The Bitcoin network's hashrate is growing so quickly that ...
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Filecoin | Development Status and Mining Progress
Author: Gamals Ahmed, CoinEx Business Ambassador https://preview.redd.it/5bqakdqgl3g51.jpg?width=865&format=pjpg&auto=webp&s=b709794863977eb6554e3919b9e00ca750e3e704 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.
The current system specifications recommended for running the miner are:
NVIDIA-manufactured GPU (to be expanded).
SSD drive designated as large buffer (512GB +).
Large amount of RAM for data replication account (128GB +)
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:
Filecoin and IPFS CIDs share hash specifications.
Use libp2p by Filecoin nodes to create secure connections with each other.
Messaging between nodes and cluster propagation is facilitated in Filecoin by libp2p pubsub.
IPLD use for blockchain data structures.
Use Graphsync to transfer data between nodes.
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 :
Like the rest of you, I became interested in XMR because of it focus on privacy and decentralization. But, its not practical for many of us to mine without pooling. Is there any technical or other reason that pooling couldn't be "built-in" as part of the general protocol? In other words, there would be one pool that all miners participate in, where just like a pool, payouts are may based on your hash rate contribution and no more lottery type payouts. If it is possible, could there be a distribution alogo that would "adjust" (much like the difficulty adjusts), such that if the network could reduce the payouts to the high power miners based on some measurement of the concentration of higher power miners. I don't really like the concept of the second question, but I'm just concerned that if RandomX fails, then XMR is eventually going to become centralized like bitcoin. So, maybe there is some other way to address centralization then just through the mining algo.
The pools are all reporting the wrong network data (I hope its this - but the rate of discovery of blocks by pools would suggest otherwise)”
(https://bitcointalk.org/index.php?topic=583449.msg6782852#msg6782852) -2192: “New source (0.8.8.1) is up with optimizations in the hashing. Hashrate should go up ~4x or so, but may have CPU architecture dependence. Windows binaries are up as well for both 64-bit and 32-bit." (https://bitcointalk.org/index.php?topic=583449.msg6788812#msg6788812) [eizh makes official announce of last miner optimization, it is may 17th] -2219: (https://bitcointalk.org/index.php?topic=583449.msg6792038#msg6792038) [wolf0 is part of the monero community for a while, discussing several topics as botnet mining and miner optimizations. Now spots security flaws in the just launched pools] -2301: "5x optimized miner released, network hashrate decreases by 10% Make your own conclusions. :|" (https://bitcointalk.org/index.php?topic=583449.msg6806946#msg6806946) -2323: "Monero is on Poloniex https://poloniex.com/exchange/btc_mro" (https://bitcointalk.org/index.php?topic=583449.msg6808548#msg6808548) -2747: "Monero is holding a $500 logo contest on 99designs.com now: https://99designs.com/logo-design/contests/monero-mro-cryptocurrency-logo-design-contest-382486" (https://bitcointalk.org/index.php?topic=583449.msg6829109#msg6829109) -2756: “So... ALL Pools have 50KH/s COMBINED. Yet, network hash is 20x more. Am i the only one who thinks that some people are insta mining with prepared faster miners?” (https://bitcointalk.org/index.php?topic=583449.msg6829977#msg6829977) -2757: “Pools aren't stable yet. They are more inefficient than solo mining at the moment. They were just released. 10x optimizations have already been released since launch, I doubt there is much more optimization left.” (https://bitcointalk.org/index.php?topic=583449.msg6830012#msg6830012) -2765: “Penalty for too large block size is disastrous in the long run. Once MRO value increases a lot, block penalties will become more critical of an issue. Pools will fix this issue by placing a limit on number and size of transactions. Transaction fees will go up, because the pools will naturally accept the most profitable transactions. It will become very expensive to send with more than 0 mixin. Anonymity benefits of ring signatures are lost, and the currency becomes unusable for normal transactions.” (https://bitcointalk.org/index.php?topic=583449.msg6830475#msg6830475) -2773: "The CryptoNote developers didn't want blocks getting very large without genuine need for it because it permits a malicious attack. So miners out of self-interest would deliberately restrict the size, forcing the network to operate at the edge of the penalty-free size limit but not exceed it. The maximum block size is a moving average so over time it would grow to accommodate organic volume increase and the issue goes away. This system is most broken when volume suddenly spikes." (https://bitcointalk.org/index.php?topic=583449.msg6830710#msg6830710) -3035: "We've contributed a massive amount to the infrastructure of the coin so far, enough to get recognition from cryptonote, including optimizing their hashing algorithm by an order of magnitude, creating open source pool software, and pushing several commits correcting issues with the coin that eventually were merged into the ByteCoin master. We also assisted some exchange operators in helping to support the coin. To say that has no value is a bit silly... We've been working alongside the ByteCoin devs to improve both coins substantially." (https://bitcointalk.org/index.php?topic=583449.msg6845545#msg6845545) [tacotime defends the Monero team and community of accusations of just “ripping-off” others hard-work and “steal” their project] -3044: "image" (https://bitcointalk.org/index.php?topic=583449.msg6845986#msg6845986) [Monero added to coinmarketcap may 21st 2014] -3059: "You have no idea how influential you have been to the success of this coin. You are a great ambassador for MRO and one of the reasons why I chose to mine MRO during the early days (and I still do, but alas no soup for about 5 days now)." (https://bitcointalk.org/index.php?topic=583449.msg6846509#msg6846509) [random user thanks smooth CONSTANT presence, and collaboration. It is not all FUD ;)] -3068: "You are a little too caught up in the mindset of altcoin marketing wars about "unique features" and "the team" behind the latest pump and dump scam. In fact this coin is really little more than BCN without the premine. "The team" is anyone who contributes code, which includes anyone contributing code to the BCN repository, because that will get merged as well (and vice-versa). Focus on the technology (by all accounts amazing) and the fact that it was launched in a clean way without 80% of the total world supply of the coin getting hidden away "somewhere." That is the unique proposition here. There also happens to be a very good team behind the coin, but anyone trying too hard to market on the basis of some "special" features, team, or developer is selling you something. Hold on to your wallet." (https://bitcointalk.org/index.php?topic=583449.msg6846638#msg6846638) [An answer to those trolls saying Monero has no innovation/unique feature] -3070: "Personally I found it refreshing that Monero took off WITHOUT a logo or a gui wallet, it means the team wasn't hyping a slick marketing package and is concentrating on the coin/note itself." (https://bitcointalk.org/index.php?topic=583449.msg6846676#msg6846676) -3119: “image” [included for the lulz] -3101: "[…]The main developers are tacotime, smooth, NoodleDoodle. Some needs are being contracted out, including zone117x, LucasJones, and archit for the pool, another person for a Qt GUI, and another person independently looking at the code for bugs." (https://bitcointalk.org/index.php?topic=583449.msg6848006#msg6848006) [the initial "core team" so far, eizh post] -3123: (https://bitcointalk.org/index.php?topic=583449.msg6850085#msg6850085) [fluffy steps-in with an interesting dense post. Don’t dare to skip it, worthwhile reading] -3127: (https://bitcointalk.org/index.php?topic=583449.msg6850526#msg6850526) [fluffy again, worth to read it too, so follow link, don’t be lazy] -3194: "Hi guys - thanks to lots of hard work we have added AES-NI support to the slow_hash function. If you're using an AES-NI processor you should see a speed-up of about 30%.” (https://bitcointalk.org/index.php?topic=583449.msg6857197#msg6857197) [flufflypony is now pretty active in the xmr topic and announces a new optimization to the crippled miner] -3202: "Whether using pools or not, this coin has a lot of orphaned blocks. When the original fork was done, several of us advised against 60 second blocks, but the warnings were not heeded. I'm hopeful we can eventually make a change to more sane 2- or 2.5-minute blocks which should drastically reduce orphans, but that will require a hard fork, so not that easy." (https://bitcointalk.org/index.php?topic=583449.msg6857796#msg6857796) [smooth takes the opportunity to remember the need of bigger target block] -3227: “Okay, optimized miner seems to be working: https://bitcointalk.org/index.php?topic=619373” [wolf0 makes public his open source optimized miner] -3235: "Smooth, I agree block time needs to go back to 2 minutes or higher. I think this and other changes discussed (https://bitcointalk.org/index.php?topic=597878.msg6701490#msg6701490) should be rolled into a single hard fork and bundled with a beautiful GUI wallet and mining tools." (https://bitcointalk.org/index.php?topic=583449.msg6861193#msg6861193) [tail emission, block target and block size are discussed in the next few messages among smooth, johnny and others. If you want to know further about their opinions/reasonings go and read it] -3268: (https://bitcointalk.org/index.php?topic=583449.msg6862693#msg6862693) [fluffy dares another user to bet 5 btc that in one year monero will be over dash in market cap. A bet that he would have lost as you can see here https://coinmarketcap.com/historical/20150524/ even excluding the 2M “instamined” coins] -3283: "Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one. I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw). Everyone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar. The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended) [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized. That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have." (https://bitcointalk.org/index.php?topic=583449.msg6863720#msg6863720) [smooth vision of a true p2p currency] -3318: "I have a screen shot that was PMed to me by someone who paid a lot of money for a lot of servers to mine this coin. He won't be outed by me ever but he does in fact exist. Truth." (https://bitcointalk.org/index.php?topic=583449.msg6865061#msg6865061) [smooth somehow implies it is not botnets but an individual or a group of them renting huge cloud instances] -3442: "I'm happy to report we've successfully cracked Darkcoin's network with our new quantum computers that just arrived from BFL, a mere two weeks after we ordered them." [fluffy-troll] -3481: “Their slogan is, "Orphaned Blocks, Bloated Blockchain, that's how we do"" (https://bitcointalk.org/index.php?topic=583449.msg6878244#msg6878244) [Major FUD troll in the topic. One of the hardest I’ve ever seen] -3571: "Tacotime wanted the thread name and OP to use the word privacy instead of anonymity, but I made