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Recap on CoinEx & Avalanche AMA Aug 5, 2020

Recap on CoinEx & Avalanche AMA Aug 5, 2020
Written by SatoshisAngels
Published by read.cash
On August 5th 2020, Satoshi’s Angels hosted an AMA for CoinEx on “How BCH and Avalanche Are Bringing Financial Freedom to 6 Billion People” on a Chinese platform Bihu. During the 100-minute event, Haipo Yang of ViaBTC and CoinEx, and Emin Gun Sirer of AVA Labs shared their in-depth views on such topics as different consensus mechanisms, community governance, IPFS, Defi. And Haipo explained why he wants to fork BCH. This is the full text.
You can check out the full AMA here (mostly in Chinese with some English translation).

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Cindy Wang (Satoshi’s Angels): There are news saying that you are to fork BCH. Is it a marketing makeover? Are you serious about it?
Haipo Yang: It’s definitely not a marketing makeover. But the details are not decided yet.
Over the past three years, the BCH community has gone through multiple discussions from reducing block time, changing mining algorithms, adding smart contracts, etc. But none of these disputes have been well settled.
BCH is a big failure in terms of governance. A lack of good governance has made it fall in disorder. It is too decentralized to make progress.
You may know that the first BCH block was mined by ViaBTC. And we gave a lot of support to it indeed. But we didn’t dominate the fork. The Chinese community in particular thought I had a lot of influence, but it was not true.
I think the whole community is very dissatisfied with Bitcoin ABC, but it is difficult to replace them or change the status quo. So I am thinking of creating a new branch of BCH. The idea is still in early stage. I welcome anyone interested to participate and discuss it with me.
Wang: Professor Emin, what’s your attitude to fork? Do you think it’s a good timing to fork BCH?
Emin Gun Sirer: I am a big fan of BCH. It adheres to the original vision of Satoshi Nakamoto. I like the technical roadmap of BCH. But just like what Haipo mentioned, BCH lacks a good governance mechanism. There are always something that can cause BCH community to divide itself.
But I think it’s not enough to just have a good governance mechanism. There are many good proposals in the community but failed to be adopted in the end. I think BCH needs social leadership to encourage discussion when there are new proposals.
Wang: We are all curious to know How Avalanche got its name?
I know that Avalanche doesn’t mean well in Chinese. But in English, it’s a very powerful word. Avalanche represents a series of algorithms piling together like a mountain. When decisions slowly form, the ball (nodes in the network) on top of the mountain starts going down the hill on one side, and it gets bigger and bigger, and like an avalanche and it becomes unstoppable, making the transaction final.
Wang: Prof. Emin, I know that you are a big blocker. Have you ever considered implementing Avalanche based on BCH? Why create another chain?
Sirer: Of course I considered that. Satoshi Nakamoto consensus is wonderful, but the proof-of-work mechanism and Nakamoto consensus base protocols have some shortcomings, such as network latency, and it is hard to scale. Avalanche, instead, is totally different, and is the new biggest breakthrough in the past 45 years. It is flexible, fast, and scalable. I’d love to implement BCH on top of avalanche in the future, to make BCH even better by making 0-conf transactions much more secure.
Wang: As an old miner, why did CoinEx Chain choose to “abandon” POW, and turn to POS mechanism?
Haipo: Both POW and POS consensus algorithms have their own advantages. POW is not just a consensus algorithm, but also a more transparent and open distribution method of digital currency. Anyone can participate in it through mining.
POW is fairer. For a POS-based network, participants must have coins. For example, you need to invest ICO projects to obtain coins. But developers can get a lot of coins almost for free. In addition, POW is more open. Anyone can participate without holding tokens. For example, as long as you have a computer and mining rigs, you can participate in mining. Openness and fairness are two great features of POW. POS is more advanced, safe and efficient.
POS is jointly maintained by the token holders, and there is no problem of 51% attacks. Those who hold tokens are more inclined to protect the network than to destroy the network for their own interests. To disrupt the network, you need to buy at least two-thirds of the token, which is very difficult to achieve. And when you actually hold so many coins, it’s barely possible for you to destroy the network.
POW has the problem of 51% attack. For example, ETC just suffered the 51% attack on August 3. And the cost to do that is very low. It can be reorganized with only tens of thousands of dollars. This is also a defect of POW.
In addition, in terms of TPS and block speed, POS can achieve second-level speed and higher TPS. Therefore, CoinEx Chain chose POS because it can bring a faster transaction experience. This is very important for decentralized exchanges. Both POW and POS have their own advantages. It’s a matter of personal choice. When choosing a consensus mechanism, the choice must be made according to the characteristics of the specific project.
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Wang: Ethereum is switching to ETH 2.0. If they succeed, do you think it will lead the next bull market?
Sirer: If Ethereum 2.0 can be realized, it must be a huge success.
But I doubt it can be launched anytime soon considering that it has been constantly delayed. And even if it comes out, I am not so sure if it will address the core scaling problem. And the main technology in Ethereum 2.0 is sharding. Sharding technology divides the Ethereum networks into small parallel groups, but I think what will happen is everyone wants to be in the same “shard” so the sharding advantages might not be realizable in Ethereum 2.0.
Avalanche supports Ethereum’s virtual machine, and Avalanche can realize 1 second level confirmation, while with sharding finalizing confirmation takes 5–6 seconds at best. Avalanche approach to make Ethereum scale is superior to Ethereum 2.0. There are many big players behind Ethereum 2.0, and I wish them success. But I believe that Avalanche will be the fastest and best Smart Contract platform in the crypto space, and it is compatible with Ethereum.
Wang: Why is Avalanche a real breakthrough?
Sirer: Avalanche is fundamentally different from previous consensus mechanisms. It’s very fast with TPS surpasses 6500, which is three times that of VISA. Six confirmations can be achieved in one second. Compared with the POW mechanism of Bitcoin and Bitcoin Cash, Avalanche’s participation threshold is very low. It allows multiple virtual machines to be built on the Avalanche protocol.
Avalanche is not created to compete with Bitcoin or fiat currencies such as the US dollar and RMB. It’s not made to compete with Ethereum, which is defined as the “world’s computer”. Avalanche is positioned to be an asset issuance platform to tokenize assets in the real world.
Wang: How do you rank the importance of community, development, governance, and technology to a public chain?
Sirer: These four are like the legs of a table. Every foot is very important. The table cannot stand without strong support.
A good community needs to be open to welcome developers and people. Good governance is especially important, to figure out what users need and respect their voices. Development needs to be decentralized. Avalanche has developers all over the world. And it has big companies building on top of Avalanche.
Yang: From a long-term perspective, I think governance is the most important thing, which is the same as running a company.
In the long run, technology is not important. Blockchain technology is developed based on an open source softwares that are free to the community. Community is also not the most important factor.
I think the most important thing is governance. Decentralization is more about technical. For example, Bitcoin, through a decentralized network method, ensures the openness and transparency of data assets, and the data on the chain cannot be tampered with, ensuring that the total amount of coins has a fixed upper limit.
But at the governance level, all coins are centralized at some degree. For example, BCH developers can decide to modify the protocol. In a sense, it is the same as managing a company.
Historically, the reasons for the success and failure of companies all stem from bad governance. For example, Apple succeeded based on Steve Jobs’s charisma, leadership and the pursuit of user experience. When Jobs was kicked out, Apple suffered great losses. After Jobs returned, he made Apple great again.
Issues behind Bitmain is also about governance. Simply put, governance requires leaders who have a longer-term vision and are more capable of coordinating and balancing the resources and interests of all parties to lead the community.
In the blockchain world, many people focus on technology. In fact, technology is not enough to make great products. User experience is most important. Users don’t care about the blockchain technology itself, but more concerned about whether it is easy to use and whether it can solve my problem.
We need to figure out how to deliver a product like Apple. The pursuit of user experience is also governance in nature. And governance itself lies in the soul of key leaders in the community.
Realize tokenization of assets in.
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Wang: Speaking of asset tokenization, I would like to ask Haipo, do you think the market for assets on the chain is big?
Yang: It must be very big. We need to see which assets can be tokenized.
Assets that can be tokenized are standardized assets, sush as currencies and securities.
  1. In terms of currency, Tether has issued over 10 billion U.S. dollars. Many people think that’s too much. But I think this market is underestimated. The market for stablecoins in the future must be hundreds of billions or even trillions, especially after the release of Facebook’s Libra. Even US dollar might be issued based on the blockchain in the future.
At present, the settlement of USD currency is through the SWIFT system. But the SWIFT system itself is only a clearing network, a messaging system, not a settlement network. It takes a long time for clearing and settlement, and it is not reliable. But both USDT and USDC can quickly realize cross-border transfers in seconds and realize asset delivery. Even sovereign currencies are likely to be issued on the blockchain. I believe RMB also has such a plan.
  1. Equity and securities markets are the largest market. But they have strict requirements for market access.
Whether a stock is listed on A-shares or in the American markets, it’s hard to obtain them. I believe that the blockchain can completely release the demand through decentralization. It can allow any tiny company or even a project to issue, circulate and finance a token.
There may be only tens of thousands of stocks currently traded globally. There are also tens of thousands of tokens in the crypto space. I believe that millions or more of assets will be traded and circulated in the future. This can only be realized through decentralized technology and organization.
The market for assets tokenization will be huge. And at present, the entire blockchain technology is still very primitive. Bitcoin and Ethereum only have a few or a dozen TPS, which is far from meeting market demand. This is why CoinEx is committed to building a decentralized Dex public chain.
Wang: Avalanche’s paper was first published on IPFS. What do you think of IPFS?
Sirer: I personally like IPFS very much. It is a decentralized storage solution.
Yang: There is no doubt that IPFS solves the problem of decentralized storage, and can be robust in the blockchain world, and can replace HPPT services. But there are still three problems:
  1. IPFS is not for ordinary users. Everybody needs BCH and BTC, but only developers need IPFS, which is a relatively niche market;
  2. IPFS is more expensive than traditional storage solutions, which further reduces its practicality. In order to achieve decentralization, more copies must be stored, and more hardware devices must be consumed. In the end, these costs will be on to users.
  3. There may be compliance issues. If you use IPFS to store sensitive information, such as info from WikiLeaks, it may end up threatening national security. I doubt that decentralized storage and decentralized public chains can survive under the joint pressure of global governments.
The IPFS project solves certain problems. But from the perspective of application prospects, I am pessimistic.
Wang: What do you think of Defi?
Yang: I want to talk about the concept first.
Broadly speaking, the entire blockchain industry is DeFi in nature. Blockchain is to realize the circulation of currency, equity, and asset value through decentralization.
So in a broad sense, blockchain itself is DeFi. In a narrow sense, DeFi is a financial agreement based on smart contracts. DeFi, through smart contracts, can build applications more flexibly. For example, before we could only use Bitcoin to transfer and pay. Now with smart contracts, flexible functions such as lending, exchange, mortgage , etc. are available. The entire blockchain industry is gradually evolving under the conditions of DeFi. DeFi will definitely get greater development in the future.
Sirer: I think Defi will definitely have a huge impact. DeFi is not only an innovation in the cryptocurrency field, but also an innovation in the financial field. Wall Street companies have stagnated for years with no innovation. Avalanche fits different DeFi needs, including performance and compliance. In the future, not only will Wall Street simply adopt DeFi, but DeFi will grow into a huge market that will eventually replace the traditional financial system.
Questions from the community:
1. How does Avalanche integrate with DeFi?
Sirer: At present, all DeFi applications on Avalanche have surpassed Ethereum. What can be achieved on Ethereum can be achieved on Avalanche with better user experience. We are currently connecting with popular DeFi projects such as Compound and MakerDao to add part of or all of their functions.
At present, Avalanche is working on decentralized exchange (DEX). The current DEXs are limited by speed and performance but when they are built on top of Avalanche it will be real-time and very fast.
2. How many developers does BCH have?
Yang: I think it does not matter how many developers there are. What matters is what should be developed. I watched Jobs’ video the other day, and it inspired me a lot. We are not piecing together technology to see what technology can do. It’s we figure out what we want first and then we use the technology we need.
The entire blockchain community worship developers. Such as they call Vitalik “V God”. It’s not necessary to treat developers as wizards. Developers are programmers, and I myself is also a programmer.
ViaBTC has a development team of over 100 people, including core members from Copernicus (a dev team formerly belonged to Bitmain). Technically we are very confident to build faster, stabler, and better user experience products.
submitted by CoinExcom to btc [link] [comments]

