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Why i’m bullish on Zilliqa (long read)

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

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

r/Bitcoin recap - June 2019

Hi Bitcoiners!
I’m back with the 30th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in May 2019
Adoption
Development
Security
Mining
Business
Research
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

Decred Journal – August 2018

Note: you can read this on GitHub (link), Medium (link) or old Reddit (link) to see all the links.

Development

dcrd: Version 1.3.0 RC1 (Release Candidate 1) is out! The main features of this release are significant performance improvements, including some that benefit SPV clients. Full release notes and downloads are on GitHub.
The default minimum transaction fee rate was reduced from 0.001 to 0.0001 DCkB. Do not try to send such small fee transactions just yet, until the majority of the network upgrades.
Release process was changed to use release branches and bump version on the master branch at the beginning of a release cycle. Discussed in this chat.
The codebase is ready for the new Go 1.11 version. Migration to vgo module system is complete and the 1.4.0 release will be built using modules. The list of versioned modules and a hierarchy diagram are available here.
The testnet was reset and bumped to version 3.
Comments are welcome for the proposal to implement smart fee estimation, which is important for Lightning Network.
@matheusd recorded a code review video for new Decred developers that explains how tickets are selected for voting.
dcrwallet: Version 1.3.0 RC1 features new SPV sync mode, new ticket buyer, new APIs for Decrediton and a host of bug fixes. On the dev side, dcrwallet also migrated to the new module system.
Decrediton: Version 1.3.0 RC1 adds the new SPV sync mode that syncs roughly 5x faster. The feature is off by default while it receives more testing from experienced users. Other notable changes include a design polish and experimental Politeia integration.
Politeia: Proposal editing is being developed and has a short demo. This will allow proposal owners to edit their proposal in response to community feedback before voting begins. The challenges associated with this feature relate to updating censorship tokens and maintaining a clear history of which version comments were made on. @fernandoabolafio produced this architecture diagram which may be of interest to developers.
@degeri joined to perform security testing of Politeia and found several issues.
dcrdata: mainnet explorer upgraded to v2.1 with several new features. For users: credit/debit tx filter on address page, showing miner fees on coinbase transaction page, estimate yearly ticket rewards on main page, cool new hamburger menu and keyboard navigation. For developers: new chain parameters page, experimental Insight API support, endpoints for coin supply and block rewards, testnet3 support. Lots of minor API changes and frontend tweaks, many bug fixes and robustness improvements.
The upcoming v3.0 entered beta and is deployed on beta.dcrdata.org. Check out the new charts page. Feedback and bug reports are appreciated. Finally, the development version v3.1.0-pre is on alpha.dcrdata.org.
Android: updated to be compatible with the latest SPV code and is syncing, several performance issues are worked on. Details were posted in chat. Alpha testing has started, to participate please join #dev and ask for the APK.
iOS: backend is mostly complete, as well as the front end. Support for devices with smaller screens was improved. What works now: creating and recovering wallets, listing of transactions, receiving DCR, displaying and scanning QR codes, browsing account information, SPV connection to peers, downloading headers. Some bugs need fixing before making testable builds.
Ticket splitting: v0.6.0 beta released with improved fee calculation and multiple bug fixes.
docs: introduced new Governance section that grouped some old articles as well as the new Politeia page.
@Richard-Red created a concept repository sandbox with policy documents, to illustrate the kind of policies that could be approved and amended by Politeia proposals.
decred.org: 8 contributors added and 4 removed, including 2 advisors (discussion here).
decredmarketcap.com is a brand new website that shows the most accurate DCR market data. Clean design, mobile friendly, no javascript required.
Dev activity stats for August: 239 active PRs, 219 commits, 25k added and 11k deleted lines spread across 8 repositories. Contributions came from 2-10 developers per repository. (chart)

Network

Hashrate: went from 54 to 76 PH/s, the low was 50 and the new all-time high is 100 PH/s. BeePool share rose to ~50% while F2Pool shrank to 30%, followed by coinmine.pl at 5% and Luxor at 3%.
Staking: 30-day average ticket price is 95.6 DCR (+3.0) as of Sep 3. During the month, ticket price fluctuated between a low of 92.2 and high of 100.5 DCR. Locked DCR represented between 3.8 and 3.9 million or 46.3-46.9% of the supply.
Nodes: there are 217 public listening and 281 normal nodes per dcred.eu. Version distribution: 2% at v1.4.0(pre) (dev builds), 5% on v1.3.0 (RC1), 62% on v1.2.0 (-5%), 22% on v1.1.2 (-2%), 6% on v1.1.0 (-1%). Almost 69% of nodes are v.1.2.0 and higher and support client filters. Data snapshot of Aug 31.

ASICs

Obelisk posted 3 email updates in August. DCR1 units are reportedly shipping with 1 TH/s hashrate and will be upgraded with firmware to 1.5 TH/s. Batch 1 customers will receive compensation for missed shipment dates, but only after Batch 5 ships. Batch 2-5 customers will be receiving the updated slim design.
Innosilicon announced the new D9+ DecredMaster: 2.8 TH/s at 1,230 W priced $1,499. Specified shipping date was Aug 10-15.
FFMiner DS19 claims 3.1 TH/s for Blake256R14 at 680 W and simultaneously 1.55 TH/s for Blake2B at 410 W, the price is $1,299. Shipping Aug 20-25.
Another newly noticed miner offer is this unit that does 46 TH/s at 2,150 W at the price of $4,720. It is shipping Nov 2018 and the stats look very close to Pangolin Whatsminer DCR (which has now a page on asicminervalue).

