submitted by j0j0r0 to ethereum [link] [comments]
Dragonchain Public Proposal TL;DR:Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.
Hello Reddit and Ethereum community!I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.
Executive summaryDragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.
Response and PoCIn The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.
A live proof of concept showing hundreds of thousands of transactionsOn Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutes
The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:
Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.
How it works & scales
Architectural ScalingDragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.
Economic ScalingAn interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.
Scaled DeploymentDragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.
Flexibility in ScalingDragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees Table
How to run itBuilding on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
ArchitectureDragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.
APIs (on chain & off)
Known issues or tradeoffs
Costs and resources
Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.
This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on Ethereum
Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to considerDragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
Usability Scaling solutions should have a simple end user experience.
Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactionsDragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.
Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.
Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)
Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction Fees
Reddit Ethereum Token Transaction Fees
When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
Users should be able to view their balances & transactions via a blockchain explorer-style interfaceFrom interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.
Exiting is fast & simpleWithdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.
Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.
Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
Documentation should be clear and completeFor full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.
Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.
Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
TIMECommunity points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.
Dragon DenDragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.
Security. Users have full ownership & control of their points.All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.
Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone elseUsers can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.
Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone elseThrough our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw
Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offlineIf necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.
A public, third-party review attesting to the soundness of the design should be availableTo our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.
Bonus pointsSee above
Compatibility with HSMs & hardware walletsFor the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.
Minting/distributing tokens is not performed by Reddit directlyThis operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.
One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalableThis is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).
Fully open-source solutions are strongly preferredDragonchain is fully open source (see section on Disney release after conclusion).
ConclusionWhether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!
Disney Releases Blockchain Platform as Open SourceThe team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.
Open SourceIn 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document
Dragonchain FoundationThe Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
A week ago, a lot of documents known as the FinCEN documents were delivered, enumerating how the absolute greatest banks on the globe move trillions of dollars in dubious exchanges for suspected psychological militants, kleptocrats, and drug top dogs. Also, the U.S. government has neglected to stop it.submitted by privatex-wallet to u/privatex-wallet [link] [comments]
The Financial Crimes Enforcement Network ("FinCEN"), an agency inside the Treasury Department, accused of battling tax evasion, psychological militant financing, and other monetary violations. An assortment of "dubious movement reports" offers a window into budgetary debasement, and how governments can't or reluctant to stop it. Benefits from destructive medication wars, fortunes stole from creating nations, and hard-earned investment funds taken in Ponzi plans, all course through money related establishments, in spite of admonitions from bank workers.
These reports are available to US law enforcement agencies and other nations’ financial intelligence operations. Although FinCEN is aware of the money laundering activities, it lacks the authority to stop it.
Money laundering is more than a financial crime. It is a tool that makes all other crimes possible - from drug trafficking to political crimes. And banks make it all possible. In a detailed expose, BuzzFeedNews named several of the most trusted banks. Current investigations show that even after fines and prosecutions, well-known JPMorgan Chase JPM (+0.9%), HSBC, Standard Chartered, Deutsche Bank, and Bank of New York Mellon BK (+0.8%) are all involved in moving funds for suspected criminals.
The current money related framework generally protects the banks and its heads from the indictment, inasmuch as the bank documents a notification with FinCEN that it might be encouraging crime. The dubious movement alert adequately gives the banks a free pass. Thus, unlawful finances keep on moving through banks into different businesses from oil to amusement to land, further isolating the rich from poor people, while the banks we have developed to trust, make everything conceivable.
As indicated by the United Nations, the assessed measure of cash laundered universally in one year is 2 to 5% of the worldwide GDP, or $800 billion to $2 trillion, with more than thank 90% of illegal tax avoidance going undetected today.
Simultaneously, the cryptocurrency industry has likewise been condemned for being an apparatus for tax evasion, in spite of insights expressing something else. It is assessed that solitary 1.1% of all digital currency exchanges are illegal. During its initial days, Bitcoin was generally connected with the Silk Road, an online dim net commercial center, where clients could buy weapons and unlawful medications namelessly.