Epic Cash Vitex Exchange AMA

What is EPIC CASH?
Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The Epic currency aims to become the world’s most effective privacy-protecting form of digital money. In order to fulfill that goal, it satisfies the three principal functions of money:
1. Store of Value — can be saved, retrieved, and exchanged at a later time, and of predictable value when retrieved;
2. Medium of Exchange — anything accepted as representing a standard of value and exchangeable for goods or services;
3. Unit of Account — the unit by which the value of a thing is accounted for and compared.
Website: http://epic.tech Whitepapers: http://epic.tech/whitepaper Epic Cash Community: https://t.me/EpicCash Miner Chat: https://t.me/EpicMiners Gitlab: gitlab.com/epiccash Twitter: twitter.com/EpicCashTech Social Media: http://epic.tech/social-media Exchanges: https://epic.tech/service-list
Oleg✌🏻
Hello community! Our AMA with EPIC begins🚀 We are very happy to have you here, on our joint AMA👌 So, lets start! The very first question for you. Can you introduce yourself?
Max Freeman | Epic Cash | Mimblewimble I’m Max Freeman, which stands for “Maximum Freedom for Mankind” — we believe that the existing fiat money system enslaves people by unfairly confiscating their wealth through inflation. By using an honest money system such as Epic, we can improve the quality of life for billions of people worldwide.
Yoga Dude Hello, I am Yoga Dude 🙂 I handle Marketing and PR, in crypto since 2011 started as Bitcoin miner, and in 2014 in Monero, and in 2015 in Ethereum, oh and briefly in DOGE for fun and unexpected profit. Heard about Epic Cash while learning about the Mimblewimble algo and joined the team last year.
JLong I am John, Doing the general engineering and managerial work
Max Freeman | Epic Cash | Mimblewimble I have been involved in early stage cryptos for the past 3 years, after building a global trading business for the past 20 years.
Oleg✌🏻 nice to meet you🙂
Max Freeman | Epic Cash | Mimblewimble Epic is a decentralized community project like Bitcoin or Monero, there is no central authority or corporation involved. We had no ICO and no premine, we had a fair launch at 0 supply last September.
Yoga Dude Great to meet everyone :)
Oleg✌🏻 Here we go the 1st question for you ~ 1. What is Epic Cash about?
Yoga Dude Epic Cash is designed to fulfill Satoshi’s original vision of P2P electronic cash, adjusting for what we learned from Bitcoin, a medium of exchange that is fast, free, open to all, while being private and fungible. We launched in September 2019 as a Proof of Work mineable crypto, without an ICO or a premine.
Oleg✌🏻 Look like a real Bitcoin🙂
Yoga Dude with privacy and fungibility 😄
Oleg✌🏻 Sounds cool! move on to the next question… 2. What makes Epic Cash better than Monero or other privacy coins?
Max Freeman | Epic Cash | Mimblewimble First off, we have a lot of respect for Monero and other privacy coins, we learned a lot from what they did right and what they did wrong, Our blockchain is much lighter than Monero or Bitcoin, our transaction engine is faster than Monero or ZCash. We use a three mining algo approach to allow more users the ability to obtain Epic Cash. We are a new, highly undervalued, coin and we look great not only for future use but for today's investment. Our blockchain is 90+% smaller than Monero or Bitcoin. Coins such as Zcash have optional privacy. Epic makes all transactions private, and it is impossible to trace movements of coins by watching wallet addresses.
Oleg✌🏻 Young and hot😋 security and privacy level is very important now but… 3. Why copy the same supply economics as Bitcoin?
Yoga Dude It is hard to compete with the success of Bitcoin today, part of the elegance and the appeal of Bitcoin is the responsible emission rate, terminating at 21million highly sub dividable coins. Like the Bitcoin supply curve, Epic Cash encourages early adopters, and with subsequent halvenings maintains a gradually diminishing flow of additional currency while preserving the overall value.
Max Freeman | Epic Cash | Mimblewimble In 2028, the supply of Epic matches that of Bitcoin and they stay in sync until the final coin is mined in 2140. We have 4 halvenings between now and then, which is demonstrated in Bitcoin to drive the value over market cycles. Epic is a chance for people who were late to Bitcoin to ride the wave and not miss their opportunity this time.
Oleg✌🏻 Interesting! 4. Why Choose Epic Cash over Grin and Beam?
Max Freeman | Epic Cash | Mimblewimble First of all, we have tremendous respect for all Mimblewimble currencies and their talented teams, they all taught us a lot and we are thankful for that. Without sounding too contentious, the choice seems obvious. We offer the same core tech, but with a much more responsible emission curve — Grin is an endless fountain of emission and inflation (60 per second forever), and Beam is even more frontloaded outpacing even Grin’s aggressive emission schedule for the next several years… We respect Grin and Beam, we learned from them, and we believe we are the next evolutionary step. Additionally, as we mentioned earlier, we offer more ways to mine Epic Cash, both with GPU and CPU and ASICs, this gives us more potential users and miners, vs Grin and Beam that are only mineable with GPUs.
Yoga Dude Yes, all that ☝️😄
Oleg✌🏻 I hope the miners read it all carefully 👌 Next question 5. Why have a development fund tax and what will it be used for?
Yoga Dude Dev fund tax today is at a reasonable 7.77% dropping by 1.11% every year until it hits zero. As Epic Cash grows in value these funds will become increasingly more relevant in additional technical, marketing, and fintech partnerships developments.
Oleg✌🏻 Very smart! 6. What is the advantage of 3 mining algorithms?
Max Freeman | Epic Cash | Mimblewimble By having multiple mining algorithms we are able to attract CPU, GPU, and ASIC miners simultaneously. Currently all other Mimblewimble currencies are mineable with GPU only ignoring a large segment of CPU miners. Monero made a splash migrating to the RandomX CPU mining algo. Epic Cash from the beginning embraces all mining communities. Many miners are successfully using older hardware such as Xeon processors to help secure the network. We use RandomX for CPU, ProgPow for GPU, and Cuckoo for ASIC.
Longer term, our flexible architecture means we can have many algorithms, not just 3. Our roadmap includes an allocation for SHA3 Keccak, which will help further decentralize the network and keep it unstoppable.
Yoga Dude We love miners 🙂 and Epic Cash can be mined with laptops and gaming rigs 🙂
Oleg✌🏻 A wide selection of mining methods is a great way to create a stable, decentralized and large network👌 Let’s talk about persons… 7. Who are the people developing Epic Cash?
Yoga Dude We are blessed with a very talented team of skilled developers with diverse backgrounds, many of them are volunteers who believe in what Epic Cash stands for and contribute with product and usability innovation. Our teams main focus is to make Epic Cash the best, most secure, most user friendly and usable product on the market, without making it unnecessarily techie, with as much mainstream user appeal as possible. This is a serious challenge but we are up for it 😄
Max Freeman | Epic Cash | Mimblewimble It is also important to note that we are a truly open ecosystem that anyone can participate in. Our community has developed wallets, mining pools, educational content, and much else besides. We are not limited by the funding generated during an ICO or VC investment, our users are an essential element of our team.
Oleg✌🏻 Sounds very attractive. 8. What do you think is currently lack in today’s crypto?
Max Freeman | Epic Cash | Mimblewimble We believe there is not enough privacy, anonymity and fungibility, although there is a growing awareness in the community as to why these are necessary. People are waking up to the fact that privacy is a right for everyone but today it is being exploited and violated by corporations, governments and unscrupulous individuals. Privacy does not mean that you have something to hide. We have doors on our houses, curtains on our windows, we wear clothes, and we have security on our bank accounts and businesses, not because we are criminals.
Fungibility (the property of not being able to distinguish one unit of currency from another) also has become a hot issue as people have started to get in trouble because of someone else’s misdeeds. Tainted money (coins that are blacklisted or restricted) is a problem for Bitcoin and Ethereum, the top two cryptos today. Mimblewimble eliminates the risk of tainted coins making them indistinguishable from each other. With traceable coins, you always have to worry if the coins you are getting were involved in a hack, or perhaps the darknet.
Oleg✌🏻 It’s good to see strong and safe coin in our time Let’s talk about your future… 9. What does the Epic Cash roadmap look like going forward?
Yoga Dude First and foremost, we are focused on security and usability.
We are working on a new, improved GUI wallet to incorporate the community feedback on ways to improve it.
We are in the process of completing final testing phases for the next iteration of Epic Cash which will make it more secure and stable. Once that is done, we will be rolling out Android and iOS support to make Epic Cash usable on leading smartphones and smartwatches. Beyond that without going into too much detail we are focused on continuous evolution of privacy, ease of mining, and overall speed and usability.
And of course we are constantly looking to add more exchanges both with and without KYC.
Oleg✌🏻 Are you working on Android and IOS wallet ? What will your application be?
Max Freeman | Epic Cash | Mimblewimble Yes, we will release a mobile wallet this year. It will bring us one step closer to people being able to actually use cryptocurrency as money in daily life.
Yoga Dude The idea is to be able to access Epic Cash from any platform and device
Max Freeman | Epic Cash | Mimblewimble Epic is very lightweight, which means that low-end devices such as smartwatches can participate.
Oleg✌🏻 Ok, got it. Thanks for clarification! 10. What else can you tell us about Epic Cash?
Max Freeman | Epic Cash | Mimblewimble Well one thing I really want to mention is our great Epic Cash community. We’ve been building a decentralized community organically, without the talk of price pumps, pressure to HODL and other BS crypto-gimmicks. Our community is truly global and consists of developers, volunteers, miners, and other Epic enthusiasts spreading the word about Epic Cash, helping us reach millions of people around the world to improve their quality of life through social media and directly. Everyone is an evangelist, everyone is an influencer, everyone has the power to make the world a better place to live in. As we continue to grow — the future looks Epic 😊
Yoga Dude Definitely the community! We got a talented crowd of very cool and motivated people from all over the world!
Oleg✌🏻 Thank you guys, for such informative answers 🙂 Now we proceed to Section 3, where a Community can ask their questions to the EPIC team Now I’ll open chat for the quite some time … Oleg✌🏻 Thank you all, dear community! EPIC team, please choose the 10 best questions you want to answer.
AngeI Everyone likes Privacy & Epic Cash provides their Best Privacy to users But, Which Technologies are being used by Epic Cash to make Blockchain very Private and Completely untrackable ?
Max Freeman | Epic Cash | Mimblewimble From the wallet to the node, Epic uses Dandelion++ to bounce transactions around the world before they go into the mempool for mining. Within the blockchain itself, Cut-Through merges all transactions in a block together, with CoinJoin automatically mixing all coins.
Beyond that, there are no addresses, so it’s impossible to watch someone’s wallet.
Arnold Even litecoin is implementing mimblewimble, Don’t you think it’s a significant threat for Epic if they implement it, then why would anyone use a less popular and a new cryptocurrency.
Max Freeman | Epic Cash | Mimblewimble LTC is implementing mw as an “extension block”, meaning that it is optional and not all transactions will use it. This is very different than the core protocol leveraging mw to make all transactions private and all coins fungible.
Aluta Why Epic cash so much focus on fungibility? Does fungibility matters that much?
Max Freeman | Epic Cash | Mimblewimble Fungibility is going to be one of the key issues within the cryptocurrency space in the coming years. Today, if you accept traceable coins from a seller, you are liable if they have ever been used in any illegal activity. This has led to a two tier market where freshly minted coins sell for more than circulated coins. When coins are fungible, like Epic, you don’t have to worry that you will run into a problem when an exchange or merchant blocks your transaction.
Joxes It is a pleasure.
When I first researched EpicCash, google showed me a youtube video that talked about how to mine with EpicCash. It made me ask: is this mining activity profitable so far?
We are in the early stages of development I guess, what adoption strategies are you taking to have sustained growth? is it feasible to reach N ° 500 rank in coinmarketcap in the medium term?
Yoga Dude When I got into crypto, it was by mining Bitcoin back in 2011 when you could still solve blocks on a single computer, but Bitcoin at the time was anything but profitable 😄 Today Epic Cash is still new, still young, and still undervalued. I believe it is mining-worthy because of its potential, not because of today’s price. By allowing Epic Cash to be mined with GPU and CPU on gaming rigs, servers, and even laptops we offer maximum public participation in our project. More people involved in the project, the more evangelists there are. We empower people to mine Epic Cash and to promote it.
S.P.A.D.E What new features of Epic Cash provide that Grin or Beam does not offer. Why do we need Epic Cash?
Max Freeman | Epic Cash | Mimblewimble They are great coins, but there are some ways in which Epic improves. Epic has better tokenomics than Grin and a more sustainable model than Beam, that has a company behind it that needs to repay investors via its high dev tax. this article explains in more detail https://medium.com/@frodofreeman/overview-of-mimblewimble-cryptocurrencies-7c70be146f50
Sahil What’s the Minimum Hardware / setup Required for Mining of EPIC Cash coins? Is Mining Profitable and Can we Mine EPIC Cash coins at Home?
Max Freeman | Epic Cash | Mimblewimble It is possible to mine on an ordinary laptop or desktop from the last 5 years, sometimes older. Epic is open to everyone, and our friendly community is standing by to help you get started at t.me/epicminers
Erven James Sato “TOKEN BURN” is BENEFECIAL for any projects, in able to CONTROL THE NUMBER OF TOKEN CIRCULATION and TO PROVIDE GREATER INCENTIVES TO INVESTORS.
Does your GREAT PROJECT have plan about TOKEN BURN?
Xenolink For deflating projects It is beneficial to drive the demand / scarcity / and price up in a faster pace. Epic Cash is here for the organic long run not the short run. However when it comes to long term economics elastic supplies whether inflating or deflating will not be a solid long term economic model. This has been heavily discussed already with Bitcoins inelastic Fixed 21 million supply in the past. Having a fixed model demonstrates good long term economics without worrying about balancing a deflating/inflating model. Bitcoin is a perfect example of a 21 million inelastic fixed supply model that has been proving itself till today. Which is why we are also using the same fixed 21 million supply model. Epic Cash plans to have a solid organic long term future to bring free private fungible money and make this world a better place.
Red Z🔥🤙 No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy is our present with you and it affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more?
Yoga Dude One thing we have seen as the result of the COVID-19 is more governments are talking about moving to digital cash — digital dollar in USA, digital Lira in Turkey, etc… If in the past the idea of digital money was not graspable by some people, today its the governments that are educating the people for us about the value of digital currency… What is ironic, the governments, by printing money to solve the economic consequences of COVID-19 also educating the consumer about the true “value” of fiat… What we offer is a touch free, borderless, private, anonymous, fungible currency that can not be printed beyond the initial defined algo. We are more responsible than the printing presses of the governments 🤔
kunlefighter How does the Dandelion++ Protocol, Confidential Transactions (CT) and CoinJoin assist in protecting the privacy of individuals and their transactions on Epic Cash Blockchain?
Max Freeman | Epic Cash | Mimblewimble Dandelion++ bounces transactions around before committing them to the blockchain, making it impossible to determine where they originated from. Confidential Transactions means that all tx are private, you can’t tell anything about where the coins have been or who they belonged to. CoinJoin in essence melts down and re-mints each coin every time it is used, making it impossible to track their ownership or usage history. Epic provides comprehensive privacy to everyone, without the compromises that other pre-mimblewimble coins have.
Dr Mönica Hello sir @maxfreeman4 @Johnsstec @Yogadude
Thanks for the ama I notice that Epic Cash has 2 type of new algorithm, progPoW version 0.15.0 and randomX version 1.0.3 NOW , CAN you tell me why you choose these 2 algorithm???
Yoga Dude We went with RandomX because it is a solid and very popular CPU centric algo used by several coins — most recently Monero. Most miners today heavily favor ASICs or GPUs, leaving a lot of solid high end users in the dust unable to mine emerging cryptos. As far as ProgPow, again its an established algo for GPU miners, and thanks to many cryptos starting with Bitcoin/Monero/Ethe etc there is no shortage of GPU rigs out there :) plus again the casual user with a video gaming caliber card can get in on the action.
Oleg✌🏻 Perfect! It was a great AMA, but it is coming to an end, thanks to everyone who was with us. Thanks EPIC team for taking the time👏. I hope our projects will be able to collaborate even more closely in the future and achieve new successes. Cheers!🎉
submitted by EpicCashFrodo to epiccash [link] [comments]