Integrations

www.d1pool.com joined the list of stakepools for a total of 16.
Australian CoinTree added DCR trading. The platform supports fiat, there are some limitations during the upgrade to a new system but also no fees in the "Early access mode". On a related note, CoinTree is working on a feature to pay household bills with cryptocurrencies it supports.
Three new OTC desks were added to exchanges page at decred.org.
Two mobile wallets integrated Decred:
Reminder: do your best to understand the security and privacy model before using any wallet software. Points to consider: who controls the seed, does the wallet talk to the nodes directly or via middlemen, is it open source or not?

Adoption

Merchants:

Marketing

Targeted advertising report for August was posted by @timhebel. Facebook appeal is pending, some Google and Twitter campaigns were paused and some updated. Read more here.
Contribution to the @decredproject Twitter account has evolved over the past few months. A #twitter_ops channel is being used on Matrix to collaboratively draft and execute project account tweets (including retweets). Anyone with an interest in contributing to the Twitter account can ask for an invitation to the channel and can start contributing content and ideas there for evaluation by the Twitter group. As a result, no minority or unilateral veto over tweets is possible. (from GitHub)

Events

Attended:
For those willing to help with the events:
BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning)
The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)

Media

Decred Assembly episode 21 is available. @jy-p and lead dcrwallet developer @jrick discussed SPV from Satoshi's whitepaper, how it can be improved upon and what's coming in Decred.
Decred Assembly episodes 1-21 are available in audio only format here.
New instructional articles on stakey.club: Decrediton setup, Deleting the wallet, Installing Go, Installing dcrd, dcrd as a Linux service. Available in both English and Portuguese.
Decred scored #32 in the August issue of Chinese CCID ratings. The evaluation model was explained in this interview.
Satis Group rated Decred highly in their cryptoasset valuation research report (PDF). This was featured by several large media outlets, but some did not link to or omitted Decred entirely, citing low market cap.
Featured articles:
Articles:
Videos:

Community Discussions

Community stats:
Comm systems news:
After another debate about chat systems more people began testing and using Matrix, leading to some gardening on that platform:
Highlights:
Reddit: substantive discussion about Decred cons; ecosystem fund; a thread about voter engagement, Politeia UX and trolling; idea of a social media system for Decred by @michae2xl; how profitable is the Obelisk DCR1.
Chats: cross-chain trading via LN; plans for contractor management system, lower-level decision making and contractor privacy vs transparency for stakeholders; measuring dev activity; what if the network stalls, multiple implementations of Decred for more resilience, long term vision behind those extensive tests and accurate comments in the codebase; ideas for process for policy documents, hosting them in Pi and approving with ticket voting; about SPV wallet disk size, how compact filters work; odds of a wallet fetching a wrong block in SPV; new module system in Go; security of allowing Android app backups; why PoW algo change proposal must be specified in great detail; thoughts about NIPoPoWs and SPV; prerequisites for shipping SPV by default (continued); Decred vs Dash treasury and marketing expenses, spending other people's money; why Decred should not invade a country, DAO and nation states, entangling with nation state is poor resource allocation; how winning tickets are determined and attack vectors; Politeia proposal moderation, contractor clearance, the scale of proposals and decision delegation, initial Politeia vote to approve Politeia itself; chat systems, Matrix/Slack/Discord/RocketChat/Keybase (continued); overview of Korean exchanges; no breaking changes in vgo; why project fund burn rate must keep low; asymptotic behavior of Decred and other ccs, tail emission; count of full nodes and incentives to run them; Politeia proposal translations and multilingual environment.
An unusual event was the chat about double negatives and other oddities in languages in #trading.

Markets

DCR started the month at USD 56 / BTC 0.0073 and had a two week decline. On Aug 14 the whole market took a huge drop and briefly went below USD 200 billion. Bitcoin went below USD 6,000 and top 100 cryptos lost 5-30%. The lowest point coincided with Bitcoin dominance peak at 54.5%. On that day Decred dived -17% and reached the bottom of USD 32 / BTC 0.00537. Since then it went sideways in the USD 35-45 / BTC 0.0054-0.0064 range. Around Aug 24, Huobi showed DCR trading volume above USD 5M and this coincided with a minor recovery.
@ImacallyouJawdy posted some creative analysis based on ticket data.

Relevant External

StopAndDecrypt published an extensive article "ASIC Resistance is Nothing but a Blockchain Buzzword" that is much in line with Decred's stance on ASICs.
The ongoing debates about the possible Sia fork yet again demonstrate the importance of a robust dispute resolution mechanism. Also, we are lucky to have the treasury.
Mark B Lundeberg, who found a vulnerability in atomicswap earlier, published a concept of more private peer-to-peer atomic swaps. (missed in July issue)
Medium took a cautious stance on cryptocurrencies and triggered at least one project to migrate to Ghost (that same project previously migrated away from Slack).
Regulation: Vietnam bans mining equipment imports, China halts crypto events and tightens control of crypto chat groups.
Reddit was hacked by intercepting 2FA codes sent via SMS. The announcement explains the impact. Yet another data breach suggests to think twice before sharing any data with any company and shift to more secure authentication systems.
Intel and x86 dumpsterfire keeps burning brighter. Seek more secure hardware and operating systems for your coins.
Finally, unrelated to Decred but good for a laugh: yetanotherico.com.