Be that as it may, with the developing utilization of the Bitcoin organization, 42 million Bitcoin wallets, and checking, it is getting progressively conceivable to follow exchanges on open blockchains, while private financial exchanges stay covered up on display.
This week, I had a chance to plunk down with Chanpeng Zhao "CZ", the Founder and CEO of Binance, the biggest cryptographic money trade by volume on the planet, to get his interpretation of illegal tax avoidance both in the customary and the computerized fund universes.
Coming up next are a couple of features from our meeting:
Much obliged to you for going along with us today, CZ. As you would see it, for what reason is illegal tax avoidance especially destructive to our economy?
CZ: As monetary administration suppliers, it is our obligation to battle unlawful action. Everybody shares this duty. Yet, regularly once the principles are set up, individuals will attempt to get around the guidelines. What's more, there are individuals who simply need more business, and knowing or unconsciously will encourage these exchanges. We live in an intricate world, where one nation may see a go about as criminal and the other may not. Many individuals have a high contrast see, yet the world is really dim. Not all banks are honest and not all crypto organizations are terrible.
The digital currency industry has experienced harsh criticism for encouraging unlawful exchanges. How would you think conventional money and digital currency businesses analyze in such manner?
CZ: If you are utilizing Bitcoin, it is a straightforward record. When you have a couple of exchanges, you can follow the assets right back to where the coins were mined. So along these lines, blockchain really gives a straightforward record to everybody to dissect. In the event that you piece together a couple of information focuses and do a group examination, it isn't that difficult for a calculation to break down the beginning. Security coins are more earnestly to follow, yet their market top isn't unreasonably high, making bigger exchanges more troublesome. So to be completely forthright, it is a lot simpler to make illegal exchanges utilizing fiat than utilizing crypto.
How might you analyze the volume of illegal exchanges in crypto versus fiat?
CZ: It's likely a thousand times less. Essentially, for any important measure of cash you need to move in the crypto, it is exceptionally difficult to move it namelessly. There are outsider checking devices and information bases that can coordinate a considerable lot of the addresses to known people. The digital currency market top is little to the point, that in the event that you are moving a $100 million dollars, you can't do as such without experiencing an incorporated trade, making it considerably simpler to follow.
The cryptographic money space overall was begun by Satoshi Nakomoto as to some degree a campaign against the defilement of banks. Remarkably, the beginning square of Bitcoin contained a commentary tending to the bailouts of banks in 2008 and 2009 ["The Times 3 January 2009 - Chancellor on edge of second bailout for banks."] Is that ethos still alive in the digital currency space today, the drive to bring down the enormous person?
CZ: I have even more a fair view here. Some in the crypto space are against banks, fiat, and so forth., while others think digital forms of money are utilized by drug masters. Those are two extraordinary perspectives. My view is that digital money offers opportunities - a further extent of opportunity in exchanges, ventures, property, reserve funds, and so on. We are simply offering another choice for clients who esteem that opportunity and control. I'm not against any bank or any single individual. I think crypto offers a higher opportunity of cash, and thusly we need to give more individuals admittance to crypto… If I don't care for the banks, I simply don't utilize them.
Where do you feel the equalization lies between the legislature securing its residents as opposed to encouraging advancement?
CZ: I accept governments ought to be public administrations. They ought to give streets and fire departments...Whenever there is government intercession, it is awful for the economy. At whatever point an administration encourages one gathering, it naturally harms another. The administration influences the parity of the economy giving assistance to a gathering that isn't sufficiently serious to remain alive. So at whatever point an administration rescues huge banks, or any business so far as that is concerned, they just appear as though they are making a difference. I have confidence in a free economy, and I buy into that way of thinking unequivocally.
Much obliged to you for your understanding, CZ.
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Digest from [BitKan 1v1] debate.submitted by BitKan to btc [link] [comments]
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Question 2: During the BCH fork to BSV hash war, why do you support BCH? What do you think of the differences between BSV and BCH?
Jiang: First of all, we have to figure out how did some of the key propositions of BSV came about. CSW seems to be the leader of the BSV community, but in fact CSW is just a chess piece. For example, CSW is in name the chief scientist of Nchain, but CSW has no shares in a series of BSV related companies such as Nchain, Coingeek etc. The true boss of BSV and the main backer behind CSW is Calvin Ayre, the casino tycoon.
