Can someone please explain the public and private key ...

Can someone please explain the public and private key cryptography infrastructure of bitcoin vs regular online banking? and the impact they have on privacy/security?

I couldn't find a good explanation anywhere.. It would be cool if someone could even further elaborate on how the infrastructure was for silkroad and the order processing program that was being used to send/receive packages anonymously.
submitted by Emperor_YSSAC to Bitcoin [link] [comments]

Proposal: The Sia Foundation

Vision Statement

A common sentiment is brewing online; a shared desire for the internet that might have been. After decades of corporate encroachment, you don't need to be a power user to realize that something has gone very wrong.
In the early days of the internet, the future was bright. In that future, when you sent an instant message, it traveled directly to the recipient. When you needed to pay a friend, you announced a transfer of value to their public key. When an app was missing a feature you wanted, you opened up the source code and implemented it. When you took a picture on your phone, it was immediately encrypted and backed up to storage that you controlled. In that future, people would laugh at the idea of having to authenticate themselves to some corporation before doing these things.
What did we get instead? Rather than a network of human-sized communities, we have a handful of enormous commons, each controlled by a faceless corporate entity. Hey user, want to send a message? You can, but we'll store a copy of it indefinitely, unencrypted, for our preference-learning algorithms to pore over; how else could we slap targeted ads on every piece of content you see? Want to pay a friend? You can—in our Monopoly money. Want a new feature? Submit a request to our Support Center and we'll totally maybe think about it. Want to backup a photo? You can—inside our walled garden, which only we (and the NSA, of course) can access. Just be careful what you share, because merely locking you out of your account and deleting all your data is far from the worst thing we could do.
You rationalize this: "MEGACORP would never do such a thing; it would be bad for business." But we all know, at some level, that this state of affairs, this inversion of power, is not merely "unfortunate" or "suboptimal" – No. It is degrading. Even if MEGACORP were purely benevolent, it is degrading that we must ask its permission to talk to our friends; that we must rely on it to safeguard our treasured memories; that our digital lives are completely beholden to those who seek only to extract value from us.
At the root of this issue is the centralization of data. MEGACORP can surveil you—because your emails and video chats flow through their servers. And MEGACORP can control you—because they hold your data hostage. But centralization is a solution to a technical problem: How can we make the user's data accessible from anywhere in the world, on any device? For a long time, no alternative solution to this problem was forthcoming.
Today, thanks to a confluence of established techniques and recent innovations, we have solved the accessibility problem without resorting to centralization. Hashing, encryption, and erasure encoding got us most of the way, but one barrier remained: incentives. How do you incentivize an anonymous stranger to store your data? Earlier protocols like BitTorrent worked around this limitation by relying on altruism, tit-for-tat requirements, or "points" – in other words, nothing you could pay your electric bill with. Finally, in 2009, a solution appeared: Bitcoin. Not long after, Sia was born.
Cryptography has unleashed the latent power of the internet by enabling interactions between mutually-distrustful parties. Sia harnesses this power to turn the cloud storage market into a proper marketplace, where buyers and sellers can transact directly, with no intermediaries, anywhere in the world. No more silos or walled gardens: your data is encrypted, so it can't be spied on, and it's stored on many servers, so no single entity can hold it hostage. Thanks to projects like Sia, the internet is being re-decentralized.
Sia began its life as a startup, which means it has always been subjected to two competing forces: the ideals of its founders, and the profit motive inherent to all businesses. Its founders have taken great pains to never compromise on the former, but this often threatened the company's financial viability. With the establishment of the Sia Foundation, this tension is resolved. The Foundation, freed of the obligation to generate profit, is a pure embodiment of the ideals from which Sia originally sprung.
The goals and responsibilities of the Foundation are numerous: to maintain core Sia protocols and consensus code; to support developers building on top of Sia and its protocols; to promote Sia and facilitate partnerships in other spheres and communities; to ensure that users can easily acquire and safely store siacoins; to develop network scalability solutions; to implement hardforks and lead the community through them; and much more. In a broader sense, its mission is to commoditize data storage, making it cheap, ubiquitous, and accessible to all, without compromising privacy or performance.
Sia is a perfect example of how we can achieve better living through cryptography. We now begin a new chapter in Sia's history. May our stewardship lead it into a bright future.
 

Overview

Today, we are proposing the creation of the Sia Foundation: a new non-profit entity that builds and supports distributed cloud storage infrastructure, with a specific focus on the Sia storage platform. What follows is an informal overview of the Sia Foundation, covering two major topics: how the Foundation will be funded, and what its funds will be used for.

Organizational Structure

The Sia Foundation will be structured as a non-profit entity incorporated in the United States, likely a 501(c)(3) organization or similar. The actions of the Foundation will be constrained by its charter, which formalizes the specific obligations and overall mission outlined in this document. The charter will be updated on an annual basis to reflect the current goals of the Sia community.
The organization will be operated by a board of directors, initially comprising Luke Champine as President and Eddie Wang as Chairman. Luke Champine will be leaving his position at Nebulous to work at the Foundation full-time, and will seek to divest his shares of Nebulous stock along with other potential conflicts of interest. Neither Luke nor Eddie personally own any siafunds or significant quantities of siacoin.

Funding

The primary source of funding for the Foundation will come from a new block subsidy. Following a hardfork, 30 KS per block will be allocated to the "Foundation Fund," continuing in perpetuity. The existing 30 KS per block miner reward is not affected. Additionally, one year's worth of block subsidies (approximately 1.57 GS) will be allocated to the Fund immediately upon activation of the hardfork.
As detailed below, the Foundation will provably burn any coins that it cannot meaningfully spend. As such, the 30 KS subsidy should be viewed as a maximum. This allows the Foundation to grow alongside Sia without requiring additional hardforks.
The Foundation will not be funded to any degree by the possession or sale of siafunds. Siafunds were originally introduced as a means of incentivizing growth, and we still believe in their effectiveness: a siafund holder wants to increase the amount of storage on Sia as much as possible. While the Foundation obviously wants Sia to succeed, its driving force should be its charter. Deriving significant revenue from siafunds would jeopardize the Foundation's impartiality and focus. Ultimately, we want the Foundation to act in the best interests of Sia, not in growing its own budget.

Responsibilities

The Foundation inherits a great number of responsibilities from Nebulous. Each quarter, the Foundation will publish the progress it has made over the past quarter, and list the responsibilities it intends to prioritize over the coming quarter. This will be accompanied by a financial report, detailing each area of expenditure over the past quarter, and forecasting expenditures for the coming quarter. Below, we summarize some of the myriad responsibilities towards which the Foundation is expected to allocate its resources.

Maintain and enhance core Sia software

Arguably, this is the most important responsibility of the Foundation. At the heart of Sia is its consensus algorithm: regardless of other differences, all Sia software must agree upon the content and rules of the blockchain. It is therefore crucial that the algorithm be stewarded by an entity that is accountable to the community, transparent in its decision-making, and has no profit motive or other conflicts of interest.
Accordingly, Sia’s consensus functionality will no longer be directly maintained by Nebulous. Instead, the Foundation will release and maintain an implementation of a "minimal Sia full node," comprising the Sia consensus algorithm and P2P networking code. The source code will be available in a public repository, and signed binaries will be published for each release.
Other parties may use this code to provide alternative full node software. For example, Nebulous may extend the minimal full node with wallet, renter, and host functionality. The source code of any such implementation may be submitted to the Foundation for review. If the code passes review, the Foundation will provide "endorsement signatures" for the commit hash used and for binaries compiled internally by the Foundation. Specifically, these signatures assert that the Foundation believes the software contains no consensus-breaking changes or other modifications to imported Foundation code. Endorsement signatures and Foundation-compiled binaries may be displayed and distributed by the receiving party, along with an appropriate disclaimer.
A minimal full node is not terribly useful on its own; the wallet, renter, host, and other extensions are what make Sia a proper developer platform. Currently, the only implementations of these extensions are maintained by Nebulous. The Foundation will contract Nebulous to ensure that these extensions continue to receive updates and enhancements. Later on, the Foundation intends to develop its own implementations of these extensions and others. As with the minimal node software, these extensions will be open source and available in public repositories for use by any Sia node software.
With the consensus code now managed by the Foundation, the task of implementing and orchestrating hardforks becomes its responsibility as well. When the Foundation determines that a hardfork is necessary (whether through internal discussion or via community petition), a formal proposal will be drafted and submitted for public review, during which arguments for and against the proposal may be submitted to a public repository. During this time, the hardfork code will be implemented, either by Foundation employees or by external contributors working closely with the Foundation. Once the implementation is finished, final arguments will be heard. The Foundation board will then vote whether to accept or reject the proposal, and announce their decision along with appropriate justification. Assuming the proposal was accepted, the Foundation will announce the block height at which the hardfork will activate, and will subsequently release source code and signed binaries that incorporate the hardfork code.
Regardless of the Foundation's decision, it is the community that ultimately determines whether a fork is accepted or rejected – nothing can change that. Foundation node software will never automatically update, so all forks must be explicitly adopted by users. Furthermore, the Foundation will provide replay and wipeout protection for its hard forks, protecting other chains from unintended or malicious reorgs. Similarly, the Foundation will ensure that any file contracts formed prior to a fork activation will continue to be honored on both chains until they expire.
Finally, the Foundation also intends to pursue scalability solutions for the Sia blockchain. In particular, work has already begun on an implementation of Utreexo, which will greatly reduce the space requirements of fully-validating nodes (allowing a full node to be run on a smartphone) while increasing throughput and decreasing initial sync time. A hardfork implementing Utreexo will be submitted to the community as per the process detailed above.
As this is the most important responsibility of the Foundation, it will receive a significant portion of the Foundation’s budget, primarily in the form of developer salaries and contracting agreements.

Support community services

We intend to allocate 25% of the Foundation Fund towards the community. This allocation will be held and disbursed in the form of siacoins, and will pay for grants, bounties, hackathons, and other community-driven endeavours.
Any community-run service, such as a Skynet portal, explorer or web wallet, may apply to have its costs covered by the Foundation. Upon approval, the Foundation will reimburse expenses incurred by the service, subject to the exact terms agreed to. The intent of these grants is not to provide a source of income, but rather to make such services "break even" for their operators, so that members of the community can enrich the Sia ecosystem without worrying about the impact on their own finances.

Ensure easy acquisition and storage of siacoins

Most users will acquire their siacoins via an exchange. The Foundation will provide support to Sia-compatible exchanges, and pursue relevant integrations at its discretion, such as Coinbase's new Rosetta standard. The Foundation may also release DEX software that enables trading cryptocurrencies without the need for a third party. (The Foundation itself will never operate as a money transmitter.)
Increasingly, users are storing their cryptocurrency on hardware wallets. The Foundation will maintain the existing Ledger Nano S integration, and pursue further integrations at its discretion.
Of course, all hardware wallets must be paired with software running on a computer or smartphone, so the Foundation will also develop and/or maintain client-side wallet software, including both full-node wallets and "lite" wallets. Community-operated wallet services, i.e. web wallets, may be funded via grants.
Like core software maintenance, this responsibility will be funded in the form of developer salaries and contracting agreements.

Protect the ecosystem

When it comes to cryptocurrency security, patching software vulnerabilities is table stakes; there are significant legal and social threats that we must be mindful of as well. As such, the Foundation will earmark a portion of its fund to defend the community from legal action. The Foundation will also safeguard the network from 51% attacks and other threats to network security by implementing softforks and/or hardforks where necessary.
The Foundation also intends to assist in the development of a new FOSS software license, and to solicit legal memos on various Sia-related matters, such as hosting in the United States and the EU.
In a broader sense, the establishment of the Foundation makes the ecosystem more robust by transferring core development to a more neutral entity. Thanks to its funding structure, the Foundation will be immune to various forms of pressure that for-profit companies are susceptible to.

Drive adoption of Sia

Although the overriding goal of the Foundation is to make Sia the best platform it can be, all that work will be in vain if no one uses the platform. There are a number of ways the Foundation can promote Sia and get it into the hands of potential users and developers.
In-person conferences are understandably far less popular now, but the Foundation can sponsor and/or participate in virtual conferences. (In-person conferences may be held in the future, permitting circumstances.) Similarly, the Foundation will provide prizes for hackathons, which may be organized by community members, Nebulous, or the Foundation itself. Lastly, partnerships with other companies in the cryptocurrency space—or the cloud storage space—are a great way to increase awareness of Sia. To handle these responsibilities, one of the early priorities of the Foundation will be to hire a marketing director.

