants to have downtime on their XPOS terminals, can you explain if you plan to run a business why this would be considered feasible (specially at the rate you have been doing your upgrades)?**
Zac: Yes, the benefit / strength of the XPOS is that most of the updates can be done on the fly. For example, when we have a token update on our XPOS where developers submit their tokens on Open Platform, the updates of this token are on the fly, which means that once we approve the token on our Open Platform, it will automatically appear on XPOS without any software updates.
The great thing that we believe about XPOS is not just the support of crypto assets, but also the ability to update most things on the fly, which means that whenever we have a good feature or a new token, the updates will be done instantaneously.
* **Can you guys arrange at least a community voting which is the next blockchain we would like to see next in XPOS? Voting will help to prioritize to chose the projects.**
Zac: One of the reasons why BNB is being listed on the XPOS is simply because of its popularity and also our user demand, in a way that we are already answering to our community’s request.
Right now, our main focus is getting all the tokens submitted on Open Platform to be listed on the XPOS. The submission process includes legal and compliance valid, so our legal and compliance teams are working hard to make sure that we have more tokens to roll out onto Open Platform, which means that they will be on XPOS, XWallet, and XPASS.
As to a specific voting mechanism, we’d like to consider that and hopefully we’ll be able to run a specific voting for the chain which users would like to see.
* **While comparing Xpos handy to Square POS devices at least with mobile it’s very cheap like under $30 and easy to use. When can we expect such light weight and cheaper version for XPOS? Is team working on such devices ?**
Zac: There are different POS companies around the globe and pour focus is to work with these POS companies with our software, so that a crypto sales feature will be part of the existing POS system. The more support of crypto asset usage using our software on existing POS, the better it is for global adoption.
We actually strongly believe that the pricing of our POS system is competitive in the market. And one of the great features of the XPOS is that the merchants will not need not to pay a certain percentage to existing acquirer but to be able to earn certain percentage from each transaction. That is the key differentiator for merchant to want to adopt this.
* **From the website with some of the key Countries for XPOS adoption looks great. However, the concern is for Venezuela, there is no reference link like the others have. Can you guys add the link with details to clear the ambiguity?**
Zac: Let’s give a little bit more patience so that we can actually release more information about our Venezuelan partnership. The good news is that we expect concrete news from Venezuela in the coming 2 weeks. So stay up-to-date about our Venezuelan roll out on XPOS, the best way is to subscribe to our telegram group for Venezuela. ## On Partnerships
* **Are there some major partnership in the works? I’m also interested in how you do immediate transactions? Do you anticipate scaling issues?**
Zac: The way XPOS is being designed is that when you use your crypto assets to purchase, it will have instantaneous confirmation because the action is an off-chain process. An on-chain action happens when a user who owns crypto assets in our system transferring the assets out of the Pundi X ecosystem to their own wallets; or to transfer crypto assets in Pundi X from an off-chain to a private wallet, which we will have very soon on XWallet itself.
That is why we are able to handle scaling. When a person wants to use crypto currency to buy a coffee, the transaction will happen instantaneously.
For specific partnership, especially with B2B partnership, we oblige to the NDA that we have signed. But if you follow us closely, you’ll know that we go to different parts of the world, talking to major companies to try to land more deals so that NPXS usage will increase dramatically.
* **Any big partnerships for making xphone or using the software for xBlockchain?**
Zac: These partnerships are also subjected to NDA, so please be patient for us to release more news.
* **When will XPOS have approval to process Visa and MasterCard payments?**
Zac: We have met representatives from these players including some of the key management people. They are obviously looking into crypto currency attentively, and we hope that there’s something we can do with MasterCard and/or Visa.
This is something that the community has suggested and we agree fully. Please allow us with some time to work on this. We have also showcased XPOS to the CEO of MasterCard. For what or when will anything happen, please wait for our official announcement.
* **What’s the status on Quantum fund and their contribution or involvement with Pundi’s project?**
Zac: We announced last year that we are creating a fund to invest in projects beneficial to our ecosystem. We’ve identified some interesting projects, and we have invested in at least 1 project. The reason why we’re investing in that project is because of the services that it will bring onto the Pindi X ecosystem. So the purpose of the investment of the companies is that these companies in turn will benefit on our ecosystem. This is our key consideration.
The team has evaluated the projects that will benefit the Pundi X / Function X ecosystem. Vic and his team will be able to reveal more details on the companies we have invested in and how they will contribute to our ecosystem in Q3.
* **Recent update on NPXSXEM is highly ambiguous as mentioned that it will be now BEP token and later once FX goes live it will get back to Fx platform. Why you guys had so rush to use Binance chain only for few months? Isn’t you guys switching to much in a short time span?**
Zac: Liquidity and utility have been an issue for NPXSXEM. Due to the design philosophy and the limit of token that can be created on NEM’s smart contract, we are only able to create a small number of tokens on NPXSXEM. By moving into the Binance chain for NPXSXEM, the BEP2 token version will be able to support all the NPXSXEM tokens, which means that we’ll migrate and also be able to make sure all the NPXSXEM tokens are under the same contract address.
We believe with the strong liquidity, we will be able to give our NPXSXEM token holders a good reason of what the token holders have been waiting for. We hope to bring NPXSXEM to match the level of NPXS.
* **When #XRP?**
Zac: Our OpenPlatform is a currency agnostic platform, which means that we will work on integrating public chain as well as tokens that are most requested by the users. We’ll also be looking into the listing of different tokens that are being mentioned by the community.
As said, we will have at least one more public chain integration in Q3, perhaps even more.
