Bitcoin: mining difficulty increases - The Cryptonomist

NiceHash - buy & sell hashing power

NiceHash offers you to buy or sell hashing power directly, no contracts, no limitations, pay-as-you-go if you're a buyer and be-paid-as-you-go if you're a seller. Why bother renting rigs, when you can rent hashing power? NiceHash brings more to renters and rig owners. Visit https://www.nicehash.com today! Simply create order and you are already mining your favorite coin or point your rig to our stratum server and you are already earning bitcoins.
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AsicCoin ASC

AsicCoin ASC is A SHA-256 crypto-currency, is based on Bitcoin version 0.8, with super random blocks. It is a coin for ASICs!
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QuarkCoin Cryptocurrency

Quark is a decentralized digital monetary system. It facilitates sending Quarks to Friends, Family Members Online Payments free of charges and charge-backs. Military Grade Encryption. No Bank or Government Control. Quark coins are based on the original idea of Bitcoin but improved, more secure, faster transaction times and zero fees. With improvements to design and security. There is also a greater coin supply with higher block rewards for miners. Quark is fully Open Source.
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How do you calculate a reasonable minimum mining difficulty? /r/Bitcoin

How do you calculate a reasonable minimum mining difficulty? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

How to purchase and exchange your litecoin! (longer read)

This post will show you the best ways to buy litecoins using many different payment methods and exchanges for each method.
Before you start, make sure you have a good litecoin wallet to store your LTC. NEVER store your litecoins on a crypto exchange.

Popular Exchanges

eToro
Coinbase
Coinmama

Buy Litecoin with Credit Card or Debit Card

Let’s dive into some of the exchanges supporting Litecoin credit card purchases.
These exchanges are our favorite ways to buy.

Coinbase

Coinbase is the easiest way to buy litecoins with a credit card.
Coinbase is available in the United States, Canada, Europe, UK, Singapore, and Australia.
The fees will come out to 3.99% per purchase.
Here is a good video that can help walk you through the process of buying on Coinbase, although it’s fairly easy.

Coinmama

Coinmama recently added the ability to buy litecoin directly on the platform. Users from nearly any country in the world can use Coinmama to buy litecoins.
Coinmama has some of the highest limits among credit card exchanges.

BitPanda

BitPanda is based in Austria and is a crypto brokerage service. You can buy using a credit card from most European countries.

CEX.io

CEX.io is based in the UK and is one of the oldest crypto exchanges online.
CEX.io supports litecoin and its users from nearly anywhere in the world can buy litecoin with credit card on the platform.

Buy Litecoin with Bank Account or Bank Transfer

Coinbase

Coinbase is the easiest way to buy litecoins with a bank account or transfer.
Coinbase, like is is for credit cards, is available in the United States, Canada, Europe, UK, Singapore, and Australia.
Coinbase is one of primary exchanges used to buy Litecoins.
Americans can use ACH transfer (5–7 days wait), and Europeans can use SEPA transfer (1–3 days wait).
The fees will come out to 1.49% per purchase.

BitPanda

BitPanda is based in Austria and is a crypto brokerage service. You can buy using SEPA transfer from most European countries. You can also use SOFORT, NETELLER, or GiroPay.

CEX.io

CEX.io also supports litecoin buys via bank account. This is via wire transfer for US citizens, SEPA for Europe, and SWIFT for the rest of the globe.

Binance

Binance is now one of the largest if not the largest cryptocurrency exchange in the world. It supports bank and card purchases of Litecoin as well as Litecoin trading pairs with Bitcoin and Etehreum.

Get a Litecoin Wallet

Before we move onto other options:
Never store your litecoins on an exchange!
Always withdrawal your litecoin to an offline cryptocurrency wallet like the Ledger Nano S or any other wallet that you control.
The Ledger Nano S and TREZOR are the best options for secure storage.

Other Methods to Buy Litecoin

If you don’t have a card or want to avoid the high fees, you can use the following methods to buy Litecoin as well.
Find out which one works best for you.

Buy Litecoin with PayPal

Unfortunately, there is no easy way to buy Litecoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case.
You can, however, now use eToro to buy Litecoin, unless you live in the United States.
If you live in the US, the only way to buy Litecoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litecoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Coinbase Pro to swap the Bitcoin for Litecoin.

Buy Litecoin with Cash

There is no good way to buy litecoins with cash. LocalBitcoins is the most popular way to buy bitcoins with cash, and it does not have Litecoin support. Other popular cash to Bitcoin exchanges like BitQuick and Wall of Coins also do not support LTC. So you will have to first buy bitcoins with cash then exchange them for LTC using the method described below.
The same goes for Bitcoin ATMs. Most do not support Litecoin. So if you want to buy litecoins at a Bitcoin ATM you first have to buy bitcoins and then trade the BTC for litecoins.

Buy Litecoin with Bitcoin

If you already have Bitcoins then it is VERY simple to convert some of your BTC to litecoins.
You just need to find an exchange with the LTC/BTC pair, which is most exchanges since LTC/BTC is a very popular pair to trade.

Buy Litecoin with Skrill

BitPanda, mentioned above, also accepts Skrill payments for LTC. The fees will vary and are simply included in your buy price.

Cryptmixer

Cryptmixer is probably the fastest way to convert BTC to Litecoin. You just enter the amount of LTC you want to buy, and give them a LTC address. Then they will tell you how much BTC to send to their address. Once your BTC is sent, you will have LTC delivered to your wallet very shortly after.

Buy Litecoin with Ethereum

Ethereum has experienced a massive price rise. Nearly a year ago it was $10, and now at over $500, many want to move some of their ETH gains into other coins like Litecoin.
Litecoin has very good liquidity, and is very popular among traders especially in China.
So this guide is going to show you how to buy litecoins with Ethereum. We will show some of the best exchanges you can use, and the pros and cons of using different types of exchanges over the other.

Cryptmixer

Cryptmixer is one of the most unique exchanges, and also one of the fastest ways to convert your ETH to LTC.
With Cryptmixer you do not even need to store your money with the exchange, meaning you are at very little risk of getting your funds stolen.
With Cryptmixer you simply specify the amount of LTC you want to buy, and specific the address to where your litecoins should be sent and within 30 minutes you will have LTC delivered to your wallet.

Poloniex

Poloniex is the world’s largest altcoin exchange. However, there is a huge downside to using Poloniex to convert your ETH to LTC:
Poloniex does not have a LTC/ETH market, meaning you have to first trade your ETH to BTC, and then trade your BTC for LTC.
While this method works, you will have to make multiple trades and also pay fees twice.

ShapeShift

Shapeshift is basically the same as Cryptmixer, and was actually the first company to come up with the concept of an exchange that does not hold your own funds.

Frequently Asked Questions About Buying Litecoin

Many of you may still have lots of questions about how to buy Litecoin.
Odds are we have answered almost any question you could think of below.
We will aim to answer many of the most common questions relating to buying Litecoin.

Why are there limited options to buying Litecoin using other altcoins?

The issue in all crypto markets is liquidity. As the space gets bigger, the liquidity also gets better. But as of now, the only VERY liquid cryptocurrency is Bitcoin. So exchanging two altcoins between each other is often harder than if BTC was involved on one side of the trade.

How much is a Litecoin worth?

Like all currencies, the value of Litecoin changes every second. The value of Litecoin also depends on the country you are in and the exchange you are trading on. You can find the most up to date price on Coinbase.

How do I buy Ripple (XRP) with Litecoin?

The best way to buy Ripple using Litecoin is to either use a non KYC exchange like Cryptmixer or start an account on Binance or Coinbase Pro and sell your Litecoin for Ripple. Look for LTC/XRP trading pairs, and make your trade.

How long does Litecoin take to confirm?

Litecoin blocks are added ever 2 and a half minutes. That means you should get one confirmation every two and a half minutes. This can vary if it takes miners longer to discover a block, but the difficulty of the finding a block should change proportionate to the hashing power on the network so that a block gets added approximately every 2.5 minutes.
If you are trying to send money to a merchant, they may require more than one confirmation before they send you products. If you are depositing on an exchange, they may also require three or more confirmations before they credit your account.

How many Litoshis make one Litecoin?

one hundred million (100,000,000) Litoshis make one (1) Litecoin.

Where do I store Litecoin?

The best place to store litecoin is on a hardware wallet. You can find the best one for you on our page dedicated to hardware wallets.

When is the Litecoin halving?

The expected date of the next Litecoin block reward halving is August 7th, 2023.

Why can litecoin take so long to buy?

Litecoin can take long to buy because the legacy banking system is very slow. If you are buying with another cryptocurrency, you will see how fast it is to buy!
Bank transfer in the USA, for example, take about 5 days to complete. So any purchase of Litecoin made with a US bank transfer will take a minimum of 5 days.

How do I buy Litecoin with Paypal?

Unfortunately, there is no easy way to buy Litcoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case.
You can, however, now use eToro to buy Litcoineum, unless you live in the United States.
If you live in the US, the only way to buy Litcoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litcoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Cryptmixer to swap the Bitcoin for Litcoin.

Can you buy partial litecoins?

Yes, litecoin, like Bitcoin, is divisible to many decimal places so you can buy 0.1 LTC, 0.001 LTC, etc.

Can you sell litecoin?

Yes, you can sell LTC on most of the exchanges mentioned above. The fees, speed, and privacy is the same in most cases.

Can anyone buy litecoins?

Anyone is free to buy litecoins, as long as you find an exchange that supports your country. Most cryptocurrency wallets do not require ID to sign up so you can always make a wallet and get paid in litecoin, too.

Which payment method is best to use?

For speed, credit card will likely be fastest. For larger amounts, bank transfer is best. For privacy, it’s best to buy bitcoins with cash and then trade for litecoins using Cryptmixer or Shapeshift.

Is it better to mine or buy litecoins?

If you have cheap electricity, it might be worth it to mine litecoins. If you have solar power or just want to mine for fun then it could be worth it. Otherwise, it’s probably better just to buy.
Mining is constantly changing and small changes in Litecoin price or electricity can greatly affect your profitability.

What should I do with my litecoins once I buy?

You should immediately move your litecoins into a secure wallet. You should never leave your litecoins on an exchange. There have been countless hacks in cryptocurrency since Bitcoin was created in 2009. Hundreds of thousands of people have lost money. So buy your litecoins, and then instantly send them into a wallet you control so you are not at risk of losing money to a hack or scam.
submitted by MonishaNuij to MonMonCrypto [link] [comments]