ECOCRYPTO

ECOCRYPTO
ECOCRYPTO
FOR GREEN CRYPTOCURRENCY MINING
FUTURE OF CRYPTOCURRENCY
DEPENDS ON ECOLOGICAL MINING
"CRYPTOCURRENCY DEPENDS ON ECOLOGICAL MINING"
Donate BTC to support awareness enquiry:
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Sourcece: https://cryptobriefing.com/green-crypto-mining-38bn-future/
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ANALYSIS

Green Crypto Mining Will Define The Industry’s $38bn Future

Energy usage will drop by design thanks to these critical industry developments.

📷By Nick Hall On Aug 10, 2018
1,779
1
In March this year, the sky officially fell in for Bitcoin miners. With the slump in prices and the extraordinary energy consumption it takes to mine the coins, Fortune revealed that mining a Bitcoin cost as much as buying one. Green crypto mining wasn’t even on the radar for most people until earlier this year.
That was back in March and they were the good times. Morgan Stanley revealed in April that Bitcoin miners would lose money if Bitcoin slipped below $8,600, even with low electricity figures factored in.
A recent study by Coinshare showed that the numbers attributed to the Bitcoin mining industry have been grossly exaggerated and the energy consumption is approximately 50% of the claimed 70TWh. But the numbers are still too high in terms of the financial outlay and the environmental impact of mining cryptocurrency.
Mining doesn’t begin and end with Bitcoin – and although the consensus is (mostly) set in stone, the way we create the energy needed to extract the next part of the puzzle isn’t. Which is why green crypto mining is the ONLY solution to the diminishing returns issue: more cost, for less reward, will eventually lead to an abandonment of the mine, just as it did for gold miners in California in 1848-49.
We’re not looking for one single solution either. We need four separate ones:
  1. A lighter consensus algorithm
  2. Cloud-based cryptocurrency mining.
  3. Renewable, cheaper energy sources to support physical ‘mines’.
  4. Brutal consolidation in the mining industry.

What is cryptocurrency mining?

The Proof-of-Work (PoW) protocol was popularized by shadowy Bitcoin founder Satoshi Nakamoto, building on earlier work by a variety of computer scientists including Hal Finney, and it’s a two-stage process to validate transactions and keep a flow of Bitcoins entering the market. Blocks of data are parsed off and, with Bitcoin, they contain about 1MB. Each block is then locked and coded.
Miners then compete to solve the puzzle and provide the 64-digit hexadecimal key code that it then has to match with a corresponding ‘nonce’, numbers used only once, to claim the reward for unlocking the block and mine Bitcoins. There’s a small fee for validating the transactions, but the Bitcoin miners are really like the old gold miners and they’re after the big paydays.

Why is Bitcoin mining expensive?

In the old days, Bitcoin mining was easy. Back in 2009, a standard desktop computer could mine up to 200 Bitcoin a day. But speed is everything and Bitcoin mining turned into an arms race as Bitcoin soared and the well-funded miners went to war.
Companies like Bitmain, Bitfury and Vogogo spotted a gap in the market and brought professionalism to the Bitcoin mining industry. The Wild West days fell by the wayside and suddenly a standard computer chip would take 98 years to mine one coin, as the super fast rigs of the new breed simply stomped the casual miner into the dust.
The cryptocurrency mining industry even caused the great computer graphics card drought of 2017-2018 as demand for GPUs literally outstripped supply. Used cards were even selling above sticker price and the shelves in-store were stripped bare, but the big guns were already spending tens of millions of dollars to put these home brew operations out of business.
These aren’t computers anymore, they are mission control centers and the power it takes to keep them running is a serious issue for the company’s bottom line and the environmental lobby.
So the industry is looking for a number of different green crypto mining solutions, that will gel together in some haphazard way to form the future of the cryptocurrency market.
The main obstacles are:

1. A greener algorithm

It may be hard to visualize the blockchain itself, but we don’t need to. Technology almost always gets lighter, smaller and slimmer. The same needs to happen to block production.
Blockchain is middleware and it needs to be slimmed down, without sacrificing security or functionality. That’s an ongoing evolutionary process, as it was with smartphones, and the blockchain we’re using in 20 years will likely have little in common with today’s code.
Proof-of-Stake consensus algorithms have been pitched as one way of reducing crypto’s carbon footprint. Instead of competing for block rewards, producers would take turns, weighted by the size of their stake in the network.
Staking is unlikely to catch on in the Bitcoin community, but it has many supporters with Ethereum as well as other cryptocurrencies.. That would make the whole validation process more efficient and cheap.

2. Cloud-based cryptocurrency mining

There are mining firms that are still investing millions of dollars in physical equipment and taking on all the sunk costs, when the Cloud is simply taking over the world of advanced computing.
Cloud-based cryptocurrency mining companies are already selling packages to the general public and the Cloud offers increased security, speed and essentially a small slice of the world’s computing power, rather than the machines you buy, install and power up. It also potentially offers AI integration that could leave the traditional cryptocurrency miners hopelessly panning for gold in a dead river.
The Cloud has made self-driving cars and robots a reality. It can certainly ramp up the speed of calculations and leave even a multi-million dollar mining rig trailing in its wake.
The switch to Cloud-based mining is good news for the environment, too, as the power demands would move to localities with the cheapest energy. Without these wild spikes in energy consumption and without these concentrated mines, the main complaints about the industry will simply cease to be an issue.

3. Renewable, cheap energy for grand-scale mines

Cloud-based cryptocurrency mining looks like the obvious solution, but it’s the final cost that determines the methodology when it comes to crypto mining and there is more than one way to do this.
Technically, the likes of Elon Musk could turn the arid sub-Saharan scrubland into the biggest and most prosperous cryptocurrency mine in the world with a vast array of solar panels and Tesla PowerPack batteries to keep it running through the night.
Cheap land and free energy means that hardware would be the only major cost to consider in this instance. Alternatively, a State-sponsored mining firm in a smaller nation could easily co-opt hydroelectric or solar providers to work with them to reduce energy costs. Even the ones that use grid power can select the world’s cheapest nations and bulk buy energy in blocks.
Potentially, then, we could still have the grand-scale mines that bring economy of scale and environmentally-friendly energy production to the world of cryptocurrency mining.

4. Brutal consolidation

It does not matter how the industry develops, or if Cloud computing or giant mines are the future, the days of the home cryptocurrency miner are numbered.
Just like the mom and pop mines of the goldrush days gave way to corporate giants with drilling and excavation machinery that made the old pick and shovel look slightly ridiculous, the same will happen in cryptocurrency mining.
Competition will continue to grow, the margins will likely drop even further and the flagrant energy use of today’s cryptocurrency miners simply won’t be an option. Miners that don’t streamline their operations and adopt some form of green crypto mining process will simply run at a loss until they go out of business.
Bil Tai is the Chairman of Hul 8, the North American arm of Bitfury Group and one of the biggest suppliers of cryptocurrency mining equipment of the world. Even he expects just 5-10 giant mining companies to survive the impending cull.
“It’s totally different this year,” he told Bloomberg. “The bitcoin mining industry was this mysterious, dark, cottage industry. It’s about to grow up and scale institutionally.”
There’s a dark side to these tech giants emerging, as they will technically have the power to exert an influence on a coin’s value, not just its creation. That is a problem the industry will have to examine at some point. This simple danger, though, is not enough to turn back the tide of progress.
So, we can expect to see a handful of mining companies dominate the industry as they make the best use of the available technology.