* **Are you as a company going to try and connect with libra? If they have said they want to be a payment remittance service, have Square, PayPal, Visa on board I as an investor would prefer you try to join them rather than beat such large competitors**
Zac: Of course, we’ll be delighted to work with Facebook and also the Libra coin. Pundi X and XPOS is a currency agnostic / currency neutral platform, if there’s opportunity to list Libra coin or work with Facebook in different ways to promote crypto currency adoption, we’ll certainly look into that and work on reaching out to them. ## On Trading
* **Can you confirm during AMA, Pundi team is not involved with any trading with their own token like selling over time to manage the fund to run the company.**
Zac: All the wallet addresses of the team holdings are disclosed and transparent. This is one of the first things that we did after ICO. Hence, our token holdings are transparent and everyone can monitor our fund transactions. Also, we have strict internal financial regulation and compliance, shows that we are here to build a long-term project.
The best way to make NPXS or the NPXSXEM to rise is real daily life use case.
* **When will you stop manipulating NPXS chart?**
Zac: Our focus has always been and will be building great products. The more product usage, the demands for NPXS and NPXSXEM will increase. Let’s address again that, Pundi X the company is NOT involved in any manipulation of the NPXS price.
There are trading teams, market makers, financial institutions that profit from the drop and rise of token prices in the crypto market. The good thing about NPXS is that we have managed to create a high liquidity by listing on 40+ exchanges and having global trades and demand from all over the world. We hope this and coupled with the fact that we are a solid product and roll out the use cases, the demand of NPXS will only continue to rise and will be able to deter any of the traders or speculators there is for NPXS.
These traders gain profit from manipulating tokens whether BTC or other tokens. In fact, the traditional financial markets have similar challenges as well. What I want to stress is that, we at Pundi X, do NOT speculate or manipulate the price. We work very hard to create demands for NPXS and as a company, it is only beneficial for us to see the prices of NPXS and NPXSXEM rise.
* **Can we please address the elephant in the room which is the Binance bot with huge sell walls and buy walls causing huge distress and concern among users?**
Zac: First, I cannot confirm nor deny that whether Binance has a bot. I think this is something that you need to ask Binance. We need to work with Binance because Binance has one of the biggest liquidities, if not the greatest liquidity, for NPXS. The best way to counter manipulators is to create more use case, more demand and more acceptance of our tokens.
* **Why on almost all exchanges do you not offer a USDT trading pair?**
Zac: We have USDT trading pairs on Bittrex, Bittrue, and more. In addition, we have fiat pairs in Korean Won, IDR, INR, and Turkish liras. We will continue to work on adding trading pairs for NPXS to make it more liquidate.
* **Why don’t you offer a stable coin sell and purchase on the xpos to help with adoption? Places in Africa with volatile currencies would go crazy for this.**
Zac: It’s a great observation. This is a request that’s been asked from many users. We’re working on stable coin listing on XPOS and hopefully it’ll come soon. Stable coin requires a greater compliance and legal validate, which we have been working on since months ago and we hope to have the stable coin up in XPOS soon.
* **When will you add an active tracker for coin burn, whether its measured in usd, NPXS or whatever you choose. The community has been asking for this on twitter, reddit and telegram for this entire year.**
Zac: It will be hard for us to have a daily tracker of the coin burn, but what we might be able to work on is a tracker which have shown all of the tokens that have been removed from the usage. Thank you for giving us this great suggestion and we will work on it in some form.
Zac: Our token supply has always been specified in our white paper, and as promised in our white paper, we will continue to remove tokens through usage and use cases, which we’re working on all the time.
* **Price movement. When will NPXS go to which price?**
Zac: We cannot comment on the change of the price. Our focus is on building products. We hope by doing that the NPXS value will go up. Again, there’s no way that we can comment on the price.
**I believe that burning tokens every 14 weeks keeps the price suppressed and will only lead to huge pumps and dumps. Imo, If the burns were more frequent, the price would move organically.**
Zac: We continue removing tokens quarterly per advised by our legal and compliance team.
**Is it mandatory npxs swap? What happens for token we have in binance?**
Zac: No it’s not a mandatory NPXS swap for FX.
**How many NPXS or NPXSXEM was converted?**
Zac: In Q2, we will remove 29B NPXSXEM and 9B NPXS. ## On XWallet
* **Why not put in XWallet like the place where we can buy and sell like restaurants and shops?**
Zac: You are correct. In fact, if you look at XWallet, there is a merchant feature, whereby you can register as a merchant. By becoming a merchant, you will be able to print out your QR code and stick it on your restaurant. People are able to make payment through this QR code. This will act like a mini-XPOS.
* **In addition to that having multiple different blockchain in XWallet will increase the XWallet adoption. Hence, we would like to see aggressive game plan and execution from the team and would like to hear that**
Zac: That’s a great suggestion. Every day we want to increase use cases for XWallet. In fact, our XWallet update is one of the most frequent in the market. Within 5 months, we have over 10 updates on iOS and Google Play. This does not include soft update which happens every several days. In my view, the effort is very tremendous.
* **Is there any plan to add Swap option within XWallet so that people can trade the coins within XWallet?**
Zac: Yes, there’s such plan and in fact there is an upcoming feature that people will be able to use coins in XWallet to exchange into other things. The exact form and format have not been reviewed. We hope to share more when we have concrete example. But what you suggested is what we are planning for months ago.
* **When will XPOS and XWallet have fiat on ramps?**
Zac: This is a good question. It’s not only involved with regulatory compliance but also involved the technical part. This is also something we are planning for months. Once approved, hopefully we are able to support fiat currency on ramps and off ramps on XWallet.
