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Filecoin | Development Status and Mining Progress

Author: Gamals Ahmed, CoinEx Business Ambassador
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A decentralized storage network that transforms cloud storage into an account market. Miners obtain the integrity of the original protocol by providing data storage and / or retrieval. On the contrary, customers pay miners to store or distribute data and retrieve it.
Filecoin announced, that there will be more delays before its main network is officially launched.
Filecoin developers postponed the release date of their main network to late July to late August 2020.
As mentioned in a recent announcement, the Filecoin team said that the initiative completed the first round of the internal protocol security audit. Platform developers claim that the results of the review showed that they need to make several changes to the protocol’s code base before performing the second stage of the software testing process.
Created by Protocol Labs, Filecoin was developed using File System (IPFS), which is a peer-to-peer data storage network. Filecoin will allow users to trade storage space in an open and decentralized market.
Filecoin developers implemented one of the largest cryptocurrency sales in 2017. They have privately obtained over $ 200 million from professional or accredited investors, including many institutional investors.
The main network was slated to launch last month, but in February 2020, the Philly Queen development team delayed the release of the main network between July 15 and July 17, 2020.
They claimed that the outbreak of the Coronavirus (COVID-19) in China was the main cause of the delay. The developers now say that they need more time to solve the problems found during a recent codecase audit.
The Filecoin team noted the following:
“We have drafted a number of protocol changes to ensure that building our major network launch is safe and economically sound.” The project developers will add them to two different implementations of Filecoin (Lotus and go-filecoin) in the coming weeks.
Filecoin developers conducted a survey to allow platform community members to cast their votes on three different launch dates for Testnet Phase 2 and mainnet.
The team reported that the community gave their votes. Based on the vote results, the Filecoin team announced a “conservative” estimate that the second phase of the network test should begin by May 11, 2020. The main Filecoin network may be launched sometime between July 20 and August 21, 2020.
The updates to the project can be found on the Filecoin Road Map.
Filecoin developers stated:
“This option will make us get the most important protocol changes first, and then implement the rest as protocol updates during testnet.” Filecoin is back down from the final test stage.
Another filecoin decentralized storage network provider launched its catalytic test network, the final stage of the storage network test that supports the blockchain.
In a blog post on her website, Filecoin said she will postpone the last test round until August. The company also announced a calibration period from July 20 to August 3 to allow miners to test their mining settings and get an idea of how competition conditions affected their rewards.
Filecoin had announced earlier last month that the catalytic testnet test would precede its flagship launch. The delay in the final test also means that the company has returned the main launch window between August 31 and September 21.
Despite the lack of clear incentives for miners and multiple delays, Filecoin has succeeded in attracting huge interest, especially in China. Investors remained highly speculating on the network’s mining hardware and its premium price.
Mining in Filecoin
In most blockchain protocols, “miners” are network participants who do the work necessary to promote and maintain the blockchain. To provide these services, miners are compensated in the original cryptocurrency.
Mining in Filecoin works completely differently — instead of contributing to computational power, miners contribute storage capacity to use for dealing with customers looking to store data.
Filecoin will contain several types of miners:
Storage miners responsible for storing files and data on the network. Miners retrieval, responsible for providing quick tubes for file recovery. Miners repair to be carried out.
Storage miners are the heart of the network. They earn Filecoin by storing data for clients, and computerizing cipher directories to check storage over time. The probability of earning the reward reward and transaction fees is proportional to the amount of storage that the Miner contributes to the Filecoin network, not the hash power.
Retriever miners are the veins of the network. They earn Filecoin by winning bids and mining fees for a specific file, which is determined by the market value of the said file size. Miners bandwidth and recovery / initial transaction response time will determine its ability to close recovery deals on the network.
The maximum bandwidth of the recovery miners will determine the total amount of deals that it can enter into.
In the current implementation, the focus is mostly on storage miners, who sell storage capacity for FIL.

Hardware recommendations

The current system specifications recommended for running the miner are:
Compared to the hardware requirements for running a validity checker, these standards are much higher — although they definitely deserve it. Since these will not increase in the presumed future, the money spent on Filecoin mining hardware will provide users with many years of reliable service, and they pay themselves many times. Think of investing as a small business for cloud storage. To launch a model on the current data hosting model, it will cost millions of dollars in infrastructure and logistics to get started. With Filecoin, you can do the same for a few thousand dollars.
Proceed to mining
Deals are the primary function of the Filecoin network, and it represents an agreement between a client and miners for a “storage” contract.
Once the customer decides to have a miner to store based on the available capacity, duration and price required, he secures sufficient funds in a linked portfolio to cover the total cost of the deal. The deal is then published once the mine accepts the storage agreement. By default, all Filecoin miners are set to automatically accept any deal that meets their criteria, although this can be disabled for miners who prefer to organize their deals manually.
After the deal is published, the customer prepares the data for storage and then transfers it to the miner. Upon receiving all the data, the miner fills in the data in a sector, closes it, and begins to provide proofs to the chain. Once the first confirmation is obtained, the customer can make sure the data is stored correctly, and the deal has officially started.
Throughout the deal, the miner provides continuous proofs to the chain. Clients gradually pay with money they previously closed. If there is missing or late evidence, the miner is punished. More information about this can be found in the Runtime, Cut and Penalties section of this page.
At Filecoin, miners earn two different types of rewards for their efforts: storage fees and reward prevention.
Storage fees are the fees that customers pay regularly after reaching a deal, in exchange for storing data. This fee is automatically deposited into the withdrawal portfolio associated with miners while they continue to perform their duties over time, and is locked for a short period upon receipt.
Block rewards are large sums given to miners calculated on a new block. Unlike storage fees, these rewards do not come from a linked customer; Instead, the new FIL “prints” the network as an inflationary and incentive measure for miners to develop the chain. All active miners on the network have a chance to get a block bonus, their chance to be directly proportional to the amount of storage space that is currently being contributed to the network.
Duration of operation, cutting and penalties
“Slashing” is a feature found in most blockchain protocols, and is used to punish miners who fail to provide reliable uptime or act maliciously against the network.
In Filecoin, miners are susceptible to two different types of cut: storage error cut, unanimously reduce error.
Storage Error Reduction is a term used to include a wider range of penalties, including error fees, sector penalties, and termination fees. Miners must pay these penalties if they fail to provide reliability of the sector or decide to leave the network voluntarily.
An error fee is a penalty that a miner incurs for each non-working day. Sector punishment: A penalty incurred by a miner of a disrupted sector for which no error was reported before the WindowPoSt inspection.
The sector will pay an error fee after the penalty of the sector once the error is discovered.
Termination Fee: A penalty that a miner incurs when a sector is voluntary or involuntarily terminated and removed from the network.
Cutting consensus error is the penalty that a miner incurs for committing consensus errors. This punishment applies to miners who have acted maliciously against the network consensus function.
Filecoin miners
Eight of the top 10 Felticoin miners are Chinese investors or companies, according to the blockchain explorer, while more companies are selling cloud mining contracts and distributed file sharing system hardware. CoinDesk’s Wolfe Chao wrote: “China’s craze for Filecoin may have been largely related to the long-standing popularity of crypto mining in the country overall, which is home to about 65% of the computing power on Bitcoin at discretion.”
With Filecoin approaching the launch of the mainnet blocknet — after several delays since the $ 200 million increase in 2017 — Chinese investors are once again speculating strongly about network mining devices and their premium prices.
Since Protocol Labs, the company behind Filecoin, released its “Test Incentives” program on June 9 that was scheduled to start in a week’s time, more than a dozen Chinese companies have started selling cloud mining contracts and hardware — despite important details such as economics Mining incentives on the main network are still endless.
Sales volumes to date for each of these companies can range from half a million to tens of millions of dollars, according to self-reported data on these platforms that CoinDesk has watched and interviews with several mining hardware manufacturers.
Filecoin’s goal is to build a distributed storage network with token rewards to spur storage hosting as a way to drive wider adoption. Protocol Labs launched a test network in December 2019. But the tokens mined in the testing environment so far are not representative of the true silicon coin that can be traded when the main network is turned on. Moreover, the mining incentive economics on testnet do not represent how final block rewards will be available on the main network.
However, data from Blockecoin’s blocknetin testnet explorers show that eight out of 10 miners with the most effective mining force on testnet are currently Chinese miners.
These eight miners have about 15 petabytes (PB) of effective storage mining power, accounting for more than 85% of the total test of 17.9 petable. For the context, 1 petabyte of hard disk storage = 1000 terabytes (terabytes) = 1 million gigabytes (GB).
Filecoin craze in China may be closely related to the long-standing popularity of crypt mining in the country overall, which is home to about 65% of the computing power on Bitcoin by estimation. In addition, there has been a lot of hype in China about foreign exchange mining since 2018, as companies promote all types of devices when the network is still in development.
“Encryption mining has always been popular in China,” said Andy Tien, co-founder of 1475, one of several mining hardware manufacturers in Philquin supported by prominent Chinese video indicators such as Fenbushi and Hashkey Capital.
“Even though the Velikoyen mining process is more technologically sophisticated, the idea of mining using hard drives instead of specialized machines like Bitcoin ASIC may be a lot easier for retailers to understand,” he said.
Meanwhile, according to Feixiaohao, a Chinese service comparable to CoinMarketCap, nearly 50 Chinese crypto exchanges are often somewhat unknown with some of the more well-known exchanges including Gate.io and Biki — have listed trading pairs for Filecoin currency contracts for USDT.
In bitcoin mining, at the current difficulty level, one segment per second (TH / s) fragmentation rate is expected to generate around 0.000008 BTC within 24 hours. The higher the number of TH / s, the greater the number of bitcoins it should be able to produce proportionately. But in Filecoin, the efficient mining force of miners depends on the amount of data stamped on the hard drive, not the total size of the hard drive.
To close data in the hard drive, the Filecoin miner still needs processing power, i.e. CPU or GPU as well as RAM. More powerful processors with improved software can confine data to the hard drive more quickly, so miners can combine more efficient mining energy faster on a given day.
As of this stage, there appears to be no transparent way at the network level for retail investors to see how much of the purchased hard disk drive was purchased which actually represents an effective mining force.
The U.S.-based Labs Protocol was behind Filecoin’s initial coin offer for 2017, which raised an astonishing $ 200 million.
This was in addition to a $ 50 million increase in private investment supported by notable venture capital projects including Sequoia, Anderson Horowitz and Union Square Ventures. CoinDk’s parent company, CoinDk, has also invested in Protocol Labs.
After rounds of delay, Protocol Protocols said in September 2019 that a testnet launch would be available around December 2019 and the main network would be rolled out in the first quarter of 2020.
The test started as promised, but the main network has been delayed again and is now expected to launch in August 2020. What is Filecoin mining process?
Filecoin mainly consists of three parts: the storage market (the chain), the blockecin Filecoin, and the search market (under the chain). Storage and research market in series and series respectively for security and efficiency. For users, the storage frequency is relatively low, and the security requirements are relatively high, so the storage process is placed on the chain. The retrieval frequency is much higher than the storage frequency when there is a certain amount of data. Given the performance problem in processing data on the chain, the retrieval process under the chain is performed. In order to solve the security issue of payment in the retrieval process, Filecoin adopts the micro-payment strategy. In simple terms, the process is to split the document into several copies, and every time the user gets a portion of the data, the corresponding fee is paid. Types of mines corresponding to Filecoin’s two major markets are miners and warehousers, among whom miners are primarily responsible for storing data and block packages, while miners are primarily responsible for data query. After the stable operation of the major Filecoin network in the future, the mining operator will be introduced, who is the main responsible for data maintenance.
In the initial release of Filecoin, the request matching mechanism was not implemented in the storage market and retrieval market, but the takeover mechanism was adopted. The three main parts of Filecoin correspond to three processes, namely the stored procedure, retrieval process, packaging and reward process. The following figure shows the simplified process and the income of the miners:
The Filecoin mining process is much more complicated, and the important factor in determining the previous mining profit is efficient storage. Effective storage is a key feature that distinguishes Filecoin from other decentralized storage projects. In Filecoin’s EC consensus, effective storage is similar to interest in PoS, which determines the likelihood that a miner will get the right to fill, that is, the proportion of miners effectively stored in the entire network is proportional to final mining revenue.
It is also possible to obtain higher effective storage under the same hardware conditions by improving the mining algorithm. However, the current increase in the number of benefits that can be achieved by improving the algorithm is still unknown.
It seeks to promote mining using Filecoin Discover
Filecoin announced Filecoin Discover — a step to encourage miners to join the Filecoin network. According to the company, Filecoin Discover is “an ever-growing catalog of numerous petabytes of public data covering literature, science, art, and history.” Miners interested in sharing can choose which data sets they want to store, and receive that data on a drive at a cost. In exchange for storing this verified data, miners will earn additional Filecoin above the regular block rewards for storing data. Includes the current catalog of open source data sets; ENCODE, 1000 Genomes, Project Gutenberg, Berkley Self-driving data, more projects, and datasets are added every day.
Ian Darrow, Head of Operations at Filecoin, commented on the announcement:
“Over 2.5 quintillion bytes of data are created every day. This data includes 294 billion emails, 500 million tweets and 64 billion messages on social media. But it is also climatology reports, disease tracking maps, connected vehicle coordinates and much more. It is extremely important that we maintain data that will serve as the backbone for future research and discovery”.
Miners who choose to participate in Filecoin Discover may receive hard drives pre-loaded with verified data, as well as setup and maintenance instructions, depending on the company. The Filecoin team will also host the Slack (fil-Discover-support) channel where miners can learn more.
Filecoin got its fair share of obstacles along the way. Last month Filecoin announced a further delay before its main network was officially launched — after years of raising funds.
In late July QEBR (OTC: QEBR) announced that it had ceded ownership of two subsidiaries in order to focus all of the company’s resources on building blockchain-based mining operations.
The QEBR technology team previously announced that it has proven its system as a Filecoin node valid with CPU, GPU, bandwidth and storage compatibility that meets all IPFS guidelines. The QEBR test system is connected to the main Filecoin blockchain and the already mined filecoin coin has already been tested.
“The disclosure of Sheen Boom and Jihye will allow our team to focus only on the upcoming global launch of Filecoin. QEBR branch, Shenzhen DZD Digital Technology Ltd. (“ DZD “), has a strong background in blockchain development, extraction Data, data acquisition, data processing, data technology research. We strongly believe Filecoin has the potential to be a leading blockchain-based cryptocurrency and will make every effort to make QEBR an important player when Mainecoin mainnet will be launched soon”.
IPFS and Filecoin
Filecoin and IPFS are complementary protocols for storing and sharing data in a decentralized network. While users are not required to use Filecoin and IPFS together, the two combined are working to resolve major failures in the current web infrastructure.
IPFS
It is an open source protocol that allows users to store and transmit verifiable data with each other. IPFS users insist on data on the network by installing it on their own device, to a third-party cloud service (known as Pinning Services), or through community-oriented systems where a group of individual IPFS users share resources to ensure the content stays live.
The lack of an integrated catalytic mechanism is the challenge Filecoin hopes to solve by allowing users to catalyze long-term distributed storage at competitive prices through the storage contract market, while maintaining the efficiency and flexibility that the IPFS network provides.
Using IPFS
In IPFS, the data is hosted by the required data installation nodes. For data to persist while the user node is offline, users must either rely on their other peers to install their data voluntarily or use a central install service to store data.
Peer-to-peer reliance caching data may be a good thing as one or multiple organizations share common files on an internal network, or where strong social contracts can be used to ensure continued hosting and preservation of content in the long run. Most users in an IPFS network use an installation service.
Using Filecoin
The last option is to install your data in a decentralized storage market, such as Filecoin. In Filecoin’s structure, customers make regular small payments to store data when a certain availability, while miners earn those payments by constantly checking the integrity of this data, storing it, and ensuring its quick recovery. This allows users to motivate Filecoin miners to ensure that their content will be live when it is needed, a distinct advantage of relying only on other network users as required using IPFS alone.
Filecoin, powered by IPFS
It is important to know that Filecoin is built on top of IPFS. Filecoin aims to be a very integrated and seamless storage market that takes advantage of the basic functions provided by IPFS, they are connected to each other, but can be implemented completely independently of each other. Users do not need to interact with Filecoin in order to use IPFS.
Some advantages of sharing Filecoin with IPFS:
Of all the decentralized storage projects, Filecoin is undoubtedly the most interested, and IPFS has been running stably for two years, fully demonstrating the strength of its core protocol.
Filecoin’s ability to obtain market share from traditional central storage depends on end-user experience and storage price. Currently, most Filecoin nodes are posted in the IDC room. Actual deployment and operation costs are not reduced compared to traditional central cloud storage, and the storage process is more complicated.
PoRep and PoSt, which has a large number of proofs of unknown operation, are required to cause the actual storage cost to be so, in the early days of the release of Filecoin. The actual cost of storing data may be higher than the cost of central cloud storage, but the initial storage node may reduce the storage price in order to obtain block rewards, which may result in the actual storage price lower than traditional central cloud storage.
In the long term, Filecoin still needs to take full advantage of its P2P storage, convert storage devices from specialization to civil use, and improve its algorithms to reduce storage costs without affecting user experience. The storage problem is an important problem to be solved in the blockchain field, so a large number of storage projects were presented at the 19th Web3 Summit. IPFS is an important part of Web3 visibility. Its development will affect the development of Web3 to some extent. Likewise, Web3 development somewhat determines the future of IPFS. Filecoin is an IPFS-based storage class project initiated by IPFS. There is no doubt that he is highly expected.
Resources :
  1. https://www.coindesk.com/filecoin-pushes-back-final-testing-phase-announces-calibration-period-for-miners
  2. https://docs.filecoin.io/mine/#types-of-miners https://www.nasdaq.com/articles/inside-the-craze-for-filecoin-crypto-mining-in-china-2020-07-12؟amp
  3. https://www.prnewswire.com/news-releases/qebr-streamlines-holdings-to-concentrate-on-filecoin-development-and-mining-301098731.html
  4. https://www.crowdfundinsider.com/2020/05/161200-filecoin-seeks-to-boost-mining-with-filecoin-discove
  5. https://zephyrnet.com/filecoin-seeks-to-boost-mining-with-filecoin-discove
  6. https://docs.filecoin.io/introduction/ipfs-and-filecoin/#filecoin-powered-by-ipfs
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Which are your Top 5 favourite coins out of the Top 100? An analysis.