Conclusion: Green Crypto Mining Isn’t An Option: It’s The Only Option

One way or another, the environmental issues that dog the cryptocurrency mining industry are set to disappear.
It will be the free market that drives down that energy usage, rather than regulations and sanctions. The days of the home crypto miner are simply coming to an end, though, as the industry matures and large companies descend and fight for dominance in what could become a $38 billion a year industry by 2025.
That comes with its own set of tradeoffs, especially for philosophical hardliners. Like it or not, a leaner, greener cryptocurrency mining process is just around the corner, and big business is going to create it.
ECOCRYPTO
FOR GREEN CRYPTOCURRENCY MINING
FUTURE OF CRYPTOCURRENCY
DEPENDS ON ECOLOGICAL MINING
"CRYPTOCURRENCY DEPENDS ON ECOLOGICAL MINING"
Donate BTC to support awareness enquiry:
1EaSG3WmY5fRXedhy9tbbJK3tGftKp4sAZ
submitted by yakutami01 to btcgreen [link] [comments]

Why NYA is an attack on Bitcoin and why it will fail (long)

I wrote a rather lengthy response to a reddit post that I think is worth sharing, especially for newcomers to dispell some false narratives about S2X and Barry Silberts' New-York Agreement aka hostile takeover attempt of Bitcoin that is doomed to fail.
big block hard-liners wanted block size only, no SegWit.
Which doesn't make any logical sense. A lot of fud was actively being spread about how segwit was unsafe (such as the ANYONECANSPEND fud) but segwit is ofcourse working as intended thanks to the world class engineering of the Bitcoin Core developers. This led to the suspicion that BitMain was behind the opposition of segwit. BitMain miners use "covert AsicBoost" which is a technique that allows their rigs to use less electricity than competing mining equipment. However, segwit introduced changes to Bitcoin that made using covert AsicBoost impossible, which would explain their fierce opposition to segwit. We're talking big money here - the AsicBoost advantage is worth US$ 100 million according to estimates of experts.
After segwit was finalized, the Bitcoin software was programmed to activate segwit but not before 95% of the hashpower signalled to be ready. After all, miners are tasked with creating valid blocks and should be given the opportunity to update their software for protocol changes such as segwit. As a courtesy to the miners, the Bitcoin software basically said: "ok, segwit is here, but I'll politely hold off its activation until 95% of you say that you're ready to deal with this protocol change".
Sadly, mining is heavily centralized, and segwit was never getting activated due to the opposition of a few or perhaps even a single person: Jihan Wu of BitMain. As an aside, the centralization of hash power is also a direct result of AsicBoost. How this works: since AsicBoosted rigs are able to mine more efficiently than their competitors, these rigs drive up the difficulty and with that the average amount of hashes required to find a block. This in turn causes less efficient rigs to mine at a loss because they need to expend more energy to find a block. As a result, BitMain competitors got pushed out and BitMain became the dominant self-mining ASIC manufacturer.
After segwit was finalized, it required 95% of the hashpower to activate but it never gained more than around 30%. So 70% of hash power abused the courtesy of the Bitcoin software to wait until they were ready for activation and refused to give the go ahead. This went on for months and worst case it would have taken until August 2018 before segwit would activate.
let's do a compromise- we do SegWit AND we hard fork
In March 2017 a pseudonymous user called Shaolin Fry created BIP148 which is a softfork that invalidates any block that wouldn't signal segwit readiness starting August 1st 2017. This also became known as the UASF (User-Activated Soft Fork, as opposed to the original miner-activated soft fork that didn't work as intended). This patch saw significant adoption and miners would soon be forced to signal segwit or else see their blocks being invalidated by the network, which would cause them significant financial losses.
In May 2017 so after BIP148, the backroom New-York Agreement (NYA) was created by the Digital Currency Group of Barry Silbert together with businesses in the Bitcoin space such as BitPay and almost all miners. The NYA was the beginning of an outright misinformation campaign.
The NYA was trumpeted to be a "compromise". Miners would finally agree to activate segwit. In return, Bitcoin would hardfork and double its capacity on top of the doubling already achieved by segwit. In reality, BIP148 was already going to force miners to signal the activation of segwit. Also, developers and most users were notably absent in this NYA. So, given that segwit was already unstoppable because of BIP148, the parties around the table had to "compromise" to do something that they all wanted: hardfork Bitcoin to increase its capacity.
Or, is it all in fact really about increasing capacity? After all, segwit already achieved this. Bcash was created which doubled block size as well but without segwit. And then there is good old Litecoin having four times the transaction capacity of Bitcoin and segwit. Plenty of working alternatives that obsolete the need for yet another altcoin. So, perhaps transaction capacity is used as an excuse to reach a different goal. Let's explore.
Apparently after not-so-careful study of the Bitcoin whitepaper, the NYA participants came up with an absurd redefinition of what is "Bitcoin". According to this bizarre definition, they started to claim that Bitcoin is being defined as:
  1. Any blockchain that has the most cumulative hashpower behind it (measured from the Genesis block at the inception of Bitcoin):
  2. Using the SHA256 hashing algorithm;
  3. Having the current difficulty adjustment algorithm (resetting difficulty every 2016 blocks).
Ad 1. Note that it starts with "any blockchain". This also includes blockchains that contain invalid blocks, in other words, blocks that Bitcoin nodes would reject.
This is ofcourse bizarre but it is exactly what the NYA participants claim. It effectively puts all power in the hand of miners. Instead of nodes validating blocks, according to this novel and absurd interpretation of Bitcoin it will be miners that call the shots. Whatever block a miner produces will be valid as long as they mine on top of their own block, because that chain will then have the most cumulative hash power. Nodes become mere distributors of blocks and lose all their authority as they can no longer decide over the validity of a block. MinerCoin is born.
The Bitcoin whitepaper actually mentions this scenario where a majority of the hashpower takes over the network and starts producing invalid blocks and refers to it as being an attack. It is worth quoting this section 8, second paragraph in its entirety:
"As such, the verification is reliable as long as honest nodes control the network, but is more vulnerable if the network is overpowered by an attacker. While network nodes can verify transactions for themselves, the simplified method can be fooled by an attacker's fabricated transactions for as long as the attacker can continue to overpower the network. One strategy to protect against this would be to accept alerts from network nodes when they detect an invalid block, prompting the user's software to download the full block and alerted transactions to confirm the inconsistency. Businesses that receive frequent payments will probably still want to run their own nodes for more independent security and quicker verification." (emphasises mine).
Any doubt left whether "most hashpower wins" is an attack should be removed by a telling remark in the release notes of 0.3.19:
"Safe mode can still be triggered by seeing a longer (greater total PoW) invalid block chain."
As mentioned, miners representing 95% of all hash power participate in the NYA. They are currently expressing their support for the NYA by putting "NYA" inside blocks. The NYA participants intend to remove their hash power from Bitcoin completely and point it towards their altcoin. To double down on their claim that Bitcoin is defined by hashpower, they show some serious audacity by referring to their altcoin as... "Bitcoin". Anyone not part of the NYA refers to their coin as segwit2x, S2X or sometimes 2x.
The NYA participants proceed to proclaim victory. They reason that with all hash power on their blockchain and hardly any left for Bitcoin, "legacy Bitcoin" will be stuck as blocks will be created so slowly that Bitcoin becomes unusable, forcing everyone to switch to the "real" Bitcoin (sic). In other words, it was part of the plan was to remove hash power from Bitcoin to disrupt and force users into their altcoin.
Ofcourse, Bitcoin Core would not just sit idle and let such an attack happen. There are several ways to defend against this attack. As a last resort, an emergency difficulty reset combined with a change in the PoW algorithm can be deployed to get Bitcoin going again.
This is not likely to be necessary however as miners simply can't afford to mine a coin that has a small fraction of the value of Bitcoin. They have large bills to pay which is impossible by mining a coin that has half or even less the value of Bitcoin. In other words, miners would bankrupt themselves unless their altcoin attains the same value as Bitcoin. Given the lack of user, community and developer support it is save to say that this is not going to happen. Their coin will have only a small fraction of the value of Bitcoin and miners have no choice but to continue mine Bitcoin in order to receive the income necessary to pay for their huge operational expenses.
A moment was set for the hardfork: block 494,784 a big block will be produced such that it is invalid for the current Bitcoin network and will discard it.
Ofcourse, some nodes must accept the new, bigger S2X blocks. Therefore, Jeff Garzik (co-founder of a company called Bloq) started out to create btc1 which is a fork of the Bitcoin node software and which is adapted such that it accepts blocks up to twice in size, so that the segwit2x altcoin can exist. Note the 1 in btc1 which refers to their version numbering. Bitcoin Core releases are still 0.x but btc1 is numbered 1.x. This is to send the message that they have released the real Bitcoin that is now no longer a beta 0.x release but a production ready 1.x. This nonwithstanding the fact that btc1 is a copy of Bitcoin 0.14 with some minor changes and without any significant development causing it to quickly fall behind Bitcoin.
The NYA participants go on to claim that when hash power is on the btc1 blockchain, and Bitcoin is dead as a result because no or hardly any new blocks are being created, then the Bitcoin Core developers have no choice but to start contributing to their btc1 github controlled by Jeff Garzik.
In the NYA end state, Bitcoin is a coin of which miners set the consensus rules, and the Core developers sheepishly contribute to software in a repository controlled by Jeff Garzik or whoever pays him.
Needless to say, this is never ever going to happen.
The small block hard-liners are now against 2x and want SegWit only.
There is no such thing as small block hardliners. As is probably clear by now, NYA is not about block size. It is about control over Bitcoin. As a matter of fact, Bitcoin Core has never closed the door on a block size increase. In the scaling roadmap published in December 2015, Bitcoin Core notes:
"Finally--at some point the capacity increases from the above may not be enough. Delivery on relay improvements, segwit fraud proofs, dynamic block size controls, and other advances in technology will reduce the risk and therefore controversy around moderate block size increase proposals (such as 2/4/8 rescaled to respect segwit's increase). Bitcoin will be able to move forward with these increases when improvements and understanding render their risks widely acceptable relative to the risks of not deploying them. In Bitcoin Core we should keep patches ready to implement them as the need and the will arises, to keep the basic software engineering from being the limiting factor."
Bitcoin Core literally says here very clearly that further increases of block size are on the table as an option in the future.
For my personal opinion-
I hope that your personal opinion has changed after taking notes of the above.
submitted by trilli0nn to Bitcoin [link] [comments]