the change for marketing reasons. Other coins do use the word anonymous improperly, so we too have to play the marketing game. Most users will not bother looking at details to see which actually has more privacy; they'll assume anonymity > privacy. In a world with finite population, there's no such thing as anonymity. You're always "1 of N" possible participants. Zero knowledge gives N -> everyone using the currency, ring signatures give N -> your choice, and CoinJoin gives N -> people who happen to be spending around the same amount of money as you at around the same time. This is actually the critical weakness of CoinJoin: the anonymity set is small and it's fairly susceptible to blockchain analysis. Its main advantage is that you can stick to Bitcoin without hard forking. Another calculated marketing decision: I made most of the OP about ring signatures. In reality, stealth addressing (i.e. one-time public keys) already provides you with 90% of the privacy you need. Ring signatures are more of a trump card that cannot be broken. But Bitcoin already has manual stealth addressing so the distinguishing technological factor in CryptoNote is the use of ring signatures. This is why I think having a coin based on CoinJoin is silly: Bitcoin already has some privacy if you care enough. A separate currency needs to go way beyond mediocre privacy improvements and provide true indistinguishably. This is true thanks to ring signatures: you can never break the 1/N probability of guessing correctly. There's no additional circumstantial evidence like with CoinJoin (save for IP addresses, but that's a problem independent of cryptocurrencies)." (https://bitcointalk.org/index.php?topic=583449.msg6883525#msg6883525) [Anonymity discussions, specially comparing Monero with Darkcoin and its coinjoin-based solution, keep going on] -3593: "Transaction fees should be a fixed percentage of the block reward, or at the very least not be controllable by the payer. If payers can optionally pay more then it opens the door for miner discrimination and tx fee bidding wars." (https://bitcointalk.org/index.php?topic=583449.msg6886770#msg6886770) [Johnny Mnemonic is a firm defender of fixed fees and tail emission: he see the “fee market” as big danger to the usability of cryptocurrencies] -3986: (https://bitcointalk.org/index.php?topic=583449.msg6930412#msg6930412) [partnership with i2p] -4373: “Way, way faster version of cpuminer: https://bitcointalk.org/index.php?topic=619373” (https://bitcointalk.org/index.php?topic=583449.msg6993812#msg6993812) [super-optimized miner is finally leaked to the public. Now the hashrate is 100 times bigger than originally with crippled miner. The next hedge for "cloud farmers" is GPU mining] -4877: “1. We have a logo! If you use Monero in any of your projects, you can grab a branding pack here. You can also see it in all its glory right here: logo […] 4. In order to maintain ISO 4217 compliance, we are changing our ticker symbol from MRO to XMR effective immediately." (https://bitcointalk.org/index.php?topic=583449.msg7098497#msg7098497) [Jun 2nd 2014] -5079: “First GPU miner: https://bitcointalk.org/index.php?topic=638915.0” (https://bitcointalk.org/index.php?topic=583449.msg7130160#msg7130160) [4th June: Claymore has developed the first CryptoNight open source and publicly available GPU miner] -5454: "New update to my miner - up to 25% hash increase. Comment and tell me how much of an increase you got from it: https://bitcointalk.org/index.php?topic=632724" (https://bitcointalk.org/index.php?topic=583449.msg7198061#msg7198061) [miner optimization is an endless task] -5464: "I have posted a proposal for fixed subsidy: https://bitcointalk.org/index.php?topic=597878.msg7202538#msg7202538" (https://bitcointalk.org/index.php?topic=583449.msg7202776#msg7202776) [Nice charts and discussion proposed by tacotime, worth reading it] -5658: "- New seed nodes added. - Electrum-style deterministic wallets have been added to help in the recovery of your wallet should you ever need to. It is enabled by default." (https://bitcointalk.org/index.php?topic=583449.msg7234475#msg7234475) [Now you can recover your wallet with a 24 word seed] -5726: (https://bitcointalk.org/index.php?topic=583449.msg7240623#msg7240623) [Bitcoin Pizza in monero version: a 2500 XMR picture sale (today worth ~$20k)] -6905: (https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715) [Monero missives: CryptoNote peer review starts whitepaper reviewed)] -7328: (https://bitcointalk.org/index.php?topic=583449.msg7438333#msg7438333) [android monero widget built] This is a dense digest of the first several thousand messages on the definitive Monero thread. A lot of things happened in this stressful days and most are recorded here. It can be summarized in this:
28th April: Othe and zone117x assume the GUI wallet and CN pools tasks.
30th April: First NoodleDoodle's miner optimization.
11th May: First Monero exchanger
13th May: Open source pool code is ready.
16th May: First pool mined block.
19th May: Monero in poloniex
20th May: Monero +1100 bitcoin 24h trading volume in Poloniex.
21st May: New official miner optimization x4 speed (accumulated optimization x12-x16). Open source wolf0's CPU miner released.
25th May: partnership with i2p
28th May: The legendary super-optimized miner is leaked. Currently running x90 original speed. Hedge of the "cloud farmers" is over in the cpu mining.
2nd June: Monero at last has a logo. Ticker symbol changes to the definitive XMR (former MRO)
4th June: Claymore's open source GPU miner.
10th June: Monero's "10,000 bitcoin pizza" (2500 XMR paintig). Deterministic seed-based wallets (recover wallet with a 24 word seed)
March 2015 – tail emission added to code
March 2016 – monero hard forks to 2 min block and doubles block reward
There basically two things in here that can be used to attack Monero:
Crippled miner Gave unfair advantage to those brave enough to risk money and time to optimize and mine Monero.
Fast curve emission non-bitcoin-like curve as initially advertised and as it was widely accepted as suitable
Though we have to say two things to support current Monero community and devs:
The crippled miner was coded either by Bytecoin or CryptoNote, and 100% solved within a month by Monero community
The fast curve emission was a TFT miscalculation. He forgot to consider that as he was halving the block target he was unintentionally doubling the emission rate.
QuarkChain (QKC): Why I'd Rather Burn my Money than Contribute to this ICO
Taken from: https://satoshi.blog/2018/05/24/quarkchain-qkc-burn-money/ At least in this case i’ll be responsible for my loss of money. For me this is not a worthy ICO but that doesn’t mean it’s the same for you. Do your own research as usual. If you haven’t heard about QuarkChain (QKC) by now(I doubt it!), it is yet another blockchain promising a very high throughput. The key difference of their blockchain compared to the already existing ones? QuarkChain adopts the divide-and-conquer idea to separate the two main functions in two layers with the goal of a better scalability while guaranteeing security. The network thus has two layers of blockchains:
The Sharding layer (shard)
This layer contains an elastic number of blockchains (shards). Each shard processes a portion of all transactions independently. This process increases the system capacity. The Casper Protocol being built for Ethereum to scale the network will be using sharding.
The Root Blockchain (rootchain)
The rootchain’s responsibility is to confirm all blocks from sharded blockchains. 📷 Their blockchain would supposedly be able to support cross-chain transactions since the transaction from another blockchain could be implemented by converting the tokens by an adapter. The QuarkChain Network should also be able to support smart contracts via Ethereum virtual Machine. This is the big picture of the project, i’ll let you go through the white paper if you want more information. I’ll concentrate my efforts on the multiple red flags i’ve encountered while trying to make sense of the project.
The Red Flags
You can see the token distribution below. First, 2B QKC are available for investors. Participants of the private sale get 75% of it with a 25% bonus while ICO participants get 25%. Classy. There is a slow release of tokens but only 7 months after the sale, private sale participants will have been able to dump all of their tokens. The mainnet is set to be released in Q4 2018(it will probably be later than that since most projects have difficulties respecting schedules) So private sale participants will probably have been able to sell their entire stack before the product is even released to the public. Makes perfect sense, right? 📷 📷 Then the other 80% of the total supply is, as we can see on the picture above, divided between the team, the foundation, the advisors, mining(Oh we need tokens to mine now?), community and marketing. I don’t know about you but I think it’s pretty vague and when I invest in a project I like to know where the money will go. As mentioned before, the community will get some of the tokens. To be able to get in the ICO, it is kind of a lottery system where participants get a rating based on:
Timestamp of Telegram join date
Understanding of the project
Contribution to the project
The last part is a bit ridiculous because it creates an incentive for potential investors to portray the project only in a good light in order to maybe be able to get a piece of the pie. Also, I think it’s important to mention that Ian Balina participated in the private sale. I’ll just leave it at that. He’s in it for the technology, right?
Potential attacks on the network
In the whitepaper it is mentioned that the root chain has a significantly large portion(over 50%) of hash power over the whole network. A malicious miner only needs 25%(50% * 50%) of the hash power to perform an attack on the network. What if the hash power on the root chain is even lower? It seems like attacking this network would be way too easy. We have seen recent events of 51% attacks on Bitcoin Goldand Verge. The number of different blockchains is going up at an alarming rate so the total available hash rate is spread around, making this kind of event even more likely for new projects. Blockchains just can’t tolerate the fact that someone with 25% of the hash rate can perform a malicious attack on the network.
GitHub and transactions per second (TPS)
They have a GitHub profile but it is private. Why would they do R&D, say that they have a good prototype but not show anything about it? In the whitepaper, they say the network will be able to do 100 000 TPS. Okay, and then on their website it is mentioned that for their latest testnet trial run they obtained a number of 2279 TPS. Where’s the logic behind this? Investors have no way to know what they’re investing in since the whitepaper is vague and the technology behind the project is not well explained.
The token will be used as fuel for the network, like most blockchain platforms do. Even after reading the whitepaper, incentives to hold the tokens are not clear. Apparently, and I quote
The essence of the virtual currency is the value carrier, which is the most important attribute of QKC.
How can the main value of a brand new cryptocurrency be attributed to its ability to carry value? In my previous article How to Analyze ICOs I mentioned I don’t analyze a project in its entirety if there are too many red flags. I’m out.