Fund Management

The Foundation Fund will be controlled by a multisig address. Each member of the Foundation's board will control one of the signing keys, with the signature threshold to be determined once the final composition of the board is known. (This threshold may also be increased or decreased if the number of board members changes.) Additionally, one timelocked signing key will be controlled by David Vorick. This key will act as a “dead man’s switch,” to be used in the event of an emergency that prevents Foundation board members from reaching the signature threshold. The timelock ensures that this key cannot be used unless the Foundation fails to sign a transaction for several months.
On the 1st of each month, the Foundation will use its keys to transfer all siacoins in the Fund to two new addresses. The first address will be controlled by a high-security hot wallet, and will receive approximately one month's worth of Foundation expenditures. The second address, receiving the remaining siacoins, will be a modified version of the source address: specifically, it will increase the timelock on David Vorick's signing key by one month. Any other changes to the set of signing keys, such as the arrival or departure of board members, will be incorporated into this address as well.
The Foundation Fund is allocated in SC, but many of the Foundation's expenditures must be paid in USD or other fiat currency. Accordingly, the Foundation will convert, at its discretion, a portion of its monthly withdrawals to fiat currency. We expect this conversion to be primarily facilitated by private "OTC" sales to accredited investors. The Foundation currently has no plans to speculate in cryptocurrency or other assets.
Finally, it is important that the Foundation adds value to the Sia platform well in excess of the inflation introduced by the block subsidy. For this reason, the Foundation intends to provably burn, on a quarterly basis, any coins that it cannot allocate towards any justifiable expense. In other words, coins will be burned whenever doing so provides greater value to the platform than any other use. Furthermore, the Foundation will cap its SC treasury at 5% of the total supply, and will cap its USD treasury at 4 years’ worth of predicted expenses.
 
Addendum: Hardfork Timeline
We would like to see this proposal finalized and accepted by the community no later than September 30th. A new version of siad, implementing the hardfork, will be released no later than October 15th. The hardfork will activate at block 293220, which is expected to occur around 12pm EST on January 1st, 2021.
 
Addendum: Inflation specifics
The total supply of siacoins as of January 1st, 2021 will be approximately 45.243 GS. The initial subsidy of 1.57 GS thus increases the supply by 3.47%, and the total annual inflation in 2021 will be at most 10.4% (if zero coins are burned). In 2022, total annual inflation will be at most 6.28%, and will steadily decrease in subsequent years.
 

Conclusion

We see the establishment of the Foundation as an important step in the maturation of the Sia project. It provides the ecosystem with a sustainable source of funding that can be exclusively directed towards achieving Sia's ambitious goals. Compared to other projects with far deeper pockets, Sia has always punched above its weight; once we're on equal footing, there's no telling what we'll be able to achieve.
Nevertheless, we do not propose this change lightly, and have taken pains to ensure that the Foundation will act in accordance with the ideals that this community shares. It will operate transparently, keep inflation to a minimum, and respect the user's fundamental role in decentralized systems. We hope that everyone in the community will consider this proposal carefully, and look forward to a productive discussion.
submitted by lukechampine to siacoin [link] [comments]

Private by design decentralized p2p marketplace

Hi fellas, this is my first ever post on privacy.
I recently wrote about the existence of an open source DLT-based decentralized marketplace with a mission to enable free and private trade of goods and services. The marketplace description was posted on another subreddit but I think it's worth posting the description here too. Tbh I cant think of anything that qualifies more as "The intersection of technology, privacy, and freedom in a digital world"
I hope my own description of the marketplace and its technology bellow will fuel your interest to read more about it. My even bigger hope is that some of you will decide to become first-hand beta testers as soon as the upcoming v3.0 of the marketplace hits the testnet (eta: a few weeks).
You can also use the existing version (currently 2.3.5) of the marketplace to buy or sell products on the publicly accessible single community market there (or just play with it).
The marketplace:
It is called the Particl Marketplace and its ground breaking V3.0 is set to be released after 3 years of hard development work. The V3.0 will be the first version aimed at a wider public (normies and not only tech geeks). It will allow anyone to create easily decentralized personal storefronts or community markets or simply buy/sell goods on existing markets. The user-created markets/storefronts on the marketplace can be public if the access key is publicly announced on the Particl network or absolutely invisible to anyone that doesn’t know the access key (held by the creator). This is an intentional privacy feature and simply put, if you dont have the market access key (essentially a decryption key) there is absolutely no way to see/detect that some market exists.
The marketplace is private by design and decentralized, with no middlemen or intermediaries whatsoever. The trades are protected by a two-way automated escrow via smart-contracts that de-incentivize and penalize dishonest behavior on both sides. In particular, the buy-flow forces the buyer to deposit 1x item value + payment and the seller 1x item value (+ sends item) into a common smart contract. If the buyer receives the product/service and its all good, then he unlocks the escrow so both can get their 1x item value deposits back and the seller receive his payment.
The marketplace takes no sales commissions from the storefronts/markets and charges only a tiny listing fee (<0.01$) to prevent product listings spamming. All the marketplace generated fees go to the staking nodes that provide the hardware infrastructure for the p2p network to operate. The network nodes can be public or you can run them as Tor hidden services.
The technology:
The Particl Marketplace is crypto-agnostic and currently supports payments in BTC, PART, ZCoin (XMR, DAI, NIX, USDC, USDT are next in the pipeline and many more to come). It uses as a settlement layer its native coin PART and own blockchain, which is an up-to-date Bitcoin codebase with added privacy features like CT, RingCT (up to 32 mixins), Stealth addresses, etc. These privacy features are used in combination to keep the financial data, like escrows and transactions, private and most importantly un-linkable to the actual market buys/sells.
For the users and markets related data exchange like posted listings, buy/sell flows, encrypted user communication, built-in cryptocurrency exchange, etc, the marketplace uses a DSN, currently its a custom Bitmessage variant called SMSG, which allows metadata stripped encrypted p2p data exchange (no sender, no receiver)
Last but not least the marketplace desktop app (Particl Desktop) has a built-in option for using the Tor network via proxy.
The important people:
The cypherpunks behind Particl Marketplace have been OGs freedom advocates and pioneers in the privacy DLT field. For example, they were the first ever to implement features like RingCT, Bulletproofs, PoS, cold staking, etc on a Bitcoin codebase. Their privacy features implementations have been audited successfully by several respectable academics and security R&D providers, like QuarksLab.
The team behind the project has been so far focused on building without any marketing/awareness efforts and thus have remained intentionally in the shadows. The latter is planned to change with the v3.0 release. One of the steps towards that will be the initiation of several long-planned awareness campaigns, like the Vendor Onboarding and Outreach Program, the Particl Academy (an easy to understand and learn about the technology portal) and many more.
Me:
I am a passionate freedom and privacy advocate that discovered the project 1.5 year ago and since then has become a member of their small but like-minded community ([email protected]/discord).
My personal belief is that the Particl Marketplace provides a game-changing/breaking usecase to the world. At the minimum, due to the open source nature of the project, it will be a proof of concept that is bound to shift the global eCommerce paradigm.
submitted by Bakounin to privacy [link] [comments]

Open Marketplace by Particl

Hi fellas, this is my first post on the darknet. I read today about the Empire Market and decided to post here about a tech that might help to end this charade of constant exit scams.
My post is about a DLT-based open source decentralized marketplace that will hopefully initiate a paradigm shift in the free and private trade between individuals and ends the exit-scams and leaky databases problem once and for all.
It is called the Open Marketplace V3.0 and is set to be released after 3 years of hard development work by Particl Project, including one year of public beta testing.
My personal belief is that they are releasing to the world a game-changing/breaking product. At minimum, due to the open source nature of the project, this is a proof of concept that is bound to shift the global eCommerce paradigm into DeCommerce.
I hope my own description below of the marketplace and its technology will fuel your interest to read more about it. My even bigger hope is that some of you will decide to become first-hand beta testers as soon as the Open Marketplace v3.0 hits the testnet (eta: a few weeks).

The marketplace:
The Open Marketplace is designed to be private by default and decentralized with no middlemen/intermediaries whatsoever. The trades are protected by two-way automated escrow via smart-contracts that de-incentivize and penalize dishonest behavior on both sides.
The Open Marketplace takes no sales commissions and charges only a tiny listing fee (<0.01$) to prevent listing spamming. All the marketplace generated fees go to the nodes that provide the hardware infrastructure for the p2p network to operate. The nodes can be public or you can run them as Tor hidden services.
The V3.0 that is set to be released will be the first version open to the wider public. It will allow anyone to create easily a decentralized personal storefront or a community market or simply buy and sell goods on the already existing markets. The user-created markets/storefronts can be visible on the marketplace if the access key is publicly announced or absolutely invisible to anyone that doesn't know the access key (held by the creator). This is an intentional privacy feature and simply put without going into many technical details, if you dont have market access key there is absolutely no way to see/detect that some market exists.
The technology:
The Open Marketplace is crypto-agnostic and currently supports payments in BTC, PART, ZCoin (DAI, NIX are next in the pipeline and many more to come). It uses as a settlement layer its native blockchain, which is an up-to-date Bitcoin codebase with added privacy features like CT, RingCT (up to 32 mixins), Stealth addresses, etc. These privacy features are used in combination to keep the financial data like escrows, transactions, etc private and most importantly un-linkable to the actual market buys/sells.
For the actual user or markets related data exchange like posted listings, buy/sell flows, encrypted user communication, built-in cryptocurrency exchange, etc, the Open Marketplace uses a custom Bitmessage variant called SMSG, which allows metadata stripped encrypted data exchange. Last but not least the Open Marketplace client has a built-in option for using Tor network via proxy.

The important people:
The cypherpunks behind Particl's Open Marketplace have been passionate pioneers and OGs in the privacy DLT field. For example, they were the first ever to implement features like RingCT, Bulletproofs, PoS, cold staking, etc on a Bitcoin codebase. Their privacy features implementations have been audited successfully by several respectable academics and security R&D providers, like QuarksLab.
The team has been so far focused on building without any marketing and thus have remained intentionally in the shadows but the latter is planned to change with the v3.0 release. One of the steps towards that will be the initiation of the long-planned Vendor On-boarding and Outreach Program and the release of the Particl Academy, an easy to understand and learn about the project portal.