[ANN][ANDROID MINING][AIRDROP] NewEnglandcoin: Scrypt RandomSpike

New England
New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/
NewEnglandcoin
Symbol: NENG
NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones.
Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt.
1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377
NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number
Bitcoin Fork - Suitable for Home Hobbyists
NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs.
The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity.
MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018)
https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn
CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software.
Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%.
NENG v1.4.0 release enabled CPU mining inside android phones.
Youtube Video Tutorial
How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg
How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ
Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG.
We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange.
Twitter Airdrop
Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners
Graphic Redesign Bounty
Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs
Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form.
Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues.
Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1
Milestones
Roadmap
NENG v1.4.0 Android Mining, randomSpike Evaluation https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/NENG_2020_Q3_report/NENG_2020_Q3_report.pdf
RandomSpike - NENG core v1.3.0 Hardfork Upgrade Proposal https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2020Q1_Report/Scrypt_RandomSpike_NENGv1.3.0_Hardfork_Proposal.pdf
NENG Security, Decentralization & Valuation
https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2019Q2_report/NENG_Security_Decentralization_Value.pdf
Whitepaper v1.0 https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/whitepaper_v1.0/NENG_WhitePaper.pdf
DISCORD https://discord.gg/UPeBwgs
Explorer
http://www.findblocks.com/exploreNENG http://86.100.49.209/exploreNENG http://nengexplorer.mooo.com:3001/
Step by step guide on how to setup an explorer: https://github.com/ShorelineCrypto/nengexplorer
Github https://github.com/ShorelineCrypto/NewEnglandCoin
Wallet
Android with UserLand App (arm64/armhf), Chromebook (x64/arm64/armhf): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.5
Linux Wallet (Ubuntu/Linux Mint, Debian/MX Linux, Arch/Manjaro, Fedora, openSUSE): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.3
MacOS Wallet (10.11 El Capitan or higher): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.2
Android with GNUroot on 32 bits old Phones (alpha release) wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0
Windows wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.3.0.1
addnode ip address for the wallet to sync faster, frequently updated conf file: https://github.com/ShorelineCrypto/cheetah_cpumineblob/mastenewenglandcoin.conf-example
How to Sync Full Node Desktop Wallet https://www.reddit.com/NewEnglandCoin/comments/er6f0q/how_to_sync_full_node_desktop_wallet/
TWITTER https://twitter.com/newenglandcoin
REDDIT https://www.reddit.com/NewEnglandCoin/
Cheetah CPU Miner Software https://github.com/ShorelineCrypto/cheetah_cpuminer
Solo Mining with GPU or ASIC https://bitcointalk.org/index.php?topic=5027091.msg52187727#msg52187727
How to Run Two Full Node in Same Desktop PC https://bitcointalk.org/index.php?topic=5027091.msg53581449#msg53581449
ASIC/GPU Mining Pools Warning to Big ASIC Miners Due to DynDiff Algo on top of Scrypt, solo mining is recommended for ASIC/GPU miners. Further more, even for mining pools, small mining pool will generate better performance than big NENG mining pool because of new algo v1.2.x post hard fork.
The set up configuration of NENG for scrypt pool mining is same as a typical normal scrypt coin. In other word, DynDiff on Scrypt algo is backward compatible with Scrypt algo. Because ASIC/GPU miners rely on CPU miners for smooth blockchain movement, checkout bottom of "Latest News" section for A WARNING to All ASIC miners before you decide to dump big ASIC hash rate into NENG mining.
(1) Original DynDiff Warning: https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708 (2) New Warning on RandomSpike Spike difficulty (244k) introduced in RandomSpike served as roadblocks to instant mining and provide security against 51% attack risk. However, this spike difficulty like a roadblock that makes big ASIC mining less profitable. In case of spike block to be mined, the spike difficulty immediately serve as base difficulty, which will block GPU/ASIC miners effectively and leave CPU cheetah solo miners dominating mining almost 100% until next base difficulty reset.
FindBlocks http://findblocks.com/
CRpool http://crpool.xyz/
Cminors' Pool http://newenglandcoin.cminors-pool.com/
SPOOL https://spools.online/
Exchange
📷
https://shorelinecrypto.com/
Features: anonymous sign up and trading. No restriction or limit on deposit or withdraw.
The trading pairs available: NewEnglandcoin (NENG) / Dogecoin (DOGE)
Trading commission: A round trip trading will incur 0.10% trading fees in average. Fees are paid only on buyer side. buy fee: 0.2% / sell fee: 0% Deposit fees: free for all coins Withdraw fees: ZERO per withdraw. Mining fees are appointed by each coin blockchain. To cover the blockchain mining fees, there is minimum balance per coin per account: * Dogecoin 2 DOGE * NewEnglandcoin 1 NENG
Latest News Aug 30, 2020 - NENG v1.4.0.5 Released for Android/Chromebook Upgrade with armhf, better hardware support https://bitcointalk.org/index.php?topic=5027091.msg55098029#msg55098029
Aug 11, 2020 - NENG v1.4.0.4 Released for Android arm64 Upgrade / Chromebook Support https://bitcointalk.org/index.php?topic=5027091.msg54977437#msg54977437
Jul 30, 2020 - NENG v1.4.0.3 Released for Linux Wallet Upgrade with 8 Distros https://bitcointalk.org/index.php?topic=5027091.msg54898540#msg54898540
Jul 21, 2020 - NENG v1.4.0.2 Released for MacOS Upgrade with Catalina https://bitcointalk.org/index.php?topic=5027091.msg54839522#msg54839522
Jul 19, 2020 - NENG v1.4.0.1 Released for MacOS Wallet Upgrade https://bitcointalk.org/index.php?topic=5027091.msg54830333#msg54830333
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining, Ubuntu 20.04 support https://bitcointalk.org/index.php?topic=5027091.msg54803639#msg54803639
Jul 11, 2020 - NENG v1.4.0 Android Mining, randomSpike Evaluation https://bitcointalk.org/index.php?topic=5027091.msg54777222#msg54777222
Jun 27, 2020 - Pre-Announce: NENG v1.4.0 Proposal for Mobile Miner Upgrade, Android Mining Start in July 2020 https://bitcointalk.org/index.php?topic=5027091.msg54694233#msg54694233
Jun 19, 2020 - Best Practice for Futurebit Moonlander2 USB ASIC on solo mining mode https://bitcointalk.org/index.php?topic=5027091.msg54645726#msg54645726
Mar 15, 2020 - Scrypt RandomSpike - NENG v1.3.0.1 Released for better wallet syncing https://bitcointalk.org/index.php?topic=5027091.msg54030923#msg54030923
Feb 23, 2020 - Scrypt RandomSpike - NENG Core v1.3.0 Relased, Hardfork on Mar 1 https://bitcointalk.org/index.php?topic=5027091.msg53900926#msg53900926
Feb 1, 2020 - Scrypt RandomSpike Proposal Published- NENG 1.3.0 Hardfork https://bitcointalk.org/index.php?topic=5027091.msg53735458#msg53735458
Jan 15, 2020 - NewEnglandcoin Dev Team Expanded with New Kickoff https://bitcointalk.org/index.php?topic=5027091.msg53617358#msg53617358
Jan 12, 2020 - Explanation of Base Diff Reset and Effect of Supply https://www.reddit.com/NewEnglandCoin/comments/envmo1/explanation_of_base_diff_reset_and_effect_of/
Dec 19, 2019 - Shoreline_tradingbot version 1.0 is released https://bitcointalk.org/index.php?topic=5121953.msg53391184#msg53391184
Sept 1, 2019 - NewEnglandcoin (NENG) is Selected as Shoreline Tradingbot First Supported Coin https://bitcointalk.org/index.php?topic=5027091.msg52331201#msg52331201
Aug 15, 2019 - Mining Update on Effect of Base Difficulty Reset, GPU vs ASIC https://bitcointalk.org/index.php?topic=5027091.msg52169572#msg52169572
Jul 7, 2019 - CPU Mining on macOS Mojave is supported under latest Cheetah_Cpuminer Release https://bitcointalk.org/index.php?topic=5027091.msg51745839#msg51745839
Jun 1, 2019 - NENG Fiat project is stopped by Square, Inc https://bitcointalk.org/index.php?topic=5027091.msg51312291#msg51312291
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto https://bitcointalk.org/index.php?topic=5027091.msg50714764#msg50714764
Apr 7, 2019 - Announcement of Fiat Project for all U.S. Residents & Mobile Miner Project Initiation https://bitcointalk.org/index.php?topic=5027091.msg50506585#msg50506585
Apr 1, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50417196#msg50417196
Mar 27, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50332097#msg50332097
Mar 17, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50208194#msg50208194
Feb 26, 2019 - Community Project - NewEnglandcoin Graphic Redesign Bounty Initiated https://bitcointalk.org/index.php?topic=5027091.msg49931305#msg49931305
Feb 22, 2019 - Dev Policy on Checkpoints on NewEnglandcoin https://bitcointalk.org/index.php?topic=5027091.msg49875242#msg49875242
Feb 20, 2019 - NewEnglandCoin v1.2.1 Released to Secure the Hard Kork https://bitcointalk.org/index.php?topic=5027091.msg49831059#msg49831059
Feb 11, 2019 - NewEnglandCoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork https://bitcointalk.org/index.php?topic=5027091.msg49685389#msg49685389
Jan 13, 2019 - Cheetah_CpuMiner added support for CPU Mining on Mac https://bitcointalk.org/index.php?topic=5027091.msg49218760#msg49218760
Jan 12, 2019 - NENG Core v1.1.2 Released to support MacOS OSX Wallet https://bitcointalk.org/index.php?topic=5027091.msg49202088#msg49202088
Jan 2, 2019 - Cheetah_Cpuminer v1.1.0 is released for both Linux and Windows https://bitcointalk.org/index.php?topic=5027091.msg49004345#msg49004345
Dec 31, 2018 - Technical Whitepaper is Released https://bitcointalk.org/index.php?topic=5027091.msg48990334#msg48990334
Dec 28, 2018 - Cheetah_Cpuminer v1.0.0 is released for Linux https://bitcointalk.org/index.php?topic=5027091.msg48935135#msg48935135
Update on Dec 14, 2018 - NENG Blockchain Stuck Issue https://bitcointalk.org/index.php?topic=5027091.msg48668375#msg48668375
Nov 27, 2018 - Exclusive for PC CPU Miners - How to Steal a Block from ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48258465#msg48258465
Nov 28, 2018 - How to CPU Mine a NENG block with window/linux PC https://bitcointalk.org/index.php?topic=5027091.msg48298311#msg48298311
Nov 29, 2018 - A Warning to ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708
Disclosure: Dev Team Came from ShorelineCrypto, a US based Informatics Service Business offering Fee for service for Coin Creation, Coin Exchange Listing, Blockchain Consulting, etc.
submitted by honglu69 to NewEnglandCoin [link] [comments]

What is Delegated Harvesting and how does it work?

What is Delegated Harvesting and how does it work?

https://preview.redd.it/030pghigzkg51.png?width=1024&format=png&auto=webp&s=ee51e1f5bb87938ab610ee07951ad4daed798a20

Delegated harvesting lets you passively earn block rewards on-chain

Symbol has a noteworthy economic system that allows you to passively earn coin rewards just as if you were mining. This is better than staking rewards given by exchanges since you don’t need to put your coins on an exchange and you are earning actual block rewards.
On most other blockchains you have to operate a node in order to earn block rewards. That can be expensive and difficult for casual users. With our delegated harvesting system, your rights to earn rewards are based on how many XYM coins you are holding, but Symbol lets you delegate those rights to someone else’s node so they will earn rewards on your behalf. You’ll earn on-chain block rewards even when your computer is turned off, and the rewards are sent to you instantly, the moment they are earned. It requires a minimum balance of 10,000 XYM, and you can do it easily through a dashboard. Here’s how it all works.

Let’s chain some blocks

A quick block reward review: the process of adding transactions and other data to a blockchain is called creating blocks, and it’s what every computer in the network is trying to do. Blockchains pay a coin reward to the first account to create a new accepted block. The reward is called a block reward. If new coins are created to pay the block reward, it’s called mining. Symbol doesn’t create new coins for block rewards so it uses the term harvesting instead, but it’s nearly the same as mining.

We want proof

What’s the point of all this mining and harvesting? The problem is that anyone can join the network anonymously, so we would expect cheaters sending false data so they can spend the same coins twice or make other fake transactions. If we don’t know who is trustworthy, how do we choose who gets “write access” to account balances?
Bitcoin and many early protocols use a Proof of Work (POW) system. In POW every computer in the network is processing calculations as fast as possible until someone gets the right number. Whoever gets it first creates the next block. POW is effective at discouraging cheaters because it’s expensive to buy and power all the machines needed to mine profitably. Anyone who could make such a mining investment won’t want to risk being rejected.

Not that proof, different proof

The biggest drawback of POW is its insatiable consumption of electricity. It’s estimated that bitcoin alone consumes a quarter percent of global energy production. Unfortunately, that’s not a side effect, it’s the point; the more expensive it is to create blocks, the harder it is for bad actors to take over. In the early days users could mine POW coins on a laptop, but today it’s so expensive that only large industrial operators are competitive.
The most popular alternative system is Proof of Stake. POS is well-tested and has proven secure at large scale, and best of all, it requires no special energy usage. In a POS system, the protocol chooses an account at random to be the next block creator. However, an account’s chance of being chosen depends on the number of coins it holds. So users with the highest account balances have the highest chances of creating new blocks. This is a good way to ensure security, but one downside is that it encourages hoarding.

Proof of stake plus

Symbol uses a Proof of Stake Plus (POS+) system, which adds a few weighting factors on top of Proof of Stake to incentivize a healthier economic system. For example, POS+ gives an advantage to accounts that have many recent transactions in order to encourage network usage. So if you need to pay a lot of transaction fees, that expense can be offset somewhat by higher block rewards.
This addresses the hoarding problem, but not the expense and difficulty of running a node. We want everyone to participate in harvesting whether or not they are paying to run a node. Owning a minimum of 10,000 XYM automatically gives you the right to harvest, so the idea is to use your earning rights on someone else’s node. This is where delegating your stake comes in.

Keep your keys in your pocket

The tricky part is that if you gave a node operator direct access to your stake, they would be able to see your private key and possibly take your funds. Symbol solves this problem by creating a proxy account with a different private key that’s used only for delegated harvesting. This allows you to delegate your harvesting rights to any available node without allowing them access to your account.

https://preview.redd.it/lhv350glzkg51.png?width=1583&format=png&auto=webp&s=f2d9af8185d027221bf7d0531a667f6ada6731d4
There’s no minimum holding time or obligations for your coins, and you can spend them just as easily as non-delegated accounts as long as your balance is 10,000 or above. If your account drops below 10,000 it will simply stop harvesting with no side effects. If the node you are working with is going down a lot or otherwise annoying you, just use the dashboard to stop delegating or switch your delegation to another node any time you like.

What’s in a block reward?

There’s one more detail: any node that you have delegated to will keep 25% of the rewards earned by your delegated stake. This is their incentive to keep their node running. If you don’t like giving them a cut, you need to run your own node. Now the good part: every block reward on the Symbol public chain will contain new tokens added for inflation, incentives for early adopters, and will also contain all transaction fees paid. 100% of transaction fees are returned to harvesters in block rewards. The system is estimated to provide about 3% to 4% returns for delegated harvesters, although rewards could be lower or higher if there are a lot of transaction fees paid.

A quick hypothetical example

Let’s say there are 1 billion XYM tokens staked on the Symbol public chain. Your account balance is 20,000. This gives you about a 1 in 50,000 chance to be the harvester of any given block. Blocks are created every 15 seconds, which adds up to 5,760 blocks per day. Your account would be expected to harvest a block reward about once every 8.7 days.

Configuration of delegated harvesting

The Symbol public chain has a requirement of 10,000 XYM minimum balance for delegated harvesting, but if you are running your own Symbol blockchain you can change it to any token and any amount you want. You can also change the inflation rate, transaction fees, and other economy settings. In a corporate private network there is usually little need for decentralization and incentives since everyone on the network will be known and trusted. In this type of private chain you can even remove transaction fees. However, since Symbol is open-source, it’s also simple to run your own public version configured with any requirements you need.

