You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
Grayscale premium up 3x in the last 3 months... indicating future buy orders of $4 Bil annually.
For those that don't know, Grayscale is one of the biggest continual buyers of Bitcoin, currently buying out 100% of mining rewards annually (325,000 Bitcoin), to be locked into a permanent vault - roughly $4 Bil. They do this because they trade in tax-differed retirement accounts, using the symbol GBTC, at roughly a 1 to 1,000 value ($10,000 BTC = $10 GBTC, of Bitcoin value - note: the actual math is like $10,000 BTC = $9.5 GBTC of value). But typically GBTC trades well above this rate, around 30%. Today it's at about 20%, and a few months ago it was at 7%. This is easy for anyone to track. For GBTC 'investors' they buy Bitcoin at a price, say $10,000, and then sell it as GBTC for $13,000 (30% premium), after holding 1 year. This makes it a relatively low-risk arbitrage, unless the premium goes away and BTC price plummets. Once this Bitcoin is purchased and added to GBTC, it basically stays there forever, probably for the next 20 years. Their current Bitcoin asset valuation is about $4 Bil, and they are expected to add $4 Bil more this coming year, if investors keep pouring in. The best indicator of this is the premium. As the premium grows, the risk to new investors decreases, and currently it trades at $13.2 vs asset value of $11 = 20% premium. So it's something I watch for, and I suspect GBTC will buy $4 Bil of Bitcoin this year, alone with lots and lots of other crypto assets - which is about the entirety of this year's mining rewards (if the price stays near $10,000). For those that are curious why the premium exists at all, for US persons it's commonly a 25 to 40% tax to engage in short-term trading, if it's in an IRA then the tax is 0%. If you are an active Bitcoin investor, attempt to do all short-term trades in retirement accounts only using GBTC, and long-term holding positions in actual BTC. At least that's what I do.
Don't blindly follow a narrative, its bad for you and its bad for crypto in general
I mostly lurk around here but I see a pattern repeating over and over again here and in multiple communities so I have to post. I'm just posting this here because I appreciate the fact that this sub is a place of free speech and maybe something productive can come out from this post, while bitcoin is just fucking censorship, memes and moon/lambo posts. If you don't agree, write in the comments why, instead of downvoting. You don't have to upvote either, but when you downvote you are killing the opportunity to have discussion. If you downvote or comment that I'm wrong without providing any counterpoints you are no better than the BTC maxis you despise. In various communities I see a narrative being used to bring people in and making them follow something without thinking for themselves. In crypto I see this mostly in BTC vs BCH tribalistic arguments: - BTC community: "Everything that is not BTC is shitcoin." or more recently as stated by adam on twitter, "Everything that is not BTC is a ponzi scheme, even ETH.", "what is ETH supply?", and even that they are doing this for "altruistic" reasons, to "protect" the newcomers. Very convenient for them that they are protecting the newcomers by having them buy their bags - BCH community: "BTC maxis are dumb", "just increase block size and you will have truly p2p electronic cash", "It is just that simple, there are no trade offs", "if you don't agree with me you are a BTC maxi", "BCH is satoshi's vision for p2p electronic cash" It is not exclusive to crypto but also politics, and you see this over and over again on twitter and on reddit. My point is, that narratives are created so people don't have to think, they just choose a narrative that is easy to follow and makes sense for them, and stick with it. And people keep repeating these narratives to bring other people in, maybe by ignorance, because they truly believe it without questioning, or maybe by self interest, because they want to shill you their bags. Because this is BCH community, and because bitcoin is censored, so I can't post there about the problems in the BTC narrative (some of which are IMO correctly identified by BCH community), I will stick with the narrative I see in the BCH community. The culprit of this post was firstly this post by user u/scotty321"The BTC Paradox: “A 1 MB blocksize enables poor people to run their own node!” “Okay, then what?” “Poor people won’t be able to use the network!”". You will see many posts of this kind being made by u/Egon_1 also. Then you have also this comment in that thread by u/fuck_____________1 saying that people that want to run their own nodes are retarded and that there is no reason to want to do that. "Just trust block explorer websites". And the post and comment were highly upvoted. Really? You really think that there is no problem in having just a few nodes on the network? And that the only thing that secures the network are miners? As stated by user u/co1nsurf3r in that thread:
While I don't think that everybody needs to run a node, a full node does publish blocks it considers valid to other nodes. This does not amount to much if you only consider a single node in the network, but many "honest" full nodes in the network will reduce the probability of a valid block being withheld from the network by a collusion of "hostile" node operators.