Me:
I am a passionate freedom and privacy advocate that discovered the project 1.5 year ago and since then has become a member of their small but like-minded community ([email protected]/discord).
submitted by Bakounin to darknet [link] [comments]

Stakenet (XSN) - A DEX with interchain capabilities (BTC-ETH), Huge Potential [Full Writeup]

Preface
Full disclosure here; I am heavily invested in this. I have picked up some real gems from here and was only in the position to buy so much of this because of you guys so I thought it was time to give back. I only invest in Utility Coins. These are coins that actually DO something, and provide new/build upon the crypto infrastructure to work towards the end goal that Bitcoin itself set out to achieve(financial independence from the fiat banking system). This way, I avoid 99% of the scams in crypto that are functionless vapourware, and if you only invest in things that have strong fundamentals in the long term you are much more likely to make money.
Introduction
Stakenet is a Lightning Network-ready open-source platform for decentralized applications with its native cryptocurrency – XSN. It is powered by a Proof of Stake blockchain with trustless cold staking and Masternodes. Its use case is to provide a highly secure cross-chain infrastructure for these decentralized applications, where individuals can easily operate with any blockchain simply by using Stakenet and its native currency XSN.
Ok... but what does it actually do and solve?
The moonshot here is the DEX (Decentralised Exchange) that they are building. This is a lightning-network DEX with interchain capabilities. That means you could trade BTC directly for ETH; securely, instantly, cheaply and privately.
Right now, most crypto is traded to and from Centralised Exchanges like Binance. To buy and sell on these exchanges, you have to send your crypto wallets on that exchange. That means the exchanges have your private keys, and they have control over your funds. When you use a centralised exchange, you are no longer in control of your assets, and depend on the trustworthiness of middlemen. We have in the past of course seen infamous exit scams by centralised exchanges like Mt. Gox.
The alternative? Decentralised Exchanges. DEX's have no central authority and most importantly, your private keys(your crypto) never leavesYOUR possession and are never in anyone else's possession. So you can trade peer-to-peer without any of the drawbacks of Centralised Exchanges.
The problem is that this technology has not been perfected yet, and the DEX's that we have available to us now are not providing cheap, private, quick trading on a decentralised medium because of their technological inadequacies. Take Uniswap for example. This DEX accounts for over 60% of all DEX volume and facilitates trading of ERC-20 tokens, over the Ethereum blockchain. The problem? Because of the huge amount of transaction that are occurring over the Ethereum network, this has lead to congestion(too many transaction for the network to handle at one time) so the fees have increased dramatically. Another big problem? It's only for Ethereum. You cant for example, Buy LINK with BTC. You must use ETH.
The solution? Layer 2 protocols. These are layers built ON TOP of existing blockchains, that are designed to solve the transaction and scaling difficulties that crypto as a whole is facing today(and ultimately stopping mass adoption) The developers at Stakenet have seen the big picture, and have decided to implement the lightning network(a layer 2 protocol) into its DEX from the ground up. This will facilitate the functionalities of a DEX without any of the drawbacks of the CEX's and the DEX's we have today.
Heres someone much more qualified than me, Andreas Antonopoulos, to explain this
https://streamable.com/kzpimj
'Once we have efficient, well designed DEX's on layer 2, there wont even be any DEX's on layer 1'
Progress
The Stakenet team were the first to envision this grand solution and have been working on it since its conception in June 2019. They have been making steady progress ever since and right now, the DEX is in an open beta stage where rigorous testing is constant by themselves and the public. For a project of this scale, stress testing is paramount. If the product were to launch with any bugs/errors that would result in the loss of a users funds, this would obviously be very damaging to Stakenet's reputation. So I believe that the developers conservative approach is wise.
As of now the only pairs tradeable on the DEX are XSN/BTC and LTC/BTC. The DEX has only just launched as a public beta and is not in its full public release stage yet. As development moves forward more lightning network and atomic swap compatible coins will be added to the DEX, and of course, the team are hard at work on Raiden Integration - this will allow ETH and tokens on the Ethereum blockchain to be traded on the DEX between separate blockchains(instantly, cheaply, privately) This is where Stakenet enters top 50 territory on CMC if successful and is the true value here. Raiden Integration is well underway is being tested in a closed public group on Linux.
The full public DEX with Raiden Integration is expected to release by the end of the year. Given the state of development so far and the rate of progress, this seems realistic.
Tokenomics
2.6 Metrics overview (from whitepaper)
XSN is slightly inflationary, much like ETH as this is necessary for the economy to be adopted and work in the long term. There is however a deflationary mechanism in place - all trading fees on the DEX get converted to XSN and 10% of these fees are burned. This puts constant buying pressure on XSN and acts as a deflationary mechanism. XSN has inherent value because it makes up the infrastructure that the DEX will run off and as such Masternode operators and Stakers will see the fee's from the DEX.
Conclusion
We can clearly see that a layer 2 DEX is the future of crypto currency trading. It will facilitate secure, cheap, instant and private trading across all coins with lightning capabilities, thus solving the scaling and transaction issues that are holding back crypto today. I dont need to tell you the implications of this, and what it means for crypto as a whole. If Stakenet can launch a layer 2 DEX with Raiden Integration, It will become the primary DEX in terms of volume.
Stakenet DEX will most likely be the first layer 2 DEX(first mover advantage) and its blockchain is the infrastructure that will host this DEX and subsequently receive it's trading fee's. It is not difficult to envision a time in the next year when Stakenet DEX is functional and hosting hundreds of millions of dollars worth of trading every single day.
At $30 million market cap, I cant see any other potential investment right now with this much potential upside.
This post has merely served as in introduction and a heads up for this project, there is MUCH more to cover like vortex liquidity, masternodes, TOR integration... for now, here is some additional reading. Resources
TLDR; No. Do you want to make money? I'd start with learning how to read.
submitted by hotprocession to CryptoMoonShots [link] [comments]

MetaDAO - update

MetaDAO - update
Wax on. Wax off.
Quick update on the MetaDAO concept and outreach to Edgeware one of the first Substrate based chains after Polkadot and Kusama.
Since the intial post, both Polkadot and Kusama have seen explosive growth, with Polkadot now #6 on Coingecko and Kusama #60. Edgeware is at #107 and all have treasuries to spend - c$8m in $EDG, c$6 $KSM and $38m $DOT.
The reaction to both the proposal and building bridges to Decred from the (small) Edgeware community has been positive - you can see an overview of last week's community call here on Commonwealth, which is their expanded version of something like Politeia and hosts various conversations and threads.
There is another call today at 2:45pm EST - you can join a google hangout here if you're interested. Hopefully the call will progress the conversations again.
So what values / characteristics do Decred and Edgeware have in common?
Well both are focused on governance, both launched aiming to offer a wide and fair distribution (info on lockdrop here) and both have treasuries that can sustain them long into the future.
There are also key differences.
Decred is older (and perhaps a little jaded) prioritising slow, careful progress that considers every action through the lens of unintended consequences with the aim of maximising privacy and security.
It is a philosophy rooted in the project's origins at Company 0 - see 'return to zero' and the north star of building a fairer financial system.
Edgeware is new on the scene, filled with excitement, enthusiasm and buckets of shower thoughts that would be shot down in an instant by the Decred community. The project will not be as secure or private as Decred but will move faster and can potentially become a bridge to the wider ecosystem, taking chances the older project can't (or won't)...
Now I'm showing my age, but when seen side by side, the two projects reminds me of the central relationship in the 80's classic The Karate Kid.
Mr Myagi is the old master weary of new things.
“Never put passion in front of principle, even if you win, you’ll lose”.
Daniel San is the young and impetuous grasshopper.
Together they achieve great things and teach other a few things along the way.
Aaaaanyway....
The next stage is to move the concept to a formalised proposal for Edgeware's council to vote on (it is an NPOS system) and a request for funding that can officially kick off the MetaDAO project and potential areas for collaboration and co-financing.
Post this, I will also submit a formal proposal to Politieia to hopefully gain stakeholder approval and gain extra insights along the way.
u/jet_user has suggested a few ideas here.
- Personally I'm interested in the "real stuff" that boosts autonomy and resilience of individuals: open hardware, UX improvement to solve that huge self-custody UX challenge, security audits (perhaps we use some common libraries), etc.
- devs in the smart contract land might borrow some elements of dcrdex's coin swap sequence (coordinating a peer-to-peer swap required to figure out a lot of ugly edge cases), or we could borrow something from them.
- new forum software with stronger transparency, integrity protection and data preservation properties that has Reddit-like UX but Politeia-like security and transparency.
- Another is crypto job market/bounty system/issue tracker combo to unlock the energy sitting on the sidelines and improve mass coordination.
I think Decred could integrate with Commonwealth for working group discussions ahead of Pi-Reddit and could perhaps also utilise the project's infrastructure for subDAOs ahead of being possible with Decred.
One other area that I'm particularly interested in is figuring out a way to bring alive the story of Open Source - a definitive history of the movement, it's achievements and the path to Bitcoin, Decred, et al but done in a contemporary (and cool) way that connects to a much bigger picture and is hosted on decentralised streaming infrastructure like Livepeer.
Right now it is still a story that most do not understand nor connect with.
Ultimately Decred was created to solve the funding issue in OSS so I feel it is an important piece of the puzzle that will aid in the project's broader awareness and understanding in the long term.
Until now all content about this revolution has been delivered in a very old school TV way - see Open Source Money.
submitted by monsieurbulb to decred [link] [comments]

Your Pre Market Brief for 07/23/2020

Pre Market Brief for Thursday July 23rd 2020

You can subscribe to the daily 4:00 AM Pre Market Brief on The Twitter Link Here . Alerts in the tweets will direct you to the daily 4:00 AM Pre Market Brief in this sub.
Morning Research and Trading Prep Tool Kit
The Ultimate Quick Resource For the Amateur Trader.
Updated as of 3:30 AM EST
-----------------------------------------------
Stock Futures:
Wednesday 07/22/2020 News and Markets Recap:
Thursday July 23rd 2020 Economic Calendar (All times are Eastern)
(JOBLESS NUMBERS TODAY)
News Heading into Thursday July 23rd 2020
NOTE: PLEASE DO NOT YOLO THE VARIOUS TICKERS WITHOUT DOING RESEARCH. THE TIME STAMPS ON THE FOLLOWING ARTICLES MAY BE LATER THAN OTHERS ON THE WEB. THE CREATOR OF THIS THREAD COMPILED THE FOLLOWING IN A QUICK MANNER AND DOES NOT ATTEST TO THE VERACITY OF THE INFORMATION BELOW. YOU ARE RESPONSIBLE FOR VETTING YOUR OWN SOURCES AND DOING YOUR OWN DD.
Upcoming Earnings:
Commodities:
COVID-19 Stats and News:
Macro Considerations:
Most Recent SEC Filings
Other
-----------------------------------------------
Morning Research and Trading Prep Tool Kit
Other Useful Resources:
The Ultimate Quick Resource For the Amateur Trader.
Subscribe to This Brief and the daily 4:00 AM Pre Market Brief on The Twitter Link Here . Alerts in the tweets will direct you to the daily brief in this sub
It is up to you to judge the accuracy and veracity of these headlines before trading.
submitted by Cicero1982 to pennystocks [link] [comments]

Blockchain technologies could boost UK economy by £57 billion by 2030 — PwC

Link to InformationAge link: https://www.information-age.com/blockchain-technologies-a-boost-57-billion-uk-economy-by-2030-123492102/
Blockchain technologies could boost the UK economy by £57 billion over the next decade and the global economy could see a $1.7 trillion boost
Analysis by PwC has found that blockchain technologies could have the potential to boost the UK economy or GDP by £57 billion over the next decade.
PwC economists have assessed how the technology is currently being used and gauged its potential to create value across every industry, from healthcare, government and public services to manufacturing, finance, logistics and retail.
Steve Davies, global blockchain leader at PwC, said: “Blockchain has long been associated with cryptocurrencies such as Bitcoin, but it has much more to offer, particularly in how public and private organisations secure, share and use data.
“As organisations grapple with the impact of Covid-19, we have seen an acceleration in many disruptive trends. Our analysis shows the potential for Blockchain to support UK organisations in how they rebuild and reconfigure their operations, underpinned by improvements in trust, transparency and efficiency.”
The report has identified four key application areas of blockchain technologies and assessed their potential to generate value using economic analysis and industry research.
The analysis suggests a tipping point in 2025 as blockchain technologies are expected to be adopted at scale across the global economy.

1. Tracking and tracing products

Tracking and tracing products and services — or provenance — emerged as a new priority for many companies’ supply chains during the pandemic and offers the largest economic potential. It is forecast to boost the UK economy by £30 billion by 2030. Blockchain’s application can be broad ranging from heavy industries, such as mining, through to fashion labels, helping respond to the rise in public and investor scrutiny around sustainable and ethical sourcing.

2. Payments and financial services

Payments and financial services, including use of digital currencies, or supporting financial inclusion through cross border and remittance payments, £13 billion boost by 2030.

3. Identity management

Identity management, including personal IDs, professional credentials and certificates to help curb fraud and identity theft, £8 billion boost by 2030.

4. Contracts and dispute resolution

Application of blockchain in contracts and dispute resolution £3 billion boost by 2030, and customer engagement £1.8 billion boost by 2030, including blockchain’s use in loyalty programmes further extends its potential into a much wider range of public and private industry sectors.
According to the PwC, the success of this blockchain revolution will depend on a supportive policy environment, a business ecosystem that is ready to exploit the new opportunities that technology opens up, and adoption across industry sectors.
Transforming industry and society: blockchain beyond the coin Kevin Curran, IEEE senior member, security professor at Ulster University and editor of the Journal of British Blockchain Association (JBBA), explains how blockchain has transformed industry and society. Read here

Big boost to public services

The biggest beneficiaries from blockchain technologies could be public administration, education and healthcare sectors in the UK.
PwC economists expect these sectors to benefit to the tune of £22 billion by 2030, by capitalising on the efficiencies blockchain will bring to the world of identity and credentials.
Meanwhile, there will be broader benefits for the business services £15 billion, wholesale and retail £13 billion, and communications and media £5.3 billion sectors by 2030. They will benefit from using blockchain to engage consumers and meet demand for provenance and traceability.