On-chain staking rewards

Staking rewards are becoming more common on exchanges, and many users are coming to expect it. That’s good because staking rewards provide more opportunity for users to earn coins and encourage new users to enter the industry. Unfortunately these custodial exchanges and wallets require users to give up their keys. It’s nearly always more secure to hold tokens off exchanges, especially if holding long term. Symbol and its original version NEM are unique in their method of allowing users to delegate their stakes and earn rewards without giving up custody and without any risk of sharing their private keys. Delegated harvesting on Symbol is likely to be the best way in the blockchain industry for users to earn on-chain staking rewards without the chore and expense of running a node.
Source
submitted by charlesgwynne to CryptoCurrencyTrading [link] [comments]

What is Delegated Harvesting and how does it work?

What is Delegated Harvesting and how does it work?

https://preview.redd.it/h0y8o02yykg51.png?width=1024&format=png&auto=webp&s=0b476a069605414fa5f970f3e7d1aebd52d4cf31

Delegated harvesting lets you passively earn block rewards on-chain

Symbol has a noteworthy economic system that allows you to passively earn coin rewards just as if you were mining. This is better than staking rewards given by exchanges since you don’t need to put your coins on an exchange and you are earning actual block rewards.
On most other blockchains you have to operate a node in order to earn block rewards. That can be expensive and difficult for casual users. With our delegated harvesting system, your rights to earn rewards are based on how many XYM coins you are holding, but Symbol lets you delegate those rights to someone else’s node so they will earn rewards on your behalf. You’ll earn on-chain block rewards even when your computer is turned off, and the rewards are sent to you instantly, the moment they are earned. It requires a minimum balance of 10,000 XYM, and you can do it easily through a dashboard. Here’s how it all works.

Let’s chain some blocks

A quick block reward review: the process of adding transactions and other data to a blockchain is called creating blocks, and it’s what every computer in the network is trying to do. Blockchains pay a coin reward to the first account to create a new accepted block. The reward is called a block reward. If new coins are created to pay the block reward, it’s called mining. Symbol doesn’t create new coins for block rewards so it uses the term harvesting instead, but it’s nearly the same as mining.

We want proof

What’s the point of all this mining and harvesting? The problem is that anyone can join the network anonymously, so we would expect cheaters sending false data so they can spend the same coins twice or make other fake transactions. If we don’t know who is trustworthy, how do we choose who gets “write access” to account balances?
Bitcoin and many early protocols use a Proof of Work (POW) system. In POW every computer in the network is processing calculations as fast as possible until someone gets the right number. Whoever gets it first creates the next block. POW is effective at discouraging cheaters because it’s expensive to buy and power all the machines needed to mine profitably. Anyone who could make such a mining investment won’t want to risk being rejected.

Not that proof, different proof

The biggest drawback of POW is its insatiable consumption of electricity. It’s estimated that bitcoin alone consumes a quarter percent of global energy production. Unfortunately, that’s not a side effect, it’s the point; the more expensive it is to create blocks, the harder it is for bad actors to take over. In the early days users could mine POW coins on a laptop, but today it’s so expensive that only large industrial operators are competitive.
The most popular alternative system is Proof of Stake. POS is well-tested and has proven secure at large scale, and best of all, it requires no special energy usage. In a POS system, the protocol chooses an account at random to be the next block creator. However, an account’s chance of being chosen depends on the number of coins it holds. So users with the highest account balances have the highest chances of creating new blocks. This is a good way to ensure security, but one downside is that it encourages hoarding.

Proof of stake plus

Symbol uses a Proof of Stake Plus (POS+) system, which adds a few weighting factors on top of Proof of Stake to incentivize a healthier economic system. For example, POS+ gives an advantage to accounts that have many recent transactions in order to encourage network usage. So if you need to pay a lot of transaction fees, that expense can be offset somewhat by higher block rewards.
This addresses the hoarding problem, but not the expense and difficulty of running a node. We want everyone to participate in harvesting whether or not they are paying to run a node. Owning a minimum of 10,000 XYM automatically gives you the right to harvest, so the idea is to use your earning rights on someone else’s node. This is where delegating your stake comes in.

Keep your keys in your pocket

The tricky part is that if you gave a node operator direct access to your stake, they would be able to see your private key and possibly take your funds. Symbol solves this problem by creating a proxy account with a different private key that’s used only for delegated harvesting. This allows you to delegate your harvesting rights to any available node without allowing them access to your account.

https://preview.redd.it/tejgkdv1zkg51.png?width=1583&format=png&auto=webp&s=c41b9f431ce63a196dcbc0297a898233b530a297
There’s no minimum holding time or obligations for your coins, and you can spend them just as easily as non-delegated accounts as long as your balance is 10,000 or above. If your account drops below 10,000 it will simply stop harvesting with no side effects. If the node you are working with is going down a lot or otherwise annoying you, just use the dashboard to stop delegating or switch your delegation to another node any time you like.

What’s in a block reward?

There’s one more detail: any node that you have delegated to will keep 25% of the rewards earned by your delegated stake. This is their incentive to keep their node running. If you don’t like giving them a cut, you need to run your own node. Now the good part: every block reward on the Symbol public chain will contain new tokens added for inflation, incentives for early adopters, and will also contain all transaction fees paid. 100% of transaction fees are returned to harvesters in block rewards. The system is estimated to provide about 3% to 4% returns for delegated harvesters, although rewards could be lower or higher if there are a lot of transaction fees paid.

A quick hypothetical example

Let’s say there are 1 billion XYM tokens staked on the Symbol public chain. Your account balance is 20,000. This gives you about a 1 in 50,000 chance to be the harvester of any given block. Blocks are created every 15 seconds, which adds up to 5,760 blocks per day. Your account would be expected to harvest a block reward about once every 8.7 days.

Configuration of delegated harvesting

The Symbol public chain has a requirement of 10,000 XYM minimum balance for delegated harvesting, but if you are running your own Symbol blockchain you can change it to any token and any amount you want. You can also change the inflation rate, transaction fees, and other economy settings. In a corporate private network there is usually little need for decentralization and incentives since everyone on the network will be known and trusted. In this type of private chain you can even remove transaction fees. However, since Symbol is open-source, it’s also simple to run your own public version configured with any requirements you need.

On-chain staking rewards

Staking rewards are becoming more common on exchanges, and many users are coming to expect it. That’s good because staking rewards provide more opportunity for users to earn coins and encourage new users to enter the industry. Unfortunately these custodial exchanges and wallets require users to give up their keys. It’s nearly always more secure to hold tokens off exchanges, especially if holding long term. Symbol and its original version NEM are unique in their method of allowing users to delegate their stakes and earn rewards without giving up custody and without any risk of sharing their private keys. Delegated harvesting on Symbol is likely to be the best way in the blockchain industry for users to earn on-chain staking rewards without the chore and expense of running a node.

Source
submitted by charlesgwynne to CryptoCurrencyTrading [link] [comments]

BitOffer institute: Ethereum miners' daily earnings soared 60%, ETF earning over 85 times

BitOffer institute: Ethereum miners' daily earnings soared 60%, ETF earning over 85 times

https://preview.redd.it/95910ilvizd51.png?width=696&format=png&auto=webp&s=6681449d66d95faa67159454fe7faff49b4d7df8
On June 27, Ethereum miners earned about $1.85 per 100 (MH/s) per day. In the past month, especially in the last two weeks, the income rose by 60%, reaching a peak of $3.27 per 100 MH/s on July 25, before falling back to around $3.
Over the same period, the price of ETH has risen more than 40%, from $229 on June 27 to $327.99, which is a new high for 2020.
On July 22, the total market value of decentralized Financial DeFi passed $11.5 billion. The massive hype of DeFi caused a surge in trading volume in ETH, which, along with the surge in trading volume from ETH, pushed miners’ daily income to its highest level in two years.
Etherscan, a blockchain browser, shows that the entire computing power of the Ethereum blockchain, the world’s second-largest by market value, has been stable at around 190 petahash per second. Indeed, data from Bitinfocharts show that in the first quarter of this year, Ethereum’s daily mining revenue was below $2 per 100 MH/s before falling to $1 per 100 MH/s on March 12 after the cryptographic market collapsed. Ethereum’s daily mining revenues have tripled in recent months.
Currently, some of the most advanced ETH mining equipment, such as the core A10 Pro, which has a 500-megabit hash per second (MH/s) computing power and a power ratio of 1.9w/m, generates $13 per day at Ethereum’s current price and mining difficulty. Based on the miner’s profitability level, and A10 Pro Ethereum miner’s daily power consumption is about 1.1 dollars, and its daily net profit is nearly 12 dollars.
Even though bitcoin’s price topping $11,000 for the first time since September 2019, the difficulty of mining bitcoin remains at an all-time high. As a result, even the most efficient bitcoin miners, such as MicroBT’s WhatsMiner M30S ++ and Bitmaint’s AntMiner S19 Pro, generate $9 in daily income. Based on the current price of bitcoin and the difficulty of mining it, a more efficient Bitcoin miner (within 40w/T power ratio) generates about $6.50 in net profits per day. Ethereum miners earn about $13 a day, which is twice as Bitcoin miners.
Since the launch of DeFi, it has received a lot of attention from investment institutions and individual investors. Currently, DeFi Wallet has been downloaded more than 5,000 times, far more than any other type of DAPP, it is the number one DAPP developed based on Ethereum. According to the popularity and the current download speed, in the next few months, the downloading number will break through 6000 and bring a sufficient number of volumes for the ETH. Meanwhile, as the ETH 2.0 launch date approximation, these two advantages will boost the price of ETH, the income of the ETH miners will be at the appointed time with increased, which gradually widening the income gap with BTC miner.
It is the best time to invest in Ethereum.
However, buying BitOffer’s Ethereum ETF Ethereum is better than buying a future, in which profits start at a minimum of three times. Besides, it also includes an intelligent dynamic position reallocation mechanism and the calculation of fund compound interest with the returns of up to 17 times.
In the latest week, the Ethereum ETF (ETH3X) has jumped 160% from a peak of $6 to $16, according to data analysis from the BitOffer Exchange. With the launch of DeFi and ETH 2.0, once Ethereum rises more than fivefold over the next few months, the ETH3X could rise as much as 85 times.
If you buy Ethereum for $10,000, and ETH goes up fivefold, you can maximum make a fivefold profit, Which from $10,000 to $50,000. But buying ETH3X is a different story. Once Ethereum increases fivefold, you can make up to 85 times, which would be from $10,000 to $850,000, the 17 times than buying futures, more than over $800,000. Buying the Ethereum ETF would be a better deal.
submitted by Bitoffer_Official to BitOffer_Official [link] [comments]

DFINITY Research Report

DFINITY Research Report
Author: Gamals Ahmed, CoinEx Business Ambassador
ABSTRACT
The DFINITY blockchain computer provides a secure, performant and flexible consensus mechanism. At its core, DFINITY contains a decentralized randomness beacon, which acts as a verifiable random function (VRF) that produces a stream of outputs over time. The novel technique behind the beacon relies on the existence of a unique-deterministic, non-interactive, DKG-friendly threshold signatures scheme. The only known examples of such a scheme are pairing-based and derived from BLS.
The DFINITY blockchain is layered on top of the DFINITY beacon and uses the beacon as its source of randomness for leader selection and leader ranking. A “weight” is attributed to a chain based on the ranks of the leaders who propose the blocks in the chain, and that weight is used to select between competing chains. The DFINITY blockchain is layered on top of the DFINITY beacon and uses the beacon as its source of randomness for leader selection and leader ranking blockchain is further hardened by a notarization process which dramatically improves the time to finality and eliminates the nothing-at-stake and selfish mining attacks.
DFINITY consensus algorithm is made to scale through continuous quorum selections driven by the random beacon. In practice, DFINITY achieves block times of a few seconds and transaction finality after only two confirmations. The system gracefully handles temporary losses of network synchrony including network splits, while it is provably secure under synchrony.