But surely this will not get attention here, and will be downvoted by those people that promote the narrative that there is no trade off in increasing the blocksize and the people that don't see it are retarded or are btc maxis. The only narrative I stick to and have been for many years now is that cryptocurrency takes power from the government and gives power to the individual, so you are not restricted to your economy as you can participate in the global economy. There is also the narrative of banking the bankless, which I hope will come true, but it is not a use case we are seeing right now. Some people would argue that removing power from gov's is a bad thing, but you can't deny the fact that gov's can't control crypto (at least we would want them not to). But, if you really want the individuals to remain in control of their money and transact with anyone in the world, the network needs to be very resistant to any kind of attacks. How can you have p2p electronic cash if your network just has a handful couple of nodes and the chinese gov can locate them and just block communication to them? I'm not saying that this is BCH case, I'm just refuting the fact that there is no value in running your own node. If you are relying on block explorers, the gov can just block the communication to the block explorer websites. Then what? Who will you trust to get chain information? The nodes needs to be decentralized so if you take one node down, many more can appear so it is hard to censor and you don't have few points of failure. Right now BTC is focusing on that use case of being difficult to censor. But with that comes the problem that is very expensive to transact on the network, which breaks the purpose of anyone being able to participate. Obviously I do think that is also a major problem, and lightning network is awful right now and probably still years away of being usable, if it ever will. The best solution is up for debate, but thinking that you just have to increase the blocksize and there is no trade off is just naive or misleading. BCH is doing a good thing in trying to come with a solution that is inclusive and promotes cheap and fast transactions, but also don't forget centralization is a major concern and nothing to just shrug off. Saying that "a 1 MB blocksize enables poor people to run their own" and that because of that "Poor people won’t be able to use the network" is a misrepresentation designed to promote a narrative. Because 1MB is not to allow "poor" people to run their node, it is to facilitate as many people to run a node to promote decentralization and avoid censorship. Also an elephant in the room that you will not see being discussed in either BTC or BCH communities is that mining pools are heavily centralized. And I'm not talking about miners being mostly in china, but also that big pools control a lot of hashing power both in BTC and BCH, and that is terrible for the purpose of crypto. Other projects are trying to solve that. Will they be successful? I don't know, I hope so, because I don't buy into any narrative. There are many challenges and I want to see crypto succeed as a whole. As always guys, DYOR and always question if you are not blindly following a narrative. I'm sure I will be called BTC maxi but maybe some people will find value in this. Don't trust guys that are always posting silly "gocha's" against the other "tribe". EDIT: User u/ShadowOfHarbringer has pointed me to some threads that this has been discussed in the past and I will just put my take on them here for visibility, as I will be using this thread as a reference in future discussions I engage:
When there was only 2 nodes in the network, adding a third node increased redundancy and resiliency of the network as a whole in a significant way. When there is thousands of nodes in the network, adding yet another node only marginally increase the redundancy and resiliency of the network. So the question then becomes a matter of personal judgement of how much that added redundancy and resiliency is worth. For the absolutist, it is absolutely worth it and everyone on this planet should do their part.
What is the magical number of nodes that makes it counterproductive to add new nodes? Did he do any math? Does BCH achieve this holy grail safe number of nodes? Guess what, nobody knows at what number of nodes is starts to be marginally irrelevant to add new nodes. Even BTC today could still not have enough nodes to be safe. If you can't know for sure that you are safe, it is better to try to be safer than sorry. Thousands of nodes is still not enough, as I said, it is much cheaper to run a full node as it is to mine. If it costs millions in hash power to do a 51% attack on the block generation it means nothing if it costs less than $10k to run more nodes than there are in total in the network and cause havoc and slowing people from using the network. Or using bot farms to DDoS the 1000s of nodes in the network. Not all attacks are monetarily motivated. When you have governments with billions of dollars at their disposal and something that could threat their power they could do anything they could to stop people from using it, and the cheapest it is to do so the better
You should run a full node if you're a big business with e.g. >$100k/month in volume, or if you run a service that requires high fraud resistance and validation certainty for payments sent your way (e.g. an exchange). For most other users of Bitcoin, there's no good reason to run a full node unless you reel like it.
Shouldn't individuals benefit from fraud resistance too? Why just businesses?