* **How is the internal organization doing? Currently how many employees work for Pundi? Currently how many job positions are open?**
Zac: Pundi X has grown tremendously. We are now having over seven offices around the globe. I’m sitting in the Singapore office. We have office in Jakarta, Taiwan, Tokyo, Shenzhen, São Paulo and London. These are the places we have physical offices and house approximately 100 full time employees of Pundi X.
The positions open from Pundi X are legal associate in Singapore and other offices. We are looking for more R&D people, especially in Taiwan. We are looking at marketing and PR people in different parts of the world. And we are looking for POS distributors. As a POS distributor, you will work with our business development team and also our technical team to roll out many XPOS which you have a network to control in your local market.
* **Would you consider removing the KYC to allow u.s. holder to stake and be rewarded?**
Zac: We would love to have more users, including US. However, our compliance and legal advisors have not allowed us to accept US holders to stake and be rewarded.
I’m sorry to say that but this is after serious consideration to make such a decision. In fact, it is a very hard decision because we have healthy user base in the US.
will continue to monitor the situation in the different markets and be compliant. There are also ways to be rewarded when using XWallet service without KYC. We are looking into to explore more on this and launch new features. Hopefully we are able to bring the beta version for you to test this week or next. **On XPhone*\
* **Where are we on pre-sale announcement of Xphone? It was highlights of Q2 goal. If we are getting delay, that’s ok. But at least community will have some clarification why it’s getting late and when approximately it coming?**
Zac: Pre-sale order will start this month. It’s likely the end of July. Pre-sale will take place in different channel including the official website and XWallet. Apart of our own channel, the pre-sale will go live on a 3rd party channel. People will be able to pre-order crypto either in crypto or in fiat.
* **Can you discuss in AMA, is participants can pay with Crypto or Credit/debit card or in both ways?**
Zac: As a crypto company, we prefer payment in crypto, but fiat, Visa, MasterCard, and other traditional payment methods will be accepted on different pre-order channels. Stay tuned for pre-order which will happen in late July.
* **Will the Xphone be open to purchase in all regions of the world?**
Zac: Yes, pre-orders will be able to be done on-line, and products will be shipped from our offices to users in different parts of the world.
* **Will the blockchain mode on the Xphone be operable during the testnet or will this function not work until mainnet?**
Zac: XWallet and XPhone are the first channel and avenue for Function X testnet, so once the testnet is operateble, we will start to engage certain services on XWallet and XPhone into Function X testnet, and ultimately into mainnet. Slowly but surely.
* **Does Xphone have hard protective cover,extra Sim slot, also is it enhanced with ip68 water rating?**
Zac: XPhone will not be waterproof, so please do not submerge XPhone into water. XPhone will definitely be eavesdrop-proof because we’re using a blockchain mode, only you and you control your own conversation.
* **Which country accept the Xphone?** * **Will I also be able to use the SIM-card?** * **The blockchain modus will work in every country (what in the absense of nodes)?** * **Will the XPhone I buy now support updates in the future?**
Zac: People from any country will be able to buy XPhone on-line. You will be able to use a SIM for we have built a SIM slot. Wherever you are, the XPhone can be turned on to become a node.
Will XPhone support future updates? Yes, of course. Just like the XPOS, we support silent update. It will be like how we support XPOS, many updates. The updates will always be supported on XPhone. **On Function X*\
* **When is the detail white paper coming for FunctionX? Why the team is very resistive to have well documented white paper? We need scientific approach and well documentation on FunctionX to have developers to be more involved.**
Zac: Yes, developer involvement is a key criterion of the growth of Function X. We have done 2 things, one is that we have set up Function X Foundation which is led by David Ben Kay and will involve third party adviser and board members. Second, we have set up a developer relations team led by one of our own members as well. This team will work on creating developer documents, developer demos and sample, so that excellent developers can tap into working with Function X resources.
The first version of developer documentation is ready in English and Chinese. We are still polishing up the documents and hopefully to release them soon.
We are also working with third party developers, and are engaging at least 2 third party developer companies, so that we can help create their services on Function X and also XWallet.
We are hoping to showcase a smooth and usable service to the audience, we think this is the key criterion of the Function X growth.
Thank you for this suggestion. We need to update more often on github developer documentation as well.
As for the white paper, we did not have one per se because Function X did not do an ICO. But we will continue to update our white paper and include not only technical details, but also details on the chain and how we can get more developers and users so that the future hardware will be added as a node and you will be rewarded financially, at least through our ecosystem genesis fund. Please stay tuned and there are a lot of things going on in the company. Each and one of us is working hard.
* **Why does the FX ecosystem need a decentralized OS?**
Zac: The mantra of Function X is decentralization and having private control of your data. A full private control of your data comes with a decentralized system not just in transmission of your data, but with the operating system built fully for decentralization , which includes a transmission protocol replacing http. The apps uploaded into Function X will be decentralized as well as the data that is stored on the app, which means that how BitCoin or crypto assets are verified on different nodes will also be part of the way we store data and content.
The decentralized OS is key to fulfilling a decentralized environment for a more private and free usage.
* **What about FX are you most excited about?**
Zac: We are actually creating a shift of how people view of blockchain and how decentralization is not just about transacting commercial commodity, but also data, including your identity, are all decentralized. That is what we are most excited about.
The only way for us to achieve this is to have developer support, for we need the developers to build on the foundation we have to offer those exciting services.
* **We understand that developing a new blockchain is time consuming. As a community we are in a dark space to understand where exactly the development of FX right now.**
Zac: We are working hard on creating the testnet and eventually the mainnet. For the latest updates of Function X, what I can encourage you to do is to go on and subscribe to the Function X telegram group where discussions are made. We have formed the Function X Foundation and created the developer relations team, so that the Function X progress will go smoother and with more partnership from outside, whether it’s developers, third party companies, teleco, etc.