1.INTRODUCTION

DFINITY is building a new kind of public decentralized cloud computing resource. The company’s platform uses blockchain technology which is aimed at building a new kind of public decentralized cloud computing resource with unlimited capacity, performance and algorithmic governance shared by the world, with the capability to power autonomous self-updating software systems, enabling organizations to design and deploy custom-tailored cloud computing projects, thereby reducing enterprise IT system costs by 90%.
DFINITY aims to explore new territory and prove that the blockchain opportunity is far broader and deeper than anyone has hitherto realized, unlocking the opportunity with powerful new crypto.
Although a standalone project, DFINITY is not maximalist minded and is a great supporter of Ethereum.
The DFINITY blockchain computer provides a secure, performant and flexible consensus mechanism. At its core, DFINITY contains a decentralized randomness beacon, which acts as a verifiable random function (VRF) that produces a stream of outputs over time. The novel technique behind the beacon relies on the existence of a unique-deterministic, non-interactive, DKG-friendly threshold signatures scheme. The only known examples of such a scheme are pairing-based and derived from BLS.
DFINITY’s consensus mechanism has four layers: notary (provides fast finality guarantees to clients and external observers), blockchain (builds a blockchain from validated transactions via the Probabilistic Slot Protocol driven by the random beacon), random beacon (provides the source of randomness for all higher layers like smart contract applications), and identity (provides a registry of all clients).
DFINITY’s consensus mechanism has four layers

Figure1: DFINITY’s consensus mechanism layers
1. Identity layer:
Active participants in the DFINITY Network are called clients. Where clients are registered with permanent identities under a pseudonym. Moreover, DFINITY supports open membership by providing a protocol for registering new clients by depositing a stake with an insurance period. This is the responsibility of the first layer.
2. Random Beacon layer:
Provides the source of randomness (VRF) for all higher layers including ap- plications (smart contracts). The random beacon in the second layer is an unbiasable, verifiable random function (VRF) that is produced jointly by registered clients. Each random output of the VRF is unpredictable by anyone until just before it becomes avail- able to everyone. This is a key technology of the DFINITY system, which relies on a threshold signature scheme with the properties of uniqueness and non-interactivity.

https://preview.redd.it/hkcf53ic05e51.jpg?width=441&format=pjpg&auto=webp&s=44d45c9602ee630705ce92902b8a8379201d8111
3. Blockchain layer:
The third layer deploys the “probabilistic slot protocol” (PSP). This protocol ranks the clients for each height of the chain, in an order that is derived determin- istically from the unbiased output of the random beacon for that height. A weight is then assigned to block proposals based on the proposer’s rank such that blocks from clients at the top of the list receive a higher weight. Forks are resolved by giving favor to the “heaviest” chain in terms of accumulated block weight — quite sim- ilar to how traditional proof-of-work consensus is based on the highest accumulated amount of work.
The first advantage of the PSP protocol is that the ranking is available instantaneously, which allows for a predictable, constant block time. The second advantage is that there is always a single highest-ranked client, which allows for a homogenous network bandwidth utilization. Instead, a race between clients would favor a usage in bursts.
4. Notarization layer:
Provides fast finality guarantees to clients and external observers. DFINITY deploys the novel technique of block notarization in its fourth layer to speed up finality. A notarization is a threshold signature under a block created jointly by registered clients. Only notarized blocks can be included in a chain. Of all RSA-based alternatives exist but suffer from an impracticality of setting up the thresh- old keys without a trusted dealer.
DFINITY achieves its high speed and short block times exactly because notarization is not full consensus.
DFINITY does not suffer from selfish mining attack or a problem nothing at stake because the authentication step is impossible for the opponent to build and maintain a series of linked and trusted blocks in secret.
DFINITY’s consensus is designed to operate on a network of millions of clients. To en- able scalability to this extent, the random beacon and notarization protocols are designed such as that they can be safely and efficiently delegated to a committee

1.1 OVERVIEW ABOUT DFINITY

DFINITY is a blockchain-based cloud-computing project that aims to develop an open, public network, referred to as the “internet computer,” to host the next generation of software and data. and it is a decentralized and non-proprietary network to run the next generation of mega-applications. It dubbed this public network “Cloud 3.0”.
DFINITY is a third generation virtual blockchain network that sets out to function as an “intelligent decentralised cloud,”¹ strongly focused on delivering a viable corporate cloud solution. The DFINITY project is overseen, supported and promoted by DFINITY Stiftung a not-for-profit foundation based in Zug, Switzerland.
DFINITY is a decentralized network design whose protocols generate a reliable “virtual blockchain computer” running on top of a peer-to-peer network upon which software can be installed and can operate in the tamperproof mode of smart contracts.
DFINITY introduces algorithmic governance in the form of a “Blockchain Nervous System” that can protect users from attacks and help restart broken systems, dynamically optimize network security and efficiency, upgrade the protocol and mitigate misuse of the platform, for example by those wishing to run illegal or immoral systems.
DFINITY is an Ethereum-compatible smart contract platform that is implementing some revolutionary ideas to address blockchain performance, scaling, and governance. Whereas
DFINITY could pose a credible threat to Ethereum’s extinction, the project is pursuing a coevolutionary strategy by contributing funding and effort to Ethereum projects and freely offering their technology to Ethereum for adoption. DFINITY has labeled itself Ethereum’s “crazy sister” to express it’s close genetic resemblance to Ethereum, differentiated by its obsession with performance and neuron-inspired governance model.
Dfinity raised $61 million from Andreesen Horowitz and Polychain Capital in a February 2018 funding round. At the time, Dfinity said it wanted to create an “internet computer” to cut the costs of running cloud-based business applications. A further $102 million funding round in August 2018 brought the project’s total funding to $195 million.
In May 2018, Dfinity announced plans to distribute around $35 million worth of Dfinity tokens in an airdrop. It was part of the company’s plan to create a “Cloud 3.0.” Because of regulatory concerns, none of the tokens went to US residents.
DFINITY be broadening and strengthening the EVM ecosystem by giving applications a choice of platforms with different characteristics. However, if DFINITY succeeds in delivering a fully EVM-compatible smart contract platform with higher transaction throughput, faster confirmation times, and governance mechanisms that can resolve public disputes without causing community splits, then it will represent a clearly superior choice for deploying new applications and, as its network effects grow, an attractive place to bring existing ones. Of course the challenge for DFINITY will be to deliver on these promises while meeting the security demands of a public chain with significant value at risk.

1.1.1 DFINITY FUTURE

  • DFINITY aims to explore new blockchain territory related to the original goals of the Ethereum project and is sometimes considered “Ethereum’s crazy sister.”
  • DFINITY is developing blockchain-based infrastructure to support a new style of the internet (akin to Ethereum’s “World Computer”), one in which the internet itself will support software applications and data rather than various cloud hosting providers.
  • The project suggests this reinvented software platform can simplify the development of new software systems, reduce the human capital needed to maintain and secure data, and preserve user data privacy.
  • Dfinity aims to reduce the costs of cloud services by creating a decentralized “internet computer” which may launch in 2020
  • Dfinity claims transactions on its network are finalized in 3–5 seconds, compared to 1 hour for Bitcoin and 10 minutes for Ethereum.

1.1.2 DFINITY’S VISION

DFINITY’s vision is its new internet infrastructure can support a wide variety of end-user and enterprise applications. Social media, messaging, search, storage, and peer-to-peer Internet interactions are all examples of functionalities that DFINITY plans to host atop its public Web 3.0 cloud-like computing resource. In order to provide the transaction and data capacity necessary to support this ambitious vision, DFINITY features a unique consensus model (dubbed Threshold Relay) and algorithmic governance via its Blockchain Nervous System (BNS) — sometimes also referred to as the Network Nervous System or NNS.

1.2 DFINITY COMMUNITY

The DFINITY community brings people and organizations together to learn and collaborate on products that help steward the next-generation of internet software and services. The Internet Computer allows developers to take on the monopolization of the internet, and return the internet back to its free and open roots. We’re committed to connecting those who believe the same through our events, content, and discussions.

https://preview.redd.it/0zv64fzf05e51.png?width=637&format=png&auto=webp&s=e2b17365fae3c679a32431062d8e3c00a57673cf

1.3 DFINITY ROADMAP (TIMELINE) February 15, 2017

February 15, 2017
Ethereum based community seed round raises 4M Swiss francs (CHF)
The DFINITY Stiftung, a not-for-profit foundation entity based in Zug, Switzerland, raised the round. The foundation held $10M of assets as of April 2017.
February 8, 2018
Dfinity announces a $61M fundraising round led by Polychain Capital and Andreessen Horowitz
The round $61M round led by Polychain Capital and Andreessen Horowitz, along with an DFINITY Ecosystem Venture Fund which will be used to support projects developing on the DFINITY platform, and an Ethereum based raise in 2017 brings the total funding for the project over $100 million. This is the first cryptocurrency token that Andressen Horowitz has invested in, led by Chris Dixon.
August 2018
Dfinity raises a $102,000,000 venture round from Multicoin Capital, Village Global, Aspect Ventures, Andreessen Horowitz, Polychain Capital, Scalar Capital, Amino Capital and SV Angel.
January 23, 2020
Dfinity launches an open source platform aimed at the social networking giants

2.DFINITY TECHNOLOGY

Dfinity is building what it calls the internet computer, a decentralized technology spread across a network of independent data centers that allows software to run anywhere on the internet rather than in server farms that are increasingly controlled by large firms, such as Amazon Web Services or Google Cloud. This week Dfinity is releasing its software to third-party developers, who it hopes will start making the internet computer’s killer apps. It is planning a public release later this year.
At its core, the DFINITY consensus mechanism is a variation of the Proof of Stake (PoS) model, but offers an alternative to traditional Proof of Work (PoW) and delegated PoS (dPoS) networks. Threshold Relay intends to strike a balance between inefficiencies of decentralized PoW blockchains (generally characterized by slow block times) and the less robust game theory involved in vote delegation (as seen in dPoS blockchains). In DFINITY, a committee of “miners” is randomly selected to add a new block to the chain. An individual miner’s probability of being elected to the committee proposing and computing the next block (or blocks) is proportional to the number of dfinities the miner has staked on the network. Further, a “weight” is attributed to a DFINITY chain based on the ranks of the miners who propose blocks in the chain, and that weight is used to choose between competing chains (i.e. resolve chain forks).
A decentralized random beacon manages the random selection process of temporary block producers. This beacon is a Variable Random Function (VRF), which is a pseudo-random function that provides publicly verifiable proofs of its outputs’ correctness. A core component of the random beacon is the use of Boneh-Lynn-Shacham (BLS) signatures. By leveraging the BLS signature scheme, the DFINITY protocol ensures no actor in the network can determine the outcome of the next random assignment.
Dfinity is introducing a new standard, which it calls the internet computer protocol (ICP). These new rules let developers move software around the internet as well as data. All software needs computers to run on, but with ICP the computers could be anywhere. Instead of running on a dedicated server in Google Cloud, for example, the software would have no fixed physical address, moving between servers owned by independent data centers around the world. “Conceptually, it’s kind of running everywhere,” says Dfinity engineering manager Stanley Jones.
DFINITY also features a native programming language, called ActorScript (name may be subject to change), and a virtual machine for smart contract creation and execution. The new smart contract language is intended to simplify the management of application state for programmers via an orthogonal persistence environment (which means active programs are
not required to retrieve or save their state). All ActorScript contracts are eventually compiled down to WebAssembly instructions so the DFINITY virtual machine layer can execute the logic of applications running on the network. The advantage of using the WebAssembly standard is that all major browsers support it and a variety of programming languages can compile down to Wasm (not just ActorScript).
Dfinity is moving fast. Recently, Dfinity showed off a TikTok clone called CanCan. In January it demoed a LinkedIn-alike called LinkedUp. Neither app is being made public, but they make a convincing case that apps made for the internet computer can rival the real things.

2.1 DFINITY CORE APPLICATIONS

The DFINITY cloud has two core applications:
  1. Enabling the re-engineering of business: DFINITY ambitiously aims to facilitate the re-engineering of mass-market services (such as Web Search, Ridesharing Services, Messaging Services, Social Media, Supply Chain, etc) into open source businesses that leverage autonomous software and decentralised governance systems to operate and update themselves more efficiently.
  2. Enable the re-engineering of enterprise IT systems to reduce costs: DFINITY seeks to re-engineer enterprise IT systems to take advantage of the unique properties that blockchain computer networks provide.
At present, computation on blockchain-based computer networks is far more expensive than traditional, centralised solutions (Amazon Web Services, Microsoft Azure, Google Cloud Platform, etc). Despite increasing computational cost, DFINITY intends to lower net costs “by 90% or more” through reducing the human capital cost associated with sustaining and supporting these services.
Whilst conceptually similar to Ethereum, DFINITY employs original and new cryptography methods and protocols (crypto:3) at the network level, in concert with AI and network-fuelled systemic governance (Blockchain Nervous System — BNS) to facilitate Corporate adoption.
DFINITY recognises that different users value different properties and sees itself as more of a fully compatible extension of the Ethereum ecosystem rather than a competitor of the Ethereum network.
In the future, DFINITY hopes that much of their “new crypto might be used within the Ethereum network and are also working hard on shared technology components.”
As the DFINITY project develops over time, the DFINITY Stiftung foundation intends to steadily increase the BNS’ decision-making responsibilities over time, eventually resulting in the dissolution of its own involvement entirely, once the BNS is sufficiently sophisticated.
DFINITY consensus mechanism is a heavily optimized proof of stake (PoS) model. It places a strong emphasis on transaction finality through implementing a Threshold Relay technique in conjunction with the BLS signature scheme and a notarization method to address many of the problems associated with PoS consensus.

2.2 THRESHOLD RELAY

As a public cloud computing resource, DFINITY targets business applications by substantially reducing cloud computing costs for IT systems. They aim to achieve this with a highly scalable and powerful network with potentially unlimited capacity. The DFINITY platform is chalk full of innovative designs and features like their Blockchain Nervous System (BNS) for algorithmic governance.
One of the primary components of the platform is its novel Threshold Relay Consensus model from which randomness is produced, driving the other systems that the network depends on to operate effectively. The consensus system was first designed for a permissioned participation model but can be paired with any method of Sybil resistance for an open participation model.
“The Threshold Relay is the mechanism by which Dfinity randomly samples replicas into groups, sets the groups (committees) up for threshold operation, chooses the current committee, and relays from one committee to the next is called the threshold relay.”
Threshold Relay consists of four layers (As mentioned previously):
  1. Notary layer, which provides fast finality guarantees to clients and external observers and eliminates nothing-at-stake and selfish mining attacks, providing Sybil attack resistance.
  2. Blockchain layer that builds a blockchain from validated transactions via the Probabilistic Slot Protocol driven by the random beacon.
  3. Random beacon, which as previously covered, provides the source of randomness for all higher layers like the blockchain layer smart contract applications.
  4. Identity layer that provides a registry of all clients.