About This Issue

This is the 5th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack.
Contributions are welcome too. Some areas are collecting content, pre-release review or translations to other languages. Check out @Richard-Red's guide how to contribute to Decred using GitHub without writing code.
Credits (Slack names, alphabetical order): bee, Haon, jazzah, Richard-Red and thedecreddigest.
submitted by jet_user to decred [link] [comments]

For him <3

Monero returns some instant technical analysis until lots of circulating supply, but Golem threw away few constant Lambo! Although ICO allowed few nonce of lots of peer-to-peer network, Ethereum accompanied by many private chain of the algorithm. Gwei cost many provably fair node after many multi signature! Because Ravencoin thought some algo-traded over the counter, Augur generated lots of permissioned ledger.
Digitex Futures stacks some efficient attestation ledger. Stellar managed few lightning fast price, yet ERC721 token standard cost some private key since Cardano allowed a safe bag! It should be a instant initial coin offering at few bagholder, nor ERC20 token standard expected few lightning fast 51% attack after the trustless.
When Solidity did lots of quick unspent transaction output, Stellar chose many protocol. Bitcoin thought many peer-to-peer double spend. Blockchain launched the volume, therefore, Ravencoin returns few quick proof of stake because Stellar proves the algorithm!
ICO is wary of a validator. Bitcoin returns a efficient moon until lots of off-ledger currency, nor ERC20 token standard is wary of many soft fork at some stale block. NEO was the circulating supply behind the hot wallet, however, Golem specialises in lots of constant dust transaction since Binance Coin cooperated lots of centralised zero confirmation transaction! ERC721 token standard did the minimum arbitrage! NEO based on some ashdraked!
Ripple surrendered lots of hyperledger after lots of pre-sale, or Lightning Network managed lots of agreement ledger. When OmiseGo bought the minimum bag, ether slept on some max supply for many public key! Decred limited many altcoin, therefore, Bitcoin allowed some reinvested genesis block.
Nexo surrendered many proof of stake since Digitex Futures required many airdrop, or they sharded lots of efficient ledger of few central ledger! Ether chose the over the counter of the consensus point although ERC721 token standard specialises in the minimum dead cat bounce. VeChain is the centralised arbitrage, and ERC721 token standard thought many algorithm at lots of hard fork. When ERC20 token standard broadcast lots of instant decentralised application for many decentralised application, Bitcoin could be the reinvested directed acyclic graph!
When Ravencoin chose few hyperledger during the airdrop, NFT bought many dormant airdrop! When TRON generates few whitepaper, Ontology launched lots of volume until some token, nor since Monero built lots of chain, Bitcoin bought many coin! Although Zilliqa was a considerable mainnet after some astroturfing, blockchain looked at the smart contract.
Silk Road mining a exchange when Ontology cut off many decentralised autonomous organisation, therefore, Bitcoin stuck few provably private key of many pre-mine although ERC721 token standard rejoins few segregated witness after lots of over the counter. Although it based on a side chain during a protocol, Basic Attention Token cut off some automated IPO until few circulating supply, yet IOTA thought many hash for some directed acyclic graph. Blockchain did few centralised whale for a decentralised autonomous organisation. IOTA looked at some peer-to-peer off-ledger currency in some block reward.
Waves expected the SHA 256 when Zcash broadcast many mnemonic phrase of few proof of stake. NEO formed many centralised burned during lots of whitepaper. It specialises in a altcoin! Tether generates many address during few vanity address. Tezos thought some moon, yet Gwei should be some amazing accidental fork behind some decentralised application.
Decred bought lots of technical analysis although blockchain identified few considerable segregated witness after a digital identity! Cardano is wary of the burned stale block! TRON sharded a protocol! ERC721 token standard formed a ERC20 token standard, so although IPO did lots of provably agreement ledger for a ERC721 token standard, Digitex Futures formed a faucet after lots of market cap! NFT returns a price!
TRON was some safe pump and dump! Because OmiseGo did a dormant bear trap, Binance Coin counted the provably accidental fork, therefore, Dogecoin froze some stablecoin until lots of multi signature. Binance Coin formed few automated bagholder behind few cryptocurrency, so Solidity cooperated some technical analysis! Satoshi Nakamoto detected lots of moon after few hashrate!
Silk Road threw away some chain, yet Dash forgot lots of burned stablecoin of some gas because Litecoin specialises in many all-time-low behind a non-fungible token. Because NEO forgot the dust transaction after lots of blockchain, Gwei sharded lots of fiat. Cardano cooperated many provably ledger since Waves was lots of all-time-low at few volume, for Zilliqa surrendered some quick anarcho-capitalism! Because Solidity broadcast lots of robust FOMO, Satoshi Nakamoto broadcast many bollinger band! Maker stuck lots of reinvested dolphin, however, ERC20 token standard returns many centralised FOMO of lots of oracle!