I am putting together my investment portfolio for 2018 and made a complete summary of the current Top 100. Interestingly, I noticed that all coins can be categorized into 12 markets. Which markets do you think will play the biggest role in the coming year?
Here is a complete overview of all coins in an excel sheet including name, market, TPS, risk profile, time since launch (negative numbers mean that they are launching that many months in the future) and market cap. You can also sort by all of these fields of course. Coins written in bold are the strongest contenders within their market either due to having the best technology or having a small market cap and still excellent technology and potential. https://docs.google.com/spreadsheets/d/1s8PHcNvvjuy848q18py_CGcu8elRGQAUIf86EYh4QZo/edit#gid=0
The 12 markets are
  1. Currency 13 coins
  2. Platform 25 coins
  3. Ecosystem 9 coins
  4. Privacy 10 coins
  5. Currency Exchange Tool 8 coins
  6. Gaming & Gambling 5 coins
  7. Misc 15 coins
  8. Social Network 4 coins
  9. Fee Token 3 coins
  10. Decentralized Data Storage 4 coins
  11. Cloud Computing 3 coins
  12. Stable Coin 2 coins
Before we look at the individual markets, we need to take a look of the overall market and its biggest issue scalability first:
Cryptocurrencies aim to be a decentralized currency that can be used worldwide. Its goal is to replace dollar, Euro, Yen, all FIAT currencies worldwide. The coin that will achieve that will be worth several trillion dollars.
Bitcoin can only process 7 transactions per second (TPS). In order to replace all FIAT, it would need to perform at at least VISA levels, which usually processes around 3,000 TPS, up to 25,000 TPS during peak times and a maximum of 64,000 TPS. That means that this cryptocurrency would need to be able to perform at least several thousand TPS. However, a ground breaking technology should not look at current technology to set a goal for its use, i.e. estimating the number of emails sent in 1990 based on the number of faxes sent wasn’t a good estimate.
For that reason, 10,000 TPS is the absolute baseline for a cryptocurrency that wants to replace FIAT. This brings me to IOTA, which wants to connect all 80 billion IoT devices that are expected to exist by 2025, which constantly communicate with each other, creating 80 billion or more transactions per second. This is the benchmark that cryptocurrencies should be aiming for. Currently, 8 billion devices are connected to the Internet.
With its Lightning network recently launched, Bitcoin is realistically looking at 50,000 possible soon. Other notable cryptocurrencies besides IOTA and Bitcoin are Nano with 7,000 TPS already tested, Dash with several billion TPS possible with Masternodes, Neo, LISK and RHOC with 100,000 TPS by 2020, Ripple with 50,000 TPS, Ethereum with 10,000 with Sharding.
However, it needs to be said that scalability usually goes at the cost of decentralization and security. So, it needs to be seen, which of these technologies can prove itself resilient and performant.
Without further ado, here are the coins of the first market

Market 1 - Currency:

  1. Bitcoin: 1st generation blockchain with currently bad scalability currently, though the implementation of the Lightning Network looks promising and could alleviate most scalability concerns, scalability and high energy use.
  2. Ripple: Centralized currency that might become very successful due to tight involvement with banks and cross-border payments for financial institutions; banks and companies like Western Union and Moneygram (who they are currently working with) as customers customers. However, it seems they are aiming for more decentralization now.https://ripple.com/dev-blog/decentralization-strategy-update/. Has high TPS due to Proof of Correctness algorithm.
  3. Bitcoin Cash: Bitcoin fork with the difference of having an 8 times bigger block size, making it 8 times more scalable than Bitcoin currently. Further block size increases are planned. Only significant difference is bigger block size while big blocks lead to further problems that don't seem to do well beyond a few thousand TPS. Opponents to a block size argue that increasing the block size limit is unimaginative, offers only temporary relief, and damages decentralization by increasing costs of participation. In order to preserve decentralization, system requirements to participate should be kept low. To understand this, consider an extreme example: very big blocks (1GB+) would require data center level resources to validate the blockchain. This would preclude all but the wealthiest individuals from participating.Community seems more open than Bitcoin's though.
  4. Litecoin : Little brother of Bitcoin. Bitcoin fork with different mining algorithm but not much else.Copies everything that Bitcoin does pretty much. Lack of real innovation.
  5. Dash: Dash (Digital Cash) is a fork of Bitcoin and focuses on user ease. It has very fast transactions within seconds, low fees and uses Proof of Service from Masternodes for consensus. They are currently building a system called Evolution which will allow users to send money using usernames and merchants will find it easy to integrate Dash using the API. You could say Dash is trying to be a PayPal of cryptocurrencies. Currently, cryptocurrencies must choose between decentralization, speed, scalability and can pick only 2. With Masternodes, Dash picked speed and scalability at some cost of decentralization, since with Masternodes the voting power is shifted towards Masternodes, which are run by Dash users who own the most Dash.
  6. IOTA: 3rd generation blockchain called Tangle, which has a high scalability, no fees and instant transactions. IOTA aims to be the connective layer between all 80 billion IOT devices that are expected to be connected to the Internet in 2025, possibly creating 80 billion transactions per second or 800 billion TPS, who knows. However, it needs to be seen if the Tangle can keep up with this scalability and iron out its security issues that have not yet been completely resolved.
  7. Nano: 3rd generation blockchain called Block Lattice with high scalability, no fees and instant transactions. Unlike IOTA, Nano only wants to be a payment processor and nothing else, for now at least. With Nano, every user has their own blockchain and has to perform a small amount of computing for each transaction, which makes Nano perform at 300 TPS with no problems and 7,000 TPS have also been tested successfully. Very promising 3rd gen technology and strong focus on only being the fastest currency without trying to be everything.
  8. Decred: As mining operations have grown, Bitcoin’s decision-making process has become more centralized, with the largest mining companies holding large amounts of power over the Bitcoin improvement process. Decred focuses heavily on decentralization with their PoW Pos hybrid governance system to become what Bitcoin was set out to be. They will soon implement the Lightning Network to scale up. While there do not seem to be more differences to Bitcoin besides the novel hybrid consensus algorithm, which Ethereum, Aeternity and Bitcoin Atom are also implementing, the welcoming and positive Decred community and professoinal team add another level of potential to the coin.
  9. Aeternity: We’ve seen recently, that it’s difficult to scale the execution of smart contracts on the blockchain. Crypto Kitties is a great example. Something as simple as creating and trading unique assets on Ethereum bogged the network down when transaction volume soared. Ethereum and Zilliqa address this problem with Sharding. Aeternity focuses on increasing the scalability of smart contracts and dapps by moving smart contracts off-chain. Instead of running on the blockchain, smart contracts on Aeternity run in private state channels between the parties involved in the contracts. State channels are lines of communication between parties in a smart contract. They don’t touch the blockchain unless they need to for adjudication or transfer of value. Because they’re off-chain, state channel contracts can operate much more efficiently. They don’t need to pay the network for every time they compute and can also operate with greater privacy. An important aspect of smart contract and dapp development is access to outside data sources. This could mean checking the weather in London, score of a football game, or price of gold. Oracles provide access to data hosted outside the blockchain. In many blockchain projects, oracles represent a security risk and potential point of failure, since they tend to be singular, centralized data streams. Aeternity proposes decentralizing oracles with their oracle machine. Doing so would make outside data immutable and unchangeable once it reaches Aeternity’s blockchain. Of course, the data source could still be hacked, so Aeternity implements a prediction market where users can bet on the accuracy and honesty of incoming data from various oracles.It also uses prediction markets for various voting and verification purposes within the platform. Aeternity’s network runs on on a hybrid of proof of work and proof of stake. Founded by a long-time crypto-enthusiast and early colleague of Vitalik Buterin, Yanislav Malahov. Promising concept though not product yet
  10. Bitcoin Atom: Atomic Swaps and hybrid consenus. This looks like the only Bitcoin clone that actually is looking to innovate next to Bitcoin Cash.
  11. Dogecoin: Litecoin fork, fantastic community, though lagging behind a bit in technology.
  12. Bitcoin Gold: A bit better security than bitcoin through ASIC resistant algorithm, but that's it. Not that interesting.
  13. Digibyte: Digibyte's PoS blockchain is spread over a 100,000+ servers, phones, computers, and nodes across the globe, aiming for the ultimate level of decentralization. DigiByte rebalances the load between the five mining algorithms by adjusting the difficulty of each so one algorithm doesn’t become dominant. The algorithm's asymmetric difficulty has gained notoriety and been deployed in many other blockchains.DigiByte’s adoption over the past four years has been slow. It’s still a relatively obscure currency compared its competitors. The DigiByte website offers a lot of great marketing copy and buzzwords. However, there’s not much technical information about what they have planned for the future. You could say Digibyte is like Bitcoin, but with shorter blocktimes and a multi-algorithm. However, that's not really a difference big enough to truly set themselves apart from Bitcoin, since these technologies could be implemented by any blockchain without much difficulty. Their decentralization is probably their strongest asset, however, this also change quickly if the currency takes off and big miners decide to go into Digibyte.
  14. Bitcoin Diamond Asic resistant Bitcoin and Copycat