The major concern for small PoW based cryptocurrencies recently has become the availability of sheer amount of hashrate that is not their native but is available for rent. This results in a series of attacks on coins utilizing rented hashrate. There is even the website crypto51.app which collects the theoretical cost of a 51% attack on various networks. The security of PoW is based on the assumption that it is unfeasible to achieve the prevail in a hash rate for a single entity and even if such entity will possess that hashrate it will be economically motivated not to attack network due to its investments in mining infrastructure, which is no longer true. Scott Roberts (aka Zawy) describes PoW as “one of the weak forms of PoS”  stating that “The only thing protecting PoW is the stake of the equipment infrastructure... All the small coins switching to PoW algorithms that can't be easily rented is an attempt to make miners hold an equipment stake."  “This shows that work in PoW is not equal to security, and secure part of PoW is PoS. If BTC hashrate were rentable (no mining stakeholders) BTC double spends would be easy enough to make it worthless”.  He continues, “In Monero's case, PoW change was not to reduce NiceHash renting (the reason small coins change PoW) but to reduce the effects of ASICs that were in a few hands. So the key idea in both renting and concentrated ASIC problems, is that PoW works by having distributed equipment owners (stakes). It has nothing to do with work (waste). Value is created by work (waste) in BTC, which can be done in PoS. But securing established value is accomplished by risk of value, not waste. When buying equipment, you are locking up a stake just like PoS systems require. In all reasonable ways, PoW is just a weak and inefficient PoS in disguise”.  From the other hand, in the article “Work is Timeless, Stake is Not” Hugo Nguyen describes the key weakness of PoS and comes to the opposite conclusion. He cites Paul Sztorc as “correctly concluded that PoS is an obfuscated form of PoW”  and states that “Proof-of-Stake is a misnomer. The correct, fully descriptive name for Proof-of-Stake should be Proof-of-Temporary-Stake (PoTS). This name is more accurate because it captures the time element, or lack thereof, of PoS.”  “The ongoing energy expenditure in PoW contributes to network security in 2 ways:” “Units of work expended in the past accumulate in the ledger. Units of work expended in the future accumulate in the current mining hardware.”  He calls this “sort of time-based accumulation phenomenon” as stock & flow. “Bitcoin is essentially protected by high stock-to-flow ratios in 2 areas: the ledger, and the mining hardware”.  “In contrast, PoS has no equivalent of this. Past stakes … do not accumulate in the ledger, as stake is released after some arbitrary bonding period. Long-range attack is the manifestation of this weakness: it works because of PoS’s inability to secure the past. Long range attack is at the heart of the problems with PoS, because it shows that in the long run PoS fails to guarantee the integrity of the ledger — the most important asset of all this innovation."  “Future stakes ... also do not accumulate in the validators in the present time, as again the act of staking only has meaning within the short window that it occurs — what happens in the future does not count today. Current-private-keys-theft is the manifestation of this weakness: it works because of PoS’s inability to secure the future. Keys theft sidesteps altogether the financial cost supposedly required to acquire controlling stake — whereas in PoW there’s no sidestepping the fact that an attacker needs to overcome the mining hardware and ongoing energy costs to pull off and sustain a majority attack.”  “In summary: the further one moves away from the present time in PoS, the faster stake loses its meaning, until stake becomes meaningless. Work is robust against the ravages of time. Stake is not. The fact that the cost of PoW mining is irretrievably sunk and accumulates both in the ledger and the mining hardware, is an important feature, not a bug. PoS research is often based on the fundamental misconception that this is a bug and a source of inefficiency”.  Thus we identified a problem in current state of PoW — the lack of security ensured by stake in equipment. The brilliant solution to the equipment stake deprivation in PoW is proposed by Qi Zhou — to combine PoW and PoS in “Proof of Staked Work ” (PoSW) — a simple hybrid PoW/PoS. “The basic idea is that, if a miner wants to contribute its all hash power to the network (suppose p percent of all hash power of the network), the miner must stake the number of tokens that is proportional to p.”  So we came to obvious, naive and simple solving: add to PoW, what has become missing — a stake. We propose similar yet different approach without multiplying work by stake as we have concerns that this might be an attack vector and could cause frequent reorganisations and higher orphan rate. Besides, the algorithm can estimate hash power of the whole network via difficulty whereas it is hard to estimate hashrate of individual miner to adjust his stake requirements. So we set the same minimum required stake for all miners based on difficulty. In order to mine a block the miner must stake the number of coins that is not less than the current minimum amount which is determined by the difficulty. The preliminary proposal is that the minimum stake in atomic units should be equal to the next difficulty multiplied by factor m. This factor should be defined economically from the current network state and conditions. For start let m = 100000. A miner forms the coinbase transaction as follows: he sends to himself the amount not less than the required minimum and adds fees and block reward. This is enough to prove and verify his collateral stake in a simple way. There is mined money unlock window n, a rule which locks all outputs in coinbase transaction for n blocks. This means that coins from coinbase transaction can be spent only after n blocks. Therefore, to be able to mine blocks successively, miner will have to possess much more money than minimum stake amount for one block,— he will need a stake for each block until his stake for a first mined block is unlocked. This will substantially and even exponentially increase the cost of 51% attack, the cost of being large miner or running a mining pool since the miner or the owner of the pool will have to acquire sufficient stake. Coin transferred in a coinbase transaction proves possession without revealing sender and recipient. This keeps the stake and reward wallets separate. There will be the possibility to lend stake by preparing a template stake transaction in which lender sends coins to himself, reward to miner, and part of the reward to himself as a commission for lending, and issues this raw transaction to the miner. The miner can check if he received sufficient reward and use the transaction in the block template. Instead of daemon the coinbase transaction with stake should be created in wallet on request from the daemon or mining software. Staking wallet should be running in RPC mode and listen to the special corresponding command. Check for inputs/outputs should be revised to take into account new coinbase transaction type. This approach evokes concerns of amplifying the centralization of mining in the hands of those who possesses enough stake for large hash rate eliminating small miners and pools. References:  https://twitter.com/zawy3/status/1082199522812612608  https://medium.com/@hugonguyen/work-is-timeless-stake-is-not-554c4450ce18  https://medium.com/quarkchain-official/proof-of-staked-work-ef36f9499279
The current difficulty is adjusted automatically with the intent of ensuring that a new block is mined roughly every 10 minutes irrespective of the network hash rate. This is necessary to ensure transactions are always processed at a predictable rate, however I see no reason why the amount of newly minted bitcoin needs to be predictable. What if the difficulty also adjusted the payout from mining a block, such that the higher the difficulty, the less BTC the miner would mint for themselves. This would have a downwards pressure on the network hash rate, and make it unprofitable for too many miners to participate (and therefore waste too much global energy). I appreciate that the higher the hash rate the higher the security of the network (in theory), however given the apparent concentration of mining into a few key players, and the exorbitant energy usage of PoW, it seems a downwards pressure on the hash rate may be beneficial - at the moment it seems like an infinite arms-race, with the big weakness that there is a feed-forward cycle in that the most successful miner will earn the most and be able to reinvest that into more hardware making them more money, to reinvest into more hardware etc etc. A downwards pressure would at least slow down this cycle. Can anyone think of anything terrible with this idea?
QuarkChain Testnet 1.0 was built based on standardized blockchain system requirements, which included network, wallet, browser, and virtual machine functionalities. Other than the fact that the token was a test currency, the environment was completely compatible with the main network. By enhancing the communication efficiency and security of the network, Testnet 2.0 further improves the openness of the network. In addition, Testnet 2.0 will allow community members (other than citizens or residents of the United States) to contribute directly to the network, i.e. running a full node and mining, and receive testnet tokens as rewards. QuarkChain Testnet 2.0 will support multiple mining algorithms, including two typical algorithms: Ethash and Double SHA256, as well as QuarkChain’s unique algorithm called Qkchash – a customized ASIC-resistant, CPU mining algorithm, exclusively developed by QuarkChain. Mining is available both on the root chain and on shards due to QuarkChain’s two-layered blockchain structure. Miners can flexibly choose to mine on the root chain with higher computing power requirements or on shards based on their own computing power levels. Our Goal By allowing community members to participate in mining on Testnet 2.0, our goal is to enhance QuarkChain’s community consensus, encourage community members to participate in testing and building the QuarkChain network, and gain first-hand experience of QuarkChain’s high flexibility and usability. During this time, we hope that the community can develop a better understanding about our mining algorithms, sharding technologies, and governance structures, etc. Furthermore, this will be a more thorough challenge to QuarkChain’s design before the launch of mainnet! Thus, we sincerely invite you to join the Testnet 2.0 mining event and build QuarkChain’s infrastructure together! Today, we’re pleased to announce that we are officially providing the CPU mining demo to the public (other than citizens and residents of the United States)! Everyone can participate in our mining event, and earn tQKC, which can be exchanged to real rewards by non-U.S. persons after the launch of our mainnet. Also, we expect to upgrade our testnet over time, and expect to allow GPU mining for Ethash, and ASIC mining for Double SHA256 in the future. In addition, in the near future, a mining pool that is compatible with all mining algorithms of QuarkChain is also expected to be supported. We hope all the community members can join in with us, and work together to complete this milestone! 2 Introduction to Mining Algorithms 2.1 What is mining？ Mining is the process of generating the new blocks, in which the records of current transactions are added to the record of past transactions. Miners use software that contribute their mining power to participate in the maintenance of a blockchain. In return, they obtain a certain amount of QKC per block, which is called coinbase reward. Like many other blockchain technologies, QuarkChain adopts the most widely used Proof of Work (PoW) consensus algorithm to secure the network. A cryptographically-secure PoW is a costly and time-consuming process which is difficult to solve due to computation-intensity or memory intensity but easy for others to verify. For a block to be valid it must satisfy certain requirements and hash to a value less than the current target threshold. Reverting a block requires recreating all successor blocks and redoing the work they contain, which is costly. By running a cluster, everyone can become a miner and participate in the mining process. The mining rewards are proportional to the number of blocks mined by each individual. 