Asia on the rise thanks to blockchain

Blockchain is forecast to boost the global economy by $1.7 trillion by 2030, and, across all continents, Asia will see most economic benefit.
In terms of individual countries, blockchain could have the highest potential net benefit in China ($440 billion by 2030) and the USA ($407 billion by 2030).
Five other countries — Germany, Japan, UK, India, and France — are estimated to benefit by more than $50 billion by 2030.
Davies added: “One of the biggest mistakes organisations can make with implementing emerging technologies is to leave it in the realm of the enthusiast in the team. It needs c-suite support to identify the strategic opportunity and value, and to facilitate the right level of collaboration within an industry. Establishing proof of concept uses which can be scaled up if successful will enable businesses to identify the potential usages of Blockchain, while building confidence and trust in its ability to deliver.”

Energy overhead warning

The report warns that if blockchain’s economic impact potential is to be realised, its energy overhead must be managed.
Growing business and government action on climate change, including commitments to Net Zero transformation, will mean that organisations need to consider new models for consolidating and sharing infrastructure resources, to reduce reliance on traditional data centres, and their overall technology-related energy consumption.
submitted by BlockDotCo to u/BlockDotCo [link] [comments]

Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

Solution Life - New payments solution

Solution Life - New payments solution
Solution Life is an open-source platform that enables to create peer-to-peer marketplace and ecommerce applications.
https://preview.redd.it/ypmpkfwnb6s51.png?width=613&format=png&auto=webp&s=6936dbdd70f1626bb352a426f3b59383b8b8c9cc
Solution Life aims at building a global sharing economy, allowing buyers and sellers to use segments of goods and services (car sharing, service missions, home sharing, etc.) to transact on the open, distributed source web. Using Ethereum blockchain and Interplanetary File System (IPFS), the platform and its participants can interact with the peer-to-peer model, allowing the creation and placement of services and goods without going through traditional middle parties. We plan to build a large-scale commercial network:
• Exchange financial value directly (listing, transactions and service fees) from big corporations like Airbnb, Craigslist, Postmate, ... to individual buyers and retailers.
• Exchange financial value and strategic value (internal aggregation of customer and transaction data) from similar corporations to entire ecosystems
• Create new financial value for market participants who contribute to platform development (e.g. building new technology for the Solution Life platform, developing new vertical products and introducing new users and businesses)
• Build the open, distributed, and shared data layer to promote transparency and collaboration
• Allow the buyers and sellers in the world to transact without difficulty in converting currencies or tariffs
• Promote personal freedom by not allowing a corporation or central government to impose arbitrary and overly conventional rules of business operation. To conduct these ambitious goals, we created the Solution Life Platform with programs that encourage technologists, businesses and consumers to build, contribute, and expand the ecosystem. We plan to build a broad collection of vertical industry applications (e.g. short vacation rental, free software engineering, tutoring) built on standards and data sharing Solution Life. When writing this article, the Solution Life platform is currently in Mainnet Beta. Platform Version 1.0 is expected to be activated in Quarter 3/2020. While the majority of engineering work is being done by the core engineering team, we expect future developments, after launching platform 1.0 from developer, will come to open source community members Together, we will create the Internet economy of the future.
Details of Whitepaper:
• Why is a new model of peer to peer trading necessary?
• Benefits proposed on the Solution Life Platform
• Product strategy, main features and technical overview
• Overview of the Solution Life team and community
https://preview.redd.it/tzepfegpb6s51.png?width=759&format=png&auto=webp&s=62c9933e84e9945b5417591e406390d127fa1070
BACKGROUND
Since the appearance of the Internet, the digital marketplace has connected buyers and sellers of goods and services, allowing transactions that have never happened before. Craigslist launched in 1995 and dominated for many years in local and regional commerce. At the same time, eBay began to grow and create a whole new category of sales based on auction, creating a more efficient way of doing market business. Through 20 years of rapid change, many businesses on the Internet market in both B2C and B2B types have developed strongly. Currently, sharing economy markets such as Airbnb, Uber, Getaround, Fiverr and TaskRmus have been very successful in combining buyers and sellers of the sharing economy. Now, the use of distributed assets can be sold as easily as atomic items, and people around the world are exchanging their excess inventory, time, and skills for profit. New markets including the Gig economy, the service sector and the use of segment assets are particularly suitable to be basis for peer-to-peer systems built on blockchain. Most of the shared economic enterprises have some common points. Firstly, as a collection, these companies have made a big impact on the world. Consumers of the markets were able to improve their lives with access to products and services that they didn't have before. Vendors have been using these platforms to reach customers on a larger and easier scale than before. Each market creates a "private home" for consumers and suppliers to transact together, creating liquidity for that market. Secondly, most sharing economic enterprises follow the same growth cycle. Without a few exceptions, these famous markets are difficult to launch and grow. Enterprises in the market often have to start building with millions of dollars, and in terms of Uber and Airbnb, these two businesses spend billions of dollars to scale. That is also the reason why these businesses suffered serious losses in the early days. In fact, the corporation is subsidizing the use of marketplace for its users. However, due to the very positive cross-network effect, successful marketplace businesses can increase revenue exponentially over time, usually by charging a fee per transaction on the network. Network-effect enterprises, such as share economy market, are often enterprises occupying all directions and growing stage, gaining a disproportionate value from the network for corporation’s management and their shareholders. In many ways, they become the only dictator on the scale they achieve. Finally, although there are huge differences in user experience, business mechanics, and vertical specific features among companies on the Internet market, they all share many parts built and rebuild many times. Lyft, Postmate, and DoorDash themselves has designed their own solutions for user and supplier profiles, shopping experiences, matching algorithms, reviews, and ratings. This is proprietary technology that is valuable on one side. On the other hand, chasing useless things each time creates a new market vertically wasted time and effort. Consumers also create and manage dozens of accounts on these market enterprises themselves, each with their own personal data and transaction history.
In the last few years, blockchain technology innovators and investors have called teams to build peer-topeer versions of businesses in the current sharing economy and to trade the Internet in a more efficient way. P2P lodging sites like Airbnb have already begun to transform the lodging industry by making a public market in private housing. However, adoption may be limited by concerns about safety and security (guests) and property damage (hosts). By enabling a secure, tamper-proof system for managing digital credentials and reputation, we believe blockchain could help accelerate the adoption of P2P lodging and generate.” - Goldman Sachs Research (Blockchain: Putting Theory into Practice) Don Tapscott, the author of the "Blockchain Revolution", said that Bitcoin-based technology could be used to promote the interest in Uber and Airbnb. - The Wall Street Journal "It is difficult for middle parties to achieve sustainable growth in business," [Fritz Joussen] said. "These platforms [tourism middle parties] build accessibility by spending billions of dollars on advertising, and then they generate exclusive profits based on what they have with sales and marketing. They provide great sales and marketing services. Booking.com is a big brand but they make outstanding profits because they own proprietary structures. Blockchain will destroy this. "- Skift However, most of the infrastructure and transmission systems for building distributed-market applications did not exist before Solution Life was born. We aim to address the shortcomings of current market companies and are happy that we have launched the Solution Life Platform, which opens up peer-to-peer commerce with corresponding scale.
📷
ACTIVATE THE OVER THE COUNTER MARKET
Our vision is to build and develop a free service exchange on the new Internet. In order to do this, we have to build a simulation platform of most, if not all, of the functionality of a third-party intermediary on the blockchain and other distribution systems. This is an ambitious and technologically challenging goal, but we have already completed important milestones that demonstrate our technology and the realworld applications of the project. The Solution Life platform has 3 main elements, all of which are open sources:
• Solution Life enabled end user applications
• Solution Life platform for developers
• Solution Life's application protocol
Solution Life enables end user applications The Solution Life flagship marketplace app is our consumer marketplace product that allows buyers and sellers on the network to do business. It is available today on the web at shopSolution Life.com and on both iOS and Android mobile devices.
📷
Summary
For the past two decades, Internet marketplaces and e-commerce stores have changed the way that buyers and sellers connect, creating new opportunities for the exchange of goods and services. However, these marketplaces have always been governed by centralized companies that maintain their individual monopolies on data, transaction and other service fees, and ultimately, user choice. With blockchain and other distributed technologies beginning to hit the mainstream, the world is poised for a new wave of decentralized commerce. SLC is bringing change and innovation to the global peer-to-peer economy. We're excited by the opportunity to lower fees, increase innovation, free customer and transaction data, and decrease censorship and unnecessary regulation. We are building a platform that invites other interested parties including developers and entrepreneurs to build this technology and community with us, altogether working to create the peer-to-peer economy of tomorrow. We hope you’ll join us on this exciting journey.
TOKEN SOLUTION LIFE (SLC)
The Solution Life Token (also known as SLC) is a utility token that serves multiple purposes in ensuring the health and growth of the network. The ERC20 contract is live on the Ethereum network today at:
0x4d44D6c288b7f32fF676a4b2DAfD625992f8Ffbd.
At a high level, this token is intended to serve a number of key functions on the platform. First, the SLC is a multi-purpose incentive token that is intended to drive the behavior of end users, developers, market operators, and other ecosystem participants. Additionally, the SLC is an exchange intermediary that can be used for payments between buyers and sellers on the platform. Ultimately, it is intended that SLC will serve a vital part in future network governance. Since November 2020, the Solution Life token has been used to encourage various forms of participation from the platform's ecosystem participants. Token Solution Life is used to reward users, developers, marketplace operators and / or other participants for performing activities and services conducive to Platform development. Solution Life Rewards Solution Life is an incentive program targeted at end users on the Platform. Buyers and sellers on the platform have been able to earn SLC since our inaugural Solution Life Rewards campaign in Nov of 2020. Solution Life Rewards enables everyone to have a stake in the network. We’ve intentionally designed the program so that even novice, non-technical users can participate. With Solution Life Rewards, users can get SLC from account creation and identity verification. One of the best ways to network is through referrals. As such, end users can also earn tokens by inviting new users. This creates more confidence between the buyer and the seller. Users can also earn SLC by following Solution Life's social networking sites or promoting project news on public channels.
To encourage trading volume on our Solution Life Platform, we also offer a refund mechanism for users who purchase from reputable sellers on our network. Solution Life Commissions Encouraging marketplace developers and managers to use the Solution Life platform is essential. Therefore, we launched an advertising and promotion program, creating an integrated business model for the decentralized marketplace running on Solution Life. Merchants on Solution Life apps can promote their listings using SLCs for greater visibility on search and browse results on our preferred and partner apps. The only way to join this program is to pay with SLC. When a merchant creates a listing, they can add a commission paid in SLC to their listing. This SLC is placed on escrow in the Marketplace Smart Contract.
submitted by slctoken to u/slctoken [link] [comments]

VISA: "The concept of digital currency — or a digital version of cash controlled by a private key — was created more than a decade ago, with the launch of Bitcoin."