Zhao Nan wrote two articles, which made the cause and effect of CA's capital layout clear:
"The capital layout of the casino tycoon Calvin Ayre" >>(Chinese)
"The ins and outs of the Calvin Ayre team" >>(Chinese)
Therefore, the ultimate goal of Calvin Ayre is to make money from the Canadian stock market through Coingeek. Coingeek develops its own mining machine, mines itself, controls the chain of BSV, and has the "CSW" as the gimmick, to tell us the story of BSV.
So BCH forks the BSV, which is a step in the entire capital layout of Calvin Ayre. It is not because there is any irreconcilable development direction, but because Coingeek needs to control the BCH. If it cannot be controlled, it will split into a chain that Coingeek can control completely. The whole thing is planned in advance, for example, bitcoinsv.org registration date is July 2, 2018, bitcoinsv.io is August 16, long before CSW began firing shots at ABC team.
CSW’s goal is to split the BSV from the BCH, so he must overstate many of his claims in order to create a split. If he puts forward a reasonable claim and BCH is a rational and pragmatic community, then he can't split. It is important to mention some very extreme claims that the BCH community can't accept, and then incite some community members through extremist claims, just like the Nazis do extreme propaganda and incitement, in order to split from the BCH.
CSW's extreme claims, such as:
1 Super block: BCH advocates large block expansion. What about CSW? He demands to upgrade the oversized block in a short time. The BCH 32MB block is sufficient and does not exceed the network load. CSW exerts that he will upgrade 128MB now. He will not wait till next year, and he intends to upgrade to 2g as well in 2019.
But the result? Don't even talk about 2G, the 100M block has exceeded the current network carrying capacity. After the BSV, because the block is too large, it is too late to spread across the entire network. There have been many deep rollbacks, April 18, 2019. At that time, the 578640 height 128M block resulted in 6 confirmed rollbacks, making the 6 confirmations unreliable.
On April 18, 2019, Beijing time, from 21:00 to 22:00, the deep recombination of up to six blocks occurred in the cobwebs of BSV (block height 578640-578645)
According to BitMEX Research, the BSV chain was rolled back by two blocks in the week. One of the orphaned blocks was about 62.6MB in size. This large block may be the cause of the roll back. In addition, BSV plans to launch an upgraded network called Quasar on July 24. The only change to this upgrade is to increase the default block size limit. It is reported that the expansion of block capacity will increase the probability of block reorganization: the large block has not yet been packaged, and multiple small blocks have made the block height overtaking, which will lead to block reorganization or even fork.
2 Lock-up agreement: A chain must stabilize the agreement. The agreement is greatly changed every time. It definitely affects the above development. If CSW proposes a stable agreement, then everyone agrees that he can't split it. What should he do? CSW is even more extreme, and I am going to set the protocol and lock it, even back to the original version of Bitcoin, which is ridiculous.
The environment has changed, and the agreement must change. For example, if the 0.1 version of Bitcoin is perfect, and the 14-day difficulty adjustment is not a defect, the BSV will not remove the BCH “not original” DDA difficulty adjustment algorithm, and switch back to 14 Day difficulty adjustment? Because once the BSV removes the BCH DDA difficulty adjustment algorithm, it will be directly cut and killed by the big calculation.
3 Computing power determines everything: Why does CW have the power to decide everything? Because the extremes did not dominate the community at the time, but CA's coingeek deployed a lot of mining machines to mine, which is very computationally intensive, so he advocated Force to decide everything, of course, he did not know that my calculations were more than him. I will talk about this later.
Because these claims are created for splitting, not natural development, so these claims will be internal contradictions. For example, CSW said that the agreement is to be locked, and that the computing power determines everything. Even decided to increase the total amount of 21 million, then who has the final say?
Why don't I support the development path of BSV? Because these extreme claims of CSW are all for the purpose of splitting, purposefully proposed, whether it is a large block, lock-up agreement, power calculation determines everything, in fact, it can not be implemented, of course, Will not support these extreme claims that can't actually fall.