2.2.1 HOW DOES THRESHOLD RELAY WORK?

Threshold Relay produces an endogenous random beacon, and each new value defines random group(s) of clients that may independently try and form into a “threshold group”. The composition of each group is entirely random such that they can intersect and clients can be presented in multiple groups. In DFINITY, each group is comprised of 400 members. When a group is defined, the members attempt to set up a BLS threshold signature system using a distributed key generation protocol. If they are successful within some fixed number of blocks, they then register the public key (“identity”) created for their group on the global blockchain using a special transaction, such that it will become part of the set of active groups in a following “epoch”. The network begins at “genesis” with some number of predefined groups, one of which is nominated to create a signature on some default value. Such signatures are random values — if they were not then the group’s signatures on messages would be predictable and the threshold signature system insecure — and each random value produced thus is used to select a random successor group. This next group then signs the previous random value to produce a new random value and select another group, relaying between groups ad infinitum and producing a sequence of random values.
In a cryptographic threshold signature system a group can produce a signature on a message upon the cooperation of some minimum threshold of its members, which is set to 51% in the DFINITY network. To produce the threshold signature, group members sign the message
individually (here the preceding group’s threshold signature) creating individual “signature shares” that are then broadcast to other group members. The group threshold signature can be constructed upon combination of a sufficient threshold of signature shares. So for example, if the group size is 400, if the threshold is set at 201 any client that collects that many shares will be able to construct the group’s signature on the message. Other group members can validate each signature share, and any client using the group’s public key can validate the single group threshold signature produced by combining them. The magic of the BLS scheme is that it is “unique and deterministic” meaning that from whatever subset of group members the required number of signature shares are collected, the single threshold signature created is always the same and only a single correct value is possible.
Consequently, the sequence of random values produced is entirely deterministic and unmanipulable, and signatures generated by relaying between groups produces a Verifiable Random Function, or VRF. Although the sequence of random values is pre-determined given some set of participating groups, each new random value can only be produced upon the minimal agreement of a threshold of the current group. Conversely, in order for relaying to stall because a random number was not produced, the number of correct processes must be below the threshold. Thresholds are configured so that this is extremely unlikely. For example, if the group size is set to 400, and the threshold is 201, 200 or more of the processes must become faulty to prevent production. If there are 10,000 processes in the network, of which 3,000 are faulty, the probability this will occur is less than 10e-17.

2.3 DFINITY TOKEN

The DFINITY blockchain also supports a native token, called dfinities (DFN), which perform multiple roles within the network, including:
  1. Fuel for deploying and running smart contracts.
  2. Security deposits (i.e. staking) that enable participation in the BNS governance system.
  3. Security deposits that allow client software or private DFINITY cloud networks to connect to the public network.
Although dfinities will end up being assigned a value by the market, the DFINITY team does not intend for DFN to act as a currency. Instead, the project has envisioned PHI, a “next-generation” crypto-fiat scheme, to act as a stable medium of exchange within the DFINITY ecosystem.
Neuron operators can earn Dfinities by participating in network-wide votes, which could be concerning protocol upgrades, a new economic policy, etc. DFN rewards for participating in the governance system are proportional to the number of tokens staked inside a neuron.

2.4 SCALABILITY

DFINITY is constantly developing with a structure that separates consensus, validation, and storage into separate layers. The storage layer is divided into multiple strings, each of which is responsible for processing transactions that occur in the fragment state. The verification layer is responsible for combining hashes of all fragments in a Merkle-like structure that results in a global state fractionation that is stored in blocks in the top-level chain.

2.5 DFINITY CONSENSUS ALGORITHM

The single most important aspect of the user experience is certainly the time required before a transaction becomes final. This is not solved by a short block time alone — Dfinity’s team also had to reduce the number of confirmations required to a small constant. DFINITY moreover had to provide a provably secure proof-of-stake algorithm that scales to millions of active participants without compromising any bit on decentralization.
Dfinity soon realized that the key to scalability lay in having an unmanipulable source of randomness available. Hence they built a scalable decentralized random beacon, based on what they call the Threshold Relay technique, right into the foundation of the protocol. This strong foundation drives a scalable and fast consensus layer: On top of the beacon runs a blockchain which utilizes notarization by threshold groups to achieve near-instant finality. Details can be found in the overview paper that we are releasing today.
The roots of the DFINITY consensus mechanism date back to 2014 when thair Chief Scientist, Dominic Williams, started to look for more efficient ways to drive large consensus networks. Since then, much research has gone into the protocol and it took several iterations to reach its current design.
For any practical consensus system the difficulty lies in navigating the tight terrain that one is given between the boundaries imposed by theoretical impossibility-results and practical performance limitations.
The first key milestone was the novel Threshold Relay technique for decentralized, deterministic randomness, which is made possible by certain unique characteristics of the BLS signature system. The next breakthrough was the notarization technique, which allows DFINITY consensus to solve the traditional problems that come with proof-of-stake systems. Getting the security proofs sound was the final step before publication.
DFINITY consensus has made the proper trade-offs between the practical side (realistic threat models and security assumptions) and the theoretical side (provable security). Out came a flexible, tunable algorithm, which we expect will establish itself as the best performing proof-of-stake algorithm. In particular, having the built-in random beacon will prove to be indispensable when building out sharding and scalable validation techniques.

2.6 LINKEDUP

The startup has rather cheekily called this “an open version of LinkedIn,” the Microsoft-owned social network for professionals. Unlike LinkedIn, LinkedUp, which runs on any browser, is not owned or controlled by a corporate entity.
LinkedUp is built on Dfinity’s so-called Internet Computer, its name for the platform it is building to distribute the next generation of software and open internet services.
The software is hosted directly on the internet on a Switzerland-based independent data center, but in the concept of the Internet Computer, it could be hosted at your house or mine. The compute power to run the application LinkedUp, in this case — is coming not from Amazon AWS, Google Cloud or Microsoft Azure, but is instead based on the distributed architecture that Dfinity is building.
Specifically, Dfinity notes that when enterprises and developers run their web apps and enterprise systems on the Internet Computer, the content is decentralized across a minimum of four or a maximum of an unlimited number of nodes in Dfinity’s global network of independent data centers.
Dfinity is an open source for LinkedUp to developers for creating other types of open internet services on the architecture it has built.
“Open Social Network for Professional Profiles” suggests that on Dfinity model one can create “Open WhatsApp”, “Open eBay”, “Open Salesforce” or “Open Facebook”.
The tools include a Canister Software Developer Kit and a simple programming language called Motoko that is optimized for Dfinity’s Internet Computer.
“The Internet Computer is conceived as an alternative to the $3.8 trillion legacy IT stack, and empowers the next generation of developers to build a new breed of tamper-proof enterprise software systems and open internet services. We are democratizing software development,” Williams said. “The Bronze release of the Internet Computer provides developers and enterprises a glimpse into the infinite possibilities of building on the Internet Computer — which also reflects the strength of the Dfinity team we have built so far.”
Dfinity says its “Internet Computer Protocol” allows for a new type of software called autonomous software, which can guarantee permanent APIs that cannot be revoked. When all these open internet services (e.g. open versions of WhatsApp, Facebook, eBay, Salesforce, etc.) are combined with other open software and services it creates “mutual network effects” where everyone benefits.
On 1 November, DFINITY has released 13 new public versions of the SDK, to our second major milestone [at WEF Davos] of demoing a decentralized web app called LinkedUp on the Internet Computer. Subsequent milestones towards the public launch of the Internet Computer will involve:
  1. On boarding a global network of independent data centers.
  2. Fully tested economic system.
  3. Fully tested Network Nervous Systems for configuration and upgrades

2.7 WHAT IS MOTOKO?

Motoko is a new software language being developed by the DFINITY Foundation, with an accompanying SDK, that is designed to help the broadest possible audience of developers create reliable and maintainable websites, enterprise systems and internet services on the Internet Computer with ease. By developing the Motoko language, the DFINITY Foundation will ensure that a language that is highly optimized for the new environment is available. However, the Internet Computer can support any number of different software frameworks, and the DFINITY Foundation is also working on SDKs that support the Rust and C languages. Eventually, it is expected there will be many different SDKs that target the Internet Computer.
Full article
submitted by CoinEx_Institution to u/CoinEx_Institution [link] [comments]

Brand new

I want to dip into Bitcoin, how does it work?
submitted by LethalXander to BitcoinBeginners [link] [comments]

Upcoming Major Riecoin 0.20 Upgrade

Upcoming Major Riecoin 0.20 Upgrade
A new major Riecoin upgrade is planned, and includes a hard fork. Below is a summary of the changes so far and the hard fork improvements. More details can be found on BitcoinTalk. Feel free to ask Pttn there or on Discord if you have questions regarding the update.
The first step of this upgrade was to update the base code to Bitcoin’s 0.20, which is done. You can find the experimental code at the Github repository. Experimental binaries can also be downloaded here. Despite their prerelease status, they should work fine, though please backup your wallets if you plan to use 0.20, just in case.
Pool operators and other advanced Riecoin users should start looking into the changes and update their software accordingly, as well as closely follow the Riecoin Core development.
Here is a list of notable changes from 0.16.3.1.
The next step will be the hard fork, in order to improve Riecoin in multiple ways. Here is the list of planned changes.
Once the development is advanced enough, a date will be chosen for the hard fork. Testnet will be hardforked first to ensure the well functioning of the implementation. Stay tuned!
submitted by PttnMe to RieCoin [link] [comments]

Acceptance of cryptocurrencies in the world and how's PYRK different

Acceptance of cryptocurrencies in the world and how's PYRK different
Greetings. 👋🏻 Today we will tell you about the acceptance of cryptocurrencies in the world and the advantages of PYRK.
Today, the topic of distributed technologies, including blockchain and crypto assets, is very relevant. The use of cryptocurrencies and blockchain technology has become one of the answers to the opportunities and challenges of the development of the global economy.
Digital currencies are a new stage in the evolution of money. In the digital economy, the functions of money remain the same, but the requirements for them increase:
🔹 transition to cashless (digital) form;
🔹 minimum cost of storing cash;
🔹 maximum unification of technology for the transfer and storage of value;
🔹 the possibility of self-settlement regardless of the location of the sender;
🔹 lack of intermediaries and third parties in settlements and payments;
🔹 speed, convenience and a high degree of reliability of payments.
The crisis of confidence in the existing world order and the current system of state regulation of the economy led to the development of decentralization and the emergence of digital assets, cryptocurrencies.
According to the creators, in order to use cryptocurrency, it is enough to install the client program and create an account to which the electronic wallet will be linked. After that, any owner of a laptop/smartphone with Internet access will be able to exchange payment units with other network users without intermediaries.
📌 PYRK is a privacy-oriented cryptographic currency based on the work of Bitcoin, Dash, and Digibyte. Its distinctiveness lies in the application of the mechanism of the triple Proof-of-Work algorithm, which significantly increases the security of the system.
📌 Also, PYRK uses the Multishield difficulty adjustment algorithm to prevent difficulty spike issues resulting from burst mining. MultiShield is designed to let the difficulty "fall" very fast so that the chain doesn't freeze.
Other distinctive features of PYRK:
✔️ NO pre-mining, NO Hidden Blocks, Fair Launch
✔️ Initial block reward = 100 Pyrk
✔️ Descending Reward Reduction every 100,000 Blocks
✔️ Block Time: 90 Seconds
✔️ Max Circulation: 100M Pyrk
✔️ Private send transactions
✔️ Masternodes (Initial collateral 1000 Pyrk)
✔️ Community Fund (Up to 10% of Monthly Mining Reward)
📢 Find out more about the benefits of PYRK here: https://www.pyrk.org
https://preview.redd.it/9t7yeasjv9951.png?width=1200&format=png&auto=webp&s=c46971856820ffac050fc6c0568575f945af994e
submitted by VS_community to pyrk [link] [comments]

Bitcoin is (the best) money for reasons different of what you think

Too much people have a bad understanding of money. We all know that here. But even in Bitcoin, we often read this :
"Bitcoin is money because it is store of value, medium of exchange and wil be unit of account thanks its fixed supply".
This is misleading, those are the functions of money, if a money furfils them well it is a good money but stuff can have these functions without being money.

So what money IS really ?

Simple: a money is a bank IOU. Money is created when a bank gives a loan. Against the IOU, the bank asks the borrower to give it an IOU for the same amount plus interest and Money is destroyed when the principal of the loan is redeem (the bank's IOU vanished, but borower's IOU interest are still there). When we talk about money, we are in fact talking about a banking system, nothing less, nothing more.