* **When FX goes live on the mainnet, will FX coin be used to stake and earn NPXS? how will staking work on that new mainnet?**
Zac: The NPXS/NPXSXEM staking will last till March 9, 2020 as announced. What we are committed is to create more use cases. For FX tokens, the use cases will be focusing on the Function X Chain and the use cases on Function X that include DApp on Function X and different hardware/software services.
* **When fx testnet will be available?**
Zac: First I would like to thank you for your constant support. In Q3, we plan to open Function X testnet so that we will be migrating and creating certain use cases that can be used on Function X testnet, starting with our own XWallet. Which means, the XWallet will migrate some features into Function X testnet, and slowly followed by our other Pundi X products, including XPhones, XPASS, Open Platform and Function X own developer related products from third parties.
Best General RenVM Questions of August 2019 These questions are sourced directly from Telegram, other monthly FAQ can be found here: https://docs.renproject.io/darknodes/community/monthly-community-faq Q: So RenVM is essentially a BFT protocol (with 1/3 malicious nodes) that does ECDSA threshold key generation and signing? Is that right? A:
Yes, that's exactly what we have! We are exploring getting this to 1/2 and are confident it is possible, but the current implementation on Testnet is 1/3. Just today we also pushed an update that doubled the speed (and halved the bandwidth) of the sMPC signing algorithm.
Q: Have any tests been done on the speed of Interoperability? A:
The Testnet demo is live and open to the public, have a play with it and let us know about your experience (including speed). We have done some preliminary profiling; numbers look good so far. Fast enough for a single shard to keep up with Bitcoin.
The next version of RZL sMPC is under development and will introduce pre-computations that significantly increase the peak performance of RenVM from 10 TPS to over 100 TPS (these numbers are based on our initial conservative estimates).
Q: Currently, we see a quick performance of the swaps. When migrating to the mainnet (considering there will be real mainnet of say 250 Darknodes and real BTC, ETH, etc.) will it affect the speed? A:
Speed is a complex issue when it comes to RenVM. I'll try and break it down:
The biggest concern for speed is that RenVM needs to wait for a transaction to be confirmed on one chain before shifting the tokens to another chain. When working with Bitcoin this can take hours. -So latency is unavoidable (think of latency as how long a tunnel is) -So what about throughput (how wide the tunnel is)?
First, how to solve the latency problem. Well, we cannot actually solve it because we cannot change Bitcoin. But we can work around it by using "Universal Interoperability." In this model, a third party takes on the confirmation risk. While RenVM waits for the confirmation of a transaction on Bitcoin, the third party steps in and fulfills the Ethereum side of the transaction with BTC that has already been shifted previously. When the Bitcoin transaction is finally confirmed, the third party is refunded using the newly shifted BTC. This means the third party is taking on risk (the Bitcoin transaction may be shuffled away), so they charge a fee to cover this + their services. This means that the shift can be almost instant, and the only thing we need to worry about is throughput.
We believe we can get 10 TPS throughput, which is more than Bitcoin, so throughput isn't a problem (we only need to be as fast as Bitcoin). For other chains that are faster, we can introduce multiple shards. If one shard can do 10 TPS, then 10 shards can do 100 TPS.
I've described this process with Bitcoin, but it works for any pair of chains. Also, the third party cannot be guaranteed to step in (maybe they don't want to take the risk today) but if they do not, then the transaction will still go through but just at the slower speed. If the third party does step in, they're guaranteed to be refunded. So the introduction of "Universal Interoperability" does not introduce any central trust into the system.
Q: So Universal Interoperability is a partially centralized thing? A:
No because any third party can step in and provide the service. Further, the processes involved are all handled by smart contracts.
Q: Has there been a discussion of security in terms of sharding? Getting 1/3 stake and compromising a shard is obviously much easier than compromising the network, what's everyone's thoughts on that? A:
Yes there has; once you move to a sharding model, the risk of an attacker gaining control of a shard becomes a probabilistic problem rather than an absolute one (for example if you're sampling with replacement, in theory, a single attacker can corrupt the whole network).
Let's say an attacker owns enough of the network to have a 2^-1 chance of corrupting a shard (expected time to attack = ~2 days). If you are using a 20/20 multi-sig, where each shard controls one signature, then the chance of corrupting enough shards becomes 2^-20 (expected time to attack = ~2800 years).
In line with this example, the shard could be around N=24 (which would have a corruption chance of ~0.56) so each shard can be very fast (and shards would be running in parallel). Obviously we want to avoid multisigs (they're expensive and not all blockchains can support them) but this is mostly an example of the larger concept: requiring multiple shards to work together.
Q: Just got curious if the bug-fixing and developing has been overwhelming since the release of testnet? How do you feel it's been so far? A:
I wouldn't say overwhelming. It's definitely keeping us busy. Finding bugs and fixing them is actually very satisfying work; it reduces stress by increasing confidence, and this helps improve motivation and productivity.
It's also good to be able to revisit parts of the system and go about perfecting them. Often in software development, there is the adage "never optimize early". Well, the time has finally come to optimize (not just performance, but design, safety, etc.). Everyone wants the thing they build to be perfect, and being able to make that the focus is an awesome feeling.
Q: Is there a reason for having private repos? A:
It's important for the success of the network to maintain a competitive advantage, and important to avoid "day zero" bugs from people that find them but don't report (in the hopes to take advantage). We'll be getting the code (and our maths) reviewed and audited, and probably show it to first adopting groups so they can verify it themselves, and as Mainnet grows we will open-source everything, along with a Transperency Plan
that outlines when and how repos will be open-sourced.