Market 2 - Platform

Most of the cryptos here have smart contracts and allow dapps (Decentralized apps) to be build on their platform and to use their token as an exchange of value between dapp services.
  1. Ethereum: 2nd generation blockchain that allows the use of smart contracts. Bad scalability currently, though this concern could be alleviated by the soon to be implemented Lightning Network aka Plasma and its Sharding concept.
  2. EOS: Promising technology that wants to be able do everything, from smart contracts like Ethereum, scalability similar to Nano with 1000 tx/second + near instant transactions and zero fees, to also wanting to be a platform for dapps. However, EOS doesn't have a product yet and everything is just promises still. Highly overvalued right now. However, there are lots of red flags, have dumped $500 million Ether over the last 2 months and possibly bought back EOS to increase the size of their ICO, which has been going on for over a year and has raised several billion dollars. All in all, their market cap is way too high for that and not even having a product.
  3. Cardano: Similar to Ethereum/EOS, however, only promises made with no delivery yet, highly overrated right now. Interesting concept though. Market cap way too high for not even having a product. Somewhat promising technology.
  4. VeChain: Singapore-based project that’s building a business enterprise platform and inventory tracking system. Examples are verifying genuine luxury goods and food supply chains. Has one of the strongest communities in the crypto world. Most hyped token of all, with merit though.
  5. Neo: Neo is a platform, similar to Eth, but more extensive, allowing dapps and smart contracts, but with a different smart contract gas system, consensus mechanism (PoS vs. dBfT), governance model, fixed vs unfixed supply, expensive contracts vs nearly free contracts, different ideologies for real world adoption. There are currently only 9 nodes, each of which are being run by a company/entity hand selected by the NEO council (most of which are located in china) and are under contract. This means that although the locations of the nodes may differ, ultimately the neo council can bring them down due to their legal contracts. In fact this has been done in the past when the neo council was moving 50 million neo that had been locked up. Also dbft (or neo's implmentation of it) has failed underload causing network outages during major icos. The first step in decentralization is that the NEO Counsel will select trusted nodes (Universities, business partners, etc.) and slowly become less centralized that way. The final step in decentralization will be allowing NEO holders to vote for new nodes, similar to a DPoS system (ARK/EOS/LISK). NEO has a regulation/government friendly ideology. Finally they are trying to work undewith the Chinese government in regards to regulations. If for some reason they wanted it shut down, they could just shut it down.
  6. Stellar: PoS system, similar goals as Ripple, but more of a platform than only a currency. 80% of Stellar are owned by Stellar.org still, making the currency centralized.
  7. Ethereum classic: Original Ethereum that decided not to fork after a hack. The Ethereum that we know is its fork. Uninteresing, because it has a lot of less resources than Ethereum now and a lot less community support.
  8. Ziliqa: Zilliqa is building a new way of sharding. 2400 tpx already tested, 10,000 tps soon possible by being linearly scalable with the number of nodes. That means, the more nodes, the faster the network gets. They are looking at implementing privacy as well.
  9. QTUM: Enables Smart contracts on the Bitcoin blockchain. Useful.
  10. Icon: Korean ethereum. Decentralized application platform that's building communities in partnership with banks, insurance providers, hospitals, and universities. Focused on ID verification and payments. No big differentiators to the other 20 Ethereums, except that is has a product. That is a plus. Maybe cheap alternative to Ethereum.
  11. LISK: Lisk's difference to other BaaS is that side chains are independent to the main chain and have to have their own nodes. Similar to neo whole allows dapps to deploy their blockchain to. However, Lisk is currently somewhat centralized with a small group of members owning more than 50% of the delegated positions. Lisk plans to change the consensus algorithm for that reason in the near future.
  12. Rchain: Similar to Ethereum with smart contract, though much more scalable at an expected 40,000 TPS and possible 100,000 TPS. Not launched yet. No product launched yet, though promising technology. Not overvalued, probably at the right price right now.
  13. ARDR: Similar to Lisk. Ardor is a public blockchain platform that will allow people to utilize the blockchain technology of Nxt through the use of child chains. A child chain, which is a ‘light’ blockchain that can be customized to a certain extent, is designed to allow easy self-deploy for your own blockchain. Nxt claims that users will "not need to worry" about security, as that part is now handled by the main chain (Ardor). This is the chief innovation of Ardor. Ardor was evolved from NXT by the same company. NEM started as a NXT clone.
  14. Ontology: Similar to Neo. Interesting coin
  15. Bytom: Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.
  16. Nxt: Similar to Lisk
  17. Stratis: Different to LISK, Stratis will allow businesses and organizations to create their own blockchain according to their own needs, but secured on the parent Stratis chain. Stratis’s simple interface will allow organizations to quickly and easily deploy and/or test blockchain functionality of the Ethereum, BitShares, BitCoin, Lisk and Stratis environements.
  18. Status: Status provides access to all of Ethereum’s decentralized applications (dapps) through an app on your smartphone. It opens the door to mass adoption of Ethereum dapps by targeting the fastest growing computer segment in the world – smartphone users.16. Ark: Fork of Lisk that focuses on a smaller feature set. Ark wallets can only vote for one delegate at a time which forces delegates to compete against each other and makes cartel formations incredibly hard, if not impossible.
  19. Neblio: Similar to Neo, but 30x smaller market cap.
  20. NEM: Is similar to Neo No marketing team, very high market cap for little clarilty what they do.
  21. Bancor: Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
  22. Dragonchain: The Purpose of DragonChain is to help companies quickly and easily incorporate blockchain into their business applications. Many companies might be interested in making this transition because of the benefits associated with serving clients over a blockchain – increased efficiency and security for transactions, a reduction of costs from eliminating potential fraud and scams, etc.
  23. Skycoin: Transactions with zero fees that take apparently two seconds, unlimited transaction rate, no need for miners and block rewards, low power usage, all of the usual cryptocurrency technical vulnerabilities fixed, a consensus mechanism superior to anything that exists, resistant to all conceivable threats (government censorship, community infighting, cybenucleaconventional warfare, etc). Skycoin has their own consensus algorithm known as Obelisk written and published academically by an early developer of Ethereum. Obelisk is a non-energy intensive consensus algorithm based on a concept called ‘web of trust dynamics’ which is completely different to PoW, PoS, and their derivatives. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycion a smear campaign launched against it, though they seem legit and reliable. Thus, they are probably undervalued.

Market 3 - Ecosystem

The 3rd market with 11 coins is comprised of ecosystem coins, which aim to strengthen the ease of use within the crypto space through decentralized exchanges, open standards for apps and more
  1. Nebulas: Similar to how Google indexes webpages Nebulas will index blockchain projects, smart contracts & data using the Nebulas rank algorithm that sifts & sorts the data. Developers rewarded NAS to develop & deploy on NAS chain. Nebulas calls this developer incentive protocol – basically rewards are issued based on how often dapp/contract etc. is used, the more the better the rewards and Proof of devotion. Works like DPoS except the best, most economically incentivised developers (Bookkeeppers) get the forging spots. Ensuring brains stay with the project (Cross between PoI & PoS). 2,400 TPS+, DAG used to solve the inter-transaction dependencies in the PEE (Parallel Execution Environment) feature, first crypto Wallet that supports the Lightening Network.
  2. Waves: Decentralized exchange and crowdfunding platform. Let’s companies and projects to issue and manage their own digital coin tokens to raise money.
  3. Salt: Leveraging blockchain assets to secure cash loands. Plans to offer cash loans in traditional currencies, backed by your cryptocurrency assets. Allows lenders worldwide to skip credit checks for easier access to affordable loans.
  4. CHAINLINK: ChainLink is a decentralized oracle service, the first of its kind. Oracles are defined as an ‘agent’ that finds and verifies real-world occurrences and submits this information to a blockchain to be used in smart contracts.With ChainLink, smart contract users can use the network’s oracles to retrieve data from off-chain application program interfaces (APIs), data pools, and other resources and integrate them into the blockchain and smart contracts. Basically, ChainLink takes information that is external to blockchain applications and puts it on-chain. The difference to Aeternity is that Chainlink deploys the smart contracts on the Ethereum blockchain while Aeternity has its own chain.
  5. WTC: Combines blockchain with IoT to create a management system for supply chains Interesting
  6. Ethos unifyies all cryptos. Ethos is building a multi-cryptocurrency phone wallet. The team is also building an investment diversification tool and a social network
  7. Aion: Aion is the token that pays for services on the Aeternity platform.
  8. USDT: is no cryptocurrency really, but a replacement for dollar for trading After months of asking for proof of dollar backing, still no response from Tether.

Market 4 - Privacy

The 4th market are privacy coins. As you might know, Bitcoin is not anonymous. If the IRS or any other party asks an exchange who is the identity behind a specific Bitcoin address, they know who you are and can track back almost all of the Bitcoin transactions you have ever made and all your account balances. Privacy coins aim to prevent exactly that through address fungability, which changes addresses constantly, IP obfuscation and more. There are 2 types of privacy coins, one with completely privacy and one with optional privacy. Optional Privacy coins like Dash and Nav have the advantage of more user friendliness over completely privacy coins such as Monero and Enigma.
  1. Monero: Currently most popular privacy coin, though with a very high market cap. Since their privacy is all on chain, all prior transactions would be deanonymized if their protocol is ever cracked. This requires a quantum computing attack though. PIVX is better in that regard.
  2. Zcash: A decentralized and open-source cryptocurrency that hide the sender, recipient, and value of transactions. Offers users the option to make transactions public later for auditing. Decent privacy coin, though no default privacy
  3. Verge: Calls itself privacy coin without providing private transactions, multiple problems over the last weeks has a toxic community, and way too much hype for what they have.
  4. Bytecoin: First privacy-focused cryptocurrency with anonymous transactions. Bytecoin’s code was later adapted to create Monero, the more well-known anonymous cryptocurrency. Has several scam accusations, 80% pre-mine, bad devs, bad tech
  5. Bitcoin Private: A merge fork of Bitcoin and Zclassic with Zclassic being a fork of Zcash with the difference of a lack of a founders fee required to mine a valid block. This promotes a fair distribution, preventing centralized coin ownership and control. Bitcoin private offers the optional ability to keep the sender, receiver, and amount private in a given transaction. However, this is already offered by several good privacy coins (Monero, PIVX) and Bitcoin private doesn't offer much more beyond this.
  6. Komodo: The Komodo blockchain platform uses Komodo’s open-source cryptocurrency for doing transparent, anonymous, private, and fungible transactions. They are then made ultra-secure using Bitcoin’s blockchain via a Delayed Proof of Work (dPoW) protocol and decentralized crowdfunding (ICO) platform to remove middlemen from project funding. Offers services for startups to create and manage their own Blockchains.
  7. PIVX: As a fork of Dash, PIVX uses an advanced implementation of the Zerocoin protocol to provide it’s privacy. This is a form of zeroknowledge proofs, which allow users to spend ‘Zerocoins’ that have no link back to them. Unlike Zcash u have denominations in PIVX, so they can’t track users by their payment amount being equal to the amount of ‘minted’ coins, because everyone uses the same denominations. PIVX is also implementing Bulletproofs, just like Monero, and this will take care of arguably the biggest weakness of zeroknowledge protocols: the trusted setup.
  8. Zcoin: PoW cryptocurrency. Private financial transactions, enabled by the Zerocoin Protocol. Zcoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via Zero-Knowledge cryptographic proofs.
  9. Enigma: Monero is to Bitcoin what enigma is to Ethereum. Enigma is for making the data used in smart contracts private. More of a platform for dapps than a currency like Monero. Very promising.
  10. Navcoin: Like bitcoin but with added privacy and pos and 1,170 tps, but only because of very short 30 second block times. Though, privacy is optional, but aims to be more user friendly than Monero. However, doesn't really decide if it wants to be a privacy coin or not. Same as Zcash.Strong technology, non-shady team.
  11. Tenx: Raised 80 million, offers cryptocurrency-linked credit cards that let you spend virtual money in real life. Developing a series of payment platforms to make spending cryptocurrency easier. However, the question is if full privacy coins will be hindered in growth through government regulations and optional privacy coins will become more successful through ease of use and no regulatory hindrance.

Market 5 - Currency Exchange Tool

Due to the sheer number of different cryptocurrencies, exchanging one currency for the other it still cumbersome. Further, merchants don’t want to deal with overcluttered options of accepting cryptocurrencies. This is where exchange tool like Req come in, which allow easy and simple exchange of currencies.
  1. Cryptonex: Fiat and currency exchange between various blockchain services, similar to REQ.
  2. QASH: Qash is used to fuel its liquid platform which will be an exchange that will distribute their liquidity pool. Its product, the Worldbook is a multi-exchange order book that matches crypto to crypto, and crypto to fiat and the reverse across all currencies. E.g., someone is selling Bitcoin is USD on exchange1 not owned by Quoine and someone is buying Bitcoin in EURO on exchange 2 not owned by Quoine. If the forex conversions and crypto conversions match then the trade will go through and the Worldbook will match it, it'll make the sale and the purchase on either exchange and each user will get what they wanted, which means exchanges with lower liquidity if they join the Worldbook will be able to fill orders and take trade fees they otherwise would miss out on.They turned it on to test it a few months ago for an hour or so and their exchange was the top exchange in the world by 4x volume for the day because all Worldbook trades ran through it. Binance wants BNB to be used on their one exchange. Qash wants their QASH token embedded in all of their partners. More info here https://www.reddit.com/CryptoCurrency/comments/8a8lnwhich_are_your_top_5_favourite_coins_out_of_the/dwyjcbb/?context=3
  3. Kyber: network Exchange between cryptocurrencies, similar to REQ. Features automatic coin conversions for payments. Also offers payment tools for developers and a cryptocurrency wallet.
  4. Achain: Building a boundless blockchain world like Req .
  5. Req: Exchange between cryptocurrencies.
  6. Bitshares: Exchange between cryptocurrencies. Noteworthy are the 1.5 second average block times and throughput potential of 100,000 transactions per second with currently 2,400 TPS having been proven. However, bitshares had several Scam accusations in the past.
  7. Loopring: A protocol that will enable higher liquidity between exchanges and personal wallets.
  8. ZRX: Open standard for dapps. Open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain. In 0x protocol, orders are transported off-chain, massively reducing gas costs and eliminating blockchain bloat. Relayers help broadcast orders and collect a fee each time they facilitate a trade. Anyone can build a relayer.

Market 6 - Gaming

With an industry size of $108B worldwide, Gaming is one of the largest markets in the world. For sure, cryptocurrencies will want to have a share of that pie.
  1. Storm: Mobile game currency on a platform with 9 million players.
  2. Fun: A platform for casino operators to host trustless, provably-fair gambling through the use of smart contracts, as well as creating their own implementation of state channels for scalability.
  3. Electroneum: Mobile game currency They have lots of technical problems, such as several 51% attacks
  4. Wax: Marketplace to trade in-game items

Market 7 - Misc

There are various markets being tapped right now. They are all summed up under misc.
  1. OMG: Omise is designed to enable financial services for people without bank accounts. It works worldwide and with both traditional money and cryptocurrencies.
  2. Power ledger: Australian blockchain-based cryptocurrency and energy trading platform that allows for decentralized selling and buying of renewable energy. Unique market and rather untapped market in the crypto space.
  3. Populous: A platform that connects business owners and invoice buyers without middlemen. Invoice sellers get cash flow to fund their business and invoice buyers earn interest. Similar to OMG, small market.
  4. Monacoin: The first Japanese cryptocurrency. Focused on micro-transactions and based on a popular internet meme of a type-written cat. This makes it similar to Dogecoin. Very niche, tiny market.
  5. Revain: Legitimizing reviews via the blockchain. Interesting concept, though market not as big.
  6. Augur: Platform to forecast and make wagers on the outcome of real-world events (AKA decentralized predictions). Uses predictions for a “wisdom of the crowd” search engine. Not launched yet.
  7. Substratum: Revolutionzing hosting industry via per request billing as a decentralized internet hosting system. Uses a global network of private computers to create the free and open internet of the future. Participants earn cryptocurrency. Interesting concept.
  8. Veritaseum: Is supposed to be a peer to peer gateway, though it looks like very much like a scam.
  9. TRON: Tronix is looking to capitalize on ownership of internet data to content creators. However, they plagiarized their white paper, which is a no go. They apologized, so it needs to be seen how they will conduct themselves in the future. Extremely high market cap for not having a product, nor proof of concept.
  10. Syscoin: A cryptocurrency with a decentralized marketplace that lets people buy and sell products directly without third parties. Trying to remove middlemen like eBay and Amazon.
  11. Hshare: Most likely scam because of no code changes, most likely pump and dump scheme, dead community.
  12. BAT: An Ethereum-based token that can be exchanged between content creators, users, and advertisers. Decentralized ad-network that pays based on engagement and attention.
  13. Dent: Decentralizeed exchange of mobile data, enabling mobile data to be marketed, purchased or distributed, so that users can quickly buy or sell data from any user to another one.
  14. Ncash: End to end encrypted Identification system for retailers to better serve their customers .
  15. Factom Secure record-keeping system that allows companies to store their data directly on the Blockchain. The goal is to make records more transparent and trustworthy .