Personally, I think it's a good idea to make sure that people can easily run a full node because they feel like it, and that it's desirable to keep full node resource requirements reasonable for an enthusiast/hobbyist whenever possible. This might seem to be at odds with the concept of making a worldwide digital cash system in which all transactions are validated by everybody, but after having done the math and some of the code myself, I believe that we should be able to have our cake and eat it too.
This is recurrent argument, but also no math provided, "just trust me I did the math"
The biggest reason individuals may want to run their own node is to increase their privacy. SPV wallets rely on others (nodes or ElectronX servers) who may learn their addresses.
It is a reason and valid one but not the biggest reason
If you do it for fun and experimental it good. If you do it for extra privacy it's ok. If you do it to help the network don't. You are just slowing down miners and exchanges.
Yes it will slow down the network, but that shows how people just don't get the the trade off they are doing
I will just copy/paste what Satoshi Nakamoto said in his own words. "The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server."
Another "it is all or nothing argument" and quoting satoshi to try and prove their point. Just because every user doesn't need to be also a full node doesn't mean that there aren't serious risks for having few nodes
For this to have any importance in practice, all of the miners, all of the exchanges, all of the explorers and all of the economic nodes should go rogue all at once. Collude to change consensus. If you have a node you can detect this. It doesn't do much, because such a scenario is impossible in practice.
Not true because as I said, you can DDoS the current nodes or run more malicious nodes than that there currently are, because is cheap to do so
Non-mining nodes don't contribute to adding data to the blockchain ledger, but they do play a part in propagating transactions that aren't yet in blocks (the mempool). Bitcoin client implementations can have different validations for transactions they see outside of blocks and transactions they see inside of blocks; this allows for "soft forks" to add new types of transactions without completely breaking older clients (while a transaction is in the mempool, a node receiving a transaction that's a new/unknown type could drop it as not a valid transaction (not propagate it to its peers), but if that same transaction ends up in a block and that node receives the block, they accept the block (and the transaction in it) as valid (and therefore don't get left behind on the blockchain and become a fork). The participation in the mempool is a sort of "herd immunity" protection for the network, and it was a key talking point for the "User Activated Soft Fork" (UASF) around the time the Segregated Witness feature was trying to be added in. If a certain percentage of nodes updated their software to not propagate certain types of transactions (or not communicate with certain types of nodes), then they can control what gets into a block (someone wanting to get that sort of transaction into a block would need to communicate directly to a mining node, or communicate only through nodes that weren't blocking that sort of transaction) if a certain threshold of nodes adheres to those same validation rules. It's less specific than the influence on the blockchain data that mining nodes have, but it's definitely not nothing.
The first reasonable comment in that thread but is deep down there with only 1 upvote
The addition of non-mining nodes does not add to the efficiency of the network, but actually takes away from it because of the latency issue.
That is true and is actually a trade off you are making, sacrificing security to have scalability
The addition of non-mining nodes has little to no effect on security, since you only need to destroy mining ones to take down the network
It is true that if you destroy mining nodes you take down the network from producing new blocks (temporarily), even if you have a lot of non mining nodes. But, it still better than if you take down the mining nodes who are also the only full nodes. If the miners are not the only full nodes, at least you still have full nodes with the blockchain data so new miners can download it and join. If all the miners are also the full nodes and you take them down, where will you get all the past blockchain data to start mining again? Just pray that the miners that were taken down come back online at some point in the future?
The real limiting factor is ISP's: Imagine a situation where one service provider defrauds 4000 different nodes. Did the excessive amount of nodes help at all, when they have all been defrauded by the same service provider? If there are only 30 ISP's in the world, how many nodes do we REALLY need?
You cant defraud if the connection is encrypted. Use TOR for example, it is hard for ISP's to know what you are doing.
Satoshi specifically said in the white paper that after a certain point, number of nodes needed plateaus, meaning after a certain point, adding more nodes is actually counterintuitive, which we also demonstrated. (the latency issue). So, we have adequately demonstrated why running non-mining nodes does not add additional value or security to the network.
Again, what is the number of nodes that makes it counterproductive? Did he do any math?
There's also the matter of economically significant nodes and the role they play in consensus. Sure, nobody cares about your average joe's "full node" where he is "keeping his own ledger to keep the miners honest", as it has no significance to the economy and the miners couldn't give a damn about it. However, if say some major exchanges got together to protest a miner activated fork, they would have some protest power against that fork because many people use their service. Of course, there still needs to be miners running on said "protest fork" to keep the chain running, but miners do follow the money and if they got caught mining a fork that none of the major exchanges were trading, they could be coaxed over to said "protest fork".