Q: My Darknodes still show the old command center. How do I view them on the new one? A:
The new Command Center is for RenVM specifically (and it's only viewable on RenVM Testnet); once we switch Darknodes over to the RenVM network, they will utilize the new Command Center.
To play around with it, put your MetaMask on Kovan Test Network.
A video that a community member created can be found here: https://twitter.com/RenIsLyfe/status/1166091169853579265?s=20
Q: Digital Ocean (DO) sent me a message saying my VPS would be down for maintenance, is this an issue? A:
Nope, this is just part and parcel of using a VPS. From time to time, they need to do maintenance. They will inform you if you need to take action.
This is a real-world example of why it's crazy to expect a decentralized network to have all participants online all the time, and why you cannot "incentivize" being online by punishing being offline. It's unavoidable even when there are entire expert teams with years of experience on the job. The more nodes you have, the more likely any one of them is to experience an issue like this at any one time.
Your REN is not at risk if your Darknode does go offline. It is also unlikely that a Darknode that is offline due to these kinds of circumstances will remain offline long enough to be forced out of the network.
Q: Will the community darknodes be partaking in the RenVM Testnet, or are you using your own nodes to test it out, or is it a gradual deploy? A:
The team has about 24 Testnet Darknodes that power it. We may open these Testnet nodes up to a few groups in the Working Group, but no public participation of Testnet Darknodes will be pursued at this time.
Q: A couple of questions for the team: 1) Bonded REN value informs how much value can be securely shifted through RenVM at any given time. If bonded value drops below the threshold, are there any risks beyond incentive to collude which arise? is there any liquidation risk ala TBTCsigners? 2) Does RenVM enforce any time floors/ceilings on shifting/locking tokens? I assume anything like that would be enforced by a third party like Compound? A:
1. There are collusion risks but we plan to mitigate this by having Darknodes able to "tell on each other" so if you are colluding with someone that you don't trust 100% you risk losing your bond so attacks only really make sense if you own all the colluding Darknodes (which, by definition, isn't really collusion it's buying up a bunch of REN). There is no liquidation risk. This is one key reason why we bond using REN, not another token; the "value of REN" is tied only to the use of RenVM. The safety of RenVM is predicated on the use of RenVM. RenVM is used = RenVM is safe
- No time ceilings. We've been having discussions about how to keep Darknode well incentivized to maintain long-term deposits, but (a) most of RenVM's UX is built around handling the native token, not a wrapped version of it (how is a BTC maxi going to get a hold of ETH to use their ERC20 BTC?), and (b) payments will be paid out over time to RenVM not instantly so this creates a more stable income for the Darknodes instead of large but infrequent lumps of pay, (c) we got another trick up our sleeve that I'll be adding to the GitHub any day now, (d) if you have ideas about how to incentive Darknodes to maintain BTC that is being deposited long-term, please feel free to let us know!
Q: Has there been a pattern established where third-parties could pay the gas for the eth transactions needed during shifting? For instance, would it be straightforward for an app dev to pay the gas for the user but add a small additional fee onto the RenVM transaction? They would pay the gas in ETH for the user in exchange for that value collected in BTC or zBTC? A:
This is going to be very straightforward for devs. We are designing examples as we speak to set the standard for doing this and therefore make integration as easy as possible.
Q: Can a RenVM gateway addresses be reused? As in if a user creates a gateway address for 0.1 BTC, can they send exactly 0.1 BTC that address, mint zBTC, and then repeat that process again without creating a new gateway? A:
Currently no, a gateway can only be used once; but we are in the process of creating that feature and it should be ready within the next month or so.
Q: What’s the best way to set up a Darknode if I only have Microsoft? A:
We do not formally support a Windows CLI as of right now, but we are adding Windows CLI support prior to Mainnet, so please do stay tuned.
Best General RenVM Questions | September 2019 submitted by
*These questions are sourced directly from Telegram
Q: Given the RenVM Mainnet Roll-out Plan, what are the differences between how Darknodes participate in the P2P Network, Consensus, and Execution within RenVM? A:
An outline of each component and its role in RenVM system is outlined below:P2P Network
The peer-to-peer network is used for two core purposes: peer discovery, and message saturation. Peer discovery allows Darknodes to learn about other active Darknodes in their shard, and in the network at large. Message saturation ensures that all messages sent around the network are seen by everyone. Consensus
The consensus engine is used to reach a strict ordering of transactions that go through RenVM. This ensures that the Darknodes powering RenVM are able to agree on what actions to take, and when. Execution
The execution engine is used to run secure multiparty computations. This is how actions in RenVM are ultimately taken. These actions involve generating private keys, signing interoperability transactions, and, in the future, running general-purpose application logic. And all of this in secret.
Q: How do I shut down my current Darknode(s)? A:
Follow this instruction set explicitly and you won't have any issues: https://renproject.zendesk.com/hc/en-us/articles/360020365234-How-to-Fully-Deregister-a-Darknode
Q: Is running a Darknode on Chaosnet useful for the team? A:
Yes, by running a Chaosnet Darknode you are inherently helping us test. One of the core purposes of Chaosnet is to the real world incentives of RenVM. Running (and continuing to run) a Chaosnet Darknode says something about the incentives at play: they’re enough to get people running Darknodes. And this helps us! In fact, by not running a Chaosnet Darknode you’re also inherently helping us test. It’s telling us there’s something not quite right with the incentives.
Q: And what's the incentive for someone to collude and attack the network during Chaosnet? A:
The ability to steal real BTC/ZEC/BCH, the want to help us test the network, the want to betray their fellow colluders and take their REN bonds, and of course, some (wo)men just want to watch the world burn.