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es,.,bitcoin,.,quora,.,bitcoin,.,questions,.,bitcoin,.,qt update,.,bitcoin,.,qt wallet location,.,bitcoin,.,quantum,.,bitcoin,.,q,.,bitcoin,.,q es,.,q son,.,bitcoins,.,q es un,.,bitcoin,.,q son los,.,bitcoins,.,q es el,.,bitcoin,.,q comprar con,.,bitcoins,.,bitcoins que significa,.,bitcoin,.,q significa,.,bitcoin,.,rate,.,bitcoin,.,reddit,.,bitcoin,.,review,.,bitcoin,.,rival,.,bitcoin,.,rate gbp,.,bitcoin,.,rise,.,bitcoin,.,regulation,.,bitcoin,.,rich list,.,bitcoin,.,rate history,.,bitcoin,.,regulation uk,.,r,.,bitcoinmarkets,.,r,.,bitcoin,.,uk,.,r,.,bitcoin,.,canada,.,r,.,bitcoin,.,cash,.,r,.,bitcoin,.,package,.,r,.,bitcointalk,.,r,.,bitcoin,.,mining,.,r,.,bitcoin,.,abc,.,r,.,bitcoin,.,analysis,.,bitcoinxt,.,bitcoin,.,share price,.,bitcoin,.,stock,.,bitcoin,.,split,.,bitcoin,.,segwit,.,bitcoin,.,stock price,.,bitcoin,.,shares,.,bitcoin,.,symbol,.,bitcoin,.,suisse,.,bitcoin,.,scams,.,bitcoin,.,stock market,.,bitcoins value,.,bitcoin,.,s curve,.,bitcoin,.,miners,.,gh/s,.,bitcoin,.,th/s,.,bitcoin,.,th/s,.,bitcoin,.,miner,.,mh/s,.,bitcoin,.,1th/s,.,bitcoin,.,miner,.,10th/s,.,bitcoin,.,miner,.,20th/s,.,bitcoin,.,miner,.,bitcoin,.,trading,.,bitcoin,.,to dollar,.,bitcoin,.,transaction,.,bitcoin,.,to £,.,bitcoin,.,ticker,.,bitcointalk,.,bitcoin,.,transaction fee,.,bitcoin,.,t shirt,.,bitcoin,.,t shirt uk,.,bitcoin,.,t shirt india,.,bitcoin,.,t shirt store,.,alpha-t,.,bitcointalk,.,bb&t,.,bitcoin,.,t-110,.,bitcoin,.,mining system,.,bitcoin,.,miner t720,.,bitcoin,.,usd,.,bitcoin,.,uk,.,bitcoin,.,unlimited,.,bitcoin,.,unconfirmed transaction,.,bitcoin,.,usd price,.,bitcoin,.,uk price,.,bitcoin,.,uasf,.,bitcoin,.,uk tax,.,bitcoin,.,update,.,bitcoin,.,uk exchange,.,why u,.,bitcoin,.,billionaire,.,bitcoin,.,u bosni,.,bitcoin,.,miner.u,.,bitcoin,.,u crnoj gori,.,bitcoin,.,youtube,.,bitcoin,.,u dinarima,.,wii u,.,bitcoin,.,utorrent,.,bitcoin,.,u.s.,.,bitcoin,.,exchange,.,bitcoin,.,u kune,.,bitcoin,.,value,.,,.,bitcoin,.,value chart,.,bitcoin,.,value history,.,bitcoin,.,value gbp,.,bitcoin,.,vs ethereum,.,bitcoin,.,vs usd,.,bitcoin,.,volatility,.,bitcoin,.,vs litecoin,.,bitcoin,.,value 2010,.,bitcoin,.,vs gold,.,bitcoin,.,v litecoin,.,bitcoin,.,v dollar,.,bitcoin,.,v euro,.,bitcoin,.,v gold,.,bitcoin,.,v blockchain,.,bitcoin,.,v onecoin,.,bitcoin,.,hack v.2,.,bitcoin,.,worth,.,bitcoin,.,wiki,.,bitcoin,.,wallet uk,.,bitcoin,.,what is it,.,bitcoinwisdom,.,bitcoin,.,whitepaper,.,bitcoin,.,wallet online,.,bitcoin,.,wallet address,.,bitcoin,.,wallet download,.,bitcoin,.,miner.w,.,bitcoin,.,w polsce,.,bitcoiny w polsce,.,bitcoin,.,w niemczech,.,bitcoin,.,w chmurze,.,bitcoin,.,w żabce,.,bitcoin,.,w polsce legalny,.,bitcoin,.,w chinach,.,bitcoin,.,w prawie polskim,.,bitcoin,.,w górę,.,bitcoin,.,xe,.,bitcoin,.,xbt,.,bitcoin,.,xt,.,bitcoin,.,xbte,.,bitcoin,.,xapo,.,bitcoin,.,xrp,.,bitcoin,.,xt price,.,bitcoin,.,xpub,.,x,.,bitcoin,.,generator,.,bitcoin,.,yahoo finance,.,bitcoin,.,year chart,.,bitcoin,.,year,.,bitcoin,.,yield,.,bitcoin,.,ytd,.,bitcoin,.,yubikey,.,bitcoin,.,yoda,.,bitcoin,.,yahoo finance chart,.,ybitcoin,.,magazine,.,bitcoin,.,y control de cambio,.,y combinator,.,bitcoin,.,ecuador y,.,bitcoin,.,bitcoin,.,by paypal,.,bitcoin,.,y el lavado de dinero,.,bitcoin,.,y deep web,.,bitcoin,.,y lavado de dinero,.,bitcoin,.,y litecoin,.,bitcoin,.,and blockchain,.,bitcoin,.,zebra,.,bitcoin,.,zerohedge,.,bitcoin,.,zimbabwe,.,bitcoin,.,zar,.,bitcoin,.,zcash,.,bitcoin,.,zapwallettxes,.,bitcoin,.,zarabianie,.,bitcoin,.,zug,.,bitcoin,.,zero,.,bitcoin,.,zero confirmations,.,bitcoin,.,z value,.,titan z,.,bitcoin,.,mining,.,titan z,.,bitcoin,.,z cash,.,bitcoin,.,nvidia titan z,.,bitcoin,.,mining,.,nvidia titan z,.,bitcoin,.,nakup zlata z,.,bitcoini,.,sklep z,.,bitcoinami,.,trgovanje z,.,bitcoini,.,co z,.,bitcoinem,.,bitcoin,.,0 confirmations,.,bitcoin,.,0.1,.,bitcoin,.,0.1.0,.,bitcoin,.,0 active connections,.,bitcoin,.,0 transaction fee,.,bitcoin,.,0 fee,.,0.15,.,bitcoins,.,0 25,.,bitcoins,.,0.05,.,bitcoin,.,in euro,.,bitcoin,.,2.0,.,0.1,.,bitcoins,.,0.21,.,bitcoins,.,bitcoin,.,1st august,.,bitcoin,.,1 million,.,bitcoin,.,101,.,bitcoin,.,10 year chart,.,bitcoin,.,10000,.,bitcoin,.,148,.,,.,bitcoin,.,10 year prediction,.,bitcoin,.,100k,.,bitcoin,.,100 dollars,.,bitcoin,.,10 years ago,.,1,.,bitcoin,.,in gbp,.,1,.,bitcoin,.,in pounds,.,1,.,bitcoin,.,in £,.,1,.,bitcoin,.,to dollar,.,1,.,bitcoin,.,in inr,.,1,.,bitcoin,.,to euro,.,1,.,bitcoin,.,in gdp,.,1,.,bitcoin,.,in eur,.,1,.,bitcoin,.,to myr,.,1,.,bitcoin,.,in sterling,.,bitcoin,.,2010,.,bitcoin,.,2017,.,bitcoin,.,2020,.,bitcoin,.,2018,.,bitcoin,.,2009,.,bitcoin,.,2013,.,bitcoin,.,21 million,.,bitcoin,.,2012,.,bitcoin,.,2014,.,2,.,bitcoin,.,to usd,.,2,.,bitcoin,.,price,.,2,.,bitcoin,.,to inr,.,2,.,bitcoin,.,wallets,.,2,.,bitcoins to dollars,.,2,.,bitcoins free,.,2,.,bitcoins a month,.,2,.,bitcoin,.,qt,.,bitcoin,.,2 year chart,.,bitcoin,.,2 paypal,.,bitcoin,.,3000,.,bitcoin,.,31st july,.,bitcoin,.,3 confirmations,.,bitcoin,.,3.0,.,bitcoin,.,3 year chart,.,bitcoin,.,3 month chart,.,bitcoin,.,300,.,bitcoin,.,365 club,.,bitcoin,.,3000 usd,.,bitcoin,.,30 confirmations,.,3,.,bitcoins in gbp,.,3,.,bitcoins,.,3,.,bitcoins to usd,.,3,.,bitcoin,.,in euro,.,3,.,bitcoin,.,to eur,.,bitcoin,.,3 unlimited,.,bitcoin,.,3 day chart,.,bitcoin,.,3 address,.,bitcoin,.,4000,.,bitcoin,.,4chan,.,bitcoin,.,4 billion,.,bitcoin,.,401k,.,bitcoin,.,4 backpage,.,bitcoin,.,43,.,bitcoin,.,40000,.,bitcoin,.,4k,.,bitcoin,.,4 year chart,.,bitcoin,.,48,.,4,.,bitcoins,.,4,.,bitcoins to usd,.,4,.,bitcoins in gbp,.,4,.,bitcoin,.,to eur,.,bitcoins 4 backpage,.,bitcoin,.,4 igaming,.,bitcoin,.,4 u,.,bitcoin,.,4 november,.,bitcoin,.,4 cash,.,bitcoin,.,5 year chart,.,bitcoin,.,51 attack,.,bitcoin,.,500,.,bitcoin,.,5 year,.,bitcoin,.,500 000,.,bitcoin,.,5000,.,bitcoin,.,50000,.,bitcoin,.,5 year price,.,bitcoin,.,5 years ago,.,bitcoin,.,5 year forecast,.,5,.,bitcoins in pounds,.,5,.,bitcoins,.,5,.,bitcoins to usd,.,5,.,bitcoin,.,free,.,5,.,bitcoin,.,in euro,.,bitcoin,.,5 years,.,bitcoin,.,5 minutes,.,bitcoin,.,5 min,.,bitcoin,.,5 unlimited generator,.,bitcoin,.,666,.,bitcoin,.,6 months,.,bitcoin,.,6 confirmations,.,bitcoin,.,6 month chart,.,bitcoin,.,6000,.,bitcoin,.,60 minutes,.,bitcoin,.,6 confirmations time,.,bitcoin,.,6 month price,.,bitcoin,.,6 years ago,.,bitcoin,.,60 day chart,.,6,.,bitcoin,.,network confirmations,.,,.,
submitted by besterse to BestCryptoPlatform [link] [comments]

Battle of Consensus Protocols

Battle of Consensus Protocols
https://preview.redd.it/anvkvzy5wtx11.png?width=600&format=png&auto=webp&s=6140150a56a7cc11010c19a7627e254547cea627
In the recent years, blockchain community has been bombarded with new projects every day. No matter how much you think you are familiar with the latest technology, there is always something brand new on this market; and it is extremely difficult to keep up. Most blockchain technologies differ in one principal thing, Consensus Algorithm. So let’s dive into what consensus algorithms actually are, followed by why and how they were assembled.

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As we all know, it all started in 2008, when bitcoin was born. The term “Proof of Work” or PoW was first coined an formalized in a 1999 paper by Markus and Ari. Bitcoin used Proof of Work (PoW) which is, by the way, older than bitcoin. Proof of Work (PoW) might not be the most “perfect” consensus algorithms out there, but it paved a way for all other protocols. It made people think about all the possible ways there could be for transaction of money on a public ledger without involving a third party.
PoW (Proof of Work)
  • It works on the sole idea of competition between the miners to gain rewards. Who doesn’t want to take part in a competition, right? But, there is a little catch i.e. it needs a lot of power consumption.
  • Miners have to solve complicated mathematical problems that require a brute force method.
  • Once a miner solves it, he announces his win to everyone in the system, and is rewarded.
Types of Mathematical Puzzles:
There are several examples of the mathematical puzzles, some of them are:
  1. Hash function:
This puzzle, once solved, gives the input of a function if the output was
known.
  1. Integer factorization:
This gives a number as a multiplication of two numbers.
  1. Guided tour puzzle protocol:
This requires solving hash functions for nodes in a defined manner if a server suspects a DoS attack.
Used by:
Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Monero, Bitcoin Gold.
There was a big uproar about the power consumption of this algorithm, which leads to different variations of it that tries to solve the biggest con of the PoW.

https://preview.redd.it/okcy8j4jwtx11.jpg?width=450&format=pjpg&auto=webp&s=45116064ae2094f0e2da9b422d3cb3ec12b52712
PoB (Proof of Burn):
  • Proof of Burn is usually known as Proof of Work minus the energy waste.
  • It works on the simple principle of burning virtual tokens which helps the miners to build a block.
Process:
The process is as follows:
  1. This is done when miners send their coins to an address known as eater address that consumes the coins. Note that the burned coins are the only consumed resources in this process.
  2. Once coins (they could be thought as mining rigs) are burned, the miners are granted their mining rights.
  3. More the coins burns, more the miner will have his rights. This characteristic of PoB resembles Proof of Stake to some extent.
Used by:
Slimcoin, TGCoin.
PoET (Proof of Elapsed time):
  • PoET is the consensus algorithm that is used by permission based blockchains.
  • This consensus is based on the fair lottery problem meaning every single node has a fair chance of winning the mining rights.
  • The process is as follows:
  1. The nodes have to wait for certain time (thus the name) to gain mining rights.
  2. The time is chosen on the basis of the random numbers generated by the nodes themselves.
  3. The node with the shortest wait time wakes up and commits a new block to the blockchain.
Used by:
HyperLedger, Sawtooth.
PoS (Proof of Stake)
  • PoW has been a ground breaking algorithm with some of the best implementations up-till now but it has a lot of shortcomings, the most prominent and controversial to be the high energy consumption. Hence, the need to evolve arised and that’s where PoS comes in!
  • How it differs?
  1. Stake based.
  2. No mining rewards.
  3. Lesser energy consumption.
  • It is simply a stake based system. This actually assigns mining power based on the number of stakes owned by any individual node in the network. The stakes are based on the amount of coins owned by the nodes. The more coins someone holds, the more is their stake in the network. The ones with the maximum stake can mine and verify the blocks and transactions.
  • PoS is not reward based, so removes the competition between the miners. In return of mining a block, the block producer gets the transaction fee in return for their services.
  • Everybody gets to verify transactions directly proportional to their stake in the network. The problem that arises here is that those who hold the most stakes will always be the first ones to get a chance for verifying a transaction.; hence the ones with the least stake may never get a chance to verify any transaction...
  • To solve the issues existing in PoS the following protocols are built with different systems to reach consensus.
Used by:
BitShares, Stratis, PIVX, NavCoin (NAV), Cardano (ADA)

https://preview.redd.it/po90uw9lwtx11.jpg?width=525&format=pjpg&auto=webp&s=f83ede1715c3ab51cfac44a546f20461510c3b19
DPoS (Delegated Proof of Stake):
  • For achieving consensus in the network it uses repute of the nodes and an actual voting structure in a democratic way.
Process:
The process is as follows:
  1. Everyone who has a stake in the system takes part in virtual voting to select the delegates.
  2. These delegates then secure the network and verify the transactions for the new block. It focuses highly on scalability, efficiency and speed.
Though, DPoS might be forgoing decentralization for scalability.
Used by:
EOS Lisk, ARK, BitShares.
LPoS (Leased Proof of Stake):
  • The problem with normal PoS is that small-holders with minimum balances cannot stake a block.
Process:
Leased Proof of Stake gives a solution for in this way:
  1. As by its basics, the smaller miners will lease their balances to the staking nodes.
  2. The funds generated by lease are in control of the holder. They can spend it or move it as per their wish. Once the holder moves the leased balance, the lease ends.
  3. The leased coins increase the stake of the staking node which increases its chance of being selected for the verification of blocks.
  4. The rewards received are then divided among the leasers proportionally.
Used by:
Waves platform.
PoWeight (Proof of Weight):
  • PoWeight tries to solve the same problem (holders with more tokens have more stakes in the system) PoS possess.
  • Proof of Weight tries to overcome it in this way:
  1. Instead of using the system of stakes, a system of defined weights is used in order to identifying the nodes that will verify the blocks in the network.
  2. The weighting criteria might differ for different blockchain networks.
  3. It focuses on customizability and scalability.
  4. Every user has a weight assigns to them. Most probably the weights are assigned based on the amount of money which the users hold.
  5. It is not designed to generate passive revenues for the nodes.
Used by:
Algorand, Filecoin, Chia.
PoC (Proof of Capacity):
  • Instead of changing numbers in block headers and hashing, PoC introduces a new mechanism.
Process:
The process is as follows:
  1. It works by plotting hard drives of all the interested nodes. They compute and store multiple solutions on every willing node’s hard drive. This is done before the mining game starts. This works like a lottery system.
  2. Every solution has a different speed. If your hard drive has the fastest solution to the present block’s problem then you will win and get the right to verify that block. Same happens for every block.
  3. It is all based on luck. The greater number of plotted solutions on hard drive means a greater chance to win block verification.
Used by:
Burstcoin, Spacemint.
POW+POS