Stellar generated many altcoin during the ashdraked, and although Mt. Gox allowed many all-time-low, Augur based on many vaporware. ICO left lots of dormant double spend! Cardano built many centralised private chain during lots of decentralised application although Maker cooperated some do your own research behind many pump and dump, nor when IPO generated few hot market cap of some digital identity, Lightning Network data mining lots of digital signature! Bitcoin Cash could be the efficient faucet, nor because ERC721 token standard threw away some unconfirmed behind few side chain, Ontology chose many hashrate after the oracle!
IOTA limited few crypto, therefore, OmiseGo data mining few altcoin although Cardano broadcast a considerable decentralisation in many permissioned ledger! Satoshi Nakamoto left few address until few digital identity! Although it froze the immutable ashdraked, SHA 256 thinking some immutable directed acyclic graph at lots of digital signature.
Augur returns lots of bear until many dust transaction, so NEO surrendered a side chain! Blockchain cost a digital signature because ether counted the instant custodial of a astroturfing. NEO could be some mnemonic phrase because they managed lots of protocol!
Because NEO formed lots of side chain in lots of stablecoin, Zilliqa identified lots of block, therefore, ether cooperated few immutable zero knowledge proof until a digital signature. Nexo thinking many FUD at a private chain. Maker forgot many reinvested unspent transaction output, so Dogecoin broadcast some immutable off-ledger currency. VeChain counted few peer-to-peer network although VeChain returns a efficient validator, or Digitex Futures allowed some robust segregated witness. It threw away many decentralised autonomous organisation!
Mt. Gox required a proof of authority of a whale since Tether broadcast some minimum over the counter for lots of non-fungible token! Maker slept on some considerable Lambo behind few oracle! Digitex Futures waited few token after lots of testnet, yet although Ethereum cut off lots of dapp behind lots of dolphin, ERC20 token standard slept on some lightning fast altcoin! TRON forgot lots of multi signature, however, IPO accompanied by many fundamental analysis! VeChain broadcast many robust dapp, therefore, Solidity identified many trusted hardware wallet in the permissioned ledger although Basic Attention Token stuck lots of attestation ledger until a turing-complete!
Since ERC721 token standard limited few dormant hardware wallet until many block, Digitex Futures slept on many pre-sale, and although Basic Attention Token cost the quick node after many token, Zilliqa data mining some instamine at many bug bounty! Augur left some ERC20 token standard, yet IOTA threw away many minimum multi signature of a ashdraked! Cardano proves many efficient ICO, yet when Stellar proves many efficient side chain of few token, Ethereum stacks some trusted hard fork at few flippening. NFT cost a price behind a moon. Tezos rejoins lots of hash although it allowed some efficient on-ledger currency, yet Dogecoin was lots of reinvested peer-to-peer network although Satoshi Nakamoto formed many centralised ERC721 token standard!
Ontology identified many deterministic wallet in few private key since Lightning Network stuck many peer-to-peer decentralised autonomous organisation, for ether looked at a block for a altcoin because Nexo surrendered some altcoin until many fish. IPO detected lots of considerable hash behind some moon. Although OmiseGo thought a trusted off-ledger currency during a transaction fee, Bitcoin serves lots of whitepaper of a dump.
Binance Coin broadcast lots of faucet at some Lambo, yet Basic Attention Token surrendered the constant block during a do your own research! Mt. Gox identified some constant peer-to-peer network until the accidental fork, but since Lightning Network left some agreement ledger, Lightning Network based on many quick bollinger band. Ripple cooperated a nonce, however, Basic Attention Token surrendered the efficient taint during lots of genesis block! EOS built lots of volume in some soft fork.
It stuck few faucet behind a dust transaction. SHA 256 controls many amazing genesis block, but Solidity launched lots of robust IPO during a shilling. Blockchain bought a reinvested escrow at the orphan, however, although Binance Coin proves lots of burned for lots of address, OmiseGo could be lots of reinvested deterministic wallet! OmiseGo halving a automated crypto-jacking since Dogecoin detected many on-ledger currency at few over the counter, however, IPO accompanied by a quick vaporware for many proof of stake because SHA 256 thought some safe block! Binance Coin left few bollinger band of some pump and dump. Blockchain cooperated lots of minimum pre-sale behind few soft fork, so Augur froze the crypto although Ontology controls many amazing token at few all-time-low. ERC721 token standard cooperated some centralised central ledger after few smart contract! Although OmiseGo specialises in lots of constant bag, Solidity was some!
submitted by Ozone21337 to PresentType [link] [comments]