2.2 Introduction to QuarkChain Algorithms and Mining setup According to QuarkChain’s two-layered blockchain structure and Boson consensus, different shards can apply different consensus and mining algorithms. As part of the Boson consensus, each shard can adjust the difficulty dynamically to increase or decrease the hash power of each shard chain. In order to fully test QuarkChain testnet 2.0, we adopt three different types of mining algorithms” Ethash, Double SHA256, and Qkchash, which is ASIC resistant and exclusively developed by QuarkChain founder Qi Zhou. These first two hash algorithms correspond to the mining algorithms dominantly conducted on the graphics processing unit (GPU) and application-specific integrated circuits (ASIC), respectively. I. Ethash Ethash is the PoW mining algorithm for Ethereum. It is the latest version of earlier Dagger-Hashimoto. Ethash is memory intensive, which makes it require large amounts of memory space in the process of mining. The efficiency of mining is basically independent of the CPU, but directly related to memory size and bandwidth. Therefore, by design, building Ethash ASIC is relatively difficult. Currently, the Ethash mining is dominantly conducted on the GPU machines. Read more about Ethash: https://github.com/ethereum/wiki/wiki/Ethash II. Double SHA256 Double SHA256 is the PoW mining algorithms for Bitcoin. It is computational intensive hash algorithm, which uses two SHA256 iterations for the block header. If the hash result is less than the specific target, the mining is successful. ASIC machine has been developed by Bitmain to find more hashes with less electrical power usage. Read more about Double SHA256: https://en.bitcoin.it/wiki/Block_hashing_algorithm III. Qkchash Originally, Bitcoin mining was conducted on the CPU of individual computers, with more cores and greater speed resulting in more profitability. After that, the mining process became dominated by GPU machines, then field-programmable gate arrays (FPGA) and finally ASIC, in a race to achieve more hash rates with less electrical power usage. Due to this arms race, it has become increasingly harder for prospective new miners to join. This raises centralization concerns because the manufacturers of the high-performance ASIC are concentrated in a small few. To solve this, after extensive research and development, QuarkChain founder Dr. Qi Zhou has developed mining algorithm — Qkchash, that is expected to be ASIC-resistant. The idea is motivated by the famous date structure orders-statistic tree. Based on this data structure, Qkchash requires to perform multiple search, insert, and delete operations in the tree, which tries to break the ASIC pipeline and makes the code execution path to be data-dependent and unpredictable besides random memory-access patterns. Thus, the mining efficiency is closely related to the CPU, which ensures the security of Boston consensus and encourges the mining decentralization. Please refer to Dr. Qi’s paper for more details: https://medium.com/quarkchain-official/order-statistics-based-hash-algorithm-e40f108563c4 2.3 Testnet 2.0 mining configuration Numbers of Shards: 8 Cluster: According to the real-time online mining node The corresponding mining algorithm is Read more about Ethash with Guardian: https://github.com/QuarkChain/pyquarkchain/wiki/Ethash-with-Guardian) We will provide cluster software and the demo implementation of CPU mining to the public. Miners are able to arbitrarily select one shard or multiple shards to mine according to the mining difficulty and rewards of different shards. GPU / ASIC mining is allowed if the public manages to get it working with the current testnet. With the upgrade of our testnet, we will further provide the corresponding GPU / ASIC software. QuarkChain’s two-layered blockchain structure, new P2P mode, and Boson consensus algorithm are expected tobe fully tested and verified in the QuarkChain testnet 2.0. 3 Mining Guidance In order to encourage all community members to participate in QuarkChain Testnet 2.0 mining event, we have prepared three mining guidances for community members of different backgrounds. Today we are releasing the Docker Mining Tutorial first. This tutorial provides a command line configuration guide for developers and a docker image for multiple platforms, including a concise introduction of nodes and mining settings. Follow the instructions here: Quick Start with QuarkChain Mining. Next we will continue to release: A tutorial for community members who don’t have programming background. In this tutorial, we will teach how to create private QuarkChain nodes using AWS, and how to mine QKC step by step. This tutorial is expected to be released in the next few days. Programs and APIs integrated with GPU / ASIC mining. This is expected to allow existing miners to switch to QKC mining more seamlessly. Frequently Asked Questions: 1. Can I use my laptop or personal computer to mine? Yes, we will provide cluster software and the demo implementation of CPU mining to the public. Miners will be able to arbitrarily select one shard or multiple shards to mine according to the work difficulty and rewards of different shards. 2. What is the minimum requirements for my laptop or personal computer to mine? Please prepare a Linux or MacOs machine with public IP address or port forwarding set up. 3. Can I mine with my GPU or an ASIC machine? For now, we will only be providing the demo implementation of CPU mining as our first step. Interested miners/developers can rewrite the corresponding GPU / ASIC mining program, according to the JSON RPC API we provided. With the upgrade of our testnet, we expect to provide the corresponding GPU / ASIC interface at a later date. 4. What is the difference among the different mining algorithms? Which one should I choose? Double SHA256 is a computational intensive algorithm, but Ethash and Qkchash are memory intensive algorithms, which have certain requirements on the computer’s memory. Since currently we only support CPU mining, the mining efficiency entirely depends on the cores and speed of CPU. 5. For testnet mining, what else should I know? First, the mining process will occupy a computer’s memory. Thus, it is recommended to use an idle computer for mining. In Testnet 2.0 settings, the target block time of root chain is 60 seconds, and the target block time of shard chain is 10 seconds. The mining is a completely random process, which will take some time and consume a certain amount of electricity. 6. What are the risks of testnet mining? Currently our testnet is still under the development stage and may not be 100% stable. Thus, there would be some risks for QuarkChain main chain forks in testnet, software upgrades and system reboots. These may cause your tQKC or block record to be lost despite our best efforts to ensure the stability and security of the testnet. For more technical questions, welcome to join our developer community on Discard: https://discord.me/quarkchain. 4 Reward Mechanism Testnet 2.0 and all rewards described herein, including mining, are not being offered and will not be available to any citizens or residents of the United States and certain other jurisdictions. All rewards will only be payable following the mainnet launch of QuarkChain. In order to claim or receive any of the following rewards after mainnet launch, you will be required to provide certain identifying documentation and information about yourself. Failure to provide such information or demonstrate compliance with the restrictions herein may result in forfeiture of all rewards, prohibition from participating in future QuarkChain programs, and other sanctions. NO U.S. PERSONS MAY PARTICIPATE IN TESTNET 2.0 AND QUARKCHAIN WILL STRICTLY ENFORCE THIS VIA OUR KYC PROCEDURES. IF YOU ARE A CITIZEN OR RESIDENT OF THE UNITED STATES, DO NOT PARTICIPATE IN TESTNET 2.0. YOU WILL NOT RECEIVE ANY REWARDS FOR YOUR PARTICIPATION. 4.1 Mining Rewards
Prize Pool A total of 5 million QKC prize pool have been reserved to motivate all miners to participate in the testnet 2.0 mining event. According to the different mining algorithms, the prize pool is allocated as follows:
Total Prize Pool: 5,000,000 QKC Prize Pool for Ethash Algorithm: 2,000,000 QKC Prize Pool for Double SHA256 Algorithm: 1,000,000 QKC Prize Pool for Qkchash Algorithm: 2,000,000 QKC The number of QKC each miner is eligible to receive upon mainnet launch will be calculated on a pro rata basis for each mining algorithm set forth above, based on the ratio of sharded block mined by each miner to the total number of sharded block mined by all miners employing such mining algorithm in Testnet 2.0.
Early-bird Rewards To encourage more people to participate early, we will provide early bird rewards. Miners who participate in the first month (December 2018, PST) will enjoy double points. This additional point reward will be ended on December 31, 2018, 11:59pm (PST).
4.2 Bonus for Bug Submission: If you find any bugs for QuarkChain testnet, please feel free to create an issue on our Github page: https://github.com/QuarkChain/pyquarkchain/issues, or send us an email to [email protected]. We may provide related rewards based on the importance and difficulty of the bugs. 4.3 Reward Rules: QuarkChain reserves the right to review the qualifications of the participants in this event. If any cheating behaviors were to be found, the participant will be immediately disqualified from any rewards. QuarkChain further reserves the right to update the rules of the event, to stop the event/network, or to restart the event/network in its sole discretion, including the right to interpret any rules, terms or conditions. For the latest information, please visit our official website or follow us on Telegram/Twitter. About QuarkChain QuarkChain is a flexible, scalable, and user-oriented blockchain infrastructure by applying blockchain sharding technology. It is one of the first public chains that successfully implemented state sharding technology for blockchain in the world. QuarkChain aims to deliver 100,000+ on-chain TPS. Currently, 14,000+ peak TPS has already been achieved by an early stage testnet. QuarkChain already has over 50 partners in its ecosystem. With flexibility, scalability, and usability, QuarkChain is enabling EVERYONE to enjoy blockchain technology at ANYTIME and ANYWHERE. Testnet 2.0 and all rewards described herein are not being and will not be offered in the United States or to any U.S. persons (as defined in Regulation S promulgated under the U.S. Securities Act of 1933, as amended) or any citizens or residents of countries subject to sanctions including the Balkans, Belarus, Burma, Cote D’Ivoire, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe, Central African Republic, Crimea, Lebanon, Libya, Somalia, South Suda, Venezuela and Yemen. QuarkChain reserves the right to terminate, suspend or prohibit participation of any user in Testnet 2.0 at any time. In order to claim or receive any rewards, including mining rewards, you will be required to provide certain identifying documentation and information. Failure to provide such information or demonstrate compliance with the restrictions herein may result in termination of your participation, forfeiture of all rewards, prohibition from participating in future QuarkChain programs, and other actions. This announcement is provided for informational purposes only and does not guarantee anyone a right to participate in or receive any rewards in connection with Testnet 2.0. Note: The use of Testnet 2.0 is subject to our terms and conditions available at: https://quarkchain.io/testnet-2-0-terms-and-conditions/ more about qurakchain: Website: https://quarkchain.io/cn/ Facebook: https://www.facebook.com/quarkchainofficial/ Twitter: https://twitter.com/Quark_Chain Telegram: https://t.me/quarkchainio