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PoA (Proof of Activity):

  • Proof of Activity starts like PoW with miners trying to solve the mathematical calculations to get rewards.
Process:
The difference is explained through this process:
  1. The mined block doesn’t contain transactions, just the header and mining rewards address.
  2. Once this process is over, the system switch back to PoS. Header helps in selection of random group of validators to sign the blocks.
  3. These validators are the coin holders. More the coins a validator has, more will be the chances that he will be selected to sign a new block.
  4. Once all the validators sign the block, it will be considered as the new block in the blockchain system.
Used by:
Decred.
PoI (Proof of Importance):
  • PoI recognizes that the how much tokens one have shouldn’t be the only determining factor for the value of the nodes.
Process:
The process of this algorithm has these characteristics:
  1. How much activity one node does is the better judge of who should have the most stake of the system.
  2. This algorithm uses PoW in combination with PoS, with PoW coming first followed by PoS.
Used by:
NEM.
BFT (Byzantine Fault Tolerance)
Byzantine Fault Tolerance is the characteristic of fault-tolerant system that tolerates the class of failures that belongs to the Byzantine Generals’ problem.
There are several consensus algorithms based on this dependency:
PBFT (Practical Byzantine Fault Tolerance):
  • The pBFT tolerates malicious nodes by providing a Byzantine state machine replication by assuming that there always be the nodes failures and those nodes can spread manipulated messages.
  • The algorithm is devised to work in asynchronous systems. It is optimized to be high-performance with an impressive overhead runtime and only a slight increase in latency.
  • For this algorithm to work, an assumption is made that the malicious nodes cannot exceed one third of the total nodes. If the total number of the nodes is large, it will be highly unlikely for the malicious nodes to reach one third of that amount.
Process:
The process goes like this:
  1. Client asks the main (leader) node to invoke an operation.
  2. The leader asks the other (backup) nodes to execute the request; which they do and then send reply to client.
  3. The client awaits almost one more than the total faulty nodes’ reply and expects the same result.’
For this process to occur, it is agreed upon that all nodes are deterministic, and they start at the same state. The final results depend on what all honest nodes agreed on.
Used by:
Zilliqa, HyperLedger.

https://preview.redd.it/e13wi6rqwtx11.jpg?width=1200&format=pjpg&auto=webp&s=41753643dfc38955ea5bbfe6dd66b542b24f0655
DBFT (Delegated Byzantine Fault Tolerance):
  • Delegated Byzantine Fault Tolerance works in the same way as the country’s governance system.
  • This method is similar to PoS rather than PoW, by utilizing voting system to choose delegates.
Process:
DBFT works like this:
  1. Citizen votes for delegates which do not depend on the number of tokens one hold.
  2. One of the chosen delegates is selected at random to be a speaker.
  3. Their job is to keep track of all the transactions that are being made on the system which is then recorded on the public ledger.
  4. After that, the speaker proposes his own block ,which he sends to all other delegates for confirmation
  5. At least ⅔ of the delegates should approve that block to be added on the public ledger.
Used by:
NEO.
SBFT (Simplified Byzantine Fault Tolerance):
  • In simplified Byzantine Fault Tolerance (SBFT), there is only one block generator that collects and verifies the transaction into a new-block proposal.
Process:
The process goes like this:
  1. The generator applies rules that have been agreed upon by all the nodes to the blocks and all the blocks signers.
  2. Other block signers then verify that proposed block by signing on it.
  3. All members of the system knows the identity of these signors, so they only accept those blocks that have been signed by them.
One important thing about Simplified Byzantine Fault Tolerance is that nodes and the signers could be deleted at any time, thus ensuring a layer of security to deal with the malicious nodes.
Used by:
Chain
DAG (Directed Acyclic Graph)
  • A DAG is an information or data structure which can be utilized to demonstrate diverse problems.
  • It is not a part of blockchain but it offers a solution existing in the current blockchain frameworks.

https://preview.redd.it/x9qfbvhtwtx11.png?width=504&format=png&auto=webp&s=01967a32d4e41b0a7c64c3a79c206b3af7055510
Process:
Its process is given below:
  1. It is a directed,acyclic and graphic algorithm that runs in linear time.
  2. It follows topological ordering.
  3. This algorithm finds the shortest paths form the source nodes to other vertices.
  4. Every DAG starts from a parent node and has multiple following nodes in it. The last node is supposed to have no kids.
  5. These graphs are never cyclic and cannot refer back to themselves hence are uni-directional.
Used by:
Iota, HashGraph, Byteball, RaiBlocks/Nano.
.
submitted by rnssol to u/rnssol [link] [comments]

My Futuristic Endgame for Bitcoin:

I have been posting on Reddit and Bitcointalk for the past couple of weeks, dispersing my thoughts here and there and decided I would compile them up together for anyone who is interested and also so I can learn where I am wrong and maybe adapt my thoughts and expectations for what I think is a world changing experiment.
Disclaimer: I am a Bitcoin Maximalist and all my views are based on the premise of Worldwide Adoption and not based on the value of Bitcoin Vs FIAT which I find a useless Metric. It says more about FIAT’s purchasing power decreasing rather than Bitcoin.
A lot has been discussed about what Bitcoin should be and what services could it provide as Currency, medium of exchange and store of value. I do not believe there is a choice we need to make right now. Scalability is of the utmost importance but it does not have to go hand in hand with a decision about PURPOSE. We can scale without limiting use cases.
About Bitcoin as Sound Money:
I trust most of you are familiar with the History of Money and how it was subverted into what we have today as FIAT currencies. I will just skip that part and refer you to multiple talks by Andreas Antonopoulos who is one of the most articulate Bitcoin ambassadors out there if you feel like skipping the Academia on this.
I will start with the obvious and ever-present comparison of Bitcoin vs. Gold, under the premise that you also understand the History of Gold as a Medium of Exchange.
For that, let’s go through the properties of a good medium of exchange and how Bitcoin fulfills this purpose:
• Divisibility
Easily and as cheap as possible to fraction, so that the value transferred can easily be made correspondent to the value obtained. If you have a house, it is obviously impossible to buy coffee with it. You have to be able to “transform” the house value into something fractionable that represents it. Gold played its part for much of History but it can hardly be called adequately divisible. Then came certificates, bank notes, Gold Backed Currencies, etc… With Bitcoin, this problem not only does not present itself, but it is actually virtually costless to fraction. So there is little to no value leakage here. Bitcoin beats Gold, or any other Physical asset for that matter. Even a Dollar can only divide so far.
• Fungibility
Noone can argue that any Bitcoin cannot be substituted by any other Bitcoin, not only virtually costlessly, but seamlessly. There is no difference and there is no cost to users in determining its quality as a Bitcoin. It clearly beats Physical Gold in this aspect as there are different Gold Qualities according to purity and that bears a cost to determine. It is on par with Virtual Gold (the problem with Virtual Gold is that you only exercise effective ownership of its redeeming FIAT value at a certain point, if that.)
• Easy Transport
If we do not artificially limit Network capacity, it can be virtually costless to transfer Bitcoin given enough Volume. Even if it is not, it is a much better proposition that transferring Physical Gold.
• Store of Value
Given worldwide adoption and next to no inflation, it is the perfect store of value. Not because its value will be increasing vs FIAT (since we assume a FIAT free world) but because its purchasing power will always increase under a limited supply. So it can be argued it is miles ahead of Gold here. For the simple fact that even without inflation, its purchasing power would rise whereas Gold is pretty much just a Hedge vs inflation. You could say that Bitcoin not only has the capacity to store value, but actually increasing it, which should in Theory make result in a discounted price on an acquired good when you utilize it to transfer value.
• The cherry on the cake – Ownership
I cannot state enough how important this is and this is the most important quality that makes Bitcoin miles ahead of Gold or any other medium of exchange. Simply put, with Bitcoin, anyone and everyone can exercise effective ownership of Value, rather than a promise. This ownership also comes at virtually no cost to an individual compared to the security needed to ensure ownership physical assets. Again, this prevents a lot of inefficiencies and loss of value. And it also plays a major part in the Censorship Resistance to an extent. No one can hold you at ransom like what is done with Virtual Gold.
In a sane world, Bitcoin would do its job Better than Gold. Better yet, it would free Gold to its other relevant uses, rather than also being hoarded, which effectively inflates its price, which then gets reflected in the goods where Gold is necessarily present, thus increasing efficiency and bringing value to everything and everyone down the chain.
About Proof of Work:
I hear a lot of Gold Rush from users with PoW change to return to CPU and GPU mining. Artificially guaranteeing profitability of inefficient endeavors. Effectively subsidizing it.
Once you do this, you are creating regulation and outside incentives which for the most part, create inefficiency. Bar a lot of speculation or sudden steep increase of utility, Bitcoin price would have to fall. It’s the difference between Mining Gold and Mining Sand. Furthermore, the Higher it costs to Mine, the Higher it costs an attacker, so the higher cost arguably also increases security as far as I get it. It’s up to the miner to increase efficiency so he can maintain his returns. This has been done, in a free market, by specializing equipment, by pooling resources, etc...
Gold value, or anything else for that matter, is the intersection of minimum value the seller is willing to get for it and the maximum value the buyer is willing to pay for it. This sounds easy enough but the conclusions of many a post, point to an unclear understanding about this.
Because the minimum value a seller is willing to get for his good, is correlated to how much work he put into it, or the cost it took him to obtain it, price of goods, bar speculation or sentimentalism (aesthetic value) effectively encompasses Proof of Work. Digitally, this proof is achieved Cryptographically. Physically, although we are subject to falsification thus incur in costs to attribute authenticity, for the sake of argument lets assume that in a credible world it is safe to say that the existence of a certain good encompasses its Proof of Work.
If we want Gold, which we do, there is no reason to wish that the Gold Miner have no profit. Or otherwise, we wouldn’t get Gold. If the Gold Miner has no profit, it effectively means that we don’t want Gold. Or otherwise, he stops mining it, we still want Gold, the price rises and he mines profitably again. Since this is a Censorship free market, if he profits, so might others, which without barriers to entry would make it very difficult to sustain a monopoly.
The best about this is that people will look for efficiency. Bitcoin is making people think and be creative. Looking for better ways to spend energy in order to get Bitcoins. Let’s also not forget that for the most part, it’s in fact Energy expended that defines the price of something. Or the value of said energy. Gold was backed by energy, by the cost of labor it took to mine. We then decided that Gold had value to back something else, which is not entirely true if demand and supply is volatile. This is however, always true for Energy.
Also, you must take into consideration, that should we not attribute any value to Gold, then no one would mine it. Not even with slave work. As this slave energy could be used for other more valued labor. So, since the beginning of times, all true value is backed by Energy. Energy is the currency of the Universe and Satoshi Nakamoto clearly understood that by implementing his proof of work.
Those who argue against nature protection as an argument for proof of stake are in my view a little shortsighted and I will explain why I think so. Based on the premise that Bitcoin garners sufficient adoption, and that consequently its value rises, the incentive for innovation in clean and free energy is outstanding. I honestly envision an energy revolution through Bitcoin worldwide adoption, and expect someday that Bitcoin will eventually correspond to Kw/h.
The reason I expect this is that in a free market, Utility companies (like any other) will employ their effort in the most profitable endeavor, which might very well be Mining Bitcoin, except if they are otherwise paid enough not to mine it and rather supply that energy for a price, which can actually be lower than the actual value given Bitcoin’s properties as store of value.
All in all, I have always thought that a sound Currency would be an Energy Currency. Where you are awarded for your work rather than your capital, and furthermore, where you are more awarded for efficient work rather than amount of work.
About Decentralization:
In my opinion, Centralization is pretty decentralized in Bitcoin. There is very few cause for alarm. The system is prepared and expecting this.
My idea is that in a Free Market, such as Bitcoin, efficiency will always reign. So whoever can make the most out of the least amount of resources will thrive. Those that are lagging will fall behind. This should be embraced.
Of course that one has to take into account social responsibilities, but this goes without saying, and it is not a fight for Bitcoin but for the Law. It is obviously not ok to enslave 300 people to turn a windmill in order to mine Bitcoins, but Bitcoin is blind to this. Being a Free Market, we have the right and the opportunity to denounce and boycott in a secure and incorruptible manner. So efficiency will go so far as to what shall be socially accepted at any given time.
As of right now, it is more efficient to mine in China. This should not be feared. It is global competition. We are all being given value by Chinese subsidies on Energy. I actually think this is a perfect case of decentralization, as we users, can effectively move our Hashrate (and yes, in the end it is OUR Hashrate) where it will bring the most value to us. Should some Government interference somewhere be to our detriment, an opportunity will arise for other miners to take the place of the previous ones, and we might as easily relocate our Hashrate somewhere else, because an opportunity for profitability will arise.
This is done by users voting with their money. As soon as they think Chinacoin is compromised, they can relocate to VenezuelaCoin. The money will go towards the most efficient use of it.
The non speculative value of Bitcoin is in Hashrate and Usability. You shouldn't fear a Monopoly in a Censorship Free Market. It just means someone is doing it better than anyone else. You just have to protect the blind mechanisms of no artificial barriers to entry other than efficiency. That way, if someone finds a way to do it better they can. Geography plays its part in decentralization.
The bigger picture is many of these companies which many now loathe, were the ones that put their money where their mouth is, and are the ones sustaining Bitcoin's Value, through services provided and hashrate. It is not in our interest to undermine their efficiency.
The Market will work itself out. The users will put their capital where they think it is more efficiently used. In the end, Bitcoin is the perfect Democracy, as long as it remains a Free Market.
This is why I think no regulation is needed. It is a matter of choice. Do not Tax us all so that Joe can run a Mining Rig in his basement. Which equates to regulation. Efficiency is King. If anyone gets the whole market in a free market, which I sincerely doubt it, it just means they did it better. It is up to the users then to make a choice.
Do not change Proof of Work in order to create inefficiency for Miners. Rather work on increasing usability to the common person under the principles with which Bitcoin was designed.
I think Bitcoin has the ability to change the world as we know it, tip the scales in favor of the commons and we should not limit it at birth.
submitted by cbKrypton to btc [link] [comments]