Market 8 - Social network

Web 2.0 is still going strong and Web 3.0 is not going to ignore it. There are several gaming tokens already out there and a few with decent traction already, such as Steem, which is Reddit with voting through money is a very interesting one.
  1. Mithril: As users create content via social media, they will be rewarded for their contribution, the better the contribution, the more they will earn
  2. Steem: Like Reddit, but voting with money. Already launched product and Alexa rank 1,000 Thumbs up.
  3. Rdd: Reddcoin makes the process of sending and receiving money fun and rewarding for everyone. Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public.
  4. Kin: Token for the platform Kik. Kik has a massive user base of 400 million people. Replacing paying with FIAT with paying with KIN might get this token to mass adoption very quickly.

Market 9 - Fee token

Popular exchanges realized that they can make a few billion dollars more by launching their own token. Owning these tokens gives you a reduction of trading fees. Very handy and BNB (Binance Coin) has been one of the most resilient tokens, which have withstood most market drops over the last weeks and was among the very few coins that could show growth.
  1. BNB: Fee token for Binance
  2. Gas: Not a Fee token for an exchange, but it is a dividend paid out on Neo and a currency that can be used to purchase services for dapps.
  3. Kucoin: Fee token for Kucoin

Market 10 - Decentralized Data Storage

Currently, data storage happens with large companies or data centers that are prone to failure or losing data. Decentralized data storage makes loss of data almost impossible by distributing your files to numerous clients that hold tiny pieces of your data. Remember Torrents? Torrents use a peer-to-peer network. It is similar to that. Many users maintain copies of the same file, when someone wants a copy of that file, they send a request to the peer-to-peer network., users who have the file, known as seeds, send fragments of the file to the requester., he requester receives many fragments from many different seeds, and the torrent software recompiles these fragments to form the original file.
  1. Gbyte: Byteball data is stored and ordered using directed acyclic graph (DAG) rather than blockchain. This allows all users to secure each other's data by referencing earlier data units created by other users, and also removes scalability limits common for blockchains, such as blocksize issue.
  2. Siacoin: Siacoin is decentralized storage platform. Distributes encrypted files to thousands of private users who get paid for renting out their disk space. Anybody with siacoins can rent storage from hosts on Sia. This is accomplish via "smart" storage contracts stored on the Sia blockchain. The smart contract provides a payment to the host only after the host has kept the file for a given amount of time. If the host loses the file, the host does not get paid.
  3. Maidsafecoin: MaidSafe stands for Massive Array of Internet Disks, Secure Access for Everyone.Instead of working with data centers and servers that are common today and are vulnerable to data theft and monitoring, SAFE’s network uses advanced P2P technology to bring together the spare computing capacity of all SAFE users and create a global network. You can think of SAFE as a crowd-sourced internet. All data and applications reside in this network. It’s an autonomous network that automatically sets prices and distributes data and rents out hard drive disk space with a Blockchain-based storage solutions.When you upload a file to the network, such as a photo, it will be broken into pieces, hashed, and encrypted. The data is then randomly distributed across the network. Redundant copies of the data are created as well so that if someone storing your file turns off their computer, you will still have access to your data. And don’t worry, even with pieces of your data on other people’s computers, they won’t be able to read them. You can earn MadeSafeCoins by participating in storing data pieces from the network on your computer and thus earning a Proof of Resource.
  4. Storj: Storj aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Your files are encrypted, shredded into little pieces called 'shards', and stored in a decentralized network of computers around the globe. No one but you has a complete copy of your file, not even in an encrypted form.

Market 11 - Cloud computing

Obviously, renting computing power, one of the biggest emerging markets as of recent years, e.g. AWS and Digital Ocean, is also a service, which can be bought and managed via the blockchain.
  1. Golem: Allows easy use of Supercomputer in exchange for tokens. People worldwide can rent out their computers to the network and get paid for that service with Golem tokens.
  2. Elf: Allows easy use of Cloud computing in exchange for tokens.

Market 12 - Stablecoin

Last but not least, there are 2 stablecoins that have established themselves within the market. A stable coin is a coin that wants to be independent of the volatility of the crypto markets. This has worked out pretty well for Maker and DGD, accomplished through a carefully diversified currency fund and backing each token by 1g or real gold respectively. DO NOT CONFUSE DGD AND MAKER with their STABLE COINS DGX and DAI. DGD and MAKER are volatile, because they are the companies of DGX and DAI. DGX and DAI are the stable coins.
  1. DGD: Platform of the Stablecoin DGX. Every DGX coin is backed by 1g of gold and make use proof of asset consensus.
  2. Maker: Platform of the Stablecoin DAI that doesn't vary much in price through widespread and smart diversification of assets.
EDIT: Added a risk factor from 0 to 10. The baseline is 2 for any crypto. Significant scandals, mishaps, shady practices, questionable technology, increase the risk factor. Not having a product yet automatically means a risk factor of 6. Strong adoption and thus strong scrutiny or positive community lower the risk factor.
EDIT2: Added a subjective potential factor from 0 to 10, where its overall potential and a small or big market cap is factored in. Bitcoin with lots of potential only gets a 9, because of its massive market cap, because if Bitcoin goes 10x, smaller coins go 100x, PIVX gets a 10 for being as good as Monero while carrying a 10x smaller market cap, which would make PIVX go 100x if Monero goes 10x.
submitted by galan77 to CryptoCurrency [link] [comments]

Electroneum Blockchain Upgrade FAQ

FREQUENTLY ASKED QUESTIONS
ELECTRONEUM’S MODERATED BLOCKCHAIN
Q: What is a Moderated Blockchain?
A: Electroneum’s new Moderated Blockchain (a type of permissioned blockchain that is at the qualitative level of IBM’s Hyperledger or Facebook’s announced Libra open ledger network) that has been uniquely and cleverly developed to provide Electroneum with a minimal but sufficient level of interference. This will allow the highly skilled engineering staff to supervise the distributed ledger which is maintained by a list of trusted validators. And this allows the tech team to detect anomalies or irregularities that could come from hackers attempting to breach our security, and immediately stop them preventing a double-spend or 51% attack. Because Electroneum controls the list of trusted validators, this empowers them to guarantee, and that is similar to IBM’s hyper ledger or that of Facebook’s Libra blockchain.
Q: Why did you move to a Moderated Blockchain?
A: To improve the functionality of Electroneum at the exchanges, allowing them to confirm deposit transactions faster and to protect the network from 51% attacks, and also Electroneum can decide to where the block rewards are rerouted ensuring that they are used to help improve the lives of the poorer in underdeveloped countries.
Q: What is the role of blockchain in a permissioned network?
A: It is essentially an immutable history of financial transactions. Electroneum’s Moderated Blockchain, which is a type of permissioned blockchain, unlike other decentralised cryptocurrency networks, can guarantee a tamper-proof system of transactional records.
Q: What motivation would someone have to trade on a permissioned blockchain when their transaction could get rolled back, or worse still, never get confirmed?
A: With Electroneum’s new Moderated Blockchain reorganisations can still occur but never will an irregular transaction actually be fully confirmed and then overwritten.
Q: Is there any risk of manipulation with a moderated blockchain?
A: There is a risk of manipulation if an authenticator key is leaked. However, the extent would be negligible and therefore not affect users, exchanges or miners. We developed a system to closely monitor the behaviour of both the network and miners to ensure any foul play is immediately crushed.
Q: How is Electroneum’s Moderated Blockchain different to other decentralised blockchains?
A: We have the authority to decide who mines the blocks and therefore, we can increase the likelihood that they are trusted validators.
Q: Why doesn’t Electroneum move to a fully centralised blockchain?
A: Our unique and cleverly created Moderated Blockchain is meant to have minimal interference to remove the risks and add protection whilst remaining decentralised to the point wherein the unlikely event that a meteor was to wipe out all of the Electroneum staff out of the face of the Earth by a meteor, ETN would not cease to exist. This because those nodes currently mining our blockchain or anybody else for that fact could swap out the codes and fork the network to take over control and guarantee the permanence of the cryptocurrency thus shielding our users from losses.
Q: What is Proof of Responsibility or PoR?
A: Proof of Responsibility, or PoR for short, is a new mining paradigm which obligates the miners to two primary responsibilities which are: 1) Maintain the integrity of the payment network, and 2) Spend the block rewards they receive responsibly to help poor people in line with Electroneum’s humanitarian agenda.
Q: How does PoR compare to PoW or Proof of Work?
A: PoR saves a lot of time and energy compared to PoW because instead of working with block validators overtime to prove or not that they’re reliable miners, we save time and potential adverse issues by hand-picking the miners ourselves.
SECURITY AND 51% ATTACKS OR DOUBLE SPENDS
Q: What is a 51% attack?
A: It is when someone takes over 50% control of the hashing power of a cryptocurrency. Hackers usually use this to benefit themselves with double spends, which is a hard loss for the exchanges as well as users in many cases.
Q: What IS an example of a 51% attack?
A: You may know 51% attacks better from both Bitcoin Cash in 2018 and Ethereum Classic in 2019, where hackers acquired more than 50 percent of the hashing power on those networks and getting away with a significant loot.
Q: What is hashing power?
A: This is the rate with which the mining rigs solve mathematical problems.
Q: Why doesn’t Electroneum require large amounts of hashing power anymore?
A: The Electroneum network difficulty automatically adjusts to maintain the target block time of two minutes. Regardless of the magnitude of the hashing power in Electroneum’s network will be kept to a two-minute target block time.
Q: Is Electroneum now insusceptible to a 51% attack?
A: We’re no longer susceptible to a 51% attack – making us one of the most secure blockchains in existence today.
Q: What if someone hack one authenticated miner?
A: In the unlikely event that hackers were to succeed in breaching the security of an authenticated miner, the authentication key of that miner would not be accessible to the hacker in itself because of the unique way our blockchain team has come up to shield it from being discovered. The hacker, therefore, would not be able to affect the network because they would be unable to mine sequential blocks. And because of the uniqueness of the Moderated Blockchain, our moderating network layer would immediately detect the breach and rescind the rights of that miner.
Q: What if two or more hacks?
A: If one hack is highly unlikely due to two security breaches being necessary, two hacks are exponentially harder to achieve. But if it were to happen, the keys they may have stolen limit the hash rate of the miner. This means that if somebody were to take the code and run it on the highest-powered mining machine, it would still produce the same hash rate as it would in the lowest powered mining rig making it impossible for them to control over 50% of the network’s hash rate because of the way our Moderated Blockchain is set up. This also ensures the NGOs can run an Electroneum mining node on hardware with which their tech teams are familiar.
Q: How do you judge how responsible the miners are?
A: We look at how many blocks they are mining compared to how many blocks they are expected to mine going by the hashing power allotted to them.
Q: What happens after a mining node has been shut off?
A: Simply, it stops mining and needs to be restarted and then retype or re-enter the authentication key.
NEW TRUSTED MINERS
Q: Who are the miners?
A: We have chosen vocational NGOs as trusted mining partners who are also trustworthy organisations. We have done due diligence to ensure they are transparent, honest, and aligned with our vision to work within the developing world. We have made sure that they also want to accompany us in our goal to expand our Gig Fair project, which is aimed at helping provide people in the poorest regions of the world with an income opportunity and the opportunity to attain skills and means to generate an income that will empower them to live better. The NGOs that we’ve selected are trusted brands that have proven track records in helping people. Cryptocurrency is at its early stages and is met with skepticism by many people and entities around the world as well as in the developing world. So, our mission is to educate these NGOs about cryptocurrency so that they can, in turn, convey the message of the benefits of crypto, particularly ETN, to people in the developing world and make them feel more confident to use crypto, which ultimately will help spur crypto’s mass adoption.
Q: Why are these NGOs anonymous (initially)?
A: Because they themselves have decided to remain anonymous over concerns of how cryptocurrency could reflect on their organisations.
Q: What do NGOs do for the project?
A: They validate the blocks and rewarded for this and take the proceeds to help people?
Q: Where are the NGO’s and Charities located?
A: For now, locations of the NGOs are being kept undisclosed for security reasons until they themselves decide they if they want to make public that information.
Q: Five million ETN or about $22,500 at the then valuation was paid out daily before. How much is being paid out now?
A: Because the block rewards have been reduced by a whopping 75% creating scarcity which is a good thing to extend longevity, currently just over 1.2 million ETN or about $5,300 is being paid out in block rewards.
Q: Can we see who is mining and how much they are mining?
A: The block rewards will still be visible on the blockchain explorer and those with sufficient technical knowledge will be able to see the different miners signing blocks with different mining keys. But Electroneum is not forcing the NGOs to reveal their identities because they are still going through a learning curve and when they understand crypto and experience the benefits first-hand, they will more than likely reveal themselves.
Q: Where are their mining rigs stored?
A: We have suggested that mining rigs be run in the cloud to ensure uptime; however, ultimately, it is up to the NGOs themselves decide where their equipment is hosted. It is essential to point out that we have reduced energy and hash rates by a millionfold as such a standard rack-mounted server that you would find in any business today is sufficient to run an Electroneum mining node.
Q: Who setup their mining rigs?
A: At this stage, all mining rigs have been set up by the Electroneum team as this is the first foray for NGOs into the cryptocurrency mining space.
Q: Who is managing their mining rigs?
A: The mining rigs are self-sufficient and need very little if any, technical support, however, a moderator layer monitors the new Moderated Blockchain to ensure the mining rigs are online and benefit the network. If we were to detect a mining rig going offline, we would inform the NGO and provide assistance where required.
Q: How will NGOs use their ETN (from mining blocks)?
A: The NGOs, initially, almost certainly convert the ETN to USD or other currencies because they have always used fiat to deliver their donations and assistance because that is what they are used to doing. Once they see the benefits and value of ETN they may start using it on the ground to amongst the people they help. We have deliberately targeted NGOs that are in regions that were we are imminent to enable airtime top-ups directly with ETN from within the Electroneum mobile app.
FUTURE PROGRESS & CORPORATE PARTNERSHIPS
Q: How will this initiative affect corporate partnerships moving forward?
A: Because the network is more secure, Electroneum as a platform will be more attractive as a platform in the eyes of potential partners.
Q: How will it help to grow our on-the-ground initiatives?
A: The NGO’s we’re working with will be in the regions we’re targeting on the ground. So, this will be contributing to the eco-system, the NGO’s will be able to spend their ETN on education through the Gig Economy too.
Q: Can new NGOs apply to mine?
A: I If you know or are an NGO that focuses on vocational training and education, and that it is within the developing world, then we would love to hear from you via our community forum.
Q: How will the 75% reduction in the block reward benefit the community?
A: Reducing the block rewards means ETN ‘s expands the longevity of the coin by making ETN scarcer and thus lengthening the duration of the emission of coins.
submitted by xterest27 to Electroneum [link] [comments]

Which are your top 5 coins out of the top100? An analysis.