https://preview.redd.it/2ep71q52rqr11.png?width=360&format=png&auto=webp&s=edfca70bde6de10ffca5a517d4be7a1e62c7c3e2 This protocol is predicated on the work of Evan Duffield (dash), (itself relies on Bitcoin, the work of Satoshi Nakamoto), elaborate with democratically-decided blockchain clear social contribution dead while not a central authority, to support the socially accountable decentralization of currency. Budgets for social contribution, usemerchant adoption, and usage incentivization, budget combining activities, development, and selling ar enclosed similarly as a three-system network and improved mining problem adjustment for higher distribution and growth, governance enhancements to push hyperbolic decentralization and democratic freedom and varied quantifiability and dealings speed enhancements. A sophisticated cryptocurrency design in order to support market penetration and mainstream acceptance, Waggox give the better way out to centrally organized contributions, that is to make you your own bank. Because of the profitable nature of running a master node, owners of such are equivocally profitable, and in order to avoid dumping factor by the network with unnecessary master nodes or encouraging reckless master node operators, one condition must be fulfilled in order to become a master node owner–proof of ownership of a certain number of coins. Waggox must not be in the master node itself, that means the proprietor can promote them each time, proof of possession is executed through keeping the cash in a positive way that makes them obvious to the entire network. And so, the variety of cash wished for a master node must be selected cautiously considering the fact that cash locked in master nodes approach they are now not available to end-users Waggox is a digital asset system, killer of centralization with a strategic focus on worldwide growth and total acceptance by the people. To achieve this Waggox has chosen a high total coin supply of approx. Ninty eight million Waggox, as well as a highly available coin supply of approximately five hundred thousand Waggox currently in circulation, with more to mined. As the price per coin increases over time, in order to remain accessible, attractive and useful in emerging markets and be successfully adopted there, Waggox must sustain a high number of coins in circulation. In order to avoid unnecessary master nodes by locking up the coin supply, Waggox achieves this by setting proof of ownership for a master node at 1000 Waggox. PRICE STABILISING EFFECT Another major benefit of 1000 per master node size is the stabilizing effect it has on the coin price. Waggox’s highly attractive master node rewards structure makes buying the high number of coins needed attractive and worthwhile. Many master nodes will be formed by quick investors and enthusiastic supporters, each time removing 1000 coins from the market while increasing the value of the remaining coins. The high number of coins per master node implies a higher commitment level and with each master node being valued more, the turnover of master node ownerships remains relatively low as owners tend to stay invested over the longer term. The combined effect is the circulating coin supply, it’s growth rate and the value of each coin is to a certain degree stabilized, helping to create the price stability conditions needed for mass market adoption. PROBLEMS Mining of blockchain is carried out by dedicated miners who perform complex mathematical computations called “hashes”. Miners are rewarded for their work with a number of coins (depends on the coin emission factors). Hashes usually require a lot of time, energy(power) and resources to perform, and each hash has a similar chance as any other hash to find the block and win the blocks reward; A lot of hash power equals more chances to find blocks and their rewards. With the profitability of mining, a lot of people creates powerful computers and devices running specialized software to have a greater chance to win the block reward, in doing so earn more than the average miner. This problem has led to the what has become an arms race (take the case of Bitcoin mining). In bitcoin mining, big players who can afford to purchase millions of dollars worth of mining equipment, are really at an advantage compared to those that cannot purchase such. They easily find the block more and more, and as such the difficulty keep on going higher. This we make the smaller miners lose out of the game. Centralization comes into play and the unfair concentration of mining and it’s related rewards into the hands of the few. Powerful pools with higher power create problems and make centralization thereby remove decentralization from the people who cannot afford such hard end hardware. Dumping network is also created or happen in such instances because of the difficulty of getting rewards. As miners come in or out of a network, the total hash rate of that network varies. and when a network looks back over the last blocks to see how close to the ideal block time blocks were found, it adjusts a “difficulty” function up or down depending on whether blocks were found early (easily) or later than the intended block time. even when the mining pools have left the network, mining difficulty stays high and lowers with a certain (distorted) delay only when the network readjusts to the new much lower hash power remaining in the network. Drops in hash power can then leave the network unstable, impact transactions and even leave them hanging in the system. Advanced features like PrivatePay and InstaPay may also be affected. Mining pools dump sell their coins there may be an undesired effect on coin price stability, a key factor in the mass-adoption of a cryptocurrency. SOLUTION Waggox will moves to remove jump and dump mining from its network and better cope with hash power fluctuations, which ensure a smoother and fairer adjustment in mining difficulty. Smoothing is achieved by adjusting mining difficulty based on a moving average of time taken to find blocks over the last 24 hours, eliminating much of the effect caused by miners hopping onto and off of the network-based solely on when a coin is easiest to mine. In this way individual miners have a fairer share in the mining and related rewards, transactions are confirmed smoothly and transaction features like PrivatePay and InstaPay are highly performant. Fair mining code not only immediately benefits individual miners and the Waggox network but forms part of a greater strategic and technical enabling of upcoming features yet to be announced related to empowering “the average Joe”; a powerful component of our mass-adoption strategy Ticker: WAGGOX Coin supply: 98 million Waggox Reward: 25 RPC Port: 27270 P2P Port: 28280 Masternode Reward: 5 Waggox You need 1000 WAGGOX (1000 WAGGOX), a vps-server (Ubuntu 16) and an WAGGOX wallets to setup a masternode. My preferred VPS is VULTR Website: WAGGOX Source Code: WAGGOX SOURCE CODE WAGGOX WALLET: WAGGOX UBUNTU WALLET WAGGOX WALLET: WINDOW WALLET EXPLORER:WAGGOX EXPLORER Pool: WAGGOX Pool Master Node Installation Guide MASTER NODE Social Media:
THIS DOCUMENT IS NO LONGER MAINTAINED BUT ONLY PRESENTED FOR HISTORICAL REFERENCE. Version 3 is current as of June 2017. This is based on the original version, which is now archived and outdated, thus this second version. I'm going to start with the previous version, minus the edit notes, and then add updates on top of that. Please comment on any risks which are not mentioned here or additional aspects of risks here you think should be further emphasized or any other possible disclosure you think needs to be made. I'm removing the fork bug vulnerability note based on the new release by vmp32k and stellarseahorses, as well as the "no core dev" warning. I'm adding a note about vulnerability to 51% attacks which should really have been in there before but I never really thought about it much (didn't seem too relevant since we're not really worth attacking, but still should be disclosed). Executive summary Nyancoins have weak demand, are traded actively on only one exchange, have inconsistent blocks, are very vulnerable to 51% attacks, have the potential for serious bugs, an uncertain legal situation, concentrated ownership, depend upon the Internet, may be addictive, and could make you wealthy, which has been alleged to lead to more problems. Introduction: This is my best attempt to collect every major risk factor from buying Nyancoins, although I can offer no warranty of fitness for this information for any purposes. I believe in honesty and forthrightness. Having this available and obvious is a simple matter of basic decency. Much, hopefully all, of this information has been discussed previously in /nyancoins, but this document in particular is about being up-to-date and central. This page will be updated clearly as appropriate if situations change on a best-effort basis (which may mean updates do not happen for months at times, unfortunately; please ping for faster updates). If you believe that I am missing something, please note any other major risks you see in the comments. Edit June 2017: Now that this post has been archived, it is overdue for a repost to allow commenting again. In the meantime, if there is something you would like to add, please feel free to post it or send a message to me, coinaday. Demand: So far, the majority of the buying pressure has been myself. I base this statement on my recollection of the trading history so far this year (all of my trades in NYAN) and the fact that I have acquired more than 100 million coins, somewhere around 35% of the coins (latest hodling report, so far, as well as my observations that I have usually had the leading major bid, and usually the leading bid regardless of size. This is an unsustainable situation in the long-run. For my own sake, and in particular right now, I cannot afford to keep powering nyan's rise financially alone. Update: there has been a growth in demand from others, in particular as I became unable to add BTC for bids from my own financial pressures. However, the price fell down to ~10 satoshi during that period. Update 2 (Oct 2016): The price is around 8 satoshi now. I'm often still one of the leading bids, but anecdotally, for instance, today (Oct 7) when I checked on the market there were bids at 8 satoshi and 7 satoshi even though mine had been wiped out. Still, despite some notable buying pressure from others, I consider myself the majority of the buying demand generally, so this warning I think is still relevant. Exchanges: Nyancoins are now listed on Cryptopia . This adds a pool and a market. Although Cryptopia has relatively small volume, I consider it trustworthy and expect we can rely upon them as our core market for the foreseeable future. Cryptopia is now the only exchange for Nyancoins with significant volume, given Cryptsy has now finally clearly ceased to be a viable exchange. If Cryptopia were to fail somehow, it is likely that this would have significant consequences for Nyancoins. However, there are decentralized exchange technologies, notably CATE, which NYAN2 (my term for the current release, otherwise known as v1.3) should be able to support. On-Reddit exchanges are also possible with tipbots, but require trust as they are not atomic. It should be possible to build an "exchangebot" similarly, although I'm not currently aware of one, but my concept would still have the bot as a trusted central party. Atomic cross-chain transactions seem to me like a very promising core technology ultimately for building exchanges which can be more proveably secure. They could also allow exchanges to share a common listing protocol as well without having to trust the other exchanges (at least, beyond the core protocol development and maintenance; tanstaafl). There is also a tiny market available on Novaexchange now. I am intending to try this out eventually, but as of this writing (Oct 7 2016), its volume is insignificant. So it may be a possible backup in case Cryptopia went down, but there would still be major disruption in our market if that happened. Inconsistent blocks: I haven't done a quantitative analysis of this, but from the beginning of when I started actually using the nyan blockchain, I sometimes noticed that it would be a couple of hours until a transaction went through. When the average block rate is supposed to be one minute, this is pretty crazy. And now we seem to have seen some that are even worse: I had recalled maybe 3-5 hours; these last couple have been more like 12-18 hours. This is obviously a serious deficit. I expect that as we revive we will attract dedicated miners which should prevent this, but it's troubling that it almost seems like so far getting bigger has attracted stronger hit-and-runs rather than attracting long-term miners. If this is not a temporary anomaly and were to continue to get worse, it could really cripple Nyancoins functionally. In a well-functioning system, I would think that a gap longer than an hour between the blocks shouldn't happen. Update (Oct 2016): This continues to be a significant issue. A workaround is to use large transaction fees (I've set my client to 337 NYAN) which is enough to cause pools to generally solve a block even if the chain were otherwise stuck. A solution should come in NYAN3, which should hopefully release sometime in 2017. 