This announcement by VISA is huge and I haven't seen it on this sub. I tried to submit the link but I was not allowed because someone else submitedd it yesterday (day of announcement), but that post got only 2 upvotes (maybe bad title?), so here it is:
https://usa.visa.com/visa-everywhere/blog/bdp/2020/07/21/advancing-our-approach-1595302085970.html
As a global payments technology company, Visa is focused on delivering the greatest value to people, businesses and economies everywhere, regardless of currency, channel or form factor. We’re reshaping how money moves across the globe, and that means pursuing a broad array of technologies and partnerships. In that regard, digital currencies offer an exciting avenue for us to continue doing what we do best: expanding our network-of-networks to support new forms of commerce.
The concept of digital currency — or a digital version of cash controlled by a private key — was created more than a decade ago, with the launch of Bitcoin. Today, fiat-backed digital currencies, commonly referred to as “stablecoins,” have emerged as a promising new payment innovation, combining the benefits of digital currencies with the stability of existing currencies like the US dollar. It’s a concept that is gaining traction beyond fintechs, and now includes financial institutions and central banks. Consumers and businesses are also adopting digital currencies and circulation is growing rapidly, reaching over $10B in May.1
Visa has been working closely with licensed and regulated digital currency platforms like Coinbase and Fold to provide a bridge between digital currencies and our existing global network of 61 million merchants. Around the world, more than 25 digital currency wallets have linked their services to Visa, giving users an easy way to spend from their digital currency balance using a Visa debit or prepaid credential — anywhere Visa is accepted.
Similar to other digital wallets, digital currency wallets are looking to use the full range of Visa’s capabilities, including Visa Direct, which makes it faster and easier for consumers to convert digital currency and push those funds to their Visa credentials in real-time. Much of this work is happening through Visa’s FastTrack program, which helps fintechs, including those in the digital currency space, integrate quickly with Visa’s global network.
Through these efforts, Visa has become the preferred network for digital currency wallets, which are eager to deepen their value to users by making it quicker and easier to spend digital currency worldwide.
We’ve been advancing and evolving our digital currency strategy for quite some time. Last year we made an investment in Anchorage, a company building security infrastructure for the digital currency ecosystem. Our research team has been exploring the science of blockchain technology for several years. Their work has yielded several promising innovations, including Zether2 and FlyClient.3 Today their research is focused on new mechanisms to improve scalability and enable offline digital currency transactions.
We know that policy leaders and regulators continue to have questions and concerns about digital currencies on a range of issues, from consumer protection to payments resilience. We believe the best way to address these concerns is by working closely with leading companies and the public sector. For more than 60 years, Visa has invested in building and maintaining a resilient global network that delivers best in class functionality to our clients and consumers. Extending this legacy into the decades ahead requires continuous innovation and collaboration with a range of partners.
As part of this public sector strategy, Visa has been engaging with policy makers and global organizations to help shape the dialogue and understanding of digital currencies; this includes our work with the World Economic Forum and our collaboration on a set of policy recommendations for central banks exploring the concept of Central Bank Digital Currency (CBDC).
As our product and research teams continue to evolve our offering in this space, Visa’s digital currency strategy will reflect a set of key values:
Security, privacy, integrity and trust. We will maintain a rigorous focus on data protection, consumer privacy and fairness, and full compliance with all applicable laws. Remaining currency- and network-agnostic: We plan to support the digital currencies and blockchain networks that our clients and partners demand, in keeping with our broader network-of-networks strategy. Alignment with Visa’s core capabilities: We have deep expertise in securing transaction data, working with diverse stakeholders, and maintaining an always-on network with continuous availability. We will pursue projects that allow us to apply this expertise to new networks and technologies that can benefit our existing clients and partners. We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money. We look forward to sharing more with you on this work in the months that follow.
To find out more, please visit https://usa.visa.com/solutions/digital-currency.html
submitted by simplelifestyle to Bitcoin [link] [comments]

Bitcoin challenged my comprehension of money. and from that, governance too

Social Media hacking jokes aside for today, I thought to share a thought experiment I had on how bitcoin fundamentally challenged the way I view money forever.
I was always told throughout life and even in school that money distributed by the government, managed by the government, but used amount the populus. It wasn't until I was 17 in my senior year where I learned about the in-depth concepts of money with topics such as Federal Reserve Banking (How banks make money), taxes, debt, and fiscal and monetary economy. What's funnier is that when I was 14 I heard about bitcoin, but I thought it was just an idea for some far off technology like Nuclear Fusion or Astro mining. So I'm happy to state I learned more about bitcoin before I learned about my own government monetary system. Unfortunately, It would not be for another 2 years before I learn about cryptocurrency and blockchain entirely and another few months before I can actually buy some.
It was at the moment when I fully understood the concepts of bitcoin where I fell in love with it, the idea that NO government, company, or bank could just step in and take your money. No overdrafts, chargebacks, or no 3-5 days deposits. It is great. I get excited to the point I share all I can to people around me about the concept and yet they are confused like a child learning a new language because the concept of true financial responsibility and digital sovereignty can be complex to comprehend. Many of them refer to the same statements: "Money should be protected and held by the bank so I trust that it will forever be there". As I think of it more I start to think of ways how blockchain technology as a whole can be implemented into fintech (or even become the new fintech). Henry Ford once said that
" It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
It is merely with the introduction of bitcoin and decentralized finance tools when this quote incubates into fruition. Cryptocurrency as a whole puts the individual in power with the same banking tools as the whole banking collective operates on. I agree that there are many people who are fed up with the banks, and their practices but at the same time those people are even more scared to assume their own financial control due to immense responsibilities the bitcoin introduces (private key, cognitive understanding of the industry and tech). Yes, banks are here to provide a service to the public ease and use, but therein lies the question of how much freedom do people really want when they realize that they are also baring even more responsibilities than they are used to. Great power comes with great responsibility. The more financial freedom (I'm not talking about in dollar amounts, but security and accessibility ) you have over your wealth the more responsibility is needed to maintain it. So then more so this brings furthermore changed my perception that I don't have to be so reliant on centralized parties with my money, but I can own my money on the blockchain and send it anywhere where in the world as I deem fit.
So this brings to my thoughts of how would blockchain systems work in government and laws. The laws are barely adapted to handle the internet as is; now they are further behind to handle blockchain. With coronavirus going around this is a testament to show how we are becoming stronger digital society. I have not been out of my home in the past few days, and most of the older ways of doing things are becoming challenged with the introduction of new technologies. The only thing that defines our governments are the lands in which was founded, discovered, or concurred by winning factions and ideals that ultimately curated most of the cultures we see today. We can speak to anyone we can on the internet in a matter of seconds, make a full-time living, we can buy nearly anything and get it delivered on the same day or week, and be associated with communities that align with our interest all online. So when these apps have more data and international relations than the governments we reside, can governments be more than just "land"?
Finally, this brings into question Facebook and Libra. Facebook is one of the largest public multi-national countries on this planet, and libra in eyes of many just a software update. However, Libra shined a light on so many things I've always wondered. With as powerful as Facebook is that probably knows more about you than your government, and has more international relationships with more countries than your government, if/whenever libra is released, this now puts a corporate entity in charge of your money. And As they say, libra existing on blockchains, really can't be stopped if ever it's released. Sure governments can be banned and sue Facebook all they want, but if there are people using it, the damage is done, they can't shut down Facebook without causing an economic collapse probably one worse than the great depression. Facebook is just too big to fail. Google, Amazon are other companies seeking to challenge governance by cities for their corporate entities and employees. They most likely won't be here in the USA too much regulation, but someone where like Africa or even cities on water .
All in all, as I leave, Everything I knew about finances such as mortgages, paychecks, loans, mediums of exchange, trade, and banking tools are all fundamentally challenged by the introduction of bitcoin. The power lies in those who own the system, and when no one owns the system, but everyone manages it, the real power becomes invested back into the people. With this knowledge, I know that I am truly more powerful than I thought I was, and you should feel empowered as well. Sure the infrastructure may take time before things become convenient enough for wide-scale adoption, but we are the founding fathers and mothers of the first generation in the true power of decentralized tech. We are the ones that decide on how the first implementation of this tech should be used, and that's all by experimentation. I agree that it will be a daunting task and scary for those who are not familiar with this. Like all things that exist it starts with experimentation.
submitted by tycooperaow to Bitcoin [link] [comments]

Finxflo: An Innovative Solution to Cryptocurrency Trading

Finxflo: An Innovative Solution to Cryptocurrency Trading
In over a decade, bitcoin has created a market that now consists of more than 5000 cryptocurrencies. Buying or selling cryptocurrencies, using traditional finance tools, has started to gain mainstream adoption. Moreover, the interest in cryptocurrency trading and investments is growing with institutional investors keen on including digital assets as a part of their investment portfolio. Even countries across the globe have started defining legal regulations pertaining to digital assets.
Finxflo has bought an innovative solution to trade cryptocurrency without having to shuffle through multiple cryptocurrency trading websites. In this article, we explore the inefficiencies of trading cryptocurrencies through multiple exchanges and the solutions that Finxflo offers to enable an optimum online trading experience.

Inefficiencies In Cryptocurrency Markets

With a rise in the activity of cryptocurrency trading, supportive infrastructure in the form of cryptocurrency exchanges and wallets has developed at a rapid rate in recent times. While services to manage and exchange cryptocurrencies have developed at a staggering rate, there is a lack of proper structure to optimize trading in crypto markets. Traders face a number of challenges that cause friction in different aspects of managing cryptocurrencies.
Some of these inefficiencies are:
  • Disparate Prices – Cryptocurrency prices vary across different platforms depending upon the supply and demand. Traders have to either shift between multiple platforms or compromise by paying higher fees on any particular exchange.
  • Managing Cryptocurrencies – With more than 5000 cryptocurrencies in the market, there lacks a consolidated platform to manage and store crypto. Moreover, a trader needs to manage multiple wallets that are used to store cryptocurrencies.
  • Unregulated – Although cryptocurrency markets are gaining mainstream adoption, there are concerns about the regulation of entities or exchanges. Dealing with unregulated exchanges can cause a trader to lose their coins or become a victim of unethical practices.
  • Multiple Accounts – In order to trade across different exchanges, a trader subsequently needs to maintain multiple accounts. This further means repeated processes of going through the KYC process and setting up the account along with managing them on a separate basis.
  • Security – One of the primary concerns while dealing with cryptocurrency exchanges lies in the security of a trader’s cryptocurrency funds. In case if proper security and custodian measures are not in place, it can lead to disastrous consequences.

Finxflo: A Global Cryptocurrency Brokerage Platform

In order to curb such concerns and optimize a user’s experience in cryptocurrency trading, Finxflo, a Singapore-based cryptocurrency platform has developed a unique solution. Finxflo, designed by a leading and experienced team of experts in fields of finance, law, and tech, is an advanced tool for cryptocurrency markets.
Finxflo is a global brokerage platform designed to aggregate cryptocurrency prices from the world’s leading exchanges. It further offers its users the optimum price to buy and sell any cryptocurrency in the market at any given point in time. It also enables users to build a diversified portfolio and trade and manage their coins under a consolidated platform.
Finxflo eliminates market distortions that exist in the cryptocurrency industry today and provides all the similar tools for retail and institutional investors to trade in all cryptocurrencies.

One wallet, One KYC, 25 Exchanges to trade


https://preview.redd.it/bxt8v2knsjm51.jpg?width=1024&format=pjpg&auto=webp&s=4520d1afcc12d136e7c1a4360da12714d0be3f0d
Some of the unique solutions provided by Finxflo to create a seamless experience in cryptocurrency exchange includes:
  • Aggregating Prices- Finxflo offers the optimum buy/ sell price by aggregating the price of a coin from 25 exchanges. This further ensures that a Finxflo user receives the best price available on the market without navigating between multiple exchanges at the same time.
  • One Wallet- Finxflo facilitates managing your cryptocurrencies by only using one wallet. A user can store multiple cryptocurrencies under one platform and avoid the hassle of managing private keys to each wallet individually.
  • Regulated- Finxflo ensures an equivalent balance between providing a regulated trading environment along with aggregating multiple pools of liquidity. This further protects its users from any unfair accidents.
  • One Account- A user can transparent and effectively trade from one Finxflo account. Instead of going through multiple procedures of KYC verification, a user only needs to complete the verification once on Finxflo.
  • Security- To create a secure and seamless experience in cryptocurrency trading, Finxflo provides end-to-end encryption methods along with advanced security protocols to all its users.
  • Custodian Services- To ensure maximum protection of a user’s funds, the brokerage platform has partnered with Fireblocks to ensure that the digital currencies remain completely insured.

Finxflo’s Advanced Solutions For Cryptocurrency Trading


https://preview.redd.it/l8teei3qsjm51.jpg?width=1024&format=pjpg&auto=webp&s=966d49c71e4f0a269eb16941ad8152ccf924190c
In addition to all the features discussed above, Finxflo adds many other innovative solutions catering to institutional as well as retail traders. The Finxflo’s smart order routing system innovation enables large orders to be distributed across multiple exchanges simultaneously. This helps institutional investors buy or sell cryptocurrency at the best price available.
Finxflo also caters to retail traders by offering preferential fees, usually available only to institutional traders. By introducing no withdrawal fees and low trading fees, it has managed to create an inclusive solution for all types of traders.
Aggregating multiple exchanges further enables Finxflo to access greater market depth and offer higher liquidity to traders. Through one unitary portal, traders can maintain a consolidated order book instead of navigating between multiple exchanges.
The leading crypto platform also encompasses advanced tools like dark pools that allow traders with bigger positions to move in/out of trades without revealing their interests. Although this function is available at many exchanges, it usually comes with additional fees. At Finxflo, traders can access these innovative tools without any additional fees.