In consensus, what matters about nodes is only the number, economical power of the node doesn't mean nothing, the protocol doesn't see the net worth of the individual or organization running that node.
Running a full node that is not mining and not involved is spending or receiving payments is of very little use. It helps to make sure network traffic is broadcast, and is another copy of the blockchain, but that is all (and is probably not needed in a healthy coin with many other nodes)
He gets it right (broadcasting transaction and keeping a copy of the blockchain) but he dismisses the importance of it
Similar to Uniswap, Polkaswap is a DEX focused on interoperability to connect the rest of the crypto ecosystem to Polkadot. It is a non-custodial AMM DEX. The current DeFi applications focus on serving the Ethereum ecosystem and have very little focus on interoperability with other ecosystems Polkaswap vs Ethereum based DEXs: i) Multitude of assets existing on numerous chains connected to Polkadot ii) Lower gas fees - it will be lower using the Sora blockchain because the core infra which uses Hyperledger Iroha v2 is more scalable than Ethereum and doesn't use expensive mining for consensus iii) On-time transactions - Finality for 10000s of transactions can be achieved within seconds, providing Polkaswap users with an experience closer to trading on a CEX than current DEXs Polkaswap exists on Sora Network which is a scalable and robust platform that allows smart contracts that then connects to the Polkadot relay chain. The Sora Network excels at providing tools for decentralized applications that use digital assets, such as atomic token swaps, bridging tokens to other blockchains, and creating programmatic rules involving digital assets. Besides Polkaswap, one of the main applications running on Sora Network is the Sora decentralized economic system itself. Sora acts as an autonomous virtual state, governed by holders of XOR, where token holders can vote on creating and allocating new tokens for productive uses within its ecosystem Website: https://sora.org/ Twitter - https://twitter.com/sora_xor?lang=en Current Price - $8.3 Total supply - 343, 668 Coinmarketcap rank - 2157 24h Volume - $660,000 Available on these exchanges - Hoo, MXC, Bilaxy, Uniswap DYOR
When I started this post about best Proof of Stake coins for 2020, I had no idea it'd end up this long, but the world of staking is really expanding it seems. If you guys have tips of other great staking coins, or thoughts on the ones brought up, feel free to chip in. I expect this might open the door to chill fest. So readers should beware… Staking is a strong trend in crypto in 2020 and a concept that has multiple success factors, compared to its Proof of Work predecessor. By comparison, Proof of Staking is
Evens the field in the mining game, allowing pretty much anyone to partake, and above all
Adds an actual use to keep the coins, in that keeping and staking them can build you even more value.
This said, not every staking coin is going to succeed, especially since there are already so many, and with time even more coins will become stakable. So, what should you look for, when considering a coin to stake?
A cryptocurrency only has true value, if it has an actual use. A currency could have the best setup for staking, ever, but if the network won’t be used for anything in particular, besides staking, then it’s not going to be likely that the coins gain value. The likelihood of the network gaining more use in the future is therefore very important to look for. Staking generally means holding coins long term, so imminent news and current hype would be less important than the long-term potential.
What is the ROI staking could gain you? This is the first thing most people look at when they decide to invest in POS coins, but looking only at this would be very, very dangerous. Because unless the model is great; higher ROI will almost certainly also mean a higher loss of value as well. It’s quite easy to have a network that prints great amounts of new coins that are handed out to stakers, but to think such coins could maintain their market value would be very naive. A fair assumption is that increase in supply will affect the market cap neither up nor down. Look therefore in particular for systems of recycling, where heavy use of the network will yield higher rewards for the stakers, so that big rewards can be gained without increasing the total supply. Do rewards come only in one form, or in many? How does it affect the total supply of the currency? Rewards for stakers in alternative currencies is also interesting, however, consider in these cases whether the alternative rewards ‘steal’ some of the potential value of the staked currency. Sometimes less is more. Consider also the reasons of the staking? How important is the role of the stakers? Do they govern only the security of the network itself, or is their role even bigger than this? Perhaps they hold custody of locked-in crypto assets from other networks? Do they have a say or voting rights regarding future updates of the network? Who can partake? Networks vary a lot in the answers to these questions. Perhaps they will also shift with time. In general, there may be some relation between the value of staking and the powers stakers are allowed. It’s good if the model is as inclusive as possible too. People don’t like being left out.