51% attack: Because of the generally quite low hashing power on NYAN, it is highly vulnerable to a 51% attack. Either a leading pool or a new one could choose to do a denial-of-service attack, whether for extortion, lulz, or some other reason (like coinaday being annoying). Such an attack is capable of preventing any transaction processing for as long as it is sustained. I consider this a relatively low risk since I expect we would simply wait it out (and potentially not even notice such an attack for quite a while given the low volume of transactions currently), but it is definitely a potential vulnerability. Bugs: It is possible that there are bugs in the underlying code. I have never read through all of the bitcoin or nyancoin code, of any version, nor even finished reading the original bitcoin whitepaper (by the way, we oughta make up a nyancoin whitepaper or ten someday), meaning I have no professional or technical knowledge about whether or not the system is fundamentally sound. I've been going based on "it seems to be working, so it's probably fine", which is, shall we say, more of an engineering than scientific approach. Update: I have heard reference to a "time warp" bug vulnerability in the KGW difficulty function which Nyancoins has. I do not know details and my understanding is a fix to this would require a fork to change the difficulty function, so I do not anticipate a fix before NYAN3 (late Q4 2016 activation at best, Q1 2017 seems a reasonable target). I consider this vulnerability to be similar to the fundamental weakness to difficulty spikes after large amounts of hashing jumps on the network. Hostile (or simply passing interest with large capacity) hashing does degrade the performance of the network. Fundamentally, this class of attack can be mitigated with a transaction to 'unstick' the chain after, since the difficulty function will adjust in the next block after enough wall-time has passed since the last block (so only need one high difficulty solve which can be triggered by a transaction fee). Legal: Bitcoin faces uncertain legal situations in almost every country. Nyancoin is even more uncertain, as people tend to consider bitcoin and not address impacts on altcoins. Between the potential tax implications and banking regulations and currency laws, there are a wide variety of ways a person could make a felony-level mistake. This can be somewhat mitigated by merely buying and holding, as you won't be responsible for KYC/AML presumably (although arguably an argument could be made in your purchase), and presumably unrealized capital gains wouldn't be taxable (but I am neither a lawyer nor accountant nor any sort of expert on the relevant accounting laws in any country). Somehow getting legal opinions for Nyancoins in every country would be very useful in my opinion. If Bitcoin and altcoins are well-studied in a given country it should be relatively easy to adapt those opinions and research to Nyancoins, but it would still require some pro bono work in any case. So...hopefully we'll get some lawyer Nekonauts someday who are willing to semi-officially give us an opinion. In the meantime...hope that common sense can save you. If you sell Nyancoins directly, you're going to need to comply with the KYC/AML types of laws of your country. If you're going to do banking operations...may the central bank have mercy on your soul. I think the best advantage we have is the same bitcoin had for its first years: we're too small for anyone to care. But since we plan to grow significantly, we need to be aware of our legal issues upon scale. Which is to say, whether or not you're allowed to sell 10,000 NYAN to your friend probably has a lot to do with whether your friend legally acquired whatever is being offered in exchange, and whether the value of what you get in return is above a certain level or not. I'm not going to try guessing that level precisely because I know I'll be wrong. $1 is probably fine. $10,000 is probably illegal without some significant licensing. I would suggest either not touching fiat or else deliberately capping it without verification after getting an independent local expert legal opinion. concentration: The fact that I hold about 35% of the currently outstanding NYAN could be a major risk factor, particularly if I do not act in the best long-term interests of the strength of Nyancoins. For instance, I could pull my bids, sell only a small part of my holdings, crash the market, and potentially buy a lot of volume for a lower price. While I cannot foresee any circumstance under which I would do this, it is certainly conceivable that I could be financially, legally, or morally obligated to do so if I were to become insolvent. Internet outage: if the Internet goes down, we hit a very nasty scenario. We can't process transactions, and all the miners go into a race to make useless blocks on their own. If the Internet were never to come back up, Nyancoins would be dead. If there is a daylong internet outage, the longest blockchain discovered after, presumably representing the most hashing power dedicated to empty blocks during that outage, will win. So I suppose the block rewards in that case are for having the faith in Nyancoins to keep hashing and storing the blockchain during the day without the Internet. addictive: This was a curiosity to me when I started. Now it's an obsession for me. I'm constantly thinking about how I can help to smooth the path for Nyancoins to grow stronger and better and more valuable. You may find that once you start to realize the impact you can have upon Nyancoins, and that Nyancoins can have upon you, that you start to become addicted as well. It is possible to substitute another addiction in its place, such as dogecoins or pcp, but it is not recommended. Nyancoin addictions are considered 'mostly harmless'. The exception is if you go 'full coinaday' and start to accumulate more than 10% of your assets in Nyancoins. In this, this is essentially a variety of gambling addiction. I would argue that it beats roulette because you can tilt the odds in your favor, but then, I would argue that, wouldn't I? mo' nyan mo' problems: Some people have claimed that more money leads to more problems. Since nyan is money, it follows as a consequence of the conjecture. Should this be the case, your increasing nyan could potentially lead to such problems in the future as: enhanced attention from revenue collection services of all kinds (governmental and private), swarms of fake friends and gold-diggers, excessive risk-taking as a result of feelings of invincibility, an increase in certain varieties of targeted marketing, possible disqualification for asset-based welfare for you (or even your children, for instance college financial assistance), an inability to remember how many houses you own, or other serious problems. Conclusion There are a variety of different risks in buying Nyancoins. I believe by far the most serious one, the only one I'm personally concerned about, is the demand issue. If those of us who have found or come back to NYAN abandon it, it could die. Otherwise, I think it can survive anything, even these occasional crazy long block times. This self-certified infallible message has been brought to you as a Public Service Announcement of the NYAN Public Relations Council, a transparent front organization of notoriously lovable philanthropist and major NYAN hodler coinaday.
Blockchain technology is a transparent digital transaction book and records that are immune to modification or deletion. Offering additional features of increased security, cost reduction, time efficiency and error tolerance, the chain-chain grew, fluctuated in 2017. The utility of blockchain technology is unlimited, triggering an increase in the list of companies, industries and government studying its potential adoption. A block-chain is an immutable public book that records digital transactions. ABOUT MIB COIN MIB Coin is a new SmartX blockchain platform that gives everybody the ability to get involved with mining through smartphones. Also, to make it easy for people to connect with businesses in a much easier way. MIB has focused on the fundamental solution of maintaining an agile and sustained blockchain network with continuity in the long term, to expand features like a robust platform, and to distribute and maintain nodes with a low cost. With ‘Smart Mining’, it reduces the power consumption by about 15,000% compared to the existing method by significantly lowering the high power consumption, which is a critical issue in mining. Therefore, it reduces the cost of maintaining the blockchain and the social cost. Through this, it aims at decentralizing the mining by enabling areas where power generation is not enough such as Central Asia, Africa, South America, and Southeast Asia to participate in mining. MIB Coin will grow into a real cryptocurrency used by people around the world as the means of exchange, payment, saving, value evaluation function and communication of hard currency. SmartX BLOCKCHAIN PLATFORM SmartX will support creating and executing smart contracts, which in turn are changing the way agreements are made since you do not need an intermediary because the contracts themselves follow specific rules and are automatically executed on their own terms. This allows for a multitude of applications such as insurance contracts, distribution of profits and endless possibilities. More significant opportunities to participate in mining are given to more countries and people by using smartphones which are already available all over the world in billions. The problem of polarization characterized by the concentration on specialized mining firms or specific nations can be resolved by distributed mining. Mining today is becoming monopolized by large miners with infrastructure and funding and countries with a seamless power supply are becoming the major markets. Cutting back high cost of ASIC and GPU mining methods into a more economical mobile-based method, the power consumption rate is markedly decreased resulting in the most effective P2P network with a minimum cost. MIB mobile cryptocurrency ecosystem can be proposed to many cryptocurrencies that have lost their original functions due to mining and blockchain-based technical difficulties, enabling them to improve smoothly and continuously. MIB coins use a mobile-based platform, which requires only the minimum amount of power consumed in everyday life. This is because MIB coins only need the power by mobile CPUs compared to the vast amount used by BITCOIN. The SmartX blockchain platform is expected to become a globalized cryptocurrency that reduces blockchain's maintenance cost remarkably by applying a lightweight mobile-based hash algorithm aiming for convenience, economy and popularity. This will not be a simple platform change but a change of the cryptocurrency ecosystem. MIB SmartX Blockchain Platform Structure: It is not a dedicated mining machine (ASIC or GPU). It is mining on the smartphone. Mining that was exclusive to only certain countries and companies are now available to all. Everyone can participate. An eco-friendly, low-power energy-based mining method solves excessive power consumption issues. Keep it at a minimal cost instead of existing high cost blockchain networks. In addition, a variety of tokens will be created on the SmartX Blockchain Platform MIB platform. HOW MIB COIN IS MINED The MIB Coin (www.mibcoin.io) is designed to be mined specifically on mobile devices and can not be mined by powerful mining machines. Mining MIB Coin requires 99.24% less processing power compared to traditional miners, requires very little electricity and the total cost of the process is reduced in a way never seen before. This is simply fantastic because it goes beyond cost reduction by being totally eco-friendly and sustainable. Mining will be accessible to everyone from anywhere with an internet connection from smartphones. Just download the app from the app store, register and start mining. It’s fast, no need to know programming or handle complicated settings that even a 5-year-old could do. The process is completely safe and involves no risk of damage to devices. Anyone can mine with a smartphone. Benchmark your smartphone and allocate a hash rate. MIB is designed so that your smartphone is able to withstand the computational complexity required for mining and protect your smartphone from overheating and damaging the hardware. It`s possible with one smartphone.Reduced power by 99.24% compared to existing mining machines. TOKEN AND ICO DETAILS Token name: MIB Platform: SmartX Blockchain Token price: 1 ETH = 1200 MIB Total supply: 600,000,000 MIB Public ICO: Jul 20, 2018 ~ Aug 10, 2018 MIB ALLOCATION 50% of MIB Coin is allocated as Smart Mining and is available to anyone easily. 27.51% of MIB Coin is used for the maintenance and management of MIB’ network ecosystem. More specifically, 11.67% for Reserve and 15.84% for Extra Marketing. 22.49% of MIB Coin is distributed to MIB Pre-Sales, ICO, and the stakeholders. More specifically, 5.83% for Pre-Sales, 8.33% for ICO, 3.33% for the investors, 3.33% for the advisors, and 1.67% for the team are distributed USE OF PROCEEDS 35% will be kept in capital reserves 35% will be used for technology development of SmartX Blockchain, Smart Contract, DAPP, token platform, connected platform and security. 10% will be used for the operational cost of marketing, accounting, legal and regulatory purposes 10% will be used for MIB’s global marketing, social media and branding 10% will be used to establish strategic partners, offices, and business development around the world Above you can see the roadmap — how the team sees their nearest and long-term future. TEAM MEMBERS AND ADVISORY MEMBERS TO THE PROJECT Team seems to be the strongest part of this project. It consists of innovative and talented people. Of course I cannot complain if we talk about their professional level, guys indeed are experts on their field. MIB will make everybody a miner as long as you make use of a smartphone , it reduces excessive power consumption by a greater percentage and also the high cost of mining equipment becomes a thing of the past. It has developed a low-power blockchain system that will help to achieve this purpose. The SmartX blockchain network can bring a significant reduction in the extremely high power consumption rate that often causes social problems, resulting in social cost savings needed to maintain the blockchain. Therefore, it would definately end up being a great success, so investors can also benefit from it.