The FXF Ecosystem

FXF is the native token, the fuel, of the Finxflo ecosystem. It is a utility token that grants access to products and services of the Finxflo trading platform. The token is one of the instruments along with the option of traditional coins to pay fees for cryptocurrency transactions conducted on Finxflo. Post-2021, FXF tokens will be the only option for traders to pay their transaction fees.
Additionally, the FXF token also carries incentives by offering lower fees while performing transactions on the Finxflo crypto platform. Trading fees will further be reduced depending upon the amount of tokens held in a user’s wallet.

Initial Coin Offering(ICO)

FXF tokens are available through public ICO sale commencing on the 15th of July 2020. This will last for a duration of 6 months and will end on 31st December 2020. In this ICO sale, 50% of FXF tokens will be allocated. This enables Finxflo to gain wider community input and further incorporate the feedback into building a stronger user-centric product.
Article source: Blog Finxflo
submitted by JamesFXF to FXF [link] [comments]

Finxflo: An Innovative Solution to Cryptocurrency Trading

Finxflo: An Innovative Solution to Cryptocurrency Trading
In over a decade, bitcoin has created a market that now consists of more than 5000 cryptocurrencies. Buying or selling cryptocurrencies, using traditional finance tools, has started to gain mainstream adoption. Moreover, the interest in cryptocurrency trading and investments is growing with institutional investors keen on including digital assets as a part of their investment portfolio. Even countries across the globe have started defining legal regulations pertaining to digital assets.
Finxflo has bought an innovative solution to trade cryptocurrency without having to shuffle through multiple cryptocurrency trading websites. In this article, we explore the inefficiencies of trading cryptocurrencies through multiple exchanges and the solutions that Finxflo offers to enable an optimum online trading experience.

Inefficiencies In Cryptocurrency Markets

With a rise in the activity of cryptocurrency trading, supportive infrastructure in the form of cryptocurrency exchanges and wallets has developed at a rapid rate in recent times. While services to manage and exchange cryptocurrencies have developed at a staggering rate, there is a lack of proper structure to optimize trading in crypto markets. Traders face a number of challenges that cause friction in different aspects of managing cryptocurrencies.
Some of these inefficiencies are:
  • Disparate Prices – Cryptocurrency prices vary across different platforms depending upon the supply and demand. Traders have to either shift between multiple platforms or compromise by paying higher fees on any particular exchange.
  • Managing Cryptocurrencies – With more than 5000 cryptocurrencies in the market, there lacks a consolidated platform to manage and store crypto. Moreover, a trader needs to manage multiple wallets that are used to store cryptocurrencies.
  • Unregulated – Although cryptocurrency markets are gaining mainstream adoption, there are concerns about the regulation of entities or exchanges. Dealing with unregulated exchanges can cause a trader to lose their coins or become a victim of unethical practices.
  • Multiple Accounts – In order to trade across different exchanges, a trader subsequently needs to maintain multiple accounts. This further means repeated processes of going through the KYC process and setting up the account along with managing them on a separate basis.
  • Security – One of the primary concerns while dealing with cryptocurrency exchanges lies in the security of a trader’s cryptocurrency funds. In case if proper security and custodian measures are not in place, it can lead to disastrous consequences.

Finxflo: A Global Cryptocurrency Brokerage Platform

In order to curb such concerns and optimize a user’s experience in cryptocurrency trading, Finxflo, a Singapore-based cryptocurrency platform has developed a unique solution. Finxflo, designed by a leading and experienced team of experts in fields of finance, law, and tech, is an advanced tool for cryptocurrency markets.
Finxflo is a global brokerage platform designed to aggregate cryptocurrency prices from the world’s leading exchanges. It further offers its users the optimum price to buy and sell any cryptocurrency in the market at any given point in time. It also enables users to build a diversified portfolio and trade and manage their coins under a consolidated platform.
Finxflo eliminates market distortions that exist in the cryptocurrency industry today and provides all the similar tools for retail and institutional investors to trade in cryptocurrencies.

One wallet, One KYC, 25 Exchanges to trade


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Some of the unique solutions provided by Finxflo to create a seamless experience in cryptocurrency exchange includes:
  • Aggregating Prices- Finxflo offers the optimum buy/ sell price by aggregating the price of a coin from 25 exchanges. This further ensures that a Finxflo user receives the best price available on the market without navigating between multiple exchanges at the same time.
  • One Wallet- Finxflo facilitates managing your cryptocurrencies by only using one wallet. A user can store multiple cryptocurrencies under one platform and avoid the hassle of managing private keys to each wallet individually.
  • Regulated- Finxflo ensures an equivalent balance between providing a regulated trading environment along with aggregating multiple pools of liquidity. This further protects its users from any unfair accidents.
  • One Account- A user can transparent and effectively trade from one Finxflo account. Instead of going through multiple procedures of KYC verification, a user only needs to complete the verification once on Finxflo.
  • Security- To create a secure and seamless experience in cryptocurrency trading, Finxflo provides end-to-end encryption methods along with advanced security protocols to all its users.
  • Custodian Services- To ensure maximum protection of a user’s funds, the brokerage platform has partnered with Fireblocks to ensure that the digital currencies remain completely insured.

Finxflo’s Advanced Solutions For Cryptocurrency Trading


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In addition to all the features discussed above, Finxflo adds many other innovative solutions catering to institutional as well as retail traders. The Finxflo’s smart order routing system innovation enables large orders to be distributed across multiple exchanges simultaneously. This helps institutional investors buy or sell cryptocurrency at the best price available.
Finxflo also caters to retail traders by offering preferential fees, usually available only to institutional traders. By introducing no withdrawal fees and low trading fees, it has managed to create an inclusive solution for all types of traders.
Aggregating multiple exchanges further enables Finxflo to access greater market depth and offer higher liquidity to traders. Through one unitary portal, traders can maintain a consolidated order book instead of navigating between multiple exchanges.
The leading platform also encompasses advanced tools like dark pools that allow traders with bigger positions to move in/out of trades without revealing their interests. Although this function is available at many exchanges, it usually comes with additional fees. At Finxflo, traders can access these innovative tools without any additional fees.

The FXF Ecosystem

FXF is the native token, the fuel, of the Finxflo ecosystem. It is a utility token that grants access to products and services of the Finxflo trading platform. The token is one of the instruments along with the option of traditional coins to pay fees for cryptocurrency transactions conducted on Finxflo. Post-2021, FXF tokens will be the only option for traders to pay their transaction fees.
Additionally, the FXF token also carries incentives by offering lower fees while performing transactions on the Finxflo platform. Trading fees will further be reduced depending upon the amount of tokens held in a user’s wallet.

Initial Coin Offering

FXF tokens are available through public ICO sale commencing on the 15th of July 2020. This will last for a duration of 6 months and will end on 31st December 2020. In this ICO sale, 50% of FXF tokens will be allocated. This enables Finxflo to gain wider community input and further incorporate the feedback into building a stronger user-centric product.
Article source https://www.finxflo.com/news/detail/5151
submitted by MoreWindow to ICOAnalysis [link] [comments]

RESEARCH REPORT ABOUT KYBER NETWORK

RESEARCH REPORT ABOUT KYBER NETWORK
Author: Gamals Ahmed, CoinEx Business Ambassador

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ABSTRACT

In this research report, we present a study on Kyber Network. Kyber Network is a decentralized, on-chain liquidity protocol designed to make trading tokens simple, efficient, robust and secure.
Kyber design allows any party to contribute to an aggregated pool of liquidity within each blockchain while providing a single endpoint for takers to execute trades using the best rates available. We envision a connected liquidity network that facilitates seamless, decentralized cross-chain token swaps across Kyber based networks on different chains.
Kyber is a fully on-chain liquidity protocol that enables decentralized exchange of cryptocurrencies in any application. Liquidity providers (Reserves) are integrated into one single endpoint for takers and users. When a user requests a trade, the protocol will scan the entire network to find the reserve with the best price and take liquidity from that particular reserve.

1.INTRODUCTION

DeFi applications all need access to good liquidity sources, which is a critical component to provide good services. Currently, decentralized liquidity is comprised of various sources including DEXes (Uniswap, OasisDEX, Bancor), decentralized funds and other financial apps. The more scattered the sources, the harder it becomes for anyone to either find the best rate for their trade or to even find enough liquidity for their need.
Kyber is a blockchain-based liquidity protocol that aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.
The protocol allows for a wide range of implementation possibilities for liquidity providers, allowing a wide range of entities to contribute liquidity, including end users, decentralized exchanges and other decentralized protocols. On the taker side, end users, cryptocurrency wallets, and smart contracts are able to perform instant and trustless token trades at the best rates available amongst the sources.
The Kyber Network is project based on the Ethereum protocol that seeks to completely decentralize the exchange of crypto currencies and make exchange trustless by keeping everything on the blockchain.
Through the Kyber Network, users should be able to instantly convert or exchange any crypto currency.

1.1 OVERVIEW ABOUT KYBER NETWORK PROTOCOL

The Kyber Network is a decentralized way to exchange ETH and different ERC20 tokens instantly — no waiting and no registration needed.
Using this protocol, developers can build innovative payment flows and applications, including instant token swap services, ERC20 payments, and financial DApps — helping to build a world where any token is usable anywhere.
Kyber’s fully on-chain design allows for full transparency and verifiability in the matching engine, as well as seamless composability with DApps, not all of which are possible with off-chain or hybrid approaches. The integration of a large variety of liquidity providers also makes Kyber uniquely capable of supporting sophisticated schemes and catering to the needs of DeFi DApps and financial institutions. Hence, many developers leverage Kyber’s liquidity pool to build innovative financial applications, and not surprisingly, Kyber is the most used DeFi protocol in the world.
The Kyber Network is quite an established project that is trying to change the way we think of decentralised crypto currency exchange.
The Kyber Network has seen very rapid development. After being announced in May 2017 the testnet for the Kyber Network went live in August 2017. An ICO followed in September 2017, with the company raising 200,000 ETH valued at $60 million in just one day.
The live main net was released in February 2018 to whitelisted participants, and on March 19, 2018, the Kyber Network opened the main net as a public beta. Since then the network has seen increasing growth, with network volumes growing more than 500% in the first half of 2019.
Although there was a modest decrease in August 2019 that can be attributed to the price of ETH dropping by 50%, impacting the overall total volumes being traded and processed globally.
They are developing a decentralised exchange protocol that will allow developers to build payment flows and financial apps. This is indeed quite a competitive market as a number of other such protocols have been launched.
In Brief - Kyber Network is a tool that allows anyone to swap tokens instantly without having to use exchanges. - It allows vendors to accept different types of cryptocurrency while still being paid in their preferred crypto of choice. - It’s built primarily for Ethereum, but any smart-contract based blockchain can incorporate it.
At its core, Kyber is a decentralized way to exchange ETH and different ERC20 tokens instantly–no waiting and no registration needed. To do this Kyber uses a diverse set of liquidity pools, or pools of different crypto assets called “reserves” that any project can tap into or integrate with.
A typical use case would be if a vendor allowed customers to pay in whatever currency they wish, but receive the payment in their preferred token. Another example would be for Dapp users. At present, if you are not a token holder of a certain Dapp you can’t use it. With Kyber, you could use your existing tokens, instantly swap them for the Dapp specific token and away you go.
All this swapping happens directly on the Ethereum blockchain, meaning every transaction is completely transparent.

1.1.1 WHY BUILD THE KYBER NETWORK?

While crypto currencies were built to be decentralized, many of the exchanges for trading crypto currencies have become centralized affairs. This has led to security vulnerabilities, with many exchanges becoming the victims of hacking and theft.
It has also led to increased fees and costs, and the centralized exchanges often come with slow transfer times as well. In some cases, wallets have been locked and users are unable to withdraw their coins.
Decentralized exchanges have popped up recently to address the flaws in the centralized exchanges, but they have their own flaws, most notably a lack of liquidity, and often times high costs to modify trades in their on-chain order books.