Q: All of this de-registering and re-registering for mainnet is a bit annoying, is it necessary? A:
We do certainly understand the point as it's been discussed at length but registration for the RenVM Mainnet is a necessary component (applying automatic updates for current Darknodes to run RenVM is not technically feasible). This announcement is very much an administrative piece to ensure our community has plenty of time and notice to proceed at the speed they prefer. Chasonet is designed for testing and those willing to actively experiment, but certainly not mandatory and there is no pressure on the general community to be active during this period.
In summary for those who prefer to be less active, should de-register their current Darknode(s) and wait patiently for activation at the release of Mainnet SubZero, no other action is needed.
Q: Is RenVM secure against quantum computing? A:
The core of RZL sMPC is theoretical secure. This means that no amount of compute power can break it (making it post-Q safe). There are some parts of it that are not (zkSNARKs and some hashes that aren’t known whether or not they’re post-Q safe) but these are easy to replace (with zkSTARKs and some post-Q safe hashes).
RZL sMPC provides ECDSA signatures because that’s what it is used by Ethereum, Bitcoin, etc. Whatever solution they come up with, will be the solution that RZL has to be upgraded to use (the whole point of RenVM is not to tell other chains how to do things, and still provide interop; this means waiting on them to define their solution and then working with that).
In short, if a QC can steal funds from RenVM, it’s because it can steal funds from any Ethereum/Bitcoin/etc. private key.
Q: If I don't deregister my Darknode by RenVM Mainnet, will I lose my 100K REN? A:
The REN bond is safe forever. You can deregister your Darknode from the legacy Mainnet whenever. We recommend doing it now, because it can take three days, and once Chaosnet rolls around that’s where our support focus will be.
Q: When shifting in funds, say a user doesn't have eth funds and this call fails const newSigResult = await ethSig.submitToEthereum (web3.currentProvider). what is the best way for that user to pick up where they left off if they leave the web page to get some ETH, and then come back? Should the app generates a new shift in the object, override the params and gateway address objects, re-submit to RenVM, and then make the above call again? Assume the transaction info such as original params and gateway address are stored in local storage so those will be available when the user comes back. A:
This is the approach we take. We store the RenVM tx in local storage and then when the user comes back we can construct the Ethereum tx and hand it to them for signing again. You can construct the RenVM tx locally and store it before asking the user to send their BTC to the gateway to protect against unexpected shutdowns. This way, you can recover from them leaving the app at any point in the process without loss of funds. (This also allows you to resend the RenVM tx in the event that the first send fails for any reason.)
Q 1: Could you elaborate on the proportionality of (a) Total value of bonded REN (b) Total value of assets under RenVM control? Does RenVM require (b) <= (a) at all times? RenVM would need an Oracle to determine the USD value of both (a) and (b). A 1:
The oraclisation is done by the Darknodes. Each of them assesses what they determine that value of (a) and (b) to be and if 2/3rds of them independently decide (b) can be increased then the network will be able to go ahead with the computation. We do require (b) < (a) but have not determined the exact ratio. Because Darknodes are randomly sampled (and constantly reshuffled) from the entire group, this value can consider the entire amount of REN bonded (not just the REN bonded by one shard). Q 2: There's potentially an incentive-misalignment issue here: Darknodes would want to bypass the (b) < (a) limit in order to continue to process more tx's and collect fees. A 2:
True, but there’s also a natural incentive for Darknodes to want to keep the network secure. A hack would likely render their REN to drop dramatically in price and they’re REN will be locked for 2-3 months after deregistration. This is also true of users. They should be wary of keeping assets locked up when it nears the secure threshold. This can be encouraged by scaling down the burning fees/raising minting fees to encourage the movement of funds “in the right direction”
Q: Quick question: right now, a developer can choose to wait for 0 confirmations before minting zBTC on Ethereum when shifting in real BTC. Will the RenVM network require a minimum number of bitcoin confirmations, or is that always up to the application developer? If it's up to the developer, what if the developer chooses 0 confirmations, mints zBTC, and then double spends on the bitcoin network, invalidating that original bitcoin transaction? shouldn't that invalidate the zBTC that was already minted from the original 0 conf transaction? A:
The developer cannot choose. RenVM will wait for the appropriate number of confirmations. On Testnet, this number is currently set to zero because it makes testing easier. On Mainnet, there will be systems for people to take on the “confirmation risk” and provide float. Devs can also set it up so that people can deposit ahead-of-time. We are also exploring Lightning and similar concepts.
Q: I've noticed an increase of tx's made through RenVm, how tests are going on; have you met any unexpected obstacles? A:
We’ve encountered a few issues with nodes when they are rebooted/crash (we are constantly rebooting/crashing them to make sure the network continues to operate as expected under those circumstances). But, we have fixes in the work for all these issues and it hasn’t prevented us from being able to add new features (BCash and SegWit support has recently hit Devnet and will be arriving on Testnet soon).
Q1: If home chain = destination chain, then RenVM is effectively a mixing service? A1:
It can be used that way, definitely. But, it has to have a few more privacy features enabled, shifting alone won’t do. Q2: RenVM mints Aztec notes for example? A2:
Yep, that’s the plan; we need to wait until the Ignition ceremony before this can be done. It’s one of the next features in our pipeline though! BTC would “appear” on Ethereum with no known owner. And, if you wait an amount of time between getting the authorizing from RenVM and using the signature, then it would be impossible to trace it back to the request that went to RenVM.