Getting started with Ethereum

What is Ethereum?

Ethereum is a decentralized programmable platform that utilizes that allows for the application of blockchain technology in many facets of life.

Like Bitcoin, Ethereum utilizes a blockchain for security and transparency. Ethereum, like Bitcoin, is also tradeable directly as Ether (ETH). However, Ethereum also allows for the creation of “smart contracts”, allowing developers to use blockchain technology, via Ethereum, in their own programmable applications.

What is Ether (ETH)?

Ether, or ETH for short, is the currency Ethereum uses. Ether is generated via algorithmic mining, and is the basis of the Ethereum network. Ether serves as the basis for Ethereum “smart contracts” which often utilize “tokens”, an abstraction of Ether.

How can I purchase Ether (ETH)?

Depending on your geographical location, your options for purchasing Ether may vary.

Purchasing Ether through Coinbase.com, using USD or BTC is a very popular method of obtaining Ether

Gdax.com allows for more rapid exchange of currency, and is connected directly to Coinbase.com

Alternatively, Poloniex.com, Kraken.com (EUR), and Bitfinex.com (USD) are popular exchanges.

Best places to buy EtheBTC with debit cards or instant bank transfers:
Best places to buy EtheBTC with SWIFT bank transfers:
Best exchanges to transfer EtheBTC to for trading:
Exchanges Fees:
Exchange Maker Taker
GDAX 0% 0.30%
Poloniex 0.15% 0.25%
Kraken 0.16% 0.26%
Bitfinex 0.10% 0.20%
Gemini 0.10% 0.20%
Bittrex 0.25% 0.25%

How can I mine ETH?

The easiest way to get started mining is through Minergate: https://minergate.com/

MinerGate isn’t recommended if you plan to have dedicated mining rigs.

If, however, you wish to mine on an existing computer as a hobby, or out of interest, it’s perfect. While it does take a fee from your mining, it’s GUI is quick and simple to use and once install you can be mining instantaneously. It also has some challenges that encourage you to mine, and if you’re an absolute beginner, then the simplicity of this software will have you jumping for joy.

Other ETH mining pools include:
The following guides can help you get started:

Where can I check the price of Ether (ETH)?

Cryptowat.ch is a popular website to track the price of Ether (ETH). In addition to listing the price of ETH on the major exchanges, it allows for a wide variety of charting tools which can be used to trade ETH more effectively.

How is Ethereum different than Bitcoin?

Ethereum creates an ecosystem for the utilization of blockchain in everyday transactions and is designed with this intention. Bitcoin, on the other hand, was created as a form of electronic cash. Ethereum uses similar blockchain technology to maintain all of the benefits of Bitcoin, but also allows for an infrastructure of applications which can extend beyond the exchange of currency.

Can I send Ether to a Bitcoin wallet?

No.

Who is behind Ethereum?

Vitalik Buterin

What are tokens?

ERC20 tokens are Ethereum derivatives. Tokens allow for smart contracts to interface directly with the Ethereum blockchain. As such, they are exchangeable through Ethereum wallets.

Proof of Work vs Proof of Stake

Proof of Work is the current method used to generate ETH, the "Serenity" update will change this to a Proof of Stake system, the difference is explained below.

Proof of Work is the system by which most cryptocurrencies, including Bitcoin, manage their blockchains. Through a process known as mining, individuals contribute processing power to solve difficult, arbitrary calculations as well as to validate calculations to determine what the next block in the blockchain should be. Whenever a new block is added to the chain, whoever was lucky enough to be the person that created that block is rewarded with some amount of currency.

The difficulty of these calculations can be determined by the devs behind the currency to control the rate at which new coins are dispersed into the economy. The reason for the difficult calculations is to secure the network by making it difficult for an attacker to start adding invalid blocks to the universally accepted chain - in this system, the attacker would need to generate over 50% of the processing power in the entire network to have their malicious validation be accepted. A higher-level way to think about this is that processing power is what creates scarcity and is proportional to the odds of you getting the next reward. This has the unfortunate side-effect of giving a disproportionate amount of power, in regards to both reward and blockchain validation, to miners that control a large portion of the mining hashrate.

Proof of Stake rewards are distributed via proportional to the “stake” that validators have in the economy as opposed to the work you can do. Your stake increases based on the amount of currency in your wallet and how long it’s been there. The greater your stake, the higher the odds are that you will receive a reward for the creation of the new block on the chain. In contrast to PoW where scarcity comes from processing power, in PoS, the scarcity comes from the currency itself.

As of June 2017, Ethereum is using a Proof of Work system. By the Serenity update the platform will be updated to use a Proof of Stake system. As we get closer to that release we will learn more details about how the PoS system will work in Ethereum’s implementation, known as Casper.

Anticipated ETH Updates:

zkSNARKs

zkSNARKs stands for “zero knowledge Succinct Non-interactive ARguments of Knowledge”. They allows us to manipulate and translate calculations that need to be double-checked so that nothing on the network needs to know exactly what the original calculation was, but can still confirm whEther a result is correct or not. The details of how this works are too opaque for this guide, but what it means is that code deployed on Ethereum doesn’t have to be open-source and the details of transactions can remain completely secret. zkSNARKs will be implemented in the Metropolis update.

Metropolis

Metropolis is the next major update to the Ethereum network, the third of four phases that the developers have planned for Ethereum. This update will bring with it modifications to the way that applications interact with the network, making it simpler for developers to write apps on the platform. zkSNARKs will also be implemented in this update, opening up the Ethereum network to developers that want to keep their apps’ source code a secret and users that want greater privacy for their transactions.

Serenity

This is the fourth and final major planned update to Ethereum. This is defined by two massive changes: transition from a PoW to PoS system using the Casper algorithm (described above), and sharding. Sharding will allow applications to be split into tiny pieces, or sharded, and distributed across the network. One calculation required to execute an app may happen on one machine (and then double-checked using zkSNARKs on several others), then the next calculation happens somewhere else, and so on. Not only does this improve performance by reducing the time it takes for apps to execute on the network, allowing network nodes to validate only shards of the blockchain means that new blocks can be added, and transactions confirmed, near instantly. This is the biggest update planned for Ethereum and has no release date yet determined.

Other Resources:

Ethereum fundamentals wiki:

Useful reddit link showing upcoming news:

Very good list of links to read about Ethereum:

Tax advice

submitted by IBeRamen to Etherealm [link] [comments]