I am putting together my investment portfolio for 2018 and made a complete summary of the current Top 100. Interestingly, I noticed that all coins can be categorized into 12 markets. Which markets do you think will play the biggest role in the coming year?
Here is a complete overview of all coins in an excel sheet including name, a full description, market, TPS, risk profile, time since launch (negative numbers mean that they are launching that many months in the future) and market cap. You can also sort by all of these fields of course. Coins written in bold are the strongest contenders within their market either due to having the best technology or having a small market cap and still excellent technology and potential. https://docs.google.com/spreadsheets/d/1s8PHcNvvjuy848q18py_CGcu8elRGQAUIf86EYh4QZo/edit#gid=0
The 12 markets are
  1. Currency 13 coins
  2. Platform 25 coins
  3. Ecosystem 9 coins
  4. Privacy 9 coins
  5. Currency Exchange Tool 8 coins
  6. Gaming & Gambling 4 coins
  7. Misc 15 coins
  8. Social Network 4 coins
  9. Fee Token 3 coins
  10. Decentralized Data Storage 4 coins
  11. Cloud Computing 2 coins
  12. Stable Coin 3 coins
Before we look at the individual markets, we need to take a look of the overall market and its biggest issue, scalability, first:
Cryptocurrencies aim to be a decentralized currency that can be used worldwide. Their goal is to replace dollar, Euro, Yen, all FIAT currencies globally. The coin that will achieve that will be worth several trillion dollars.
Bitcoin can only process 7 transactions per second (TPS) currently. In order to replace all FIAT, it would need to perform at least at VISA levels, which usually processes around 3,000 TPS, up to 25,000 TPS during peak times and a maximum of 64,000 TPS. That means that this cryptocurrency would need to be able to perform at least several thousand TPS. However, a ground breaking technology should not look at current technology to set a goal for its use, i.e. estimating the number of emails sent in 1990 based on the number of faxes sent wasn’t a good estimate.
For that reason, 10,000 TPS is the absolute baseline for a cryptocurrency that wants to replace FIAT. This brings me to IOTA, which wants to connect all 80 billion IoT devices that are expected to exist by 2025, which constantly communicate with each other, possibly creating 80 billion or more transactions per second. This is the benchmark that cryptocurrencies should be aiming for. Currently, 8 billion devices are connected to the Internet.
With its Lightning network recently launched, Bitcoin is realistically looking at 50,000 possible TPS soon. Other notable cryptocurrencies besides IOTA and Bitcoin are Nano with 7,000 TPS already tested, Dash with several billion TPS possible with Masternodes, Neo, LISK and RHOC with 100,000 TPS by 2020, Ripple with 50,000 TPS, Ethereum with 10,000 TPS with Sharding.
However, it needs to be said that scalability usually goes at the cost of decentralization and security. So, it needs to be seen, which of these technologies can prove themselves decentralized while maintaining high TPS.
Without further ado, here are the coins of the first market. Each market is sorted by market cap.

Market 1 - Currency:

  1. Bitcoin: 1st generation blockchain with currently bad scalability, though the implementation of the Lightning Network looks promising and could alleviate most scalability and high energy use concerns.
  2. Ripple: Centralized currency that might become very successful due to tight involvement with banks and cross-border payments for financial institutions; banks and companies like Western Union and Moneygram (who they are currently working with) as customers customers. However, it seems they are aiming for more decentralization now.https://ripple.com/dev-blog/decentralization-strategy-update/. Has high TPS due to Proof of Correctness algorithm.
  3. Bitcoin Cash: Bitcoin fork with the difference of having an 8 times bigger block size, making it 8 times more scalable than Bitcoin currently. Further block size increases are planned. Only significant difference is bigger block size while big blocks lead to further problems that don't seem to do well beyond a few thousand TPS. Opponents to a block size argue that increasing the block size limit is unimaginative, offers only temporary relief, and damages decentralization by increasing costs of participation. In order to preserve decentralization, system requirements to participate should be kept low. To understand this, consider an extreme example: very big blocks (1GB+) would require data center level resources to validate the blockchain. This would preclude all but the wealthiest individuals from participating.Community seems more open than Bitcoin's though.
  4. Litecoin : Little brother of Bitcoin. Bitcoin fork with different mining algorithm but not much else.Copies everything that Bitcoin does pretty much. Lack of real innovation.
  5. Dash: Dash (Digital Cash) is a fork of Bitcoin and focuses on user ease. It has very fast transactions within seconds, low fees and uses Proof of Service from Masternodes for consensus. They are currently building a system called Evolution which will allow users to send money using usernames and merchants will find it easy to integrate Dash using the API. You could say Dash is trying to be a PayPal of cryptocurrencies. Currently, cryptocurrencies must choose between decentralization, speed, scalability and can pick only 2. With Masternodes, Dash picked speed and scalability at some cost of decentralization, since with Masternodes the voting power is shifted towards Masternodes, which are run by Dash users who own the most Dash.
  6. IOTA: 3rd generation blockchain called Tangle, which has a high scalability, no fees and instant transactions. IOTA aims to be the connective layer between all 80 billion IOT devices that are expected to be connected to the Internet in 2025, possibly creating 80 billion transactions per second or 800 billion TPS, who knows. However, it needs to be seen if the Tangle can keep up with this scalability and iron out its security issues that have not yet been completely resolved.
  7. Nano: 3rd generation blockchain called Block Lattice with high scalability, no fees and instant transactions. Unlike IOTA, Nano only wants to be a payment processor and nothing else, for now at least. With Nano, every user has their own blockchain and has to perform a small amount of computing for each transaction, which makes Nano perform at 300 TPS with no problems and 7,000 TPS have also been tested successfully. Very promising 3rd gen technology and strong focus on only being the fastest currency without trying to be everything.
  8. Decred: As mining operations have grown, Bitcoin’s decision-making process has become more centralized, with the largest mining companies holding large amounts of power over the Bitcoin improvement process. Decred focuses heavily on decentralization with their PoW Pos hybrid governance system to become what Bitcoin was set out to be. They will soon implement the Lightning Network to scale up. While there do not seem to be more differences to Bitcoin besides the novel hybrid consensus algorithm, which Ethereum, Aeternity and Bitcoin Atom are also implementing, the welcoming and positive Decred community and professoinal team add another level of potential to the coin.
  9. Bitcoin Atom: Atomic Swaps and hybrid consenus. This looks like the only Bitcoin clone that actually is looking to innovate next to Bitcoin Cash.
  10. Dogecoin: Litecoin fork, fantastic community, though lagging behind a bit in technology.
  11. Bitcoin Gold: A bit better security than bitcoin through ASIC resistant algorithm, but that's it. Not that interesting.
  12. Digibyte: Digibyte's PoS blockchain is spread over a 100,000+ servers, phones, computers, and nodes across the globe, aiming for the ultimate level of decentralization. DigiByte’s adoption over the past four years has been slow. The DigiByte website offers a lot of great marketing copy and buzzwords. However, there’s not much technical information about what they have planned for the future. You could say Digibyte is like Bitcoin, but with shorter blocktimes and a multi-algorithm. However, that's not really a difference big enough to truly set themselves apart from Bitcoin, since these technologies could be implemented by any blockchain without much difficulty. Their decentralization is probably their strongest asset, however, this also change quickly if the currency takes off and big miners decide to go into Digibyte.
  13. Bitcoin Diamond Asic resistant Bitcoin and Copycat

Market 2 - Platform

Most of the cryptos here have smart contracts and allow dapps (Decentralized apps) to be build on their platform and to use their token as an exchange of value between dapp services.
  1. Ethereum: 2nd generation blockchain that allows the use of smart contracts. Bad scalability currently, though this concern could be alleviated by the soon to be implemented Lightning Network aka the Raiden Network, Plasma and its Sharding concept.
  2. EOS: Promising technology that wants to be able do everything, from smart contracts like Ethereum, scalability similar to Nano with 1000 tx/second + near instant transactions and zero fees, to also wanting to be a platform for dapps. However, EOS doesn't have a product yet and everything is just promises still. There are lots of red flags, e.g. having dumped $500 million Ether over the last 2 months and possibly bought back EOS to increase the size of their ICO, which has been going on for over a year and has raised several billion dollars. All in all, their market cap is way too high for that and not even having a product. However, Mainnet release is in 1 month, which could change everything.
  3. Cardano: Similar to Ethereum/EOS, however, only promises made with no delivery yet, highly overrated right now. Interesting concept though. Market cap way too high for not even having a product. Somewhat promising technology.
  4. VeChain: Singapore-based project that’s building a business enterprise platform and inventory tracking system. Examples are verifying genuine luxury goods and food supply chains. Has one of the strongest communities in the crypto world. Most hyped token of all, with merit though.
  5. Neo: Neo is a platform, similar to Eth, but more extensive, allowing dapps and smart contracts, but with a different smart contract gas system, consensus mechanism (PoS vs. dBfT), governance model, fixed vs unfixed supply, expensive contracts vs nearly free contracts, different ideologies for real world adoption. There are currently only 9 nodes, each of which are being run by a company/entity hand selected by the NEO council (most of which are located in china) and are under contract. This means that although the locations of the nodes may differ, ultimately the neo council can bring them down due to their legal contracts. In fact this has been done in the past when the neo council was moving 50 million neo that had been locked up. Also dbft (or neo's implmentation of it) has failed underload causing network outages during major icos. The first step in decentralization is that the NEO Counsel will select trusted nodes (Universities, business partners, etc.) and slowly become less centralized that way. The final step in decentralization will be allowing NEO holders to vote for new nodes, similar to a DPoS system (ARK/EOS/LISK). NEO has a regulation/government friendly ideology. Finally they are trying to work undewith the Chinese government in regards to regulations. If for some reason they wanted it shut down, they could just shut it down.
  6. Stellar:PoS system, similar goals as Ripple, but more of a platform than only a currency. 80% of Stellar are owned by Stellar.org still, making the currency centralized.
  7. Ethereum classic: Original Ethereum that decided not to fork after a hack. The Ethereum that we know is its fork. Uninteresing, because it has a lot of less resources than Ethereum now and a lot less community support.
  8. Ziliqa: Zilliqa is building a new way of sharding. 2400 tpx already tested, 10,000 tps soon possible by being linearly scalable with the number of nodes. That means, the more nodes, the faster the network gets. They are looking at implementing privacy as well.
  9. QTUM: Enables Smart contracts on the Bitcoin blockchain. Useful.
  10. Icon: Korean ethereum. Decentralized application platform that's building communities in partnership with banks, insurance providers, hospitals, and universities. Focused on ID verification and payments.
  11. LISK: Lisk's difference to other BaaS is that side chains are independent to the main chain and have to have their own nodes. Similar to neo whole allows dapps to deploy their blockchain to. Like most cryptocurrencies, Lisk is currently somewhat centralized with a small group of members owning more than 50% of the delegated positions. Lisk plans to change the consensus algorithm for that reason in the near future.
  12. Rchain: Similar to Ethereum with smart contract, though much more scalable at an expected 40,000 TPS and possible 100,000 TPS. Not launched yet. No product launched yet, though promising technology. Not overvalued, probably at the right price right now.
  13. ARDR: Similar to Lisk. Ardor is a public blockchain platform that will allow people to utilize the blockchain technology of Nxt through the use of child chains. A child chain, which is a ‘light’ blockchain that can be customized to a certain extent, is designed to allow easy self-deploy for your own blockchain. Nxt claims that users will "not need to worry" about security, as that part is now handled by the main chain (Ardor). This is the chief innovation of Ardor. Ardor was evolved from NXT by the same company. NEM started as a NXT clone.
  14. Ontology: Similar to Neo. Interesting coin
  15. Bytom: Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.
  16. Nxt: Similar to Lisk
  17. Aeternity: We’ve seen recently, that it’s difficult to scale the execution of smart contracts on the blockchain. Crypto Kitties is a great example. Something as simple as creating and trading unique assets on Ethereum bogged the network down when transaction volume soared. Ethereum and Zilliqa address this problem with Sharding. Aeternity focuses on increasing the scalability of smart contracts and dapps by moving smart contracts off-chain. Instead of running on the blockchain, smart contracts on Aeternity run in private state channels between the parties involved in the contracts. State channels are lines of communication between parties in a smart contract. They don’t touch the blockchain unless they need to for adjudication or transfer of value. Because they’re off-chain, state channel contracts can operate much more efficiently. An important aspect of smart contract and dapp development is access to outside data sources. This could mean checking the weather in London, score of a football game, or price of gold. Oracles provide access to data hosted outside the blockchain. In many blockchain projects, oracles represent a security risk and potential point of failure, since they tend to be singular, centralized data streams. Aeternity proposes decentralizing oracles with their oracle machine. Doing so would make outside data immutable and unchangeable once it reaches Aeternity’s blockchain. Aeternity’s network runs on on a hybrid of proof of work and proof of stake. Founded by a long-time crypto-enthusiast and early colleague of Vitalik Buterin, Yanislav Malahov. Promising concept though not product yet
  18. Stratis: Different to LISK, Stratis will allow businesses and organizations to create their own blockchain according to their own needs, but secured on the parent Stratis chain. Stratis’s simple interface will allow organizations to quickly and easily deploy and/or test blockchain functionality of the Ethereum, BitShares, BitCoin, Lisk and Stratis environements.
  19. Status: Status provides access to all of Ethereum’s decentralized applications (dapps) through an app on your smartphone. It opens the door to mass adoption of Ethereum dapps by targeting the fastest growing computer segment in the world – smartphone users.
  20. Ark: Fork of Lisk that focuses on a smaller feature set. Ark wallets can only vote for one delegate at a time which forces delegates to compete against each other and makes cartel formations incredibly hard, if not impossible.
  21. Neblio: Similar to Neo, but at a 30x smaller market cap.
  22. NEM: Is similar to Neo. However, it has no marketing team, very high market cap for little clarilty what they do.
  23. Bancor: Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
  24. Dragonchain: The Purpose of DragonChain is to help companies quickly and easily incorporate blockchain into their business applications. Many companies might be interested in making this transition because of the benefits associated with serving clients over a blockchain – increased efficiency and security for transactions, a reduction of costs from eliminating potential fraud and scams, etc.
  25. Skycoin: Transactions with zero fees that take apparently two seconds, unlimited transaction rate, no need for miners and block rewards, low power usage, all of the usual cryptocurrency technical vulnerabilities fixed, a consensus mechanism superior to anything that exists, resistant to all conceivable threats (government censorship, community infighting, cybenucleaconventional warfare, etc). Skycoin has their own consensus algorithm known as Obelisk written and published academically by an early developer of Ethereum. Obelisk is a non-energy intensive consensus algorithm based on a concept called ‘web of trust dynamics’ which is completely different to PoW, PoS, and their derivatives. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycion a smear campaign launched against it, though they seem legit and reliable. Thus, they are probably undervalued.