Q: When I go to the Command Center, the page doesn't load? A:
One has to be on the Kovan Testnet (on Metamask). To do this, select the top middle button on your Metamask tab and click Kovan Test Network (Purple circle). If you’d like to see it in action, submit a trade on our Testnet Dex Demo (https://renproject.github.io/renvm-demo/
) and see it proceed through RenVM via the Hyperdrive tab: https://dcc-testnet.republicprotocol.com/hyperdrive
Q: Mixicles & RenVM: It seems like Mixicles could be used to preserve privacy features for on and off-chain settlements in a blockchain agnostic way. Wouldn’t this be seen as a threat as smart contracts could now replace a darkpool while maintaining the element of anonymity? A:
Mixicles (and all other ZK on-chain stuff we’ve seen) gives you privacy on the chain. So you can prove things have been done right (one of the things we like about public blockchains), without exposing any information about the thing (an issue with public blockchains). But, the prover still has access to the information. This rules it out for many kinds of private apps. RenVM gives you absolute privacy. You can do things with data, and prove things about data, without anyone anywhere ever knowing anything about the data. This is much more general.
Q: Can’t people just fork RenVM? A:
What ultimately prevents forks is the network effect. All projects that want to take decentralization seriously need to open-source their implementations. Almost by definition, a decentralized network is nothing but its community of people willing to work together; this is the very essence of “trust no-one except for the majority”. If you refuse to open-source you don’t have a community, you have hostages.
Building up momentum and creating a large network and community is incredibly valuable and not something that can be forked. Bitcoin is still Bitcoin, despite the large number of forks that have been created, and most of the time forks don’t overtake or outpace the original because there is too much inertia in the original community.
There are other, less philosophical, benefits too. Open-source code means you can get more feedback, people can help fix bugs, identify potential security issues, anyone can validate the implementation, people can build their own implementations (resulting in highly desirable “N versioning” which prevents a single bug compromising all nodes).
Best General RenVM Questions of July 2019 These questions are sourced directly from Telegram, other monthly FAQ can be found here:https://docs.renproject.io/darknodes/community/monthly-community-faq
Q: Is your Testnet Demo the new version of RenEx? A:
It’s just a simple Dex we created to showcase RenVM’s functionality. It is not RenEx, nor will we likely be pursuing the creation of a standalone DEX. This demo is based on a Uniswap liquidity model so automated market-making (testnet tokens). To be clear, we created this to showcase RenVM’s functionality (this demo will remain on tesenet only). It is not RenEx, nor will we likely be pursuing the creation of a standalone DEX.
Q: If someone wants to send BTC from one wallet to another privately, how exactly do they choose this option? Will it be a button they can click on their exchange or how exactly will a user interact with ren to privately send their transaction? A:
The actual BTC itself cannot be private. Once you’ve sent it to RenVM though, you can opt to have it “appear privately” on the other side. The initial shift is visible because the underlying Bitcoin network is not private, but once it gets shifted you could then use it privately. Also, if you’re using something like ZEC you will be able to do private interop in full because ZCash itself does support privacy in its own network.
Q: Can you explain the Privacy aspects of RenVM? A:
Privacy of the actual transaction through RenVM will come after the initial release of RenVM.
Firstly, we will continue to work with AZTEC and follow up with a release that can mint straight into private AZTEC notes (and vice versa). Secondly, we will work on allowing privacy tokens (e.g. ZCash) to move from one chain to another without anyone knowing how much was moved.
These two privacy features won’t be available from day one. They will be the result of lots of collaboration with a few other projects to ensure the security and correctness of our development. This takes time, so these features will be released one by one after RenVM hits Mainnet.
Q: Could you elaborate on how the address on the destination chain is deterministically derived from the address on the source chain? What is the reason behind this determinism? A:
The gateway is a Bitcoin script (or ZCash script, or equivalent on other chains). It contains a hash of all the data associated with the shift, and the script can only have its funds claimed by RenVM.
It is deterministically derived so that the user, third parties, and RenVM can all derive the same gateway without communication and so that when RenVM sees funds transferred to the gateway it knows exactly what its meant to do with those funds.
Q: For RenVM to work there certain # of block confirmation considerations on mainnet though? just wondering what the expected time to complete a deposit of bitcoin to compound would take (assuming reasonable gas prices)? A:
The # confirmations depends on the chain and must be set at the time the chain is admitted into the protocol. For Bitcoin, this is 6 confirmations. This obviously takes a long time and, while it’s not so bad for some use cases (lending, collateralization, etc), it’s very bad for dapps/DEXs.
So, we have the concept of Universal Interoperability. This allows a third party to provide two things (in exchange for a fee nominated by you):
(a) Provide gas so you don’t need to manage lots of different tokens, just the ones you’re actually using for the dApp.
(b) Provide speed by taking on the confirmation risk. The third-party sees you have (let’s say) 1 confirmation and is confident you’re not some supped up miner about to attack Bitcoin. They come in and provide the shifted BTC immediately to complete whatever action you were taking, and when the real underlying shift finishes they get the funds.
This can be done to greatly ease the user experience: gas and speed. Of course, we have designed it to remain trustless (If the third party doesn’t act then you can just spend the gas yourself can just wait and/or everything will still happen but at a slower speed).
Q: How many darknodes should we ideally have to achieve a secure network? A
: This is really dependent on the total amount currently being shifted between chains at any one moment. The best you can theoretically do with sMPC is 50-67% of the total value of REN used to bond Darknodes (RenVM will eventually work up to 50% and won’t go for 67% because we care about liveliness just as much as safety).
As an example, if there’s $1M of REN currently locked up in bonded Darknodes you could have up to $500K of tokens shifted through RenVM at any one specific moment. You could do more than that in daily volume, but at any one moment, this is the limit.