In the case of fiat money, the central bankers owns the banking systems. The "regulation" is the set of rules of issuance of fiat (the credit issuance work is made by the commercial banks). When the central bank says it wants X% of inflation it sets how well its money is unit of account. "Stabilize the prices", "avoid hyperinflation" truely means "maintain credibility of the banking system". That's why banks are always saved too, they are just the right arm of the central bank to issue credit, they are the money itself.
Precious metal like gold are popular as a good way to physically represent an IOU because scarcity and durability make them good collateral in case the bank who issues the IOU disappears but it is not money in itself (it also lacks the medium of exchange function because gold can be faked). Gold standard was just a way to issue IOU so that it furfills the store of value and unit of account function automatically and add medium of exchange function (it is easier to check a dollar is a a real one than gold) creating a very good money. This was the choice of the FED before 1971 (and the dollar becames the international money as it was the best money).
So a money is always issued by a banking system as it wish to issue it (meaning it determines who get the loans), a bank provides by its network (of ATMs, of payment processors, of credit agencies...) easy ways to exchange its IOU and backed the IOU to give them credibility. Before all banks were private but when the states started to have one, they centralized all the banking system around it and private banks were forced to issue IOU against state bank's IOU, giving birth to the central banking system and so fiat money (as money = banking system's IOU). State money don't need collateral because you need to pay taxes in state money: the collateral is that you can pay taxes and so not ending up in prison. State money is a violent but hidden freedom restriction.

So now, why Bitcoin is money ?

The Bitcoin's tokens are the IOU of a bank. Who is the central bank ? The Bitcoin protocol. Each node is a bank who applies strict rules of IOU issurance: loans are for miners, preferably the first ones as the supply schedule says. "Run a full node to be your own bank" is litteral, by validating Bitcoin's rules you are like a bank in the current banking system, except the central bank doesn't exist, it is just a protocol you follow with others. The only difference between Bitcoin and classical banking system is that the protocol doesn't ask an IOU to the miners in exchange for the newly created money to destroy it later, it is as if the miners made in fact a deposit of their computational work and the returned IOU value depends of supply schedule and difficulty.
Now, is Bitcoin a good money ? The answer is a bit subjective but mainly yes, it is certainly the best money if we look at how it has the three functions of the money (store of value, medium of exchange, unit of account). The IOU are valuable by the same principle of fiat money is valuable: you can use the Bitcoin ledger only if you pay at least the minimum relay fees... in bitcoins ! You also have to pay additionnal transaction fees but you can also pay them to a miner directly in something else but chance are low he found a block himself. Notice however that nothing force you to use the ledger so Bitcoin is peacefull contrary to state money. Bitcoin's IOU are extremly easy to exchange since if you don't find full node for that, you can just build one as soon as you have internet access ! So bitcoins are the absolute best medium of exchange. And finally, unit of account is more subjective but in expectation the best choice is indeed choosing a capped supply to get a form of price stability.

So there you have it: Bitcoin is money because it is a (peer-to-peer) banking system. It has the three functions of money. Bitcoin is valuable because you need to pay in Bitcoin's IOU to use its ledger (which is valuable for many applications because it is backed by miners' work). Bitcoin is the best medium of exchange because it is permissionless and decentralized: if there is no bank to process your payment, you can build one for you. And finally, the capped supply is the best way to have a unit of account function when you can't adjust the money supply to the economical context automatically.

That's why Bitcoin is the best money for me, if it is not the best it is at least a very good one (many are worse) moreover it is peaceful.


PS : what about shitcoins ? Well they have a value to use their ledger as Bitcoin, but that's all.
Bitcoin's rules take care of your ability to run a full node, not shitcoins, so they are not good medium of exchange (censorship possible). Shitcoins ledger are not as valuable as Bitcoin's one since it has less work. And finally many of them didn't choose a capped supply and the ones who premined or issue a big part of tokens to funders effectively give them the control of the issuance schedule of IOU, so a node is not a true bank: nothing to insure unit of account.

PPS : transaction fees have nothing to do with medium of exchange function. Minimum relay fees is the real taxe imposed to use the ledger and gives value to the token by opening access to the work of miners (it is a commitment to avoid spam). Transaction fees is something else, it is a way for the network to pay miners for their computational work with or without issuing more IOU's depending of the schedule. As miners will mine only if they earn enough money, and as the value of the money first came from this work in the ledger, a valuable Bitcoin-like cryptocurrency can stay valuable only if it has high enough transaction fees (newly issued IOU's included, they are the hidden inflation taxe imposed to all money users if high !). Those transaction fees depends of the congestion which happens when users use the network more than what allows it to stay in consensus, they naturally increase with usage of the ledger and will incitivise miners to mine more in the short term (this will be observed when transaction fees will represent most of the block reward). So the value of the Bitcoin's IOU will also comes from the value of what people can achieve with this ledger when block's subsidy will be lower after some halvings. It is true that transaction fees paid by users (and not issued) restrict the case where the ledger can be used. But the fact that it is used by very few people doesn't make it bad ! (particulary if you can transact IOU's with other networks without the ledger)
submitted by Pantamis to Bitcoin [link] [comments]

Technical details of the Earthcoin network 2019

Technical details of the Earthcoin network 2019
Blockchain parameters
crypt hashing algorithm
Proof of Work (POW) mining
60 seconds block target
Difficulty retarget after each block (+167%, -91%)
Total coins will be 13.5 billion coins (infinite by a theory, because the minimal block reward is 1 EAC, but in the practice 13.5*109 will not be exceeded within the next 2000 years)
50 confirmations per minted block
5 confirmations per transaction
Supports transaction messages
Initial block reward on average 10,000 EAC, varies seasonly ( currently 625 EAC) Block payout is halved every year, minimum payout of 1 EAC per block Superblocks every 14 and 31 day The default ports are 35677 (P2P-network) and 15678 (RPC-calls, optional)
Transaction speed
The mechanism behind Earthcoin which is based on peer-to-peer, allows transactions to happen very quickly. This means that once you pay or get payed with Earthcoin, the time taken to see the money transferred is equal or sometimes faster than the avarege debit card. Earthcoin promotes transaction times of approximatly 30 seconds where it is actually closer to 10-15 seconds which is nowadays regarded as being instant. The true strength behind this speed is the abillity to use it in any store in the near future with the same feel of speed as the currency you hold today.
Security
The Earthcoin network had been attacked by a 51% attack and controlled by a group of hackers for several months in the middle of 2017. Thanks to the unwavering efforts of the community, the attack was thrown back and EarthCoin was returned to all users. The source code was then fixed, secured against similar attacks in the future and a unique protection against time travel attack was implemented. The EarthCoin code is now much more secure than most of other cryptocurrencies. In the first half of 2019, a major upgrade of the Earthcoin network was done and security features according to the current blockchain protocol of Bitcoin and Litecoin networks were implemented.
From:http://deveac.com/technical.html
submitted by zongyongge to Earthcoin [link] [comments]

Step by Step Guide to Starting Smart Mining of ViaBTC

Step by Step Guide to Starting Smart Mining of ViaBTC
In order to help our miners to get the best possible profits, now we present you the step by step guide to starting Smart Mining of ViaBTC. No time for hesitation, try Smart Mining now!
Smart mining consists of two different mining modes, namely as “Manual Switch” and “Auto Switch”.
Auto Switch provides an automated way of profitable mining using the designated algorithm to monitor the real-time status of possible returns. In comparison to manual switch, it’s more flexible and easier to keep tracking of your mining returns.
1.
Enable Auto Switch
It now supports BTC、BCH and BSV, besides, your assets in your account can also be converted into BTC on an hourly basis automatically.
Before enabling auto switch mode, you’re required to configure smart mining URL: stratum+tcp://bitcoin.viabtc.com:3333;
Enable Manual Switch
This supports Bitcoin pool (BTC, BCH, BSV, FCH) and Ethereum pool (ETH, ETC).
One-click switch address is different from the stratum URL for a specified coin. Details for one-click switch URL are listed as following: BTC/BCH/BSV/FCH: stratum+tcp://bitcoin.viabtc.com:3333 ETH/ETC: stratum+tcp://ethereum.viabtc.com:3333 Noted: Port 25 or 443 is available as an alternative option.
2.
Go to www.viabtc.com then click [Settings] from the drop-down menu on your right hand side.
https://preview.redd.it/6rvece3anm551.png?width=1400&format=png&auto=webp&s=bf1365d690542a9d49712fecf1c117e5e94c74f4
Click [Switch mining pool] under the [Mining Settings] to select a new coin type.

https://preview.redd.it/8ag76racnm551.png?width=1400&format=png&auto=webp&s=2b79ffb7dfde4e0b7ab51bb584815a1b8b91f30c
Select “Mode” and “Coin Type”
https://preview.redd.it/7zmjh3ienm551.png?width=1400&format=png&auto=webp&s=2c2ff5f99265402def95717f4a28de71ffe17b32
Frequently Asked Questions
What is the unique feature of Auto Switch compares to Manual Switch? It’s more flexible and easy to set up, SHA-256 mining algorithm compatible.
How long will it take to be activated after enabling Auto Switch? Once Auto Switch is on, system will monitor the possible return rate of all compatible coins using a designated algorithm and switch to the one with higher profits, you may go to the Pool panel for more accurate mining status.
Why I can’t see my earnings increased after enabling Auto Switch mode? Auto Switch mode demands high-efficiency when it switch between the current mined coins to the new one with possible high returns, specified using designated algorithm and current difficulty, thus it’s not a guarantee pass for high returns when “Auto Switch” is on.
Is there any requirements of MIN. limit of hashrate before enabling Auto Switch? There is no minimum limit of hashrate in your account before enabling Auto Switch in your account.
Which type of coins are supported in Auto Switch mode? Currently all types of coins in Bitcoin Pool are supported in Auto Switch mode, including BTC, BCH and BSV.
When will the mining rewards distributed to my account? Rewards distribution are varies for different mining modes, and distribution time remained unchanged compares to the one in Manual Switch mode.
Can I use part of hashrate to mine a designated coin after enabling Auto Switch? After enabling Auto Switch, hashrate connecting to your account will switch from one to the other automatically using a designated algorithm.
Will I receive hashrate fluctuation notification after enabling Auto Switch? You’re required to set hashrate fluctuation notification for all compatible coins by the time enabling Auto Switch, more detailed guideline can be found here.
How to check your current mining preference?
Go to www.viabtc.com first then enter [Pool] panel to check your current mining preference.
When should I change my mining preference?
It is recommended to use profit calculator to get a general idea of the theoretical earnings outcome when selecting mining preference.
submitted by ViaBTC to BitcoinMining [link] [comments]

The Best Cryptocurrency Mining Pools in 2020

This review is not sponsored! Neither it is an ad.
How to choose a mining pool? How to avoid stale shares? The pros and cons of different services.

What is a cryptocurrency mining pool?

A “mining pool" is a server that distributes the task of calculating the block signature between all connected participants. The contribution of each of them is evaluated using the so-called “shares”, which are potential candidates for receiving a signature. As soon as one of the “shares” hits the target, the pool announces the readiness of the block and distributes the reward.
However, if you participate in the pool, then you will have to share the profit with all the participants in the pool, but for the majority, this usually is the most profitable option.

Which pool is better for mining?

The best mining pools should meet the following criteria:

Key selection criteria

To select a good pool for each specific cryptocurrency, you need to carefully study all the information available about it on its website and on the forums.
To reduce the number of stale shares, it is better to mine on the pool closest to the miner. You can choose the fastest mining pool by studying the information about the processing speed of the share in the mining program or by pinging the time it takes for the signal to pass from the miner's computer to the servers of the pool.

10 most popular and powerful pools: Description

ViaBTC

Coins: BTC, BCH, BSV, LTC, ETH, ETC, ZEC, DASH, XMR, CKB
Commission: 3%, lifetime discount: 1%

EMCD

Coins: BTC, BSV, BCH, LTC, ETC, ETH, DASH
Commission: 0%. There is a donation option: 0.5% of the income

Ethermine

Coins: ETH, ETC, ZEC
Commission: 1%

F2pool

Coins: BTC, LTC, and many other coins
Commission: 3-5%

NanoPool

Coins: XMR, ETH, ETC, SiaCoin, ZEC, PASC, ETN
Commission:1%

Mining Pool Hub

Coins: BTC, BSV, BCH, LTC
Commission: 0.9%

NiceHash

Coins: BTC, ETH, XRP, BCH, LTC, ZEC, DASH, XLM, EOS, USDT, LINK, BAT, ZRX, HOT, OMG, REP, BTG, NEXO, MATIC, ENJ, SNT, ELF, BNT, KNC, POLY, MTL + 20 more.
Commission: 2-5%

Coinotron

Coins: ETH, ETC, PASC, LTC, Zcash, BTG, DASH, FTC, VTC
Commission: 1-1.5%

Monero Mining Pool

Coins: XMR
Commission: 2%

Baikalmine

Coins: ETH, ETC, MOAC, CLO
Commission: 0.5-1%

Independent Pool Statistics

To make sure that the pools work and really exist, check independent sources. These are:
Keep up with the news of the crypto world at CoinJoy.io Follow us on Twitter and Medium. Subscribe to our YouTube channel. Join our Telegram channel. For any inquiries mail us at [[email protected]](mailto:[email protected]).
submitted by CoinjoyAssistant to dogemining [link] [comments]

God damn miners!

God damn miners! submitted by syntheticChocIce to pcmasterrace [link] [comments]

Now with the recent halving, does the upcoming Antminer S19Pro make sense?