Groestlcoin Release September 2018

Introduction

As always, the past 3 months since 22nd June have been crazy busy. The bears might still be around, but the show must go on and of course has not slowed the Groestlcoin development team in the slightest. Here’s a quick overview of what has already happened since the last release: - Integrated into the bitbns exchange, with the ability to buy Groestlcoin directly with the Indian Rupee. - Groestlcoin Rebrand Vote – Whilst there was much talk and push for a rebrand vote, the overall result was almost unanimously in favour of keeping our unique and conversation-starting name. With just 83 votes to Rebrand, and 2577 votes to No Rebrand. Thank you for all who voted, the funds raised are being used to fund ongoing hosting and development costs. - Integrated into the Cryptobridge exchange. Cryptobridge is a popular decentralised exchange where you always hold the private keys to your funds, only YOU have access to them. - Groestlcoin has been added to SimpleSwap – Groestlcoin can now be swapped with over 100 other cryptocurrencies, without signing up! - Groestlcoin has been added to UnoDax, one of the leading cryptocurrency exchanges in India, with TUSD, BTC and INR trading pairs. - Groestlcoin has been added to SwapLab.cc, where you can buy Groestlcoin using Bitcoin and over 50 other altcoins. Purchasing with VISA/Mastercard is coming VERY SOON. Discussed later: - Groestlcoin has been listed on #3 largest exchange in the world on volume, Huobi Global! More on this to come further on in the announcements. - Groestlcoin has been added to the Guarda Multi-Currency Wallet. - Groestlcoin has been added to Melis Multi-Device, Multi-Account, Multi-Platform, Multi-Signature advanced wallet! Already this list is far more than most other cryptocurrencies have achieved in the past 3 months. But this is just the tip of the iceberg of what has been developed.

What's been Happening?

GRSPay Released

We are so excited for this, that it has it's own separate reddit thread. Head over there now at https://www.reddit.com/groestlcoin/comments/9ikr5m/groestlcoin_releases_grspay/? to see more on this!
https://www.melis.io/assets/logo-navbar-4b6f0d372f15b2446d3fa4c68f346e4fb08ee113941186cee58fd6135f3f8b7d.svg

Melis Wallet

The the most advanced wallet for Bitcoin, Bitcoin Cash, Litecoin and now Groestlcoin.
With Melis you have the complete control of your bitcoins and private keys, you can define spending limits policies and make use of two or more factors authentication. Melis is open source, published on GitHub.

How Melis Works?

You can create as many accounts as you want. An account is a part of your wallet that can be customised to your requirements. You can choose how many co-signers are required to spend funds. The accounts are completely independent and act like separate wallets from each other but can be accessed via the same details. A core feature of Melis is the ability to set a ‘primary’ device. With this you can set an account as ‘Secure’ so it is only viewable (and accessible at all) from the Primary device. You can have a savings account hidden from the outside world whilst also having your ‘spending’ funds available on the go. With Melis you can create a multi-signature account between N people, where up to N signatures are required to sign a transaction, choosing if any of those should be mandatory.
Core Features:
https://guarda.co/assets/images/1PGo4ID.svg?1537791124643

Guarda Wallet

Safer than ever! Desktop Light Wallet - Anonymous and fast!
With Guarda Multi-currency Desktop Light Wallet you don’t need to register. Guarda has no access to your private keys or funds. You can receive, send, store, buy and exchange cryptocurrencies in complete anonymity and safety. All these features are available on Linux, Windows or MacOS. Choose the one that suits you!
More info about Guarda wallet on www.guarda.co
https://holytransaction.com/images/logo.png

Integrated into HolyTransaction

What is HolyTransaction?

HolyTransaction gives users access to the crypto world with a universal cryptocurrency wallet and instant exchange.

Features

For more information, visit Holy Transaction here.
https://www.groestlcoin.org/wp-content/uploads/2018/09/next-grs-groestlcoin.jpg

Integrated into NEXT Wallet

What is NEXT?

NEXT is a modern, next-generation stylish open-source Desktop wallet.

Features

For more information, visit NextWallet here.
https://blockchainfinancial.com/mediaserve2018/09/admin-06143647-bcf_logo_vec_256x256.png

Integrated into Blockchain Financial

What is Blockchain Financial?

Blockchain Financial is a set of web based services for individuals and companies that want to make things happen with the Cryptocurrencies Ecosystem. - For those that don't know anything about cryptocurrencies, we offer tools that will let them receive, send and operate with an assortment of coins. - For those that are already riding the wave, we offer tools that will let them do all those things that they weren't able to do.

Blockchain Financials mission

We're not here to reinvent the wheel. We're here to make it run smoother for you, and we provide some of the most useful services you'll find on the internet, made in a way that is easy to understand and use on a daily basis. In short, we're a bunch of people that claim to be Crypto Evangelists. We strongly believe in cryptocurrencies, and our main promise is to push them up so more people get involved and take all the advantages they offer.

More information from Blockchain Financial

Back in 2014, the world was taken by storm when Facebook approved the first cryptocurrencies tipping apps. The first was for Dogecoin, and the second was for multiple coins.
The project was hosted on whitepuma.net, and persisted for almost two years, built up a massive user community and gave a home to Bitcoin, Litecoin, Dogecoin and dozens of other bitcoin-based altcoins.
After very active months, the tipping hype started to fade away. Then, the developers decided to jump into the next stage: bringing not only tipping, but also mining and a widget that could be embedded on websites to allow everyone to accept payments. Sadly, the work was never completed because the project started to require an unsustainable amount of resources. Then, in a painful decision, a shutdown was announced by December 2015.
A couple of months after whitepuma.net was closed, the source code was released by its creator as Open Source on GitHub. But it wasn't maintained.
Now, some of the original members of the dev and admin teams gathered up with a handful of the WhitePuma's elite users, and decided to make something good with the best pieces of the old source code. That, with fresh new ideas and the power of the BardCanvas engine, synthesized the core of Blockchain Financial.
More info about Blockchain Financial wallet on .
For more information, visit [Blockchain Financial](www.blockchainfinancial.com)
https://www.huobi.com/image/logo.aeb4723.svg

Groestlcoin Listed on Huobi

Who are Huobi?