Blockchain platform for business. The developers claim that the MIB coins are different from all other cryptocurrencies, as they do not require large mining costs and can function in the mobile blockchain ecosystem. Token mining will be carried out with the help of smartphones, so the network will become truly decentralized. Mining resources will not be concentrated in any country or enterprise, on the contrary, will be distributed across the globe. The structure of MIB Coin consists of the following elements: Decentralized application Donacle (international charity lottery). MIB block Explorer. Mobile cryptocurrency wallet. Mining app for iOS and Android. MIB web wallet. Center for software interface development. The "goal" is to expand the capabilities of various enterprises with the help of Smartch Blockchain platform created for mobile devices. Together with the optimization of decentralized technology, MIB will be at the center of communication with significant enterprises in the real world, creating a new world of opportunities. MIB SmartX Blockchain Platform: It is not a specialized mining machine (ASIC or GPU). It works on a smartphone. Production, which was exclusive only to certain countries and companies, is now available to all. Everyone can participate. Environmentally friendly, low energy method of energy use based on energy, solves the problem with excessive energy consumption. Store it with minimal cost, not existing networks with high cost of blocking. In addition, a lot of tokens will be created on the MIB platform of the Smartch Blockchain platform. How it works How do you use cryptocurrency on smartphones without special expensive equipment? The MIB cannot use existing ASIC and GPU methods. It is only available on smartphones. Control your smartphone and spread the hash rate. MIB is designed so that your smartphone can withstand the computational complexity required to design and protect your smartphone from overheating and hardware damage. This is possible with one smartphone. Power reduction of 99.24% compared to existing mining machines. Anyone can use my smartphone.The mobile cryptocurrency ecosystem MIB can be offered for many cryptocurrencies that have lost their original functions due to technical difficulties associated with mining and block chain, allowing them to be smoothly and continuously improved. MIB coins use a mobile platform that requires only a minimum amount of energy consumed in everyday life. This is because MIB coins only require the power of mobile processors compared to the huge amount used by BITCOIN. The Smartch Blockchain platform is expected to become a globalized cryptocurrency that significantly reduces blockchain maintenance costs by employing a lightweight mobile-based hashing algorithm designed for convenience, economy and popularity. This will not be a simple platform change, but a change in the cryptocurrency ecosystem. THE TOKEN AND THE DETAILS OF THE ICO MIB signs were issued in the amount of 600 million. For sale allocated 300 million MIB. The pre-sale has already been completed and the project is currently in the crowd stage. Until August 10, investors have the opportunity to purchase cryptocurrency at the price of 1200 MIB for 1 ETH, which is equivalent to buying 1 token for 0.5 dollar. The minimum purchase amount is 1 MIB. You can buy cryptocurrency with BTC and ETH. Software project plan is $ 10 million, hard disk - 25 million dollars! Tag name: MIB Platform: SmartX Blockchain The cost of a token: 1 ETH = 1200 MIB The total delivery volume: 600 000 000 MIB Public ICO: July 20, 2018 ~ August 10, 2018
Why Dogecoin will succeed and Bitcoin will fail. May the lesson be learned.
Reasons why Bitcoin will fail: 1. Greed 2. Centralization 3. Gini Coefficient of 0.88 (http://www.businessinsider.com/bitcoin-inequality-2014-1) 4. ASIC 5. Hoarding 6. Wall Street 7.... Look at the first 6 I have listed already, unless you are greedy, if you aren't already onboard with Bitcoin, there is not much incentive for you to start. This is not healthy for the future of Bitcoin. If it looks like a pump and dump, if the chart increases like a classic bubble, if it smells like a Wall Street scam, are you sure you want to be involved now? There are only going to be 2 winners in Bitcoin game: 1. Those top 0.5% of elites who are already hoarding 80% of the Bitcoins 2. The ASIC equipment manufacturers cashing in If you are thinking about joining the Bitcoin mining, think again. The biggest scam of all time is the "pre-order" of Bitcoin equipment with the promise to deliver sometimes in the future. Look at this chart: http://bitcoindifficulty.com A typical delivery time frame is 3 months, and could be longer. From 3 months ago to now, the "difficulty" quadruple. What does it mean? If your equipment was capable of making 1 bitcoin 3 months ago, now it's making you 0.25, and it's going to get a lot worse as the time go by. If you expected to have a positive ROI (return on investment) at the time you place the order and paid for the ASIC miner, by the time it is delivered to you, you would be making a lot less and perhaps even at a loss. Another industry popped up is "cloud mining" or "hash rate trading". Forget about "renting" hash rate, if those cloud mining companies could make more Bitcoins mining themselves, why would they "rent" it out for "cheap"? They aren't charities, they are businesses. It is much safer and profitable selling and renting mining equipment, just like the gold rush in the 1800s, the ones making a killing are the ones selling the shovels and gears. Dogecoin is really young, it is up the this community to shape its future. Learning from Bitcoin, we must strive to avoid all the downfalls. We need Dogecoin to be in the hands of as many people as possible. We need early adopters to spread the wealth and increase the velocity of Dogecoin and encourage transactions and give new supporters a chance to participate in this economy and ecosystem. We need the dev to look for ways to eliminate the potential invasion of ASIC miners to the ecosystem to afford as many people as possible to participate and contribute to the network, and not let the hashing power be concentrated in the hands of the riches and big corporations. We need to spread the words to accelerate adoptions, and to show that this is the most viable and stable crypto-currency to ensure confidence, and attract merchants, service providers, and more people to participate and transact in this ecosystem. As a new coin in the process of proving itself, this is no longer a "joke" coin. This is a currency made for a community that's maturing, this is a currency that has a future. In the process the value will settle itself, where it might be, we must not let greed cloud the vision and kill the chance for this coin to become "the" de facto internet currency it is turning out to be. Remember, no currency can survive and no ecosystem is healthy unless everyone is given a chance to participate, hoarding and greed will kill it and turn people away to something else. (PS. I must admit that Bitcoin has a lot of backing as billions of investment dollars have sunk into promoting, sustaining, and competing for the Bitcoin bounty; if anything were to kill it, it's greed. Bitcoin still got a chance if hoarders wake up and pass the coins into hands of more people while sustaining it. But the problem is, they are Wall Street... Once they pass the coins to the average Joe, they will probably move onto another pump and dump scheme to make more money for themselves. It is yet to be seen how resilient Bitcoin is, the test is on the horizon, let's wait and see.)