Some of the Integrations with Kyber Protocol
The Kyber Network was formed to provide users with a decentralized exchange that keeps everything right on the blockchain, and uses a reserve system rather than an order book to provide high liquidity at all times. This will allow for the exchange and transfer of any cryptocurrency, even cross exchanges, and costs will be kept at a minimum as well.
The Kyber Network has three guiding design philosophies since the start:
  1. To be most useful the network needs to be platform-agnostic, which allows any protocol or application the ability to take advantage of the liquidity provided by the Kyber Network without any impact on innovation.
  2. The network was designed to make real-world commerce and decentralized financial products not only possible but also feasible. It does this by allowing for instant token exchange across a wide range of tokens, and without any settlement risk.
  3. The Kyber Network was created with ease of integration as a priority, which is why everything runs fully on-chain and fully transparent. Kyber is not only developer-friendly, but is also compatible with a wide variety of systems.

1.1.2 WHO INVENTED KYBER?

Kyber’s founders are Loi Luu, Victor Tran, Yaron Velner — CEO, CTO, and advisor to the Kyber Network.

1.1.3 WHAT DISTINGUISHES KYBER?

Kyber’s mission has always been to integrate with other protocols so they’ve focused on being developer-friendly by providing architecture to allow anyone to incorporate the technology onto any smart-contract powered blockchain. As a result, a variety of different dapps, vendors, and wallets use Kyber’s infrastructure including Set Protocol, bZx, InstaDApp, and Coinbase wallet.
Besides, dapps, vendors, and wallets, Kyber also integrates with other exchanges such as Uniswap — sharing liquidity pools between the two protocols.
A typical use case would be if a vendor allowed customers to pay in whatever currency they wish, but receive the payment in their preferred token. Another example would be for Dapp users. At present, if you are not a token holder of a certain Dapp you can’t use it. With Kyber, you could use your existing tokens, instantly swap them for the Dapp specific token and away you go.
Limit orders on Kyber allow users to set a specific price in which they would like to exchange a token instead of accepting whatever price currently exists at the time of trading. However, unlike with other exchanges, users never lose custody of their crypto assets during limit orders on Kyber.
The Kyber protocol works by using pools of crypto funds called “reserves”, which currently support over 70 different ERC20 tokens. Reserves are essentially smart contracts with a pool of funds. Different parties with different prices and levels of funding control all reserves. Instead of using order books to match buyers and sellers to return the best price, the Kyber protocol looks at all the reserves and returns the best price among the different reserves. Reserves make money on the “spread” or differences between the buying and selling prices. The Kyber wants any token holder to easily convert one token to another with a minimum of fuss.

1.2 KYBER PROTOCOL

The protocol smart contracts offer a single interface for the best available token exchange rates to be taken from an aggregated liquidity pool across diverse sources. ● Aggregated liquidity pool. The protocol aggregates various liquidity sources into one liquidity pool, making it easy for takers to find the best rates offered with one function call. ● Diverse sources of liquidity. The protocol allows different types of liquidity sources to be plugged into. Liquidity providers may employ different strategies and different implementations to contribute liquidity to the protocol. ● Permissionless. The protocol is designed to be permissionless where any developer can set up various types of reserves, and any end user can contribute liquidity. Implementations need to take into consideration various security vectors, such as reserve spamming, but can be mitigated through a staking mechanism. We can expect implementations to be permissioned initially until the maintainers are confident about these considerations.
The core feature that the Kyber protocol facilitates is the token swap between taker and liquidity sources. The protocol aims to provide the following properties for token trades: ● Instant Settlement. Takers do not have to wait for their orders to be fulfilled, since trade matching and settlement occurs in a single blockchain transaction. This enables trades to be part of a series of actions happening in a single smart contract function. ● Atomicity. When takers make a trade request, their trade either gets fully executed, or is reverted. This “all or nothing” aspect means that takers are not exposed to the risk of partial trade execution. ● Public rate verification. Anyone can verify the rates that are being offered by reserves and have their trades instantly settled just by querying from the smart contracts. ● Ease of integration. Trustless and atomic token trades can be directly and easily integrated into other smart contracts, thereby enabling multiple trades to be performed in a smart contract function.
How each actor works is specified in Section Network Actors. 1. Takers refer to anyone who can directly call the smart contract functions to trade tokens, such as end-users, DApps, and wallets. 2. Reserves refer to anyone who wishes to provide liquidity. They have to implement the smart contract functions defined in the reserve interface in order to be registered and have their token pairs listed. 3. Registered reserves refer to those that will be cycled through for matching taker requests. 4. Maintainers refer to anyone who has permission to access the functions for the adding/removing of reserves and token pairs, such as a DAO or the team behind the protocol implementation. 5. In all, they comprise of the network, which refers to all the actors involved in any given implementation of the protocol.
The protocol implementation needs to have the following: 1. Functions for takers to check rates and execute the trades 2. Functions for the maintainers to registeremove reserves and token pairs 3. Reserve interface that defines the functions reserves needs to implement
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1.3 KYBER CORE SMART CONTRACTS

Kyber Core smart contracts is an implementation of the protocol that has major protocol functions to allow actors to join and interact with the network. For example, the Kyber Core smart contracts provide functions for the listing and delisting of reserves and trading pairs by having clear interfaces for the reserves to comply to be able to register to the network and adding support for new trading pairs. In addition, the Kyber Core smart contracts also provide a function for takers to query the best rate among all the registered reserves, and perform the trades with the corresponding rate and reserve. A trading pair consists of a quote token and any other token that the reserve wishes to support. The quote token is the token that is either traded from or to for all trades. For example, the Ethereum implementation of the Kyber protocol uses Ether as the quote token.
In order to search for the best rate, all reserves supporting the requested token pair will be iterated through. Hence, the Kyber Core smart contracts need to have this search algorithm implemented.
The key functions implemented in the Kyber Core Smart Contracts are listed in Figure 2 below. We will visit and explain the implementation details and security considerations of each function in the Specification Section.

1.4 HOW KYBER’S ON-CHAIN PROTOCOL WORKS?

Kyber is the liquidity infrastructure for decentralized finance. Kyber aggregates liquidity from diverse sources into a pool, which provides the best rates for takers such as DApps, Wallets, DEXs, and End users.

1.4.1 PROVIDING LIQUIDITY AS A RESERVE

Anyone can operate a Kyber Reserve to market make for profit and make their tokens available for DApps in the ecosystem. Through an open reserve architecture, individuals, token teams and professional market makers can contribute token assets to Kyber’s liquidity pool and earn from the spread in every trade. These tokens become available at the best rates across DApps that tap into the network, making them instantly more liquid and useful.
MAIN RESERVE TYPES Kyber currently has over 45 reserves in its network providing liquidity. There are 3 main types of reserves that allow different liquidity contribution options to suit the unique needs of different providers. 1. Automated Price Reserves (APR) — Allows token teams and users with large token holdings to have an automated yet customized pricing system with low maintenance costs. Synthetix and Melon are examples of teams that run APRs. 2. Fed Price Reserves (FPR) — Operated by professional market makers that require custom and advanced pricing strategies tailored to their specific needs. Kyber alongside reserves such as OneBit, runs FPRs. 3. Bridge Reserves (BR) — These are specialized reserves meant to bring liquidity from other on-chain liquidity providers like Uniswap, Oasis, DutchX, and Bancor into the network.

1.5 KYBER NETWORK ROLES

There Kyber Network functions through coordination between several different roles and functions as explained below: - Users — This entity uses the Kyber Network to send and receive tokens. A user can be an individual, a merchant, and even a smart contract account. - Reserve Entities — This role is used to add liquidity to the platform through the dynamic reserve pool. Some reserve entities are internal to the Kyber Network, but others may be registered third parties. Reserve entities may be public if the public contributes to the reserves they hold, otherwise they are considered private. By allowing third parties as reserve entities the network adds diversity, which prevents monopolization and keeps exchange rates competitive. Allowing third party reserve entities also allows for the listing of less popular coins with lower volumes. - Reserve Contributors — Where reserve entities are classified as public, the reserve contributor is the entity providing reserve funds. Their incentive for doing so is a profit share from the reserve. - The Reserve Manager — Maintains the reserve, calculates exchange rates and enters them into the network. The reserve manager profits from exchange spreads set by them on their reserves. They can also benefit from increasing volume by accessing the entire Kyber Network. - The Kyber Network Operator — Currently the Kyber Network team is filling the role of the network operator, which has a function to adds/remove Reserve Entities as well as controlling the listing of tokens. Eventually, this role will revert to a proper decentralized governance.

1.6 BASIC TOKEN TRADE

A basic token trade is one that has the quote token as either the source or destination token of the trade request. The execution flow of a basic token trade is depicted in the diagram below, where a taker would like to exchange BAT tokens for ETH as an example. The trade happens in a single blockchain transaction. 1. Taker sends 1 ETH to the protocol contract, and would like to receive BAT in return. 2. Protocol contract queries the first reserve for its ETH to BAT exchange rate. 3. Reserve 1 offers an exchange rate of 1 ETH for 800 BAT. 4. Protocol contract queries the second reserve for its ETH to BAT exchange rate. 5. Reserve 2 offers an exchange rate of 1 ETH for 820 BAT. 6. This process goes on for the other reserves. After the iteration, reserve 2 is discovered to have offered the best ETH to BAT exchange rate. 7. Protocol contract sends 1 ETH to reserve 2. 8. The reserve sends 820 BAT to the taker.

1.7 TOKEN-TO-TOKEN TRADE

A token-to-token trade is one where the quote token is neither the source nor the destination token of the trade request. The exchange flow of a token to token trade is depicted in the diagram below, where a taker would like to exchange BAT tokens for DAI as an example. The trade happens in a single blockchain transaction. 1. Taker sends 50 BAT to the protocol contract, and would like to receive DAI in return. 2. Protocol contract sends 50 BAT to the reserve offering the best BAT to ETH rate. 3. Protocol contract receives 1 ETH in return. 4. Protocol contract sends 1 ETH to the reserve offering the best ETH to DAI rate. 5. Protocol contract receives 30 DAI in return. 6. Protocol contract sends 30 DAI to the user.

2.KYBER NETWORK CRYSTAL (KNC) TOKEN

Kyber Network Crystal (KNC) is an ERC-20 utility token and an integral part of Kyber Network.
KNC is the first deflationary staking token where staking rewards and token burns are generated from actual network usage and growth in DeFi.
The Kyber Network Crystal (KNC) is the backbone of the Kyber Network. It works to connect liquidity providers and those who need liquidity and serves three distinct purposes. The first of these is to collect transaction fees, and a portion of every fee collected is burned, which keeps KNC deflationary. Kyber Network Crystals (KNC), are named after the crystals in Star Wars used to power light sabers.
The KNC also ensures the smooth operation of the reserve system in the Kyber liquidity since entities must use third-party tokens to buy the KNC that pays for their operations in the network.
KNC allows token holders to play a critical role in determining the incentive system, building a wide base of stakeholders, and facilitating economic flow in the network. A small fee is charged each time a token exchange happens on the network, and KNC holders get to vote on this fee model and distribution, as well as other important decisions. Over time, as more trades are executed, additional fees will be generated for staking rewards and reserve rebates, while more KNC will be burned. - Participation rewards — KNC holders can stake KNC in the KyberDAO and vote on key parameters. Voters will earn staking rewards (in ETH) - Burning — Some of the network fees will be burned to reduce KNC supply permanently, providing long-term value accrual from decreasing supply. - Reserve incentives — KNC holders determine the portion of network fees that are used as rebates for selected liquidity providers (reserves) based on their volume performance.