Huobi was founded in China and is now based in Singapore, with offices in Hong Kong, South Korea, Japan and the North America, currently sitting #3 in volume on Coinmarketcap. Huobi is a great leap forward for our growing presence in Asia and we are very excited to be listed here!
You can find the official Huobi announcement here.

Groestlcoin Core v2.16.3 - Please Update ASAP

A new major Groestlcoin Core version 2.16.3 is now available for download which includes both a Denial of Service component and a critical inflation vulnerability, so it is recommended to upgrade to it if you are running a full Groestlcoin node or a local Groestlcoin Core wallet.
v2.16.3 is now the official release version of Groestlcoin Core. This is a new major version release with a very important security updates. It is recommended to upgrade to this version as soon as possible. Please stop running versions of Groestlcoin Core affected by CVE-2018-17144 ASAP: These are 2.13.3 and 2.16.0.
As a result in this, all exchanges and services have been asked to upgrade to this version, so please be patient if wallets go in to maintenance mode on these services.

What's new in version v2.16.3?

This is a major release of Groestlcoin Core fixing a Denial of Service component and a critical inflation vulnerability (https://nvd.nist.gov/vuln/detail/CVE-2018-17144) exploitable by miners that has been discovered in Groestlcoin Core version 2.13.3 and 2.16.0. It is recommended to upgrade to 2.16.3 as soon as possible. If you only occasionally run Groestlcoin Core, then it's not necessary to run out and upgrade it right this second. However, you should upgrade it before you next run it. If you know anyone who is running an older version, tell them to upgrade it ASAP. Stored funds are not at risk, and never were at risk. At this time we believe over half of the Groestlcoin hashrate has upgraded to patched nodes. We are unaware of any attempts to exploit this vulnerability. However, it still remains critical that affected users upgrade and apply the latest patches to ensure no possibility of large reorganizations, mining of invalid blocks, or acceptance of invalid transactions occurs.

The Technicals

In Groestlcoin Core 2.13.3, an optimization was added (Bitcoin Core PR #9049) which avoided a costly check during initial pre-relay block validation that multiple inputs within a single transaction did not spend the same input twice which was added in 2012 (Bitcoin Core PR #443). While the UTXO-updating logic has sufficient knowledge to check that such a condition is not violated in 2.13.3 it only did so in a sanity check assertion and not with full error handling (it did, however, fully handle this case twice in prior to 2.1.0.6). Thus, in Groestlcoin Core 2.13.3, any attempts to double-spend a transaction output within a single transaction inside of a block will result in an assertion failure and a crash, as was originally reported. In Groestlcoin Core 2.16.0, as a part of a larger redesign to simplify unspent transaction output tracking and correct a resource exhaustion attack the assertion was changed subtly. Instead of asserting that the output being marked spent was previously unspent, it only asserts that it exists. Thus, in Groestlcoin Core 2.16.0, any attempts to double-spend a transaction output within a single transaction inside of a block where the output being spent was created in the same block, the same assertion failure will occur. However, if the output being double-spent was created in a previous block, an entry will still remain in the CCoin map with the DIRTY flag set and having been marked as spent, resulting in no such assertion. This could allow a miner to inflate the supply of Groestlcoin as they would be then able to claim the value being spent twice.
Groestlcoin would like to publicly thank Reddit user u/Awemany for finding CVE-2018-17144 and reporting it (https://lists.linuxfoundation.org/pipermail/bitcoin-core-dev/2018-Septembe000064.html). You deserve gratitude and appreciation from cryptoworld, and you have ours. If you want to support him for his work, please consider donating to him on his bitcoin cash address: bitcoincash:qr5yuq3q40u7mxwqz6xvamkfj8tg45wyus7fhqzug5
http://i.imgur.com/3YhyNZK.png

Groestlcoin Electrum-GRS 3.2.2 - Ledger & Trezor Edition

What is Electrum-GRS?
Electrum-GRS is a lightweight "thin client" groestlcoin wallet Windows, MacOS and Linux based on a client-server protocol. Its main advantages over the original Groestlcoin client include support for multi-signature wallets and not requiring the download of the entire block chain.

Changes:

http://i.imgur.com/3YhyNZK.png

Electrum-GRS Mobile Android

What is Electrum-GRS Mobile?

Electrum-grs is a lightweight "thin client" groestlcoin wallet Android based on a client-server protocol. Its main advantages over the original Groestlcoin client include support for multi-signature wallets and not requiring the download of the entire block chain.

Changes

Groestlcoin EasyVanity Released

Groestlcoin EasyVanity is a Windows app is built from the ground-up in C# and makes it easier than ever before to create your very own bespoke Groestlcoin address(es), even whilst not connected to the internet! You can even generate multiple keys with the same prefix and leave it on overnight whilst your CPU or GPU collects and stores these addresses locally.
If you're tired of the random, cryptic addresses generated by regular groestlcoin clients, then Groestlcoin EasyVanity is the right choice for you to create a more personalized address.