Market 3 - Ecosystem

The 3rd market with 11 coins is comprised of ecosystem coins, which aim to strengthen the ease of use within the crypto space through decentralized exchanges, open standards for apps and more
  1. Nebulas: Similar to how Google indexes webpages Nebulas will index blockchain projects, smart contracts & data using the Nebulas rank algorithm that sifts & sorts the data. Developers rewarded NAS to develop & deploy on NAS chain. Nebulas calls this developer incentive protocol – basically rewards are issued based on how often dapp/contract etc. is used, the more the better the rewards and Proof of devotion. Works like DPoS except the best, most economically incentivised developers (Bookkeeppers) get the forging spots. Ensuring brains stay with the project (Cross between PoI & PoS). 2,400 TPS+, DAG used to solve the inter-transaction dependencies in the PEE (Parallel Execution Environment) feature, first crypto Wallet that supports the Lightening Network.
  2. Waves: Decentralized exchange and crowdfunding platform. Let’s companies and projects to issue and manage their own digital coin tokens to raise money.
  3. Salt: Leveraging blockchain assets to secure cash loands. Plans to offer cash loans in traditional currencies, backed by your cryptocurrency assets. Allows lenders worldwide to skip credit checks for easier access to affordable loans.
  4. CHAINLINK: ChainLink is a decentralized oracle service, the first of its kind. Oracles are defined as an ‘agent’ that finds and verifies real-world occurrences and submits this information to a blockchain to be used in smart contracts.With ChainLink, smart contract users can use the network’s oracles to retrieve data from off-chain application program interfaces (APIs), data pools, and other resources and integrate them into the blockchain and smart contracts. Basically, ChainLink takes information that is external to blockchain applications and puts it on-chain. The difference to Aeternity is that Chainlink deploys the smart contracts on the Ethereum blockchain while Aeternity has its own chain.
  5. WTC: Combines blockchain with IoT to create a management system for supply chains Interesting
  6. Ethos unifyies all cryptos. Ethos is building a multi-cryptocurrency phone wallet. The team is also building an investment diversification tool and a social network
  7. Komodo: The Komodo blockchain platform uses Komodo’s open-source cryptocurrency for doing transparent, anonymous, private, and fungible transactions. They are then made ultra-secure using Bitcoin’s blockchain via a Delayed Proof of Work (dPoW) protocol and decentralized crowdfunding (ICO) platform to remove middlemen from project funding. Offers services for startups to create and manage their own Blockchains.
  8. Aion: Today, there are hundreds of blockchains. In the coming years, with widespread adoption by mainstream business and government, these will be thousands or millions. Blockchains don’t talk to each other at all right now, they are like the PCs of the 1980s. The Aion network is able to support custom blockchain architectures while still allowing for cross-chain interoperability by enabling users to exchange data between any Aion-compliant blockchains by making use of an interchain framework that allows for messages to be relayed between blockchains in a completely trust-free manner.
  9. Tenx: Raised 80 million, offers cryptocurrency-linked credit cards that let you spend virtual money in real life. Developing a series of payment platforms to make spending cryptocurrency easier.

Market 4 - Privacy

The 4th market are privacy coins. As you might know, Bitcoin is not anonymous. If the IRS or any other party asks an exchange who is the identity behind a specific Bitcoin address, they know who you are and can track back almost all of the Bitcoin transactions you have ever made and all your account balances. Privacy coins aim to prevent exactly that through address fungability, which changes addresses constantly, IP obfuscation and more. There are 2 types of privacy coins, one with completely privacy and one with optional privacy. Optional Privacy coins like Dash and Nav have the advantage of more user friendliness over completely privacy coins such as Monero and Enigma.
  1. Monero: Currently most popular privacy coin, though with a very high market cap. Since their privacy is all on chain, all prior transactions would be deanonymized if their protocol is ever cracked. This requires a quantum computing attack though. PIVX is better in that regard.
  2. Zcash: A decentralized and open-source cryptocurrency that hide the sender, recipient, and value of transactions. Offers users the option to make transactions public later for auditing. Decent privacy coin, though no default privacy
  3. Verge: Calls itself privacy coin without providing private transactions, multiple problems over the last weeks has a toxic community, and way too much hype for what they have.
  4. Bytecoin: First privacy-focused cryptocurrency with anonymous transactions. Bytecoin’s code was later adapted to create Monero, the more well-known anonymous cryptocurrency. Has several scam accusations, 80% pre-mine, bad devs, bad tech
  5. Bitcoin Private: A merge fork of Bitcoin and Zclassic with Zclassic being a fork of Zcash with the difference of a lack of a founders fee required to mine a valid block. This promotes a fair distribution, preventing centralized coin ownership and control. Bitcoin private offers the optional ability to keep the sender, receiver, and amount private in a given transaction. However, this is already offered by several good privacy coins (Monero, PIVX) and Bitcoin private doesn't offer much more beyond this.
  6. PIVX: As a fork of Dash, PIVX uses an advanced implementation of the Zerocoin protocol to provide it’s privacy. This is a form of zeroknowledge proofs, which allow users to spend ‘Zerocoins’ that have no link back to them. Unlike Zcash u have denominations in PIVX, so they can’t track users by their payment amount being equal to the amount of ‘minted’ coins, because everyone uses the same denominations. PIVX is also implementing Bulletproofs, just like Monero, and this will take care of arguably the biggest weakness of zeroknowledge protocols: the trusted setup.
  7. Zcoin: PoW cryptocurrency. Private financial transactions, enabled by the Zerocoin Protocol. Zcoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via Zero-Knowledge cryptographic proofs.
  8. Enigma: Monero is to Bitcoin what enigma is to Ethereum. Enigma is for making the data used in smart contracts private. More of a platform for dapps than a currency like Monero. Very promising.
  9. Navcoin: Like bitcoin but with added privacy and pos and 1,170 tps, but only because of very short 30 second block times. Though, privacy is optional, but aims to be more user friendly than Monero. However, doesn't really decide if it wants to be a privacy coin or not. Same as Zcash.Strong technology, non-shady team.

Market 5 - Currency Exchange Tool

Due to the sheer number of different cryptocurrencies, exchanging one currency for the other it still cumbersome. Further, merchants don’t want to deal with overcluttered options of accepting cryptocurrencies. This is where exchange tool like Req come in, which allow easy and simple exchange of currencies.
  1. Cryptonex: Fiat and currency exchange between various blockchain services, similar to REQ.
  2. QASH: Qash is used to fuel its liquid platform which will be an exchange that will distribute their liquidity pool. Its product, the Worldbook is a multi-exchange order book that matches crypto to crypto, and crypto to fiat and the reverse across all currencies. E.g., someone is selling Bitcoin is USD on exchange1 not owned by Quoine and someone is buying Bitcoin in EURO on exchange 2 not owned by Quoine. They turned it on to test it a few months ago for an hour or so and their exchange was the top exchange in the world by 4x volume for the day because all Worldbook trades ran through it. Binance wants BNB to be used on their one exchange. Qash wants their QASH token embedded in all of their partners.
  3. Kyber: network Exchange between cryptocurrencies, similar to REQ. Features automatic coin conversions for payments. Also offers payment tools for developers and a cryptocurrency wallet.
  4. Achain: Building a boundless blockchain world like Req .
  5. Centrality: Centrality is a decentralized market place for dapps that are all connected together on a blockchain-powered system. Centrality aims to allow businesses to work together using blockchain technology. With Centrality, startups can collaborate through shared acquisition of customers, data, merchants, and content. That shared acquisition occurs across the Centrality blockchain, which hosts a number of decentralized apps called Scenes. Companies can use CENTRA tokens to purchase Scenes for their app, then leverage the power of the Centrality ecosystem to quickly scale. Some of Centrality's top dapps are, Skoot, a travel experience marketplace that consists of a virtual companion designed for free independent travelers and inbound visitors, Belong, a marketplace and an employee engagement platform that seems at helping business provide rewards for employees, Merge, a smart travel app that acts as a time management system, Ushare, a transports application that works across rental cars, public transport, taxi services, electric bikes and more. All of these dapps are able to communicate with each other and exchange data through Centrality.
  6. Bitshares: Exchange between cryptocurrencies. Noteworthy are the 1.5 second average block times and throughput potential of 100,000 transactions per second with currently 2,400 TPS having been proven. However, Bitshares had several Scam accusations in the past.
  7. Loopring: A protocol that will enable higher liquidity between exchanges and personal wallets by pooling all orders sent to its network and fill these orders through the order books of multiple exchanges. When using Loopring, traders never have to deposit funds into an exchange to begin trading. Even with decentralized exchanges like Ether Delta, IDex, or Bitshares, you’d have to deposit your funds onto the platform, usually via an Ethereum smart contract. But with Loopring, funds always remain in user wallets and are never locked by orders. This gives you complete autonomy over your funds while trading, allowing you to cancel, trim, or increase an order before it is executed.
  8. ZRX: Open standard for dapps. Open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain. In 0x protocol, orders are transported off-chain, massively reducing gas costs and eliminating blockchain bloat. Relayers help broadcast orders and collect a fee each time they facilitate a trade. Anyone can build a relayer.

Market 6 - Gaming

With an industry size of $108B worldwide, Gaming is one of the largest markets in the world. For sure, cryptocurrencies will want to have a share of that pie.
  1. Storm: Mobile game currency on a platform with 9 million players.
  2. Fun: A platform for casino operators to host trustless, provably-fair gambling through the use of smart contracts, as well as creating their own implementation of state channels for scalability.
  3. Electroneum: Mobile game currency They have lots of technical problems, such as several 51% attacks
  4. Wax: Marketplace to trade in-game items

Market 7 - Misc

There are various markets being tapped right now. They are all summed up under misc.
  1. OMG: Omise is designed to enable financial services for people without bank accounts. It works worldwide and with both traditional money and cryptocurrencies.
  2. Power ledger: Australian blockchain-based cryptocurrency and energy trading platform that allows for decentralized selling and buying of renewable energy. Unique market and rather untapped market in the crypto space.
  3. Populous: Populous is a platform that connects business owners and invoice buyers without middlemen. Furthermore, it is a peer-to-peer (P2P) platform that uses blockchain to provide small and medium-sized enterprises (SMEs) a more efficient way to participate in invoice financing. Businesses can sell their outstanding invoices at a discount to quickly free up some cash. Invoice sellers get cash flow to fund their business and invoice buyers earn interest.
  4. Monacoin: The first Japanese cryptocurrency. Focused on micro-transactions and based on a popular internet meme of a type-written cat. This makes it similar to Dogecoin. Very niche, tiny market.
  5. Revain: Legitimizing reviews via the blockchain. Interesting concept, though market not as big.
  6. Augur: Platform to forecast and make wagers on the outcome of real-world events (AKA decentralized predictions). Uses predictions for a “wisdom of the crowd” search engine. Not launched yet.
  7. Substratum: Revolutionzing hosting industry via per request billing as a decentralized internet hosting system. Uses a global network of private computers to create the free and open internet of the future. Participants earn cryptocurrency. Interesting concept.
  8. Veritaseum: Is supposed to be a peer to peer gateway, though it looks like very much like a scam.
  9. TRON: Tronix is looking to capitalize on ownership of internet data to content creators. However, they plagiarized their white paper, which is a no go. They apologized, so it needs to be seen how they will conduct themselves in the future. Extremely high market cap for not having a product, nor proof of concept.
  10. Syscoin: A cryptocurrency with a decentralized marketplace that lets people buy and sell products directly without third parties. Trying to remove middlemen like eBay and Amazon.
  11. Hshare: Most likely scam because of no code changes, most likely pump and dump scheme, dead community.
  12. BAT: An Ethereum-based token that can be exchanged between content creators, users, and advertisers. Decentralized ad-network that pays based on engagement and attention.
  13. Dent: Decentralizeed exchange of mobile data, enabling mobile data to be marketed, purchased or distributed, so that users can quickly buy or sell data from any user to another one.
  14. Ncash: End to end encrypted Identification system for retailers to better serve their customers .
  15. Factom Secure record-keeping system that allows companies to store their data directly on the Blockchain. The goal is to make records more transparent and trustworthy .

Market 8 - Social network

Web 2.0 is still going strong and Web 3.0 is not going to ignore it. There are several gaming tokens already out there and a few with decent traction already, such as Steem, which is Reddit with voting through money is a very interesting one.
  1. Mithril: As users create content via social media, they will be rewarded for their contribution, the better the contribution, the more they will earn
  2. Steem: Like Reddit, but voting with money. Already launched product and Alexa rank 1,000 Thumbs up.
  3. Rdd: Reddcoin makes the process of sending and receiving money fun and rewarding for everyone. Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public.
  4. Kin: Token for the platform Kik. Kik has a massive user base of 400 million people. Replacing paying with FIAT with paying with KIN might get this token to mass adoption very quickly.