In addition, these extreme claims will become a heavy liability for the development of BSV in the future. It is necessary to develop according to these extreme claims. In fact, we cannot do this. We must revise these extreme claims. The members of the community who were incited by these extreme claims will definitely not do it. Then, how do you say that BSV is still developing?
Digest from [BitKan 1v1] debate.
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Last year Bitfury’s multidisciplinary Blockchain specialists announced the possibility of revealing the identities of more than 16% of all owners of Bitcoin addresses. Several years ago, a team of CryptoLux developers, having conducted a study of transaction privacy on the Bitcoin network, concluded that 60% of all addresses can be deanonymized. Summarizing all this, it’s worth highlighting three existing methods that can successfully deanonymize private transactions.submitted by Stealthex_io to StealthEX [link] [comments]
ClusteringThe easiest way to cluster (link Bitcoin addresses) is by analyzing transactional networks. In other words, this is a method that allows finding several inputs combined in one transaction. The second clustering method is “distribution analysis”. It allows calculation the percentage of cryptocurrency at the certain address that comes from another specific address and it becomes clear whether these addresses are connected by one direct transaction or a chain of transactions or not.
Graph analysisIt consists of quantitative and temporal analyzes. Quantitative analysis studies not certain transactions, but amounts. Time analysis tracks specific periods.
Memory Pool MethodWhen a transaction is made through the user’s wallet, the input nodes send information about the transaction to the Blockchain network. The purpose of this method is to identify the set of input nodes through the wallet and the user. In this case, the IP address of the client can be associated with its transactions. There are certain private cryptocurrency-leaders which are popular and trusted among users. Using one feature-privacy, they have different ways of functioning.
Basic principles of work: anonymous cryptocurrencies (Monero, Dash, Zcash)
MoneroThe platform focuses on privacy and decentralization. The coin uses three levels of protection:
• Ring signatures, that hide the origin of the sender by mixing the user’s address with the addresses of other group members. • Ring confidential transactions, which hide the amount of the transaction. • Stealth addresses, that allow a user to hide the recipient’s address.
Such way guarantees the privacy of the sender and the recipient. Monero can be bought on Poloniex, Bitfinex, Livecoin, and Kraken crypto exchanges. It is possible to store Monero via an online wallet. More secure is its computer wallet. Due to its privacy, the popularity of the coin is expected to grow, so it makes sense to add a coin to an investment portfolio.
• Increased privacy. Cryptocurrency is suitable for those who are afraid of deanonymizing network transactions. • Unlimited and difficult mining. • It takes less time to find blocks. • Resistance to the centralization of mining capacities.
• Resources. All currency protection technologies require impressive machine performance for normal operation. The Monero block size is constantly growing, and this requires additional resources of network participants. • The popularity in the dark web leads to problems in working with regulatory authorities, exchanges often delist it. Speaking of reputation, Monero’s reputation is far from the best. The coin is often used on the dark web as payment for various illegal services. It happens to almost all crypto coins that provide privacy. • Large transaction sizes. Since Monero Blockchain is five times larger than the Bitcoin Blockchain in terms of one transaction. • Problems with scalability.
DashThe Dash platform is a classic decentralized Blockchain-based payment system and the most technologically advanced cryptocurrency. It implements multi-off-chain money transfers without loss of reliability and overall security of the Blockchain. Its confidentiality is rather an additional option that can be used optionally. In the case of anonymity, it is possible to send a hidden transaction, but at a more expensive cost, which also requires additional time. Dash developed a hashing algorithm with eleven cryptographic functions-X 11 for the first time. The coin developers have released apps for other platforms. Today it is possible to use Dash for IOS, Zeal for Linux, LovelyDocs for Android and Velocity for Windows.
As well known, the CoinJoin is an anonymization method for crypto transactions, which is used by Dash as an improved version called the PrivateSend. Its mixing sessions are limited to 1,000 DASH for each session and will require multiple mixing sessions to anonymize a large amount of money.
• High transaction speed. It is achieved via InstantX technology, which enables the confirmation of operations in less than 4 seconds. • Law transaction fees. • Energy consumption. Unlike Monero, it does not require a lot of power or high commission costs.