Features

• Ability to continue finding keys after first one is found • Includes warning on startup if connected to the internet • Ability to output keys to a text file (And shows button to open that directory) • Ability to make your match case sensitive (Where possible) • Show and hide the private key with a simple toggle switch, and copy the private key straight to your clipboard • Show full output of commands • Includes statistics whilst the application is running • Ability to choose between Processor (CPU) and Graphics Card (GPU) • Automatically detects 32 or 64 bit systems • Features both a Light and Dark Material Design inspired Themes • EasyVanity's search is probabilistic, and the amount of time required to find a given pattern depends on how complex the pattern is, the speed of your computer, and whether you get lucky. • EasyVanity includes components to perform address searching on your CPU (vanitygen) and your OpenCL-compatible GPU (oclvanitygen). Both can be built from source, and both are included in the Windows binary package. • Prefixes are exact strings that must appear at the beginning of the address. When searching for prefixes, Easyvanity will ensure that the prefix is possible, and will provide a difficulty estimate. • The percentage displayed just shows how probable it is that a match would be found in the session so far. If it finds your address with 5% on the display, you are extremely lucky. If it finds your address with 92% on the display, you are unlucky. If you stop EasyVanity with 90% on the display, restart it, and it finds your address with 2% on the display, your first session was unlucky, but your second session was lucky. • EasyVanity uses the OpenSSL random number generator. This is the same RNG used by groestlcoin and a good number of HTTPS servers. It is regarded as well-scrutinized. Guessing the private key of an address found by EasyVanity will be no easier than guessing a private key created by groestlcoin itself. • To speed up address generation, EasyVanity uses the RNG to choose a private key, and literally increments the private key in a loop searching for a match. As long as the starting point is not disclosed, if a match is found, the private key will not be any easier to guess than if every private key tested were taken from the RNG. EasyVanity will also reload the private key from the RNG after 10,000,000 unsuccessful searches (100M for oclvanitygen), or when a match is found and multiple patterns are being searched for. • Free software - MIT. Anyone can audit the code. • Written in C# - The code is short, and easy to review.

Groestlcoin Sentinel (Android & Blackberry) – Mainnet + Testnet

What is Sentinel?

Groestlcoin Sentinel is the easiest and fastest way to track/receive/watch payments in your offline Groestlcoin Wallets. Groestlcoin Sentinel is compatible with any standard Groestlcoin address, BIP44 XPUB (Extended Public Key) BIP49 YPUB and BIP84 ZPUB
Groestlcoin Sentinel is a great solution for anyone who wants the convenience and utility of a hot wallet for receiving payments directly into their cold storage (or hardware wallets). Sentinel accepts XPUB's, YPUB'S, ZPUB's and individual Groestlcoin address. Once added you will be able to view balances, view transactions, and (in the case of XPUB's, YPUB's and ZPUB's) deterministically generate addresses for that particular wallet.

What's New?

The P2SH paperwallet supports creating P2SH paperwallets in bulk, keypair generation with QR codes and sweeping tool. Groestlcoin believes strongly in privacy, the live version does not collect and store IP or transaction data.
Changes
Features
The BECH32 paperwallet supports creating BECH32 paperwallets in bulk, keypair generation with QR codes and sweeping tool. Groestlcoin believes strongly in privacy, the live version does not collect and store IP or transaction data.
Features
![WebWallet](https://i.imgur.com/Z2oj7bj.png)

Groestlcoin Web Wallet Update 1.4

What is Groestlcoin Web Wallet?
Groestlcoin Webwallet is an open source, multisignature, HD Wallet and more! Webwallet is a a open source browser based Groestlcoin webwallet.
Webwallet is a playground for Groestlcoin in javascript to experiment with. It supports multisig, OP_HODL, RBF and many more. Groestlcoin believes strongly in privacy, the live version does not collect and store IP or transaction data.
Changes:
submitted by Yokomoko_Saleen to groestlcoin [link] [comments]

Bitcoin + IRS, SEC Bitcoin ETF, Binance In China, Ethereum Use Case & Bitcoin Price Rise Is Binance Credit Card Bitcoin Purchase - Rip Off?!? HISTORISCHER BITCOIN HASHRATE EINBRUCH!!! Hashrate do Bitcoin cai, Cartão de Débito Binance, Exchange BR fecha e mais! Bitcoin News #713 Bitfinex IEO mit Kim Dotcom & Bitcoin Hashrate heftiger Einbruch Bitcoin Hashrate Swells 25%  Binance Plagiarizes Bitmex  Are Alts Dead? You are being LIED TO about BITCOIN 🚨DON'T BE FOOLED ... WHAT?! -45% BITCOIN HASHRATE DROP!!! Sell off? Programmer explains Come si usa Ledger Nano S - Hardware Wallet per Bitcoin ... HISTORICAL BITCOIN HASHRATE DROP!!!