Market 9 - Fee token

Popular exchanges realized that they can make a few billion dollars more by launching their own token. Owning these tokens gives you a reduction of trading fees. Very handy and BNB (Binance Coin) has been one of the most resilient tokens, which have withstood most market drops over the last weeks and was among the very few coins that could show growth.
  1. BNB: Fee token for Binance
  2. Gas: Not a Fee token for an exchange, but it is a dividend paid out on Neo and a currency that can be used to purchase services for dapps.
  3. Kucoin: Fee token for Kucoin

Market 10 - Decentralized Data Storage

Currently, data storage happens with large companies or data centers that are prone to failure or losing data. Decentralized data storage makes loss of data almost impossible by distributing your files to numerous clients that hold tiny pieces of your data. Remember Torrents? Torrents use a peer-to-peer network. It is similar to that. Many users maintain copies of the same file, when someone wants a copy of that file, they send a request to the peer-to-peer network., users who have the file, known as seeds, send fragments of the file to the requester. The requester receives many fragments from many different seeds, and the torrent software recompiles these fragments to form the original file.
  1. Gbyte: Byteball data is stored and ordered using directed acyclic graph (DAG) rather than blockchain. This allows all users to secure each other's data by referencing earlier data units created by other users, and also removes scalability limits common for blockchains, such as blocksize issue.
  2. Siacoin: Siacoin is decentralized storage platform. Distributes encrypted files to thousands of private users who get paid for renting out their disk space. Anybody with siacoins can rent storage from hosts on Sia. This is accomplish via "smart" storage contracts stored on the Sia blockchain. The smart contract provides a payment to the host only after the host has kept the file for a given amount of time. If the host loses the file, the host does not get paid.
  3. Maidsafecoin: MaidSafe stands for Massive Array of Internet Disks, Secure Access for Everyone.Instead of working with data centers and servers that are common today and are vulnerable to data theft and monitoring, You can think of SAFE as a crowd-sourced internet. It’s an autonomous network that automatically sets prices and distributes data and rents out hard drive disk space with a Blockchain-based storage solutions.When you upload a file to the network, such as a photo, it will be broken into pieces, hashed, and encrypted. Then, redundant copies of the data are created as well so that if someone storing your file turns off their computer, you will still have access to your data. And don’t worry, even with pieces of your data on other people’s computers, they won’t be able to read them. You can earn MadeSafeCoins by participating in storing data pieces from the network on your computer and thus earning a Proof of Resource.
  4. Storj: Storj aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Your files are encrypted, shredded into little pieces called 'shards', and stored in a decentralized network of computers around the globe. No one but you has a complete copy of your file, not even in an encrypted form.

Market 11 - Cloud computing

Obviously, renting computing power, one of the biggest emerging markets as of recent years, e.g. AWS and Digital Ocean, is also a service, which can be bought and managed via the blockchain.
  1. Golem: Allows easy use of Supercomputer in exchange for tokens. People worldwide can rent out their computers to the network and get paid for that service with Golem tokens.
  2. Elf: Allows easy use of Cloud computing in exchange for tokens.

Market 12 - Stablecoin

Last but not least, there are 2 stablecoins that have established themselves within the market. A stable coin is a coin that wants to be independent of the volatility of the crypto markets. This has worked out pretty well for Maker and DGD, accomplished through a carefully diversified currency fund and backing each token by 1g or real gold respectively. DO NOT CONFUSE DGD AND MAKER with their STABLE COINS DGX and DAI. DGD and MAKER are volatile, because they are the companies of DGX and DAI. DGX and DAI are the stable coins.
  1. DGD: Platform of the Stablecoin DGX. Every DGX coin is backed by 1g of gold and make use proof of asset consensus.
  2. Maker: Platform of the Stablecoin DAI that doesn't vary much in price through widespread and smart diversification of assets.
  3. USDT: is no cryptocurrency really, but a replacement for dollar for trading After months of asking for proof of dollar backing, still no response from Tether.
EDIT: Added a risk factor from 0 to 10. Significant scandals, mishaps, shady practices, questionable technology, increase the risk factor. Not having a product yet automatically means a risk factor of 6. Strong adoption and thus strong scrutiny or positive community lower the risk factor.
EDIT2: Added a subjective potential factor from 0 to 10, where its overall potential and a small or big market cap is factored in. Bitcoin with lots of potential only gets a 9, because of its massive market cap, because if Bitcoin goes 10x, smaller coins go 100x.
submitted by galan77 to ethtrader [link] [comments]

Latest block updates

They're coming in fast! Seems light a fight between ViaBTC and the anonymous mineminer pool ("MCPool") so far. The ticker name seems to be BCH - BitCoinCash. I'm updating this thread both on /BTC and /BitCoin.
Reply below if you want me to add more stats to each block!

Block difficulty

The more miners there are on the network with more power collectively behind them in pools, the harder blocks have to be to solve, so difficulty increases over time. BitCoin has a built in mechanism where difficulty will drop if no blocks are mined in a certain (long) amount of time. This BCC fork has been modified so that if less than 6 blocks have been mined in the past 12 hours, difficulty drops (or if hash rates drop to 1/12th of their former rate - toinewx).
This means at the current rate, we will not see a difficulty drop. This could be good or bad depending on the groups mining them motives are - do they want to lock everyone else out difficulty wise as they are pushing nowhere near as much power or are they enthusiasts supporting the new chain? Time will tell.

Links

I have compiled here various useful links, resources and threads to do with the split and BCH.
Reddit links are np (non participation) but should you go over to the other sub (/btc /bitcoin or vice versa) please be civil. There is no need for the war that is seemingly going on. Keep your cool!

Stats

  • 25% first mined by ViaBTC as of block 12
  • 75% first mined by "Other" (MCPool/Solo Miner?) as of block 12
  • Largest (and first block): 6985 transactions, 1915175B size (1.82MB, over 1MB almost 2MB!!) as of block 12
  • First block was mined 5 hours 52 min 41 sec after fork at 7:12:41 PM (1st Aug 2017. It contained 6985 transactions, and was 1915175B in size (1.82MB, over 1MB). It was mined by ViaBTC
  • Second block took 24 min 38 sec after first block to mine by ViaBTC
  • Quickest block after last: Block 8, + 3 min 37 sec after block 7 as of block 12
  • First ViaBTC block was mined on Aug 1, 2017 7:12:41 PM
  • First "MCPool" block was mined on Aug 1, 2017 7:37:19 PM
  • VitaBTC mined the first two blocks
  • BCH is 103 blocks behind BTC as of block 12
  • Armchair math has BCH as somewhere between 10 and 15% the hash rate of BTC
  • The fork began at 13:20:00 UK time and kicked off shortly after when 7 blocks had been mined on the BTC chain at 14:26:14 UK time. This is because the 6th block after the timestamp 12:20 UTC is the last block the two chains share in common before the split off at the 7th.
  • MTP (described above) is actually the median point of the last 11 blocks but it is essentially the same.
  • This means the fork kicked off at block #478558 and started with block #478553

Latest updates

  • Added blocks 11 & 12
  • Added block 10
  • Cleaned out updates list

Blocks

Block 12
Aug 2, 2017 4:15:01 AM (+ 23 min 12 sec from last block, 8 hours 53 min 20 sec since first block, 14 hours 55 min 1 sec since fork) / Block #478570 / Size: 85032B, 83KB, 0.08MB / Transactions: 142
jMCY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/E!
Block 11
Aug 2, 2017 3:51:49 AM (+ 1 hour 44 min 48 sec from last block, 8 hours 30 min 8 sec since first block, 14 hours 31 min 49 sec since fork) / Block #478569 / Size: 375414B, 366KB, 0.35MB / Transactions: 563
iME>Y/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/L۳7
Block 10
Aug 2, 2017 2:07:01 AM (+ 1 hour 28 min 32 sec from last block, 6 hours 45 min 20 sec since first block, 12 hours 47 min 1 sec since fork) / Block #478568 / Size: 376371B, 367KB, 0.35MB / Transactions: 790
hMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y%w;
Block 9
Aug 2, 2017 12:38:29 AM (+ 1 hour 38 min 29 sec from last block, 5 hours 16 minutes 48 sec since first block, 11 hours 18 min 29 sec since fork) / Block #478567 / Size: 420294B, 410KB, 0.4MB / Transactions: 105
gMY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/
Block 8
Aug 1, 2017 10:39:21 PM (+ 3 min 37 sec from last block, 3 hours 17 minutes 40 sec since first block, 9 hours 19 min 21 sec since fork) / Block #478566 / [thread] / Size: 9327B, 9KB, 0.00889MB / Transactions: 21
fM Y/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/ 6
Block 7
Aug 1, 2017 10:35:44 PM (+ 30 min 29 sec from last block, 3 hours 14 minutes 3 sec since first block, 9 hours 15 min 44 sec since fork) / Block #478565 / Size: 107160B, 104KB, 0.1MB / Transactions: 165 / [thread]
ViaBTC eM/ViaBTC/Hello World!/g
Block 6
Aug 1, 2017 10:05:15 PM (+ 1 hour 27 min 31 sec from last block, 2 hours 43 minutes 34 sec since first block, 8 hours 45 min 15 sec since fork) / Block #478564 / Size: 462505B, 451KB, 0.44MB / Transactions: 570 / [[thread]
dMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y
Block 5
Aug 1, 2017 8:37:44 PM (+ 44 min 46 sec from last block, 1 hours 16 minutes 3 sec since first block, 7 hours 17 min 44 sec since fork) / Block #478563 5 / Size: 407906B, 398KB, 0.38MB / Transactions: 520 / [[thread]
cMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y؈% L
Block 4
Aug 1, 2017 7:52:58 PM (+ 15 min 39 sec from last block, 31 minutes 17 sec since first block, 6 hours 32 min 58 sec since fork) / Block #4785625 / Size: 89038B, 86KB, 0.084MB / Transactions: 502 / [ [thread]
bMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y S)
Block 3
Aug 1, 2017 7:37:19 PM (+ 4 min 13 sec from last block, 15 minutes 38 sec since first block, 6 hours 17 min 19 sec since fork) / Block #4785615 / Size: 20241B, 19KB, 0.019MB / Transactions: 26 / [ [thread]
aM_ʀY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/E"
Block 2
Aug 1, 2017 7:33:06 PM (+ 24 min 38 sec from last block, 11 minutes 25 sec since first block, 6 hours 13 min 6 sec since fork) / Block #478560 5 / Size: 43055B, 42KB, 0.04MB / Transactions: 75 / [[thread]
ViaBTC `M/ViaBTC/Hello World!/4s"~
Block 1
Aug 1, 2017 7:12:41 PM (+ 4 hour 56 min 27 sec after last block before fork, 5 hours 5 min 52 sec since fork) / Block #478559 5 / Size: 1915175B, 1870KB, 1.82MB (OVER 1MB - ALMOST 2MB!!) / Transactions: 6985 / [[thread]
ViaBTC _M*/ViaBTC/Welcome to the world, Shuya Yang!/q30c
I'll probably be asleep at the next block - I will update when I wake and try and keep it going to +24 or +36 hours from fork! :)
submitted by Inthewirelain to btc [link] [comments]

BCH Latest Blocks

They're coming in much faster than expected! Seems light a fight between ViaBTC and the anonymous mineminer pool ("MCPool") so far. The ticker name seems to be BCH - BitCoinCash. I'm updating this thread both on /BTC and /BitCoin.
Reply below if you want me to add more stats to each block!

Block difficulty

The more miners there are on the network with more power collectively behind them in pools, the harder blocks have to be to solve, so difficulty increases over time. BitCoin has a built in mechanism where difficulty will drop if no blocks are mined in a certain (long) amount of time. This BCC fork has been modified so that if less than 6 blocks have been mined in the past 12 hours, difficulty drops (or if hash rates drop to 1/12th of their former rate - toinewx).
This means at the current rate, we will not see a difficulty drop. This could be good or bad depending on the groups mining them motives are - do they want to lock everyone else out difficulty wise as they are pushing nowhere near as much power or are they enthusiasts supporting the new chain? Time will tell.

Links

I have compiled here various useful links, resources and threads to do with the split and BCH.
Reddit links are np (non participation) but should you go over to the other sub (/bitcoin /btc or vice versa) please be civil. There is no need for the war that is seemingly going on. Keep your cool!

Stats

  • 25% first mined by ViaBTC as of block 12
  • 75% first mined by "Other" (MCPool/Solo Miner?) as of block 12
  • Largest (and first block): 6985 transactions, 1915175B size (1.82MB, over 1MB almost 2MB!!) as of block 12
  • First block was mined 5 hours 52 min 41 sec after fork at 7:12:41 PM (1st Aug 2017. It contained 6985 transactions, and was 1915175B in size (1.82MB, over 1MB). It was mined by ViaBTC
  • Second block took 24 min 38 sec after first block to mine by ViaBTC
  • Quickest block after last: Block 8, + 3 min 37 sec after block 7 as of block 12
  • First ViaBTC block was mined on Aug 1, 2017 7:12:41 PM
  • First "MCPool" block was mined on Aug 1, 2017 7:37:19 PM
  • VitaBTC mined the first two blocks
  • BCH is 103 blocks behind BTC as of block 12
  • Armchair math has BCH as somewhere between 10 and 15% the hash rate of BTC
  • The fork began at 13:20:00 UK time and kicked off shortly after when 7 blocks had been mined on the BTC chain at 14:26:14 UK time. This is because the 6th block after the timestamp 12:20 UTC is the last block the two chains share in common before the split off at the 7th.
  • MTP (described above) is actually the median point of the last 11 blocks but it is essentially the same.
  • This means the fork kicked off at block #478558 and started with block #478553

Latest updates

  • Added blocks 11 and 12
  • Added block 10
  • Added some stats
  • Created this thread (continuation from the /btc thread)

Blocks

Block 12
Aug 2, 2017 4:15:01 AM (+ 23 min 12 sec from last block, 8 hours 53 min 20 sec since first block, 14 hours 55 min 1 sec since fork) / Block #478570 / Size: 85032B, 83KB, 0.08MB / Transactions: 142
jMCY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/E!
Block 11
Aug 2, 2017 3:51:49 AM (+ 1 hour 44 min 48 sec from last block, 8 hours 30 min 8 sec since first block, 14 hours 31 min 49 sec since fork) / Block #478569 / Size: 375414B, 366KB, 0.35MB / Transactions: 563
iME>Y/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/L۳7
Block 10
Aug 2, 2017 2:07:01 AM (+ 1 hour 28 min 32 sec from last block, 6 hours 45 min 20 sec since first block, 12 hours 47 min 1 sec since fork) / Block #478568 / Size: 376371B, 367KB, 0.35MB / Transactions: 790
hMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y%w;
Block 9
Aug 2, 2017 12:38:29 AM (+ 1 hour 38 min 29 sec from last block, 5 hours 16 minutes 48 sec since first block, 11 hours 18 min 29 sec since fork) / Block #478567 / Size: 420294B, 410KB, 0.4MB / Transactions: 105
gMY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/
Block 8
Aug 1, 2017 10:39:21 PM (+ 3 min 37 sec from last block, 3 hours 17 minutes 40 sec since first block, 9 hours 19 min 21 sec since fork) / Block #478566 / [thread] / Size: 9327B, 9KB, 0.00889MB / Transactions: 21
fM Y/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/ 6
Block 7
Aug 1, 2017 10:35:44 PM (+ 30 min 29 sec from last block, 3 hours 14 minutes 3 sec since first block, 9 hours 15 min 44 sec since fork) / Block #478565 / Size: 107160B, 104KB, 0.1MB / Transactions: 165 / [thread]
ViaBTC eM/ViaBTC/Hello World!/g
Block 6
Aug 1, 2017 10:05:15 PM (+ 1 hour 27 min 31 sec from last block, 2 hours 43 minutes 34 sec since first block, 8 hours 45 min 15 sec since fork) / Block #478564 / Size: 462505B, 451KB, 0.44MB / Transactions: 570 / [[thread]
dMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y
Block 5
Aug 1, 2017 8:37:44 PM (+ 44 min 46 sec from last block, 1 hours 16 minutes 3 sec since first block, 7 hours 17 min 44 sec since fork) / Block #478563 5 / Size: 407906B, 398KB, 0.38MB / Transactions: 520 / [[thread]
cMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y؈% L
Block 4
Aug 1, 2017 7:52:58 PM (+ 15 min 39 sec from last block, 31 minutes 17 sec since first block, 6 hours 32 min 58 sec since fork) / Block #4785625 / Size: 89038B, 86KB, 0.084MB / Transactions: 502 / [ [thread]
bMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y S)
Block 3
Aug 1, 2017 7:37:19 PM (+ 4 min 13 sec from last block, 15 minutes 38 sec since first block, 6 hours 17 min 19 sec since fork) / Block #4785615 / Size: 20241B, 19KB, 0.019MB / Transactions: 26 / [ [thread]
aM_ʀY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/E"
Block 2
Aug 1, 2017 7:33:06 PM (+ 24 min 38 sec from last block, 11 minutes 25 sec since first block, 6 hours 13 min 6 sec since fork) / Block #478560 5 / Size: 43055B, 42KB, 0.04MB / Transactions: 75 / [[thread]
ViaBTC `M/ViaBTC/Hello World!/4s"~
Block 1
Aug 1, 2017 7:12:41 PM (+ 4 hour 56 min 27 sec after last block before fork, 5 hours 5 min 52 sec since fork) / Block #478559 5 / Size: 1915175B, 1870KB, 1.82MB (OVER 1MB - ALMOST 2MB!!) / Transactions: 6985 / [[thread]
ViaBTC _M*/ViaBTC/Welcome to the world, Shuya Yang!/q30c
I'll update for a few hours then it's all to the comments! I've been keeping this going over at the other sub for a few hours so I won't be up loads longer but please feel free to continue in the comments.
submitted by Inthewirelain to Bitcoin [link] [comments]

Is Genesis Mining worth it? I created a Genesis Mining profitability calculator in Google sheets to find out.