• “Transparency” of the network. Without triggering the “mixing” mechanism, the directions of transactions and their balances are publicly visible to everyone. • Lack of proper cryptographic technologies that provide privacy, but can provide a sufficiently high level of protection. • Transaction visibility to the founders and the team.
ZcashAn open-source decentralized cryptocurrency that provides users with maximum privacy. Zcash is the first private cryptocurrency, using cryptographic protocol zk-SNARKS, a zero-knowledge security layer. It allows users to make hidden and open transactions.
Mathematically guaranteed privacy is something cryptocurrency can not be proud of. This fact makes the currency specific. All Zcash coins are identical, it means that interchangeable coins do not contain information about past use created. In this regard, the connection of coins with their history on the Blockchain is broken, which makes them universal and identical to each other. Zcash blocks are generated 4 times faster than Bitcoin. The currency trades on Huobi, Bitfinex and Binance exchanges, and after purchase, it can be stored on the exchange’s internal wallet, as well as transferred to Jaxx, Cryptonator and Coinomi multi-currency wallets. Coins can also be stored on hardware wallets like Ledger and Trezor.
• Privacy. Since no information except the time stamp, is recorded in the Blockchain, transactions cannot be tracked, and the identity of the sender and recipient is almost impossible to establish. • Interchangeability. Due to interchangeability, all coins have a “clean” history. This means that it is practically impossible to determine which transactions coin was used. • Security. Lack of information about user keys, which protects user wallets and the network.Mining energy efficiency. Zcash mining hardware consumes less electricity than Bitcoin mining ASICs. • The difficulty of mining. Zcash is beneficial for those who want to get coins for block creation. Bitcoin mining becomes more and more complicated, so miners cannot earn enough money via their computers with high capacity.
• 6 users can decide to leave the transferred data completely open. • It takes a lot of calculations to complete a transaction. • Insecurity. There are fears that the system could be hacked, or users may accidentally open the data. • Legally ZCash is supported only by Linux, however, it provides users with wallets for other platforms: Jaxx, Ledger, Trezor, Trust, Zecwallet, Ibitcome, Exodus, Guarda, Coinomi, Cobowallet, and Bitgo.
Private cryptocurrencies are necessary for anyone who values the privacy and confidentiality of financial transactions. Privacy can generate more value, than danger, as Eric Hughes says: “Privacy is necessary for an open society in the electronic age. Privacy is not secrecy. A private matter is something one doesn’t want the whole world to know, but a secret matter is something one doesn’t want anybody to know. Privacy is the power to selectively reveal oneself to the world”.
Shreemoon Rajbhandarisubmitted by Shreemoon to loopringorg [link] [comments]
My Intern Experience
During my time as an undergraduate, one of the key experiences recommended is to do an internship. Gaining work experience as an intern overseas will improve a skill set in my area of interest. Working somewhere as culturally different and economically significant as China is a talking point in any interviews. There are many reasons that made me choose to do an internship in China. Definitively the best part of the experience has been living out of your comfort zone. Encountering new situations and experiences, that increase my self awareness, my capabilities and also to discover my weaknesses.
Over the past 2 years, we have seen many digital currencies/cryptocurrencies being introduced globally.These have added the aspect of using this financial ecosystem to eventually solve social issues. This could be the application of Blockchain technology in areas like logistics/supply chain to food security. Eventually, there would be many more areas where blockchain and related technology developers would be needed. It's emerging to change the way we solve the many roadblocks that we face.
Blockchain is considered to be one of the most trending topics. This is the right time for me to learn about the technology and start implementing. Blockchain is a notion that can be implemented directly or indirectly to any sector as such. Only two months prior, I had a minimal amount of knowledge about blockchain innovation, and my insight into blockchain comprised distinctly of an obscure comprehension of bitcoin and cryptographic money all in all.
During my internship, I was given investigation material to help assemble my base comprehension of Loopring and the blockchain innovation that it depends on. In the wake of beginning at Loopring, I have been given significantly more prominent chance to learn. While my comprehension of blockchain is still new, it has improved extensively since my first day at the organisation.