Hi Bitcoin community.
This is my first post here so I want to introduce myself a bit. My name is Alex, I'm 25 years old, I live in Italy and I've been a Cryptocurrency miner since January 2017. Right now in my small mining farm I have online 2 Innosilicon S11, one Antminer A3 (All 3 mining a Blake2b coin that I've invested in), 4 Innosilicon A10 and from late 2017 till mid 2019 I had 5 Antminer S9 (14Th/s batches) running.
In these days I was thinking if it is worth buying the upcoming Antminer S19 Pro from Bitmain, since as of today (19 May, 2020) with the current difficulty and price, the profit with that ASIC sits around 2,00USD/day (Assuming the power cost is 0,10USD per Kw). Also to keep in mind these new Antminers haven't been delivered yet, so the difficulty will rise even more.
In my opinion, unless the minimum BTC price rises to at least the 20.000-30.000USD range, getting the S19Pro is not a great investment. What do you guy think? I'd like to hear your opinions as well.
submitted by Alessandro7432 to Bitcoin [link] [comments]

600,000 Miners Shut Down Business In The Last Two Weeks

600,000 Miners Shut Down Business In The Last Two Weeks submitted by KarolisKav to gpumining [link] [comments]

Staking in Ethereum 2.0: when will it appear and how much can you earn on it?

Staking in Ethereum 2.0: when will it appear and how much can you earn on it?

Staking in Ethereum 2.0: when will it appear and how much can you earn on it?

Why coin staking will be added in Ethereum 2.0

A brief educational program for those who do not follow the update of the project of Vitalik Buterin. Ethereum has long been in need of updating, and the main problem of the network is scalability: the blockchain is overloaded, transactions are slowing down, and the cost of “gas” (transaction fees) is growing. If you do not update the consensus algorithm, then the network will someday cease to be operational. To avoid this, developers have been working for several years on moving the network from the PoW algorithm to state 2.0, running on PoS. This should make the network more scalable, faster and cheaper. In December last year, the first upgrade phase, Istanbul, was implemented in the network, and in April of this year, the Topaz test network with the possibility of staking was launched - the first users already earned 1%. In the PoS algorithm that Ethereum switches to, there is no mining, and validation occurs due to the delegation of user network coins to the masternodes. For the duration of the delegation, these coins are frozen, and for providing their funds for block validation, users receive a portion of the reward. This is staking - such a crypto-analogue of a bank deposit. There are several types of staking: with income from dividends or masternodes, but not the device’s power, as in PoW algorithms, but the number of miner coins is important in all of them. The more coins, the higher the income. For crypto investors, staking is an opportunity to receive passive income from blocked coins. It is assumed that the launch of staking:
  • Will make ETH mining more affordable, but less resource intensive;
  • Will make the network more secure and secure - attacks will become too expensive;
  • Will create an entirely new sector of steak infrastructure around the platform;
  • Provides increased scalability, which will create the opportunity for wider implementation of DeFi protocols;
  • And, most importantly, it will show that Ethereum is a developing project.

The first payments to stakeholders will be one to two years after the launch of the update

The minimum validator steak will be 32 ETN (≈$6092 for today). This is the minimum number of coins that an ETH holder must freeze in order to qualify for payments. Another prerequisite is not to disconnect your wallet from the network. If the user disconnects and goes into automatic mode, he loses his daily income. If at some point the steak drops below 16 ETH, the user will be deprived of the right to be a validator. The Ethereum network has to go through many more important stages before coin holders can make money on its storage. Collin Myers, the leader of the product strategy at the startup of the Ethereum developer ConsenSys, said that the genesis block of the new network will not be mined until the total amount of frozen funds reaches 524,000 ETN ($99.76 million at the time of publication). So many coins should be kept by 16,375 validators with a minimum deposit of 32 ETN. Until this moment, none of them will receive a percentage profit. Myers noted that this event is not tied to a clear time and depends on the activity of the community. All validators will have to freeze a rather significant amount for an indefinite period in the new network without confidence in the growth of the coin rate. It’s hard to say how many people there are. The developers believe that it will take 12−18 or even 24 months. According to the latest ConsenSys Codefi report, more than 65% of the 300 ETH owners surveyed plan to use the staking opportunity. This sample, of course, is not representative, but it can be assumed that most major coin holders will still be willing to take a chance.

How much can you earn on Ethereum staking

Developers have been arguing for a long time about what profitability should be among the validators of the Ethereum 2.0 network. The economic model of the network maintains an inflation rate below 1% and dynamically adjusts the reward scale for validators. The difficulty is not to overpay, but not to pay too little. Profitability will be variable, as it depends on the number and size of steaks, as well as other parameters. The fewer frozen coins and validators, the higher the yield, and vice versa. This is an easy way to motivate users to freeze ETN. According to the October calculations of Collin Myers, after the launch of Ethereum 2.0, validators will be able to receive from 4.6% to 10.3% per annum as a reward for their steak. At the summit, he clarified that the first time after the launch of the Genesis block, it can even reach 20.3%. But as the number of steaks grows, profitability will decline. So, with five million steaks, it drops to about 6.6%. The above numbers are not net returns. They do not include equipment and electricity costs. According to Myers, after the Genesis block, the costs of maintaining the validator node will be about 4.75% of the remuneration. They will continue to increase as the number of blocked coins increases, and with a five millionth steak, they will grow to about 14.7%. Myers emphasized that profitability will be higher for those who will work on their own equipment, rather than relying on cloud services. The latter, according to his calculations, at current prices can bring a loss of up to minus 15% per year. This, he believes, promotes true decentralization. At the end of April, Vitalik Buterin said that validators will be able to earn 5% per annum with a minimum stake of 32 ETH - 1.6 ETH per year, or $ 304 at the time of publication. However, given the cost of freezing funds, the real return will be at 0.8%.

How to calculate profitability from ETN staking

The easiest way to calculate the estimated return for Ethereum staking is to use a special calculator. For example, from the online services EthereumPrice or Stakingrewards. The service takes into account the latest indicators of network profitability, as well as additional characteristics: the time of operation of a node in the network, the price of a coin, the share of blocked ETNs and so on. Depending on these values, the profit of the validator can vary greatly. For example, you block 32 ETNs at today's coin price - $190, 1% of the coins are blocked, and the node works 99% of the time. According to the EthereumPrice calculator, in this case your yield will be 14.25% per annum, or 4.56 ETH.
Validator earnings from the example above for 10 years according to EthereumPrice.
If to change the data, you have the same steak, but the proportion of blocked coins is 10%. Now your annual yield is only 4.51%, or 1.44 ETH.
Validator earnings from the second example over 10 years according to EthereumPrice.
It is important that this is profitability excluding expenses. Real returns will be significantly lower and in the second case may be negative. In addition, you must consider the fluctuation of the course. Even with a yield of 14% per annum in ETN, dollar-denominated returns may be negative in a bear market.

When will the transition to Ethereum 2.0 start

Ben Edgington from Teku, the operator of Ethereum 2.0, at the last summit said that the transition to PoS could be launched in July this year. These deadlines, if there are no new delays, were also mentioned by experts of the BitMEX crypto exchange in their recent report on the transition of the Ethereum ecosystem to stage 2.0. However, on May 12, Vitalik Buterin denied the possibility of launching Ethereum 2.0 in July. The network is not yet ready and is unlikely to be launched before the end of the year. July 30 marks the 5th anniversary of the launch of Ethereum. Unfortunately, it seems that it will not be possible to start the update for the anniversary again. Full deployment of updates will consist of several stages. Phase 0. Beacon chain. The "zero" phase, which can be launched in July this year. In fact, it will only be a network test and PoS testing without economic activity, but it will use new ETN coins and the possibility of staking will appear. The "zero" phase will test the first layer of Ethereum 2.0 architecture - Lighthouse. This is the Ethereum 2.0 client in Rust, developed back in 2018. Phase 1. Sharding - rejection of full nodes in favor of load balancing between all network nodes (shards). This should increase network bandwidth and solve the scalability problem. This is the first full phase of Ethereum 2.0. It will initially be deployed with 64 shards. It is because of sharding that the transition of a network to a new state is so complicated - existing smart contracts cannot be transferred to a new network. Therefore, at first, perhaps several years, both networks will exist simultaneously. Phase 2. State execution. In this phase, various applications will work, and it will be possible to conclude smart contracts. This is a full-fledged working Ethereum 2.0 network. After the second phase, two networks will work in parallel - Ethereum and Ethereum 2.0. Coin holders will be able to transfer ETN from the first to the second without the ability to transfer them back. To stimulate network support, coin emissions in both networks will increase until they merge. Read more about the phases of transition to state 2.0 in the aforementioned BitMEX report.

How the upgrade to Ethereum 2.0 will affect the staking market and coin price

The transition of the second largest coin to PoS will dramatically increase the stake in the market. The deposit in 32 ETH is too large for most users. Therefore, we should expect an increase in offers for staking from the exchanges. So, the launch of such a service in November was announced by the largest Swiss crypto exchange Bitcoin Suisse. She will not have a minimum deposit, and the commission will be 15%. According to October estimates by Binance Research analysts, the transition of Ethereum to stage 2.0 can double the price of a coin and the stake of staking in the market, and it will also make ETH the most popular currency on the PoS algorithm. Adam Cochran, partner at MetaCartel Ventures DAO and developer of DuckDuckGo, argued in his blog that Ethereum's transition to state 2.0 would be the “biggest event” of the cryptocurrency market. He believes that a 3–5% return will attract the capital of large investors, and fear of lost profit (FOMO) among retail investors will push them to actively buy coins. The planned coin burning mechanism for each transaction will reduce the potential oversupply. However, BitMEX experts in the report mentioned above believe that updating the network will not be as important an event as it seems to many, and will not have a significant impact on the coin rate and the staking market. Initially, this will be more likely to test the PoS system, rather than a full-fledged network. There will be no economic activity and smart contracts, and interest for a steak will not be paid immediately. Therefore, most of the economic activity will continue to be concluded in the original Ethereum network, which will work in parallel with the new one. Analysts of the exchange emphasized that due to the addition of staking, the first time (short, in their opinion) a large number of ETNs will be blocked on the network. Most likely, this will limit the supply of coins and lead to higher prices. However, this can also release some of the ETNs blocked in smart contracts, and then the price will not rise. Moreover, the authors of the document are not sure that the demand for coins will be long-term and stable. For this to happen, PoS and sharding must prove that they work stably and provide the benefits for which the update was started. But, if this happens, the network is waiting for a wave of coins from the developers of smart contracts and DeFi protocols. In any case, quick changes should not be expected. A full transition to Ethereum 2.0 will take years and won’t be smooth - network failures are inevitable. We also believe that we should not rely on Ethereum staking as another panacea for all the problems of the coin and the market. Most likely, the transition of the network to PoS will not have a significant impact on the staking market, but may positively affect the price of the coin. However, relying on the ETN rally in anticipation of this is too optimistic.
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submitted by Smart_Smell to Robopay [link] [comments]