Long-Term Holder Supply Ratio
How many coins are staked and how easy is it to unstake them? This is another important thing to check, before you put any cryptocurrency on your own list of best Proof of Stake coins. The supply ratio of staked coins vs unstaked coins vs exchange available coins is interesting. If many coins are bound in staking, this may mean that the ROI becomes low, but it also means that it’s a very stable currency, because those staked coins are ones that are less likely to be sold off soon. That factor may become completely irrelevant though if it is very simple to stake/unstake, because in this case any coin could be sold at exchanges at any time regardless of whether they are staked or unstaked. Sometimes exchanges themselves may stake coins for their users, making the staked and exchange available supplies intertwined, severally handicapping any attempt to try to measure these things. There is certainly a factor to consider here, but it’s much more complex than it may appear. What you should aim for is try to judge
what % of the supply you believe might be actively traded and
what % of the supply you believe would become actively traded if the price goes higher.
And generally, you want those to be as low as possible. Conditions of staking and amounts being staked, and amounts currently in exchanges are all clues to try to figure this out.
Cryptocurrency staking is generally carried out by nodes, who sign or validate the network and each node has a chance to be the next block signevalidator based on how many coins they have staked. Generally, most networks will have some way for holders without nodes to offer the power of their tokens to holders with nodes. Such systems are generally called delegated Proof of Stake. These systems are great in that they more easily include all who desire it (even those who have no desire to run a node) to be part of the staking process. However, the system also presents an issue of decentralization as popular nodes who offer good terms or extra rewards for those trusting their stake with them may also become so popular that they completely dominate the network. Generally, such nodes will be known as pools. These large pools may attain several advantages over small independent nodes as cost of operation, for example, maybe a much smaller part of the total yield. Another common practice is that the number of validator nodes are limited to anything between 10 and 100 nodes and that holders generally stake their coins by voting on their favorite node as to choose which 10, 100, or whatever nodes get to be a signevalidator. Generally, such things are done to sacrifice decentralization for performance. Decentralization is important because it offers greater security, and the more value network guards, the more important it becomes. Overall look for a system that is as open as possible to anyone (with enough stake) being a validator, and that preferably favors smaller nodes in terms of yield/staked coins.
Ease of Staking
This comes both with advantages and disadvantages. The big advantage here is that the easier it is to stake, the easier it will be to get a larger part of the tokens involved in the staking process and it might also be easier to engage new people to try it out, yielding an increase in demand. On the other hand, making it easy, also makes it less of a commitment and if it’s possible to choose to unstake and sell on the same day then 100% of the supply must really be considered liquid, even if it is all staked. Good score for “Ease of Staking” and “Long-term holder supply ratio” therefore becomes an impossible combination. In my opinion “Ease of Staking” is the more important factor out of the two, because if the network is to build value, it really needs to try and get as many people involved as possible.
Perhaps the most important statistic to consider when judging the current health of the network is now used it actually is. This can be seen at https://coinstats.network/, a site that tries to keep track of all the top networks in terms of actual use. Often staking rewards will be tied to spent gas in transactions, and thus rewards become higher as more gas is spent. These are also in a sense “real rewards”, since they give the reward without increasing the circulating supply of the network and thus cause no inflation.