Beyond this limit, you can still remain secure but you cannot assume that players are going to be acting to maximize their profit. Under this limit, a colluding group of adversaries has no incentive to subvert safety/liveliness properties because the cost to attack roughly outweighs the gain. Beyond this limit, you need to assume that players are behaving out of a commitment to the network (not necessarily a bad assumption, but definitely weaker than the maximizing profits assumption).
Q: So do you think that the total value of bonded tokens could be an obstacle for 3rd parties to adopt interoperability layer? A:
Not for DEXs, since these don’t keep value locked up for long and have at least some time to rebalance when needed. For other longer-term lock-ups, it could be limiting but the fees brought in by DEXs and other dApps will help to increase the REN locked up and thus the limit. We also have a rollout plan in place that we’re working on with other projects to ensure that the limit is sufficiently high and secure during the early days.
Q: Anything currently planned with going from side chain to side chain (lightning to plasma or xdai for example)? Thinking it could speed the process up without worrying about block confirmations and expand the use cases.
A: We are focusing on the canonical first layer blockchains right now. There are some loose plans with some side chains, but we cannot speak too much to that at the moment. From a technical perspective, RenVM can do it, it’s just a matter of focus and core value (which comes from the largest liquidity chains, which are not yet any side chains).
Q: What will/is the scripting language for RenVM again? Is it Rust? A:
The general scripting platform won’t be available initially. This is a much bigger endeavor that the initial release of RenVM which will focus solely on interop. All scripting will remain in frontend apps and in smart contracts on existing blockchains.
Q: Hi Loong, is it possible to use privacy as an option in RenVM. Something like verge wraith protocol option to choose privacy. Let's say some institutions/exchange want to use RenVM for interoperability solution without privacy for regulations. This is possible now or any future plans? A:
Just another side note, privacy and regulation can play together very nicely. Private on the public chain doesn’t imply that an institution can’t reveal the underlying data to a regulator if required (just like a bank account these days doesn’t need to be seen by the whole world for a regulator to access an institution's records).
But better than that, we are entering an exciting era of cryptography that could allow people to prove beyond a computational doubt to regulators that they are doing all the right things, without ever having to reveal their underlying records. Thanks to the magic of zero-knowledge proofs and technology like RenVM.
Crypto, and to an even greater extent “secret crypto”, is an opportunity for regulators to do their jobs better. And it’s not like it enables criminals to do anything they aren’t already doing with cash. The “fud” around privacy being destroyed by regulators is because regulators don’t yet understand the maths, and what it can empower everyone to do. Anyone who claims “privacy means regulators can’t ensure you are doing things legally” either doesn’t fully understand how privacy in crypto can work, or is being malicious in intent.
Q: Can you give an example of how you envision regulators to use “secret crypto”? A:
Require all institutions to use private USD on the blockchain and generate zero-knowledge proofs about their activity to guarantee that no money laundering is happening, no book fudging is happening, only whitelisted addresses are being interacted with (or blacklisted addresses aren’t being interacted with), covering both national and international transactions, exchanges, guaranteeing the number of transactions made in different amounts, etc. Not something you can do with modern money systems. But it becomes possible with zero-knowledge based blockchains.
For example, recently in Australia, a royal banking commission found out banks weren’t doing things “the way they were supposed to” and failing to comply with AML based on amounts being transferred between different types of accounts (if I recall correctly). This could be made impossible to even do in a blockchain (if adopted fearlessly by regulators), let alone do and not admit to doing, and by using zero-knowledge systems the banks wouldn’t have to reveal all their inner workings publicly to achieve all of this.
Q: The current state of the most advanced sMPC is that it is so painfully slow that in no way it could be used practically for something like what Ren is claiming..is this true? A:
For general computations, yes, this is true. Modern sMPC is algorithms are very slow. But, to start with we are not focused on offering general-purpose scripting, just the ability to interoperable between chains. This comes down to generating keys / signing with keys without revealing the keys. Even then, most modern algorithms are slow, and do not offer liveliness guarantees that suit decentralized networks.
This is where our key innovation lies. We haven’t invented some totally new form of sMPC (at its core, RZL is an extension of the classic BGW / SPDZ class of algorithm). We have improved these protocols to have simple, lively, and less data-hungry preprocessing phases that scale to hundreds of machines. Sample that from thousands, and you have very strong security.
If you're interested in more of the details, our main improvements have been around the way that multiplication can be done (specifically, avoiding needing Beaver triples and, when you cannot avoid needing them, generating them more efficiently than can currently be done).
As it stands, our algorithm works nicely for key generation and signing. It also works well for small “trusted compute bases” that you might want to keep secret. With a normal blockchain, you wouldn’t put your entire app on a smart contract because it’s not efficient. Likewise, when general-purpose programming is available, you wouldn’t put your entire application there. Just the parts you need to keep private between many parties.
Q: Is there any plan to publish work about this that could be peer-reviewed to ensure that your modifications maintain the safety and privacy guarantees of the class of algorithms you're deriving from? A:
Yes, absolutely. We are going to get the paper reviewed, and the implementation audited
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Jeff Flowers from Blockchain U taught me how to use a Bitcore script that he wrote to transfer bitcoins on TestNet. I hit some errors at first but he helped clear up the process for me. In this video, I show how to create a pre-signed transaction that can be broadcast to the bitcoin network at a later time. Useful in situations where you wou... Litecoin Testnet uses an alternate blockchain that is set aside for testing and e... Skip navigation Sign in. Search. Loading... Close. This video is unavailable. Watch Queue Queue . Watch Queue ... If you want to someone to send you money to your Bitcoin account, Give them this address. you may donate to our network via Bitcoin as well :) Bitcoin addres... After two months of Bitcoin mining with our Bitmain Antminer- http://bit.ly/AntMiner we finally get our first payout. But re-doing the math I can see where w...