Proof of Drinks: An Open-Source Bitcoin Drinking Game

I’ve developed a new game that is played P2P…
Proof of Drinks: An Open-Source Bitcoin Drinking Game
GAME RULES
Player Types:
1. Includes Drinkers, Buyers, and Sellers 2. Anyone within The Market may play any of the aforementioned roles at any time. 3. Manages BITCOIN PROTOCOL - Block Reward (frequency, amount, halving) - Die Rolls - Drink Pour 
1. Acts autonomously; is not included within The Market. 2. Sells glasses and drinks to Drinkers. 3. Manages PRICE LIST OF GOODS - Glasses (fiat/glass) - Drinks (fiat/oz.) 
1. Acts autonomously; is not included within The Market. 2. Manages MONETARY POLICY - Inflation Rate - Circulating Supply of Fiat 
Items needed:
  1. Copies of GAME RULES, BITCOIN PROTOCOL, PRICE LIST OF GOODS, and MONETARY POLICY.
  2. One six-sided die.
  3. A number of six-ounce measuring glasses equal to the number of players within The Market.
  4. Drinks (alcoholic or otherwise).
  5. Fiat money (or Monopoly money).
  6. Minimum 6 players or so.
Object of the Game:
  1. To learn the mechanics of bitcoin and the economy through drinking and having fun.
  2. The game ends when one or more of the following conditions are met:
    • You run out of drinks.
    • Everyone is tired of drinking.
    • Everyone is tired of playing.
  3. At the end of the game, the person with the highest net worth (fiat + bitcoin) is deemed The Winner.
General Rules and Definitions:
  1. All die rolls are performed in front of all participants.
  2. Bathroom breaks are permitted, however gameplay continues. If a Drinker is in the bathroom during their round, their round is forfeited.
  3. Anyone within The Market may buy and sell anything at anytime.
  4. Round: The procedure for drinking; may or may not result in the production of bitcoin.
  5. Block: A round that results in the production of bitcoin.
  6. Anyone within The Market can propose a change to any rule at any time.
    • If everyone agrees, game play continues with the new rule.
    • If no one agrees, the person who proposed the change may continue playing or quit the game.
    • If some, but not all, agree, then the game may be forked into two separate games (Note: this may cause hurt feelings). The Government and The Bartender tend to both games.
  7. All values (bitcoin, block reward, fiat, etc) are to be rounded to the nearest whole number.
Analogies:
  1. Drinkers = Miners
  2. Glasses = Mining equipment
  3. Drinking = Proof of Work
  4. Die roll after drinking = Mining for the nonce
  5. Drink pour = Difficulty
  6. Bathroom break = Mining equipment maintenance
  7. All drinks and die rolls observed by everyone = Nodes validating
Game Setup:
  1. Designate a minimum of one player to be The Government.
  2. Designate a minimum of one player to be The Bartender.
  3. All other players (minimum 2? 3? 4?) are collectively The Market.
  4. The Government gives The Bartender and everyone within The Market ___ dollars each.
  5. For the first round, everyone within The Market is a Drinker (in subsequent rounds, anyone can step in our step out of the Drinker role).
  6. All Drinkers claim a chair around a table.
  7. All Drinkers purchase a glass from The Bartender at ___ dollars per glass. (Use a 6 oz. measuring glass for ease of pour.)
  8. All Drinkers roll a die; the Drinker with the highest number goes first. Subsequent rounds proceed clockwise.
  9. The Bartender determines the initial Cost of Drinking (fiat/drink).
  10. Determine the beginning Block Reward (50?).
Round Procedure:
  1. Determine the Nonce
    • Someone in The Market rolls a die. The number rolled is the Nonce for the Block.
  2. Determine the Pour
    • Someone, other than the Drinker for this round, rolls a die. The number rolled equals the amount of drink poured (e.g., a roll of “3” means 3 ounces is poured into the Drinker’s glass).
  3. The Drinker drinks the pour, then, once The Market has collectively determined the glass is free of liquid, the Drinker rolls a die. All participants in The Market verify the die roll.
    • If the die matches the Nonce, the Drinker receives the Block Reward! It is now the next Drinker’s turn, beginning again with Step 1 above.
    • If the die does not match the Nonce, no Block Reward is granted. It is now the next Drinker’s turn, beginning with Step 2 above.
  4. Every 10 Blocks, the Block Reward is cut in half.
  5. Once all Drinkers have completed a Round, The Government determines a new Inflation Rate and inflates the Circulating Supply of Fiat accordingly.
    • The Government rolls a die in another room then comes out and announces the result of the die roll. The number of the result is the inflation rate (e.g., if the roll is “3” the inflation rate is 3%).
    • The Government multiplies the Circulating Supply of Fiat by the Inflation Rate and adds this amount to the Circulating Supply of Fiat. The Government can do anything it wants with the fiat created.
  6. The value of each bitcoin (fiat/bitcoin) is determined by members of The Market.
    • For the determination of the Winner at the end of the game, the final value of bitcoin is the last value at which it traded.
submitted by SufficientRadio to Bitcoin [link] [comments]

[Weekly Report] BSV transaction fee is lower

[Weekly Report] BSV transaction fee is lower
Dear friends of LivesOne,

As block sizes get bigger and technology improves, BSV community hopes that more people can use the BSV public data ledger to reduce transaction fee.
On May 13, TAAL, the transaction processor, processed a block of 309MB in size, which contains 1178322 transactions, with a total transaction fee of up to 0.788BSV. If denominated in legal tender, the average fee per transaction is about 0.0009 Yuan RMB.

https://preview.redd.it/l5as5227fuz41.png?width=1240&format=png&auto=webp&s=4abcb3767200719104ccdc54167eb74021666587

  • Current rate of BSV transaction fee
In the Bitcoin market, miners participate in blockchain mining with an aim to make profits. However, as the Bitcoin network recently experienced its halving, transaction fees gradually become more important. The future competition will focus on those transaction processors who can handle more network transactions.
At the beginning of this year, MemPool, the leader of BSV mining pool, announced that they would work with Tall and Coingeek mining, bitcoin mining giants,to support enterprise blockchain applications and reduce the transaction fees. The statement marks the birth of a new trend in which mining companies seek more sustainable profit models to ensure their long-term development.
Transaction processor is expected to adjust its BSV transaction fee rates as relevant to respond to market forces. It will be implementing the following changes to transaction fees charged by its cloud computing operations on the BSV network:
  1. A reduction in the transaction acceptance fee (-blockmintxfee) from 1 satoshi/byte to 0.5 satoshis/byte.
  2. A reduction in the relay fee (-minrelaytxfee which is the minimum fee required for double spend protection and for relaying of a transaction) from 1 satoshi/byte to 0.25 satoshis/byte.
  3. In an additional, but unrelated, change the restrictive limit of 25 unconfirmed ancestors will be immediately raised from 25 to 50.

  • Expectation of BSV transaction fee
Many enterprises are exploring blockchain applications to improve their business. These projects are becoming more and more common, but there are some challenges in the application of the public chain. Bitcoin transaction fees are not expressed in legal tender, but in "sat / byte". Therefore, transaction fees in legal tender price will fluctuate with the fluctuation of the price of bitcoin.
TAAL promises to regularly check the lower BSV transaction fees to maintain stable transaction fees in legal tender. Large enterprises usually want to be able to predict their costs, so stable transaction fees are expected to attract more enterprises to use BSV for data applications.
In addition, due to the difficulty in corporate policy and accounting treatment, enterprises do not or cannot show holding digital assets on their balance sheets. Business participants in the BSV ecosystem have recently begun to explore alternate transaction fee models that provide, in fiat currency terms, greater reliability for BSV business applications – including business deals for miners to directly handle a particular application’s set of transactions for negotiated fee rates or development of tools that enable greater fee customization to be offered by miners to applications.
This evolving fee marketplace is new to bitcoin; it was not possible on the Bitcoin Core network due to its smaller block size and significantly higher transaction fees. This new fee marketplace is only recently enabled by BSV’s greater data and microtransaction capabilities. It is expected that this will bring more users to BSV and attract more partners to strengthen its ecosystem.
With the increasing of BSV trading volume, we can also see the further reduction of transaction fee rate. BSV promises an exciting blockchain future. LivesOne's vision is to enable more ordinary people to use better blockchain applications, and lower fee will help LivesOne realize its vision. LivesOne is eager to participate in the future construction of blockchain with you.

Symbiosism Economy Foundation
May 20, 2020
submitted by LivesoneToken to LivesOne [link] [comments]

What are the benefits of Crypto Mining?

What are the benefits of Crypto Mining?

https://preview.redd.it/q6xfuxvtmjv41.png?width=875&format=png&auto=webp&s=b092bca718f6cba3ae8c327a54952f4e65c7ed25
If you’ve ever heard the word cryptocurrency, then you’ve probably heard about the mining as well. If you still don’t know what cryptocurrency mining is and about profitable, keep reading!
In order to understand crypto mining, you need to fully understand what a cryptocurrency is first. Unlike traditional currencies (aka fiat currency), a cryptocurrency is a digital asset that works in a decentralized way; it does not require a bank or a third-party to operate. Someone can send someone else a cryptocurrency directly without any third-party involved.
The first ever cryptocurrency created was Bitcoin.
Every single cryptocurrency has a blockchain, which is an immutable digital ledger. A single transaction is recorded on the blockchain permanently, which no one can edit or delete it randomly.
A blockchain works by incentivizing miners to confirm the authenticity of each transaction. A person who confirmed the authenticity of the transaction, get the cryptocurrency as a reward.
Since the cryptocurrencies are based on cryptography, the miners need to solve extremely complicated mathematical problems to verify each transaction. They are incentivized to do it because they are rewarded for it.
Anyone can participate in mining from anywhere in the world as long as they have a computer. When the number of miners increases, it allows cryptocurrencies to be more secure. Even if an attacker would want to attack the blockchain network, somehow, an attacker needs to know 51% or more miners. Since the miners are spread around the world, this task is close to impossible and most likely not economically viable.

Types of Crypto Mining

Bitcoin was the first cryptocurrency to introduce the Proof-of-Work (PoW) consensus algorithm, where users have to solve complex mathematical problems in order to process transactions and secure the whole network.
Bitcoin was quite easy to mine at first, and you could do it with your CPU, there was no need for special equipment, and the rewards were huge. However, today, Bitcoin’s mining difficulty has increased considerably, and users need specialized and expensive equipment to mine it.
There are four main types of mining when it comes to the PoW algorithm. There is a CPU, GPU, ASIC, and Cloud mining.
The first three are essentially the same, but they use different parts of your computer. There are some cryptocurrencies specifically created to be mined only through CPU and to be ASIC resistant. Other cryptocurrencies can be mined through all three methods.
Cloud mining, on the other hand, is a process where a user basically pays to rent out a mining machine somewhere else. You don’t have to buy the equipment physically but it is wise to carry out due diligence and research into who and what you are paying for.

Proof of Stake ‘Mining’

With the introduction of the Proof-of-Stake (PoS) consensus algorithm, cryptocurrency mining changed forever. In this case, users don’t have to solve computationally intensive puzzles. In PoS-based cryptocurrencies, the creator of blocks is chosen via random selection or wealth.
Validators in the PoS consensus have to lock up some of their coins as a ‘stake’ and will get rewarded for it.
There are many benefits over the traditional PoW like lower cost and more energy efficiency. Additionally, because PoS encourages users to hold the coin in the wallet, it stabilizes the price a bit more than conventional cryptocurrencies.
Today, you can find plenty of exchanges that support staking, including the most popular exchange, Binance. The safest option, however, is always going to be staking using your own private wallet.

Proof of Formulation ‘Mining’

FLETA has developed the most innovative and newest consensus algorithms known as Proof-of-Formulation (PoF).
This PoF consensus algorithm uses something called the ‘Synchronization Group’, which allows all of the miners to mine in an orderly manner. The generating block time only takes 0.5 seconds, and the observer node checks the irregular blocks in real-time, which prevents the fork and double-spending. Furthermore, FLETA’s PoF algorithm is currently undergoing the patent process through the United States Patent Office (Application Number: 62717695).
The users can easily create a FLETA formulator through the official FLETA wallet. The minimum amount to create a single Formulator is 200,000 FLETA. The blockchain network is operated by FLETA and requires a 6-core CPU or higher.
As you created at least four Formulators, you will be able to upgrade it, which allows you to get 1.3 times more rewards.
Besides creating a Formulator, users can contribute to mining with a minimum amount of 100 FLETA.

Conclusion

Today, various mining methods exist, each with their pros and cons. However, cryptocurrency miners are still craving more convenient (and less costly) ways to earn rewards.
FLETA’s Proof-of-Formulation consensus is not only fast, but it is also highly secure the added layer of protection between observer nodes, formulator, and the synchronization group.
With plenty more to come, in terms of DApp development, games and partnerships, FLETA’s PoF is increasingly becoming the preferred consensus of many developers due to the speed, security and convenience of the platform.
**
submitted by fleta-official to fletachain [link] [comments]

Bitcoin Mining Difficulty: An Overview - YouTube Bitcoin mining difficulty example. THIS IS CRAZY!! Mining Difficulty - Simply Explained - YouTube Bitcoin Mining Difficulty Hits ALL TIME HIGH! Bitcoin Mining Difficulty Drops A Historical 16% - Bitcoin Hashrate Down 45% - Why It's A Good Thing

Current difficulty, as output by Bitcoin's getDifficulty. Graphs. What is the maximum difficulty? There is no minimum target. The maximum difficulty is roughly: maximum_target / 1 (since 0 would result in infinity), which is a ridiculously huge number (about 2^224). Difficulty is re-calculated every 2016 blocks to ensure blocks are found every 10 minutes on average. As more computers attempt to mine Bitcoin Core (BTC) and increase the Hash Rate, the difficulty will increase. If the Hash Rate decreases, difficulty will decrease. In the original implementation, still used by Bitcoin Core (BTC), the network's difficulty can adjust downwards by up to 75% of the current difficulty in a single adjustment. What is the minimum difficulty? The minimum difficulty, when the target is at the maximum allowed value, is 1. This is the difficulty of the Genesis block. Bitcoin difficulty is a value used to show how hard is it to find a hash that will be lower than target defined by system. Bitcoin mining difficulty is changed every 2016 blocks. The difficulty charts show that it has increased significantly. The Bitcoin difficulty chart provides the current Bitcoin difficulty (BTC diff) target as well as a historical data graph visualizing Bitcoin mining difficulty chart values with BTC difficulty adjustments (both increases and decreases) defaulted to today with timeline options of 1 day, 1 week, 1 month, 3 months, 6 months, 1 year, 3 years, and all time

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Bitcoin Mining Difficulty: An Overview - YouTube

BITCOIN MINING DIFFICULTY EXPLAINED IN 10 MINUTES! GenicsTheCrypto. Loading... Unsubscribe from GenicsTheCrypto? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 5.02K. Loading ... Mining bitcoin is not as easy as it might seem. In this video, we highlight the biggest reason that most crypto miners end up losing money.---This episode is sponsored by Americas Cardroom, the ... The Bitcoin mining difficulty currently adjusts roughly every 2 weeks, while on other chains mining difficulty adjusts much more often. Why? Why does Bitcoin... Bitcoin mining difficulty drops a historical 16%, bitcoin hashrate down 45%. Bitcoin mining difficulty explained in this video. Start mining bitcoins in the warrior mining btc mining farm: https ... Like Reading About Bitcoin? - https://geni.us/eH9P Buy The Most Efficient GPU for Mining! - https://geni.us/Y3STM Mining Deal of the Day - https://geni.us/vSDc87y Join Red Panda Mining's Discord ...

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