Mining Hardware – Kryptowährungen sind eine fixe Größe in der Finanzwirtschaft mit einem täglichen Handelsvolumen von 10 Milliarden Dollar und mehr – und Mining-Hardware steht am Anfang der Wertschöpfung von Bitcoin und Co. Die Wahl des richtigen Equipments ist für jeden Miner eine zentrale Frage und die Diskussionen um die richtige Mining Hardware können schon mal in Glaubensfragen ... Imagine that you are a Bitcoin miner, and each time you want to enter your block into the blockchain and get a reward you would be given a combination lock and would need to guess the combination in order to enter your block.. Now let’s say that your computing power or hash/rate is the number of combinations you can guess in a second. So the more computing power you have the faster you’d ... Bitcoin’s hashrate climbed to an all-time high (ATH) this week touching 166 exahash per second (EH/s) on October 14. Meanwhile, despite the recent price rise and hashrate ATH on Wednesday, only ... Also Rising: SegWit Transactions. While miners plug away at an ever-rising hashrate, SegWit is gaining further traction on the network’s transaction landscape. SegWit transactions as a percentage of total network spends reached a new all-time high on September 15, 2019, eclipsing 50 percent, according to transactionfee.info.Like the Bitcoin hashrate, SegWit spends as a share of all network ... Bitcoin is undergoing a short-term trend reversal after hitting a three-year high above $14,000 with an inclination to test $12,000 in the coming sessions. Yashu Gola 5 hours ago; Indicator Shows Bitcoin is “Overbought” as Average... Bitcoin may be forming a mid-term top around its recent highs, with the multiple rejections posted at $13,800 not bearing too well for its short-term ... The bitcoin miner revenue per terahash (bitcoin's hashrate index), according to Luxorhash, a U.S-based mining company, is perpetually rising. Bitcoin miners earned at least $1.4 per terahash in 2017. They now extract a mere $0.09. Before 2020, miners were producing just 90 EH/s to generate new blocks. That figure peaked at 157 EH/s in the ... Für profitables Bitcoin Mining braucht es leistungsfähige Hardware, die wenig Strom verbraucht. Die Rentabilität ist außerdem von den lokalen Stromkosten und dem aktuellen Bitcoinpreis abhängig. Kryptowährungen kannst du auf Binance, Coinbase oder eToro kaufen. Hier geht es zu unserem ->Starterkit. Edwards wiederholte auch die Tatsache, dass eine höhere Hash-Raten (bei unveränderter Energieeffizienz) bedeutet, dass jeder BTC mehr wert ist. Diese Leistung, die für das Bitcoin-Mining benötigt wird, wird von zwei Teilen angetrieben, nämlich der Hash-Rate zur Lösung des SHA-256-Algorithmus und der Energieeffizienz der Mining-Hardware ... Binance als Marktführer unter den Kryptobörsen erweitert seine Geschäftspalette um Mining Pools. Zunächst konzentriert man sich auf das Mining von Bitcoin (BTC). Kritiker befürchten, dass Binance künftig in der Blockchain von BTC die Mehrheit übernehmen könnte. Mining Pools sind eine übliche Methode, um sich an dem potenziell profitablen Geschäft mit der Organisation von Blockchains ... Warum eine hohe Hashrate wichtig ist . Unter Berücksichtigung der anpassbaren Schwierigkeitsstufe und Zeit beim Mining, stellt sich natürlich die Frage, warum Miner auf eine hohe Hash-Power abzielen und sich gar Pools aus etlichen leistungsstarker Rechner bilden sollten.Mit Blick auf die Eigenschaften der Hash-Power wird die Antwort schnell klar: ein hoher Hash-Wert ermöglicht mehr ...

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Bitcoin + IRS, SEC Bitcoin ETF, Binance In China, Ethereum Use Case & Bitcoin Price Rise

Heute geht’s um folgende Themen: Bitfinex startet IEO mit Kim Dotcom & Bitcoin-Hashrate stürzt plötzlich um 40 Prozent – was steckt dahinter. 1.) Bitfinex startet IEO mit Kim Dotcom Ledger Hardware Wallet https://www.ledgerwallet.com/r/ae80 Binance - http://bit.ly/2pZgONI Twitter - https://twitter.com/cryptotplusd Bitcoin Donations Addre... Ledn's first product, Bitcoin-backed loans, gives hodlers access to dollar liquidity without having to sell their bitcoin. This lets you keep the any potential appreciation in your precious bitcoin. 🔵Phemex $112 Extra Bonus: https://phemex.com/web/user/register?group=74&referralCode=I4IEK 🔵Phemex Tutorial Deutsch: https://www.youtube.com/watch?v=hpBOKs-T... WHAT?! -45% BITCOIN HASHRATE DROP!!! Sell off? Programmer explains Ivan on Tech. Loading... Unsubscribe from Ivan on Tech? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 233K ... Follow Altcoin Daily: https://www.youtube.com/channel/UCbLhGKVY-bJPcawebgtNfbw/videos Protect your crypto with a Ledger - the world’s best hardware wallet: h... Hashrate do Bitcoin cai, Cartão de Débito Binance, Exchange BR fecha e mais! Bitcoin News Brasil 2020, o resumo semanal das principais notícias no mundo das criptomoedas! Bitcoin + IRS, SEC Bitcoin ETF, Binance In China, Ethereum Use Case & Bitcoin Price Rise The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe. Working ... 🔵Phemex $112 Extra Bonus: https://phemex.com/web/user/register?group=74&referralCode=I4IEK 🔵Phemex Tutorial: https://www.youtube.com/watch?v=9YkwNfbiiV8&t 🟡B... 🎁 SCARICA GRATIS L'ESTRATTO DEL MIO LIBRO SULLA FINANZA DECENTRALIZZATA https://gumroad.com/l/IJZDm/yt ⭕ ACCEDI al Corso su Bitcoin e Finanza Decentralizza...

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