In this post, I would like to talk about two cryptographic methods aiming to give privacy to blockchain technology ; the zk-SNARKS and zk-STARKS protocols are two significant examples. We will look into their advantages and disadvantages, comparison between two protocols, and conclusion.
ZK-SNARKS vs ZK-STARKS
Along with the countless benefits of the Internet from which we can benefit, when we use it for social media or business company purposes, privacy is at greater risk. Approximately 90 million of Facebook users information were damaged by Cambridge Analytical data. The Wall Street stated that “ this is just the beginning, and the results are expected to grow”. The Equifax data breach revealed information on social media channels from private users. Thus, birth dates were exposed to the majority of the populations. Due to the Uber hack, data from over 55 million customers were also shared and exposed.
Privacy has consistently been seen as a valuable element within the cryptocurrency community. There is always a growing focus on improving privacy within the cryptocurrency space. Bitcoin, Ethereum, Litecoin and many other cryptocurrencies are all actively searching for the most convenient approaches to increase their security. It is the antecedent to fungibility, which is vital for a broadly used form of money. Additionally, most crypto-asset holders do not want their transaction history to be completely public to the world. Among the different cryptographic methods aiming to give privacy to blockchain technology; the zk-SNARK and zk-STARKS protocols are two main significant examples.
Two leading technologies today offer their cryptocurrencies - Monero and zcash— and strive to address protection issues. Monero uses the technology of Ring Confidential Signature. By contrast, Z-Cash uses zk-SNARK( Zero-Knowledge transparent knowledge argument), a technology that provides the ability to conduct anonymous transactions.
In recent years, zk-SNARKS has exploded as the most promising technology to solve blockchain privacy. It is a technology derived from proofs of zero-knowledge, a type of proof that anyone with a verification key can check this “proof” without disclosing the information itself. If the statement holds, a verifier will be convinced by a correct proof. If the statement is false, it is true that no prover can convince a verified statement.
zk-SNARK stands for :
- Zero-knowledge : if the statement is true, there is nothing the verifier learns beyond the fact that the statement is true.
- Succinct : The proof size needs to be small enough in a few milliseconds to be verified.
- Non-interactive :Only one set of information is sent to the verifier for verification, therefore there is no back and forth communication between the prover and verifier.
- Argument of Knowledge : A computationally soundproof: soundness runs counter to a prover leveraging polynomial-time, i.e. limited computing. Also, Without access to the witness (the private input needed to prove the statement), the evidence can not be constructed.
zk-SNARKS aims to provide fast, scalable solutions to ensure financial security. Therefore, transaction encryption is possible.When zk-SNARK is applied to a cryptocurrency, it implies you can conceal the majority of the transaction data information. This incorporates the sender address, collector address, just as the transaction sum amount. zk-SNARKS enables us to shroud the majority of this data information, while likewise enabling the system to affirm and verify the transactions. It amplifies security while maintaining consensus. In the realm of blockchain, it is one of the most exceptional blockchain level protection innovation being used.
With the launch of version 3.0, Loopring’s decentralised protocol solution struck a noteworthy milestone in early May- adding off-chain scaling and fee optimisation using zk-SNARKs. Low fees, liquidity, transparency and security are the key goal of the loopring solution. Loopring says the new Loopring 3.0 based zk-SNARK will increase trade speeds and on-chain activity efficiency tenfold. The data previously stored on-chain in Loopring 3.0 is now stored off-chain in a Merkle tree and then used as required in zk-SNARKS, updating the tree.
Be that as it may, there are a few issues with zk-SNARKS. The main problem has been the need for a trusted setup. zk-SNARKS rely on a permission private key. This essentially undermines the entire purpose of decentralised public blockchain. By introducing the need to trust a person rather than code, you threaten the entire concept of trustlessness. In theory, a prover with sufficient computational power could create fake proofs, and this is one of the reasons why many consider quantum computers as a threat to zk-SNARKs (and blockchain systems).