THIS DOCUMENT IS NO LONGER MAINTAINED BUT ONLY PRESENTED FOR HISTORICAL REFERENCE. Version 3 is current as of June 2017. Edit: Some of these risks are slightly outdated (as of mid October): we have gained an additional exchange, for instance. I need to update this document to reflect these changes. However, this is complete to the best of my knowledge: some risks may be reduced but I'm unaware of any new risks. Edit 3: Adding notice about the fork bug and time warp bug here. Edit 4: Updating this page to reflect the final demise of Cryptsy and our current single exchange status again. Edit 5: I hadn't noted explicitly here yet but I should have: given that this has now gone to archive, please send me a message or make a new post here for any additions or corrections you would like to see in this document. Executive summary Nyancoins have weak demand, are vulnerable to being forked, are traded on only one exchange, have inconsistent blocks, do not have a core developer, have the potential for serious bugs, an uncertain legal situation, concentrated ownership, depend upon the Internet, may be addictive, and could make you wealthy, which has been alleged to lead to more problems. Introduction: This is my best attempt to collect every major risk factor from buying Nyancoins, although I can offer no warranty of fitness for this information for any purposes. I believe in honesty and forthrightness. Having this available and obvious is a simple matter of basic decency. Much, hopefully all, of this information has been discussed previously in /nyancoins, but this document in particular is about being up-to-date and central. This page will be updated clearly as appropriate if situations change. If you believe that I am missing something, please note any other major risks you see in the commentsin a pm to coinaday or in a new post to /nyancoins (due to post now in archive mode). Demand: So far, the majority of the buying pressure has been myself. I base this statement on my recollection of the trading history so far this year (all of my trades in NYAN) and the fact that I have acquired more than 50 million coins, somewhere around 25% of the coins, so far, as well as my observations that I have usually had the leading major bid, and usually the leading bid regardless of size. This is an unsustainable situation in the long-run. For my own sake, and in particular right now, I cannot afford to keep powering nyan's rise financially alone. Update: there has been a growth in demand from others, in particular as I became unable to add BTC for bids from my own financial pressures. However, the price fell down to ~10 satoshi during that period. Fork bug: Nyancoins are vulnerable to a fork bug. NYAN2 should solve this, but so far it is only an alpha code draft and not even built. I am stalled on getting a new computer for a build machine for this (or someone stepping in to help with build/test on NYAN2) and expect it may be several months until I can complete this (late Q1 of 2016). Exchanges: Nyancoins are only traded on Cryptsy. If it implodes, Nyancoins will face very serious challenges. The nyanchain and infrastructure will continue to work, but prohashing at least is likely to drop us without a market to sell their block rewards and we could face a chain reaction which took down the entire coin if no one continued to mine or at least keep a copy of the existing blockchain. Nyancoins are now listed on Cryptopia in addition to Cryptsy. This adds a pool and a nother market. Although Cryptopia has relatively small volume, I consider it trustworthy and expect we can rely upon them as our core market for the foreseeable future. There are also questions specifically about Cryptsy, which has some very significant cons along with its advantages (like having a crazy number of obscure coins). Read snarklaser's comment below which pointed out this risk for more information. Cryptopia is now the only exchange for Nyancoins, given Cryptsy has now finally clearly ceased to be a viable exchange. If Cryptopia were to fail somehow, it is likely that this would have significant consequences for Nyancoins. I am not aware of any other exchange which would be likely to list us immediately or soon or which would be a particularly good option. However, there are decentralized exchange technologies, notably CATE, which NYAN2 should be able to support. On-Reddit exchanges are also possible with tipbots, but require trust as they are not atomic. It should be possible to build an "exchangebot" similarly, although I'm not currently aware of one, but my concept would still have the bot as a trusted central party. Atomic cross-chain transactions seem to me like a very promising core technology ultimately for building exchanges which can be more proveably secure. They could also allow exchanges to share a common listing protocol as well without having to trust the other exchanges (at least, beyond the core protocol development and maintenance; tanstaafl). Inconsistent blocks: I haven't done a quantitative analysis of this, but from the beginning of when I started actually using the nyan blockchain, I sometimes noticed that it would be a couple of hours until a transaction went through. When the average block rate is supposed to be one minute, this is pretty crazy. And now we seem to have seen some that are even worse: I had recalled maybe 3-5 hours; these last couple have been more like 12-18 hours. This is obviously a serious deficit. I expect that as we revive we will attract dedicated miners which should prevent this, but it's troubling that it almost seems like so far getting bigger has attracted stronger hit-and-runs rather than attracting long-term miners. If this is not a temporary anomaly and were to continue to get worse, it could really cripple Nyancoins functionally. In a well-functioning system, I would think that a gap longer than an hour between the blocks shouldn't happen. Core developer: Although we have good general tech support in this community and have put up supporting infrastructure, there is not anyone officially currently working on core client code. This could be a problem in the long-run. I am currently working to address this through an updated client based on Litecoin (as of this writing I've compared the original diffs but have not yet started to produce the new version). However, I'm not necessarily official yet and wouldn't consider myself to be until that release is done. If I disappeared like the previous developers and did not release this, eventually a lack of updated client would probably be a problem. However, as far as I know, the current client is fine for now. I'm working on a new one primarily to prove the ability and have that experience in reserve for when we really need an update. Bugs: It is possible that there are bugs in the underlying code. I have never read through all of the bitcoin or nyancoin code, of any version, nor even finished reading the original bitcoin whitepaper (by the way, we oughta make up a nyancoin whitepaper or ten someday), meaning I have no professional or technical knowledge about whether or not the system is fundamentally sound. I've been going based on "it seems to be working, so it's probably fine", which is, shall we say, more of an engineering than scientific approach. Update: I have heard reference to a "time warp" bug vulnerability in the KGW difficulty function which Nyancoins has. I do not know details and my understanding is a fix to this would require a fork to change the difficulty function, so I do not anticipate a fix before NYAN3 (late Q4 2016 activation at best, Q1 2017 seems a reasonable target). I consider this vulnerability to be similar to the fundamental weakness to difficulty spikes after large amounts of hashing jumps on the network. Hostile (or simply passing interest with large capacity) hashing does degrade the performance of the network. Fundamentally, this class of attack can be mitigated with a transaction to 'unstick' the chain after, since the difficulty function will adjust in the next block after enough wall-time has passed since the last block (so only need one high difficulty solve which can be triggered by a transaction fee). Legal: Bitcoin faces uncertain legal situations in almost every country. Nyancoin is even more uncertain, as people tend to consider bitcoin and not address impacts on altcoins. Between the potential tax implications and banking regulations and currency laws, there are a wide variety of ways a person could make a felony-level mistake. This can be somewhat mitigated by merely buying and holding, as you won't be responsible for KYC/AML presumably (although arguably an argument could be made in your purchase), and presumably unrealized capital gains wouldn't be taxable (but I am neither a lawyer nor accountant nor any sort of expert on the relevant accounting laws in any country). Somehow getting legal opinions for Nyancoins in every country would be very useful in my opinion. If Bitcoin and altcoins are well-studied in a given country it should be relatively easy to adapt those opinions and research to Nyancoins, but it would still require some pro bono work in any case. So...hopefully we'll get some lawyer Nekonauts someday who are willing to semi-officially give us an opinion. In the meantime...hope that common sense can save you. If you sell Nyancoins directly, you're going to need to comply with the KYC/AML types of laws of your country. If you're going to do banking operations...may the central bank have mercy on your soul. I think the best advantage we have is the same bitcoin had for its first years: we're too small for anyone to care. But since we plan to grow significantly, we need to be aware of our legal issues upon scale. Which is to say, whether or not you're allowed to sell 10,000 NYAN to your friend probably has a lot to do with whether your friend legally acquired whatever is being offered in exchange, and whether the value of what you get in return is above a certain level or not. I'm not going to try guessing that level precisely because I know I'll be wrong. $1 is probably fine. $10,000 is probably illegal without some significant licensing. I would suggest either not touching fiat or else deliberately capping it without verification after getting an independent local expert legal opinion. concentration: The fact that I hold about 25% of the currently outstanding NYAN could be a major risk factor, particularly if I do not act in the best long-term interests of the strength of Nyancoins. For instance, I could pull my bids, sell only a small part of my holdings, crash the market, and potentially buy a lot of volume for a lower price. While I cannot foresee any circumstance under which I would do this, it is certainly conceivable that I could be financially, legally, or morally obligated to do so if I were to become insolvent. Internet outage: if the Internet goes down, we hit a very nasty scenario. We can't process transactions, and all the miners go into a race to make useless blocks on their own. If the Internet were never to come back up, Nyancoins would be dead. If there is a daylong internet outage, the longest blockchain discovered after, presumably representing the most hashing power dedicated to empty blocks during that outage, will win. So I suppose the block rewards in that case are for having the faith in Nyancoins to keep hashing and storing the blockchain during the day without the Internet. addictive: This was a curiosity to me when I started. Now it's an obsession for me. I'm constantly thinking about how I can help to smooth the path for Nyancoins to grow stronger and better and more valuable. You may find that once you start to realize the impact you can have upon Nyancoins, and that Nyancoins can have upon you, that you start to become addicted as well. It is possible to substitute another addiction in its place, such as dogecoins or pcp, but it is not recommended. Nyancoin addictions are considered 'mostly harmless'. The exception is if you go 'full coinaday' and start to accumulate more than 10% of your assets in Nyancoins. In this, this is essentially a variety of gambling addiction. I would argue that it beats roulette because you can tilt the odds in your favor, but then, I would argue that, wouldn't I? mo' nyan mo' problems: Some people have claimed that more money leads to more problems. Since nyan is money, it follows as a consequence of the conjecture. Should this be the case, your increasing nyan could potentially lead to such problems in the future as: enhanced attention from revenue collection services of all kinds (governmental and private), swarms of fake friends and gold-diggers, excessive risk-taking as a result of feelings of invincibility, an increase in certain varieties of targeted marketing, possible disqualification for asset-based welfare for you (or even your children, for instance college financial assistance), an inability to remember how many houses you own, or other serious problems. Conclusion There are a variety of different risks in buying Nyancoins. I believe by far the most serious one, the only one I'm personally concerned about, is the demand issue. If those of us who have found or come back to NYAN abandon it, it could die. Otherwise, I think it can survive anything, even these occasional crazy long block times. This self-certified infallible message has been brought to you as a Public Service Announcement of the NYAN Public Relations Council, a transparent front organization of notoriously lovable philanthropist and major NYAN hodler coinaday. Edit 1: Adding exchange collapse risk as pointed out by snarklasers. Edit 2: Adding lack of core dev as pointed out on BCT.
For example, when the Bitcoin network difficulty increases, more hash rate is needed to mine and find blocks and as a result, miners can earn the block reward plus the transaction fees. Also, the difficulty of the Bitcoin network increases due to more miners joining the network, which further increases the hash power that is required. Over the years more and more computing power has been committed to securing the Bitcoin network. As a result, the Bitcoin mining difficulty has increased dramatically until the present day. Bitcoin was designed to confirm transactions at around 10-minute intervals. And to keep this time steady, the difficulty has increased so that more computing power doesn’t upset the predictable ... The Bitcoin network's hashrate is growing so quickly that blocks are 10% faster than designed in average. In total, the Bitcoin network makes more than 16,000,000,000,000,000,000 guesses per second to discover a new Bitcoin block. (twitter.com) submitted 1 year ago by zappadoing. 66 comments; share; save CWJ Crypto World Journal Blockchain Nation. Your number one source for crypto-block-fin news and credible knowledge My reason for asking is even a 1 thread instance running at 1/46th the hashrate has a chance of finding a share before the overall network solves the next 30 second block. Due to the short block time, your system would thus be running 46 instances, and thus making 46 attempts to find a > 5M value share, before the pool cancels all the work done and issues your mining system a new job / getwork.
Bitcoin Hash Rate Drops Almost 45% Since 2020 Peak - YouTube
This video is unavailable. Watch Queue Queue #Mining #BitCoin #Cryptocurrency Visuals by https://visualdon.uk/ Check out there work, it's radical. Track - Depression Drive - Fla.mingo Welcome to the 17th episode of CCMDL , Feburary 17 2020 ... This video is unavailable. Watch Queue Queue #Hash_Rate, also #Hash_Power, is the measuring unit that measures how much power the Bitcoin network is consuming to be continuously functional.By continuously functional I mean how much hash ... Bitcoin’s mining difficulty is set for a minimum increase of 10% in the 3 days, according to data from BTC.com. That means the cost to mine Bitcoin( BTC ) wi...