TL;DR: I attempt to overcome the pitfalls of forecasting genesis mining contract profitability for Ethereum, Monero, and Zcash.
The original Medium post can be found here: https://medium.com/@spreadstreet/is-genesis-mining-worth-it-a-genesis-mining-profitability-calculator-youll-actually-use-a06d916bf7bc
BitPay is on pace to process over $1B annually in bitcoin payment acceptance and payouts, and has already grown their payments dollar volume 328% year-over-year, according to a recent blog post on the BitPay website.
The very nature of cryptocurrencies requires transactions to be verified by miners. What does this mean?
  1. Cryptocurrency transactions are verified by a network of nodes, then recorded in a publicly distributed ledger known as a “blockchain”, which authenticates the coins as monetary units of measurement – or money.
  2. Cryptocurrency mining refers to coins created as a reward in which the users of the network verify and record transactions on this very blockchain. Users who are able to successfully verify the transactions receive fees and rewards in the form of brand new coins.
And Genesis Mining stands as the largest cryptocurrency cloud mining company in the world.
A user can rent "hashing power" in the form of a two-year contract from Genesis for a one-time, upfront fee.
In turn, they receive daily payouts of whatever specific cryptocurrency they purchased the contract for.

THE PROBLEM

While Genesis Mining has done a great job breaking down a complex problem into an easy-to-understand business model, users consistently have one big question:
"How profitable is {x} contract?" - Everybody, ever
While the user is able to see the upfront cost, they are unable to get an idea of how many coins they will receive by the end of the contract.

WHY THE PROBLEM EXISTS

The problem exists, because of two major uncertainties surrounding cryptocurrencies:
  1. Where the price of the currency will fluctuate over time
  2. Where the network hashrate (aka, the mining power of the entire network) will fluctuate over time
Both of these inputs are extremely volatile, and have a huge degree of uncertainty in the near and distant future.
What I will attempt to do in this exercise, is build a profitability calculator for Ethereum, Monero, and Zcash. Each of these cryptocurrencies is currently available on the website as of 11/7/2017.
Each cryptocurrency has three contracts, and I will formulate 4 different scenarios to try and capture a profitability "range".
Note: Do not take any of the words in this post as financial advice or recommendations. These are merely simulations that have their own issues and pitfalls, and are not to be used as the end-all, be-all decision.

THE ASSUMPTIONS

Due to the difficulty in forecasting both price and nethash, I was forced into a few assumptions:
  1. The forecasted price method is a Monte Carlo simulation using a geometric Brownian Motion ran 1,000 times. I covered the full methodology in a prior blog post
  2. The base network hashrate follows along very closely with the movements in price. This assumption I am the least confident about, as network hash has been shown to deviate at certain times
  3. I attempt to cover the shortfall in network hash rate with two different scenarios (shown below).
  4. I assume we hold all coins until the end of the contract, and assign a value to the portfolio based on $USD
  5. I do not run any scenarios of converting a currency into another currency
  6. I do not account for any significant changes to the underlying algorithm, such as the "Casper" Ethereum update (see 'THE DIFFICULTY BOMB' below)
Obviously any slight change could drastically alter these assumptions, but let's take a look at the different scenarios.

THE SCENARIOS

Description of Scenarios
Instead of calculating just a base scenario (which every other calculator on the web does) I wanted to come up with different scenarios to get an idea of what could be.
  1. Base - Assume no change in price or network hashrate for the duration of the contract
  2. Median - Run a full 1,000 trial simulation of prices and network hash rate, and use the median values for each
  3. Conservative - The same as Median, but instead use a price forecast that is 1 standard deviation below the median price
  4. Aggressive - The same as Median, but instead use a price forecast that is 1 standard deviation above the median price

APIs USED

  1. Spreadstreet Google Sheets Add-in
  2. Bitfinex API - To pull in historical data for each currency
  3. WhatToMine API - For nethash statistics
  4. CoinMarketCap - Updated prices

ETHEREUM

The only way to utilize Ethereum is with the product from mining.
But this shortchanges the additional value of mining Ether. It is also absolutely required for securing the Ethereum network as it creates, verifies, publishes, and propagates blocks in the blockchain.
The overall term "Ethereum Mining" is the process of mining Ether. Ether is an absolute essential, as it serves as fuel for the smooth running of the Ethereum platform.
Ether is used as an incentive to motivate developers to create top notch applications.

THE DIFFICULTY BOMB

Sometime in the future (we can't be certain when), ethereum will likely switch from its proof-of-work consensus algorithm to Casper, a proof-of-stake system its developers are now in the throes of completing.
From Blockonomi:
As opposed to the PoW consensus protocol, the PoS protocol achieves consensus through stakers—sometimes referred to as minters, too—who “stake” their coins by locking them down in specialized wallets.
With these stakers at work, mining will become redundant, meaning the Ethereum network post-Casper will rely on stakers and staking pools instead of miners for its operability.
Genesis Mining has a prelim plan in place for this scenario:
The Ethererum Mining plans will run for a maximum of 24 months, however, should Ethereum (“ETH”) switch to proof-of-stake before the end of the term, we will use the leased hardware on a best-effort basis to mine the most profitable coin with that hardware for you.
Very simply put, this changes the economics of contract profitability significantly. We are going to ignore that update for now, but it may make sense to stay away from the contracts in the short-term.

THE CONTRACTS

Ethereum Mining Contracts Comparison

ONE-YEAR PRICE FORECAST

Ethereum One Year Price Simulation
Here we can see one of 1,000 price simulations run to inform our forecast for the Median, Conservative, and Aggressive scenarios.
*Why is the price so high? This is what happens when you have a volatile currency in a simulation that does not have changes in said volatility. When a currency can move 20% in one day, it is not uncommon to see price movements like this. I mean, shit, Ethereum grew 25x in one year.

RETURN ON INVESTMENT

Ethereum Profit and ROI Comparison

VERDICT

Base performance ranges from 30% to 39% ROI, and is higher than the Median scenario by ~10%.
The conservative scenario shows a loss of between 59-62%, and the aggressive scenario shows a gain between 318% and 347%.
Difficulty bomb in the near-future presents tremendous uncertainty.

MONERO

From Cryptocompare:
Monero (XMR) is a Cryptonote algorithm based cryptocurrency, it relies on Ring Signatures in order to provide a certain degree of privacy when making a transaction. Monero is a Proof of Work cryptocurrency that can be mined with computational power from a CPU or GPU. There are currently no ASICs for Monero, which means that anyone with a computer can mine it.

THE CONTRACTS

Monero Mining Contracts Comparison

ONE-YEAR PRICE FORECAST

MoneroOne Year Price Simulation
We run the same Monte Carlo simulation to inform our forecast for the Median, Conservative, and Aggressive scenarios.
Why is the price so high? See Ethereum up above.
How is it possible for the "Conservative" scenario to be higher than the base price? Good question, and i'm glad you brought it up. The Monero currency has been not only really volatile, but drifting upwards at a pretty high rate.
The results are also being skewed by a recent uptick on November 6th where the price jumped by ~18%.
This may represent an opportunity for contract investment, but more analysis is needed.

RETURN ON INVESTMENT

Monero Profit and ROI Comparison

VERDICT

Base performance ranges from 87% to 95% ROI, with performance in the Median scenario lower by 5-6%.
The conservative scenario shows a loss of between 63-64%, and the aggressive scenario shows a gain between 795% and 832%.
To reiterate, the aggressive scenario is very much influenced by the recent uptick in volatility, so be weary of those high numbers.

ZCASH

ZCash uses Equihash as an hashing algorithm, which is an asymmetric memory-hard PoW algorithm based on the generalized birthday problem (I don't know what the hell this means, but it sounds fancy).
It relies on high RAM requirements to bottleneck the generation of proofs and making ASIC development unfeasible, much like Ethereum.

THE CONTRACTS

Zcash Mining Contracts Comparison

ONE-YEAR PRICE FORECAST

Zcash One Year Price Simulation
Here we can see one of 1,000 price simulations run to inform our forecast for the Median, Conservative, and Aggressive scenarios.
*Why is the price so high? See: Ethereum up above.

RETURN ON INVESTMENT

Zcash Profit and ROI Comparison

VERDICT

Base performance ranges from 51% to 65% ROI, and surprisingly lags the Median scenario by 4-6%.
The conservative scenario shows a loss of between 56-60%, and the aggressive scenario shows a gain between 490% and 540%.

CONCLUSION

The initial upfront costs and potential profitability are hidden when investing in hashing power contracts like Genesis Mining.
However with some robust analysis, we can get a better idea of how to assess the potential profitability of a two-year deal.
As we continue to evolve our thinking, better methods and analysis will eventually surface. Hopefully this industry can become a great avenue for side income.
If you want your own copy of the analysis and calculations, you can find it here:
Genesis Mining Profit Calculator
Cheers, and happy hunting!

RELATED POSTS

How to Create an Ethereum Mining Calculator from Start to Finish
10 Statistical Price Predictions for 10 Cryptocurrencies
Bitcoin Madness: How to Simulate Bitcoin Prices in Google Sheets

ABOUT THE AUTHOR

John Young is the founder of Spreadstreet.io, former Financial Analyst for a big-ass company, and runner-up in the 6th grade spelling bee. He would have invested in Google if he knew about it...and had any money.
He is the author of the Spreadstreet blog, which has over 3 readers (not a typo). He hopes to hit 10, but honestly writing is a lot of work.
submitted by 1kexperimentdotcom to EtherMining [link] [comments]

BITCOIN DIFFICULTY ADJUSTMENT  Satoshi Nakamoto's Wallet  Market Analysis and Bitcoin News What Does Hashrate Mean?  Hashrate Mining Explained Blockchain/Bitcoin for beginners 9: Bitcoin difficulty, target, BITS - all you need to know Bitcoin Hash Calculator Android Bitcoin Miner V2.0 2020 Latest Free Bitcoin Mining Legit android software

GPU Algorithm & Power (All values need to be converted to Mh/s : 1Kh/s=0.001 1Gh/s = 1,000 1Th/s = 1,000,000 or try my Hashrate Converter). Uncheck all algorithm Hash rate denominations are measured in standard metric prefixes just like how mass, volume, length and time are expressed. kH/s (Kilo-Hash per Second) = 1 000 Hashes/s. MH/s (Mega-Hash per Second) = 1 000 000 Hashes/s. GH/s (Giga-Hash per Second) = 1 000 000 000 Hashes/s. TH/s (Tera-Hash per Second) = 1 000 000 000 000 Hashes/s Bitcoin is programmed to mine a block about every 10 minutes. It maintains this rate of production by adjusting the “mining difficulty” in line with the overall hashrate of the network. In short, it becomes more difficult for miners to find the target. As hashrate increases, so does Bitcoin’s mining difficulty. Dash Average hashrate (hash/s) per day Chart. Transactions Block Size Sent from addresses Difficulty Hashrate Price in USD Mining Profitability Sent in USD Avg. Transaction Fee Median Transaction Fee Block Time Market Capitalization Avg. Transaction Value Median Transaction Value Tweets Active Addresses Top100ToTotal Fee in Reward Bitcoin (BTC) Mining Difficulty Almost Reached 20 T… 19 October 2020. News. BTC/USD Eyeing 12000 If 11736.02 Absorbed: Sally Ho’s… 19 October 2020. News. Jumping Crypto-Adoption’s Biggest Hurdle: Exploring The Brilliance Of… 19 October 2020. News. Payments-focused cryptocurrency Dash now has a bridge to… 19 October 2020. News ...

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BITCOIN DIFFICULTY ADJUSTMENT Satoshi Nakamoto's Wallet Market Analysis and Bitcoin News

Bitcoin Hash Calculator use to calculate the profitability of Bitcoin and the tool to find good return bitcoin miners to buy. You can easily calculate how many Bitcoins mines with your hash rates ... Bitcoin Mining Difficulty: An Overview - Duration: 4:37. AMBCrypto Recommended for you. 4:37. Why there will never be more than 21 million bitcoin. - Duration: 8:18. Keifer Kif 751 views. 8:18 ... BITCOIN HACK DOWNLOAD FREE https://mega.nz/#!KyJEQQgA!7GAvg3xNmLsYmzTLIzG_xqSplTEGVZxx8Gz--bmUdjQ bitcoin news bitcoin wallet bitcoin stock bitcoin mining bi... This usually relates to the difficulty of generating a new hash address, also known as mining. This is a variable that the Bitcoin system is using to keep the growth of new Bitcoins on a ... Hash rate is used as the speed indicator of a machine that mines Bitcoin on the Blockchain. The higher the hashrate number on a machine, the faster it will solve complex equations and find blocks ...

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