Last year zk-SNARKS were incorporated on a MIT Tech Review list of the top 10 Breakthrough Technologies of 2018 among AI advancements. zk-SNARKS allows both a tremendous speedup in verifying the correctness of a computation while at the same time it hides the private details from prying eyes. Some of the potential uses citied in MIT article were verifying you’re over 18 without having to share your date of birth, and providing you have a enough money in your back account as collateral without having to give away account details like your exact balance. It establishes trust which you need to interact on the blockchain. Zk-SNARK proofs are as of now being used on Zcash, on JP Morgan Pursue's blockchain-based payment system, and as an approach to safely validate customers to servers.
The more developed version of zk-SNARKS is called zk-STARKS which stands for :
Argument of Knowledge
zk-STARKS verifications are currently being touted as the better than ever form of the convention, tending to a considerable lot of the past disadvantages of zk-SNARKs. It has demonstrated an approach to accomplish a similar degree of privacy as zk-SNARKS without the requirement for the trusted setup. Starks are practically superior to Snarks as they require weaker crypto suppositions, they don't require a trusted setup and are post-quantum resistant. zk-SNARKs are based on Elliptic-Curve Cryptography, which is susceptible to advances in Quantum-Computers. zk-STARKs, on the other hand are Post-Quantum system meaning that even if Quantum-computers become powerful and ubiquitous they will not have an advantage, compared to classical computers, in breaking zk-STARKs. Anyway they have a noteworthy downside, as in the proof being too enormous. Their problem is their storage requirements. STARKs are doubly scalable, which means the proof verification is exponentially faster than the original computation’s time but the drawback is the size of the proof they create being too large, possibly 2 or 3 orders of magnitude more than those produced by zk-SNARKs. One example : StarkWare solves the inherent problems of scalability and privacy of blockchains. Using STARK technology, they generate a full proof-stack to produce and verify computer integrity tests. They utilise STARKs to batch transactions into a single proof that is verified on Ethereum. Matt Taylor states that the present iteration of StarkDEX demonstrates the viability of using STARKs for the scalability of Layer-2 by showing a substantial rise in the amount of blockchain transaction.
The idea of zk-STARKS was proposed by Eli-Ben Sasson, a professor at the Technion-Israel institute of Technology. zk-STARKS provide proofs that can be verified a lot quicker than zk-SNARKS. At the present time, Z-cash and Ethereum are on the whole considering to utilize zk-STARKS. zk-STARKS have solved the trusted setup issue. They have totally expel the requirement for multiple parties to create the private key required for the string. Rather everything needed to produce the proofs is public and the verifications are generated from arbitrary numbers. zk-STARKS actually removed the necessity in zk-SNARKS for unbalanced cryptography and rather utilizes the hash fuctions like those found in Bitcoin mining. In addition, they ought to have longer timeframe of realistic usability as far as their crytographic resilience than zk-SNARKS. However, there are some impediment of zk-STARKS, the main issue with zk-STARKS is their size. The verifications it uses are basically too enormous to use in many blockchains as they stand. As indicated by Vitalik Buterin, zk-STARKS will result in proofs of a couple of hundreds kilobytes versus the 288 bytes seen in zk-SNARKS.
The Difference Between zk-STARKS and zk-SNARKS.
Source : The Medium - Coinmonks
The complexity of communication : With the computation’s expanded complexity, the zk-SNARKS communication complexity also increases linearly, whereas zk-STARKs develops in the opposite direction and grows slowly as the computation size grows.The graph above shows that the communication required by the zk-STARKs to complete the calculation rises much slower than zk-snarks as the underlying evidence increases in complexity.
Source : The Medium - Coinmonks
The complexity of the verifier : zk-STARKs slightly widening with the development in computation size. On the other side, for confirmation evidence, zk-SNARKs requires less time than zk-STARKs. zk-STARKs, for instance need up to 100 ms to verify and zk-SNARKs need only up to 10ms. The graph above illustrates the the time taken by the zk-STARK to verify an evidence rises very slowly compared to the zk-SNARK as the underlying evidence increases in complexity.
Overall these two protocols have excellent potential in the cryptocurrency globe and can be a breakthrough avenue for mainstream implementation. Both conventions are truly needed steps to protect our privacy.
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