Finally, the KNC token is the connection between the Kyber Network and the exchanges, wallets, and dApps that leverage the liquidity network. This is a virtuous system since entities are rewarded with referral fees for directing more users to the Kyber Network, which helps increase adoption for Kyber and for the entities using the Network.
And of course there will soon be a fourth and fifth uses for the KNC, which will be as a staking token used to generate passive income, as well as a governance token used to vote on key parameters of the network.
The Kyber Network Crystal (KNC) was released in a September 2017 ICO at a price around $1. There were 226,000,000 KNC minted for the ICO, with 61% sold to the public. The remaining 39% are controlled 50/50 by the company and the founders/advisors, with a 1 year lockup period and 2 year vesting period.
Currently, just over 180 million coins are in circulation, and the total supply has been reduced to 210.94 million after the company burned 1 millionth KNC token in May 2019 and then its second millionth KNC token just three months later.
That means that while it took 15 months to burn the first million KNC, it took just 10 weeks to burn the second million KNC. That shows how rapidly adoption has been growing recently for Kyber, with July 2019 USD trading volumes on the Kyber Network nearly reaching $60 million. This volume has continued growing, and on march 13, 2020 the network experienced its highest daily trading activity of $33.7 million in a 24-hour period.
Currently KNC is required by Reserve Managers to operate on the network, which ensures a minimum amount of demand for the token. Combined with future plans for burning coins, price is expected to maintain an upward bias, although it has suffered along with the broader market in 2018 and more recently during the summer of 2019.
It was unfortunate in 2020 that a beginning rally was cut short by the coronavirus pandemic, although the token has stabilized as of April 2020, and there are hopes the rally could resume in the summer of 2020.

2.1 HOW ARE KNC TOKENS PRODUCED?

The native token of Kyber is called Kyber Network Crystals (KNC). All reserves are required to pay fees in KNC for the right to manage reserves. The KNC collected as fees are either burned and taken out of the total supply or awarded to integrated dapps as an incentive to help them grow.

2.2 HOW DO YOU GET HOLD OF KNC TOKENS?

Kyber Swap can be used to buy ETH directly using a credit card, which can then be used to swap for KNC. Besides Kyber itself, exchanges such as Binance, Huobi, and OKex trade KNC.

2.3 WHAT CAN YOU DO WITH KYBER?

The most direct and basic function of Kyber is for instantly swapping tokens without registering an account, which anyone can do using an Etheruem wallet such as MetaMask. Users can also create their own reserves and contribute funds to a reserve, but that process is still fairly technical one–something Kyber is working on making easier for users in the future.

2.4 THE GOAL OF KYBER THE FUTURE

The goal of Kyber in the coming years is to solidify its position as a one-stop solution for powering liquidity and token swapping on Ethereum. Kyber plans on a major protocol upgrade called Katalyst, which will create new incentives and growth opportunities for all stakeholders in their ecosystem, especially KNC holders. The upgrade will mean more use cases for KNC including to use KNC to vote on governance decisions through a decentralized organization (DAO) called the KyberDAO.
With our upcoming Katalyst protocol upgrade and new KNC model, Kyber will provide even more benefits for stakeholders. For instance, reserves will no longer need to hold a KNC balance for fees, removing a major friction point, and there will be rebates for top performing reserves. KNC holders can also stake their KNC to participate in governance and receive rewards.

2.5 BUYING & STORING KNC

Those interested in buying KNC tokens can do so at a number of exchanges. Perhaps your best bet between the complete list is the likes of Coinbase Pro and Binance. The former is based in the USA whereas the latter is an offshore exchange.
The trading volume is well spread out at these exchanges, which means that the liquidity is not concentrated and dependent on any one exchange. You also have decent liquidity on each of the exchange books. For example, the Binance BTC / KNC books are wide and there is decent turnover. This means easier order execution.
KNC is an ERC20 token and can be stored in any wallet with ERC20 support, such as MyEtherWallet or MetaMask. One interesting alternative is the KyberSwap Android mobile app that was released in August 2019.
It allows for instant swapping of tokens and has support for over 70 different altcoins. It also allows users to set price alerts and limit orders and works as a full-featured Ethereum wallet.

2.6 KYBER KATALYST UPGRADE

Kyber has announced their intention to become the de facto liquidity layer for the Decentralized Finance space, aiming to have Kyber as the single on-chain endpoint used by the majority of liquidity providers and dApp developers. In order to achieve this goal the Kyber Network team is looking to create an open ecosystem that garners trust from the decentralized finance space. They believe this is the path that will lead the majority of projects, developers, and users to choose Kyber for liquidity needs. With that in mind they have recently announced the launch of a protocol upgrade to Kyber which is being called Katalyst.
The Katalyst upgrade will create a stronger ecosystem by creating strong alignments towards a common goal, while also strengthening the incentives for stakeholders to participate in the ecosystem.
The primary beneficiaries of the Katalyst upgrade will be the three major Kyber stakeholders: 1. Reserve managers who provide network liquidity; 2. dApps that connect takers to Kyber; 3. KNC holders.
These stakeholders can expect to see benefits as highlighted below: Reserve Managers will see two new benefits to providing liquidity for the network. The first of these benefits will be incentives for providing reserves. Once Katalyst is implemented part of the fees collected will go to the reserve managers as an incentive for providing liquidity.
This mechanism is similar to rebates in traditional finance, and is expected to drive the creation of additional reserves and market making, which in turn will lead to greater liquidity and platform reach.
Katalyst will also do away with the need for reserve managers to maintain a KNC balance for use as network fees. Instead fees will be automatically collected and used as incentives or burned as appropriate. This should remove a great deal of friction for reserves to connect with Kyber without affecting the competitive exchange rates that takers in the system enjoy. dApp Integrators will now be able to set their own spread, which will give them full control over their own business model. This means the current fee sharing program that shares 30% of the 0.25% fee with dApp developers will go away and developers will determine their own spread. It’s believed this will increase dApp development within Kyber as developers will now be in control of fees.
KNC Holders, often thought of as the core of the Kyber Network, will be able to take advantage of a new staking mechanism that will allow them to receive a portion of network fees by staking their KNC and participating in the KyberDAO.

2.7 COMING KYBERDAO

With the implementation of the Katalyst protocol the KNC holders will be put right at the heart of Kyber. Holders of KNC tokens will now have a critical role to play in determining the future economic flow of the network, including its incentive systems.
The primary way this will be achieved is through KyberDAO, a way in which on-chain and off-chain governance will align to streamline cooperation between the Kyber team, KNC holders, and market participants.
The Kyber Network team has identified 3 key areas of consideration for the KyberDAO: 1. Broad representation, transparent governance and network stability 2. Strong incentives for KNC holders to maintain their stake and be highly involved in governance 3. Maximizing participation with a wide range of options for voting delegation
Interaction between KNC Holders & Kyber
This means KNC holders have been empowered to determine the network fee and how to allocate the fees to ensure maximum network growth. KNC holders will now have three fee allocation options to vote on: - Voting Rewards: Immediate value creation. Holders who stake and participate in the KyberDAO get their share of the fees designated for rewards. - Burning: Long term value accrual. The decreasing supply of KNC will improve the token appreciation over time and benefit those who did not participate. - Reserve Incentives:Value creation via network growth. By rewarding Kyber reserve managers based on their performance, it helps to drive greater volume, value, and network fees.

2.8 TRANSPARENCY AND STABILITY

The design of the KyberDAO is meant to allow for the greatest network stability, as well as maximum transparency and the ability to quickly recover in emergency situations. Initally the Kyber team will remain as maintainers of the KyberDAO. The system is being developed to be as verifiable as possible, while still maintaining maximum transparency regarding the role of the maintainer in the DAO.
Part of this transparency means that all data and processes are stored on-chain if feasible. Voting regarding network fees and allocations will be done on-chain and will be immutable. In situations where on-chain storage or execution is not feasible there will be a set of off-chain governance processes developed to ensure all decisions are followed through on.

2.9 KNC STAKING AND DELEGATION

Staking will be a new addition and both staking and voting will be done in fixed periods of times called “epochs”. These epochs will be measured in Ethereum block times, and each KyberDAO epoch will last roughly 2 weeks.
This is a relatively rapid epoch and it is beneficial in that it gives more rapid DAO conclusion and decision-making, while also conferring faster reward distribution. On the downside it means there needs to be a new voting campaign every two weeks, which requires more frequent participation from KNC stakeholders, as well as more work from the Kyber team.
Delegation will be part of the protocol, allowing stakers to delegate their voting rights to third-party pools or other entities. The pools receiving the delegation rights will be free to determine their own fee structure and voting decisions. Because the pools will share in rewards, and because their voting decisions will be clearly visible on-chain, it is expected that they will continue to work to the benefit of the network.

3. TRADING

After the September 2017 ICO, KNC settled into a trading price that hovered around $1.00 (decreasing in BTC value) until December. The token has followed the trend of most other altcoins — rising in price through December and sharply declining toward the beginning of January 2018.
The KNC price fell throughout all of 2018 with one exception during April. From April 6th to April 28th, the price rose over 200 percent. This run-up coincided with a blog post outlining plans to bring Bitcoin to the Ethereum blockchain. Since then, however, the price has steadily fallen, currently resting on what looks like a $0.15 (~0.000045 BTC) floor.
With the number of partners using the Kyber Network, the price may rise as they begin to fully use the network. The development team has consistently hit the milestones they’ve set out to achieve, so make note of any release announcements on the horizon.

4. COMPETITION

The 0x project is the biggest competitor to Kyber Network. Both teams are attempting to enter the decentralized exchange market. The primary difference between the two is that Kyber performs the entire exchange process on-chain while 0x keeps the order book and matching off-chain.
As a crypto swap exchange, the platform also competes with ShapeShift and Changelly.

5.KYBER MILESTONES

• June 2020: Digifox, an all-in-one finance application by popular crypto trader and Youtuber Nicholas Merten a.k.a DataDash (340K subs), integrated Kyber to enable users to easily swap between cryptocurrencies without having to leave the application. • June 2020: Stake Capital partnered with Kyber to provide convenient KNC staking and delegation services, and also took a KNC position to participate in governance. • June 2020: Outlined the benefits of the Fed Price Reserve (FPR) for professional market makers and advanced developers. • May 2020: Kyber crossed US$1 Billion in total trading volume and 1 Million transactions, performed entirely on-chain on Ethereum. • May 2020: StakeWith.Us partnered Kyber Network as a KyberDAO Pool Master. • May 2020: 2Key, a popular blockchain referral solution using smart links, integrated Kyber’s on-chain liquidity protocol for seamless token swaps • May 2020: Blockchain game League of Kingdoms integrated Kyber to accept Token Payments for Land NFTs. • May 2020: Joined the Zcash Developer Alliance , an invite-only working group to advance Zcash development and interoperability. • May 2020: Joined the Chicago DeFi Alliance to help accelerate on-chain market making for professionals and developers. • March 2020: Set a new record of USD $33.7M in 24H fully on-chain trading volume, and $190M in 30 day on-chain trading volume. • March 2020: Integrated by Rarible, Bullionix, and Unstoppable Domains, with the KyberWidget deployed on IPFS, which allows anyone to swap tokens through Kyber without being blocked. • February 2020: Popular Ethereum blockchain game Axie Infinity integrated Kyber to accept ERC20 payments for NFT game items. • February 2020: Kyber’s protocol was integrated by Gelato Finance, Idle Finance, rTrees, Sablier, and 0x API for their liquidity needs. • January 2020: Kyber Network was found to be the most used protocol in the whole decentralized finance (DeFi) space in 2019, according to a DeFi research report by Binance. • December 2019: Switcheo integrated Kyber’s protocol for enhanced liquidity on their own DEX. • December 2019: DeFi Wallet Eidoo integrated Kyber for seamless in-wallet token swaps. • December 2019: Announced the development of the Katalyst Protocol Upgrade and new KNC token model. • July 2019: Developed the Waterloo Bridge , a Decentralized Practical Cross-chain Bridge between EOS and Ethereum, successfully demonstrating a token swap between Ethereum to EOS. • July 2019: Trust Wallet, the official Binance wallet, integrated Kyber as part of its decentralized token exchange service, allowing even more seamless in-wallet token swaps for thousands of users around the world. • May 2019: HTC, the large consumer electronics company with more than 20 years of innovation, integrated Kyber into its Zion Vault Wallet on EXODUS 1 , the first native web 3.0 blockchain phone, allowing users to easily swap between cryptocurrencies in a decentralized manner without leaving the wallet. • January 2019: Introduced the Automated Price Reserve (APR) , a capital efficient way for token teams and individuals to market make with low slippage. • January 2019: The popular Enjin Wallet, a default blockchain DApp on the Samsung S10 and S20 mobile phones, integrated Kyber to enable in-wallet token swaps. • October 2018: Kyber was a founding member of the WBTC (Wrapped Bitcoin) Initiative and DAO. • October 2018: Developed the KyberWidget for ERC20 token swaps on any website, with CoinGecko being the first major project to use it on their popular site.

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What is a Bitcoin Public & Private Key - YouTube

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