Potential Information

Potential Information
I'm going to try and demonsrate, in Natural Language, why there is a Revolution occuring in Information Science. The question I wish to Address is: "How much Information is there in a give Container?". As modern Computer Scientists see things, the amount of Information in a given container is precisely the number of possible discrete states of that conainer. So a nibble can be in 16 possibles states, a byte can be in 256 possible states, and so on. I'd to coin the term "Potential Information" and make an explicit Parallel with Potential Energy. So for a byte, the Potential Information is 256. It's interesting that we don't use Units for Potential Information, though it is a well studied concept, if newly named. Conctpetually, we understand the Units as 256 pieces of "Potential Discrete Information", so let us use name the Units pdi.
Let's extend the Parallel with Potential Energy. A Boulder at the Top of a Mountain is said to have a Potential Energy Relative to it's height, weight and the Gravitational Constant that is tranfered to Kinetic Energy if it Rolls down the Mountain. For Argument's sake let us Suppose a Flat Earth, then at the Bottom of the Mountain, the Boulder is said to have Zero Potential Energy (certinaly regarding its Potential to fall under Gravity but but I expect there are other ways Squeeze Enery out of Rock!). In a Computer I would say that a byte in a Switch On Computer is like the Boulder at the top of the Mountain with Maximum Potential Information (256pdi) and in a Switch of Computer, it has Minimum Potential Information.
So here's a Question first of all: "What is Minimum Potential Information?". Let's now do a thought experiment to help aswer the question at hand. Consider the concept of a "Broken Bit"; a bit that is fixed in either the 0 or 1 state and can't be changed. So, Information Theorists? What is the pdi of a Broken Bit? We now a working bit has 2pdi, but do we say the Broken Bit has 1pdi or 0pdi? 1pdi seems reasonable because it has a single Discrete State, but then 0pdi it seems we can't draw any information from it. If 0 is your answer, then I think you've jumped the gun, becuase I never told you what state it was locked in. What if I tell you it is locked in the 1 state? Well certainly we can draw no further information from it, but I say we still have the information that it is in the 1 state. So, I would say that before observation, the bit has 1pdi, but after observation, it has 0 pdi.
Now let us consider another possible unit of Information Measure "Discrete Information" or "di". So what is the di of a Broken Bit? Before we Observe it, we know we are going to read 1 Discrete Piece of information, and afterwards, we have read 1 Discrete Piece of Information. So I would say that the di of a Broken Bit is 1 in any Eventuality.
So you could interpret that as meaning that pdi is Time dependent and di is not Time dependent, which is a reasonable way to look at it. A more precise Way to look at it from a Computer Scientists point of view woud be to say that pdi is dependent on the number of "Reads" or "Potential Reads" where as di is not. This certainly holds for the Broken Bit. But, let us consider a working bit.
Let's get side tracked a bit and analyze a couple of common Computer Science Abstracts: Programs and Operations. Here's a suggestion for the definition of a "Program": A "Program" be an initial value for a container, and a series of well defined operations that manipulate the information of the container.
But this begs the question, what is an Operation... actually there's no obvious answer, it is thought of differently at different levels of the Computer Stack. To a user, Typing in a url and hitting Enter might be thought of as an Operation. The Web-Browser Software Developer, might consider an Operation to flag that the user has clicked in the url bar, an operation to read the string, operation(s) to analyis it, and operation(s) to send it to the DNS server. How about the guy who programmed the "String Read" operation, perhaps Scanf in C. That probably entails rather a few operations in Software alone, though it is a single operation in C. Then how many operations in Hardware were performed in this situation?
Here's a good Analogy for this type of thinking that any programmer will understand. Imagine you meansure Operations number of function calls. So how many operations in a "hello world application"? Well in C, it's One function call (not including main). Ok, but what about in Assembler? Rather a many function calls I would think. Then how did it get on your screen? Imagine the vast quatities of Function Calls that translate printf("hello world"); into a pattern of illuminated LEDs on the screen in a Terminal Window. Beyond that, how about the vast Edifices of Abstractions that lead to these LEDs glowing? Pixels, resolution, then colour of pixel which is represented as four bytes and needs Computer Software to interpret, then convert into a format correct to the monitor, then the monitor probably has more software to apply any colour correction and convert it into an Electrical Charge through some sort of Digital to Analog Converster that will eventually make a pixel glow with a certain colour. So how many operations in a "hello world" program? One could probably write countless Volumes analysing every operation that takes place from the flow of electrons through through Logic Gates, in the CPU, through the interupt mechanism on the chip to read you keystrokes, the abtraction of a bit and the operations of each ALU, the interpretation of the bits at each state of the ALUs computation etc. In fact, I think if you fully Analysed Everything that takes place inside a Computer in writing, compiling and executing a simple "hello world" program on a modern computer, you could probably chart pretty much the entire History of Computer Science.
For a moment, let us consider programs with no inputs, and et me suggest a definition of an Operation that may seem a little left field: "A Single Operation is the Space between two outputs", and "an output is any piece of information that it is a requirement that the program produce to satisfy its operation to the user". Let us assume for a moment that the only output device for a program is a Screen, and we a running a tech demo of the latest video game. As far as the user (i.e. viewer) is concerned, the only output they need is each frame. So long as the frame rate ticks over, the user is happy regardless of what is going on inside the computer. Then, the rate of Operations is Solely Dependent on how often the Screen updates, and 1 Operation takes place in the Computer inbetween each frame under this definition. So why use this seemingly bizarre Abstraction? What I'm seeking is an Absolute Measure of Compute Speed or Proficiency, and it seems to me, it is dependent on the program that is running. I'm sure those ASCII chips for mining bitcoin are dyamite at mining bitcoin, but your not going to get world of Warcraft running on them. I'm not sure you can really compare the Compute Speed of a ASCII bitcoin mining Rig to an XBox to example, certainly not simply by measuring Clock Speed and memory access rates anyway. What would be considered an "output" for a bitcoin miner? Hashrate is the standard measure of a bitcoin miners speed, and it is a most beautifully simple and perfect measure. Considering Compute Speed as "Numer of Operations per Second", then my definition of Operations and Outputs gives the Hashrate on a bitcoin miner. What about when an output is a frame on a Screen? Then on a game tech demo, for example, the Compute Speed would be the frame rate using the definitions I have already give. Again, probably the best know measure of Compute Speed for that type of Software. So perhaps I beginning to hit on a good generaization. I've actually conned you a little bit... in fact, under this definition of an operation as the "space between" outputs, my measure of compute speed of a video game is actually framerate-1 and my bitcoin mining measure is Hashrate-1. Here's another interesting consequence, with framerate, if my Computer is outputing a 30 frames per second, then I am running at 29 operations per second, but if I am running at 59 operations per 2 seconds... Actually very important with this measure of speed, which I'll write about another time. Those that have been studying O-Cycles may well have just spotted a Parallel! I want to consider another type of program also. Some programs (and in my opinion usually wise ones) don't necessarilly seek to operate as fast as possible. Take "metronome" program for example and let an "output" be one metronome "click". If you just tried to run it as fast as possible, you would have hyper speed noisy and irregular metronome. i.e. not really a metronome at all. So what would satisfy the user in a metronome program? Ignoring issues of software design, the main anwer would be accuracy of timing; usually not directly proportional to compute speed. Let us coin a new phrase, "Compute Proficiency" and say that for a metronome, Compute Proficiecy is measured by the accuracy of the metronome's timing. So Compute proficiency could be measured the deviation of the click, from some standar norm. i.e. deviation (perhaps in milliseconds) away from some target timing. Now, in my experience as a skilled bedroom music producer and Computer Scientist, this has precisely no relationship to the clock speed of any electronic/computer musical intrument I use. Consider measuring time in Beats and consider the Cartesian Plane with Time Measured on the x axis and Time Modulus 1 on the y axis. Then the beats will be series of points with y = around the line y = 0. Then we can do all sorts of Statistics to Measure Compute Profiency based on each point's deviation from (0, n) where n is an Integer...
[...a brief digression for those that have been following my other work, if we map the timing of each beat to the Complex Plane as follows: y = time and x = (time modulus 1) + 1/2, then let c = x + yi, then we have a rather recognizable line through the Complex Plane. For a Perfectly accurate Metronome, the line Re(c) = 1/2, i.e. what most think and hope are the Zeros of the Zeta Function... honestly, I'm still investigating whether this is True... I'm pretty sure that either the Sum of 0s divided by the number of Zeros Summed = 1/2 as i o-o, or they are all 1/2. Curiously, for the purposes I like to use this Science for, it wouldn't matter one jot which was True... So far anyway...]
So, if you'll exuse my digression, let's get back to measures of information. So I would propose the following definition of "rate of information": number of discrete pieces of information per output, with output defined per computer program. Let's take an example of Video playing software, and assuming so sound, say it out puts a grey scale image of 1024 x 1024 pixels every 100 milliseconds. Then assuming 1 byte per pixel, the program outputs 1 Megabyte memory per 100 milliseonds. So how much Discrete Information is it outputting per 100 milliseconds? Most people would say 1 Megabyte... How about per second? Again, most people would say 10 Megabytes. Here is how I would analyse the situation. I might say that a Megabyte, in a particular state, would constitute 1 Discrete piece of information (though not the only way of looking at it). Then I might day that the Potential Discrete Information of that Megabyte was 1024 * 1024 Discrete Pieces of information. So I would say the program is outputting at 10 Discrete Pieces of Information per Second- of course this doesn't consider Container Size of the Information. Let's look at it under a different lense, why would I consider 1 Megabyte in a particular state, a single piece of information? We could just as easily see it as 1024 * 1024 Discrete Pieces of Information if we consider the value of each pixel (byte) as a single piece of Information. Finally, I could consider it as 1024 *1024 * 256 Discrete Pieces of Information if we consider each bit individually. Here's a useful Equivolance Relationship:
Assume that the number of bits in a Sub-Container is a Power of 2 and the number of bits in a Container is a larger power of 2.
letting:
S = the Sub-Contain's Potential Discrete Information
C = the Container's Potential Discrete Information
s = number of bits in the Sub-Container
c = number of bits in the Container
then:
S / 2c = 2s / C
This is nothing to Computer Scientists, as Potential Discrete Information is what they usually consider. The above Relation is just a need formalization relating the number of bits and Potential Information in a Storage Container with a Sub-Container. Such as Total RAM to words or words to bytes etc.
Now what if we relate this to Discrete Pieces of information. Considering the situation, it seems that a single output should generally be considered a single Discrete Piece of Information. Then the goal of reducing the memory foot-print of Software Might be to make a Single Piece of Discrete Information have as little Potential Information as possible. How about an example: Consider out video game Tech Demo again, where we considered a single frame to be a single output and found that a single frame had 1 Megabyte of Potential Information. So by standard Information flow calculations, we are outputting information at 10 Megabytes per Second (One frame every 100 milliseconds). Now let's consider another situation, suppose we could stream a the output data to the screen without storing the whole frame. Let's say we could output it in 10 kilobyte chunks every 1 millisecond. Then our rate of information flow hasn't changed, however out memory footprint has reduced 100 fold. I'm still a little Wooly on the notion of an output, but it would now seem sensible to model an output as one of these 10 kilobyte chunks and therefore a discrete piece of information as a single output. So what do we have now:
1000 Discrete Pieces of Information per second 1 kilobyte of Potential Information per Discrete Piece of Information Therefore: 1 Megabyte of Potetial Discrete Pieces of Information per Second...
thus: Speed = pdi di/s
i.e Data Rate = Potential Discrete Pieces of Information per Discrete Piece of Information Per Second
So we may consider di/s purely a measure of speed of data trasfer, without considering size... e.g.
30 or 60 di/s for a 60 frames per second game for example, (treating each frame as 1 discrete piece of information). Then if it is outputting on 1024x1024 screen with 4 bytes per pixel, then we could say the Output Rate of the Game is:
Output Rate = 4Mb * 60 di/s or
Output Rate = 4Mb * 30 di/s
In visual Programs such as Graphical Programs, the di/s is VERY slow in comparison to a CPUs clock speed as humans rarely perceive quality improvements in animation about about 60fps (don't believe anyone who tell you that it's 30fps!).
Now consider the Polar Opposite in Modern Day Computing, a program than generates audio. an audio output device may ouput at 44,100 frames per second (for CD Quality) and the frames will usually be 16 bits for this kind of audio. So, such a pieces of Hardware/Software has the following output rate:
Output Rate = 16bits * 44,100 di/s
So some tell me, what is the Theoretical Minimum Memory footprint for such devices? The Theoretical Minimum is to create a program who's memory footprint is less that or equal to the Potetial Discrete Information Per frame. That doesn't help you with how to achieve this, but you certainly could not beat that minimum. I'm in the process of designing programs that can do this kind of this using the Tick operation.
Now, what's the minimum Discrete Pieces of Information per frame. The Answer is actually very Surpising, even for interesting programs. The answer is 1 bit. Let me explain. EVERY output of a Computer is Analog bar none. Very obviously so in Audio Devices and and old Televisions, but even Digital Information transfer is a Wave that is interpreted Digitally. Now how many bits does it take to produce a Wave? Well let's say I flick a bit at 500Hz and output it down a cable and send it into an Amp. Then I've just created a 500Hz Square Wave and I didn't need any software to Store anything, interpret what was stored, convert to packets, decode and send to the audio device. I wont speak much more about this now because I lack the Language of an Electrical EngineeEnergy Scientist to Describe my supositions, but one thing I do know, from an information persective, is that you can generate a Vast Quantity of Waves simply by flicking a single bit with the correct timing and sequence. Finally, when it gets to the point of directly outputting an Analog Signal direct from Code, what does this Discrete Pieces of Information per Second thing mean that I'd talking about earlier? You might say that the speed was the rate at which we flicked the bit, which is probably reasonable, but by the same token, the output itself does not have a discrete quality if it is a smooth Wave...
Here's the idea... you know those ugly annoying Computer Noises that sometimes leak from Speakers, like the Insidious Machinations of some Digital Monster? That is the Amplified noise of a Computer's Brain Pattern. We send that brain Data, our Digital Firend Mulls it over using His/Her Digital Brain Wave, then sends us back data. My thinking is to try to manipulate the Computer's Brain Waves Directly, then Amplify the result to use for whatever purposes...
Finally, what happens if you amplify the signal of [a] bit[s] ‘ticking itself in an O-Cycle? That’s kind of where I’m going with this...
...hmmm... Mysterious...
Nishikala
submitted by PotentiallyNishikala to mathematics [link] [comments]

MAD Doge - Merging Lanes - 9-17-2014

Wow, it sure has been some time, what has happened?
  1. DogeCoin dropped...hardcore
  2. DogeCoin "Merged"
  3. DogeCoin Spiked
  4. DogeCoin is normalizing
Before we go into too much at the moment, I'll just catch you up on what's been going on with me.

MAD Doge Happenings:

To summarize, I left for awhile to get away from /dogecoin, and away from the drop. It's neat to see that the market is rallying, but there are consequences of such things. I haven't stopped mining, I have a video that's actually really quite helpful, but that's down the road. Oh and I'm gaining some help by trading stocks and taking a class on the subject.
Enough about me....time for the meat.

DogeCoin Merge

DogeCoin Value

DogeCoin Pricing

What do I mean by set previously?

Keep on shibing!
Oh and one last thing, the website and /MADDOGE is not going to look amazing for awhile, but I'll complete it over the next few weeks.
submitted by DRKMSTR to MADDOGE [link] [comments]

Bitcoin and cryptocurrency mining explained - YouTube Bitcoin Rig - Bitcoin mining rig - Bitcoined explained Bitcoin Mining 2019 - Should We Mine Bitcoin? - YouTube Intro To Building Profitable Mining Rigs - Part 1 - YouTube How Does Bitcoin Work? - YouTube

A Bitcoin mining module is usually a worker as assigned in the Bitcoin mining software. For example, four GPUs are plugged into the motherboard constituting the Bitcoin mining hardware. Then the Bitcoin mining software identifies each GPU as a unique worker. So, this small Bitcoin mining rig would be composed for four Bitcoin mining modules. Bitcoin mining is the process of creating new bitcoin by solving a computational puzzle. Bitcoin mining is necessary to maintain the ledger of transactions upon which bitcoin is based. Mining is essentially the act of releasing these blocks. The coins don’t release automatically, they have to be unlocked and that process is what has been termed Bitcoin Mining. Every block of Bitcoin is locked with a series of complex mathematical equations which need to be solved. When these are solved the block is released. Bitcoin mining is done by specialized computers. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).. For this service, miners are rewarded with newly-created Bitcoins and transaction fees. Bitcoin mining is the processing of transactions in the digital currency system, in which the records of current Bitcoin transactions, known as a blocks, are added to the record of past transactions, known as the block chain.

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Bitcoin and cryptocurrency mining explained - YouTube

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