Current Market Evaluation
As when considering any type of coin, you need to consider if the coin is overvalued, undervalued, or neither - all things considered. Undervalued will yield a high score here - but always look for the reasons behind the low value before proceeding. Overvalued would likewise yield a low score – but if the high price is the only bad thing about it, it should still definitely be worth watching. So, what are the Best Proof of Stake coins for 2020, in my subjective opinion? Using these 7 factors I looked at over 40 coins and I’ve made an attempt to score 6 coins that I, myself, would consider staking and for each factor give them points on a scale (1-5)
1. FSN - Fusion: 19% ROI
Network potential – 5 Fusion aims to revolutionize Finance through the interoperability of all types of currencies and assets and enabling easy time-based contracts for anything. Large goals, so, the potential is indeed quite high. Staking model – 5 Open to anyone to run a node if they have enough FSN. Those not wishing to run a node can trust node-runners with time-slices of their FSN in exchange for the yielded interest. Long-term holder supply ratio – 4 Quite a large chunk of the supply is staked and unavailable for quick exchange. Decentralization – 3 Larger pools currently hold an advantage over small nodes on the network. Still, many stakers choose to run their own node anyway, which is the only way to guarantee rewards 100%. Ease of Use – 4 Running your own node requires some level of effort and insight, but using a pool is quite simple. Especially the new app WeDeFi that has daily interest payouts on FSN committed to staking. This has really made FSN staking much easier, but at the same time somewhat hurts decentralization. Network Use – 4 In terms of actual network use, Fusion seems to be booming competing with many top coins. Current market evaluation – 4 Many of you might be surprised to see FSN on the top of the list, but easily it could be one of the most underrated cryptos. Fusion has suffered from a large theft in Q3 last year, has had a complete lack of marketing for a while, has a record of getting ignored by peers, and has had trouble getting exchanges to adopt the main net resulting in it being severely undervalued. And as these issues are getting resolved it is seeing steady recovery. Total score 29/35
2. ETH - Ethereum
Network potential – 5 Ethereum is a clear market leader in network use and the number of projects that have their roots in Ethereum is staggering. It is also a network that continues to evolve to keep up with the competition. As such, I’d be surprised if they don’t hold their spot as a major blockchain for a long time to come. Staking model – (3)? Staking on Ethereum has yet to go live, so I feel attempting to rate it may be unfair, so the score is put as average. All that can be said is that it has been much anticipated for a very long time, but that it suffers the disadvantage of being an afterthought and will have to co-exist with a PoW consensus for some time. It may not be ideal, but I still have hopes that it will be something very great as it no doubt will have consumed more thought and debate than any other model. Long-term holder supply ratio – 5 ETH is one of the most actively traded tokens and they’ve more than enough time to find their way into the right hands who intend to keep them for a long time to come. No major party holds too much. So, even though staking hasn’t even begun it’s fair to give a high score here. ETH even kind of already has its own way to measure these things through its DeFi lock-ins, which is a pretty similar metric. Decentralization – 5 In terms of decentralization, ETH is certainly leading the way with the largest number of active nodes of any blockchain. Network Use – 5 There is absolutely no comparison here at the moment, for any other public blockchain. Ease of Use – (3)? As with the staking model, it’s unfair to rate this at this point in time. Thus a neutral rating. Current market evaluation – 2 Though I’d consider ETH to be one of the safest investments out of all cryptocurrencies, it’s also very unlikely that it will see the biggest growth. So, though market evaluation is definitely not high, the room for growth in other networks is even higher. Total score 28/35
3. ATOM – Cosmos: 13% ROI
Network potential – 4 Cosmos sets out primarily to solve the issue of interoperability between blockchains. Efforts so far, are highly respected by peers, which is important. Since so many set out to solve this as well, useful interoperability requires a high level of trust, and Cosmos are on the right path here. Staking model – 4 The staking model seems to have found a good sweet spot between ease of use and commitment. But the limit of 100 validators would be a negative for anyone seeking to run their own node. Long-term holder supply ratio – 5 A great majority of ATOM are locked into staking. This must definitely be seen as a great success for the network. Decentralization – 4 The limit of validators is somewhat of an issue here for a growing network, though there seem to incentives to keep them balanced and in check, which is great. Ease of Use – 3 There are various possibilities for punishment and time requirements and lock-ups, making it perhaps not the option of choice for more casual staking looking for good ROI. Network Use – 4 Cosmos sees a decent amount of traffic on its network as evidence that it’s actually being used. Current market evaluation – 2 ATOM has had a solid performance in the market, which is no surprise given that it looks like a promising network with a successful staking model. However, this also means that the market evaluation can’t really be called undervalued. Total score 26/35
DCR - Decred: 10% ROI
Network Potential – 2 It doesn’t appear to me that Decred has any specific goal or purpose, so maybe you'll be surprised why it is on my list of best POS coins for 2020. This crypto project aims to be an ideal all-purpose Blockchain. Not a bad goal, however, can it really engage people’s imagination enough to really grow? Staking model – 5 Decred may have been the first system using a model of ticketed staking that’s open to anyone, also used by Fusion, for example. There’s really not much to complain about. It’s been running for years and is still very much relevant. Long-term holder supply ratio – 4 A lot of DCR is bound in staking. Decentralization – 5 Decred is a community-oriented project and has been for a long time. Focus on decentralization comes naturally as a result. Ease of Use – 3 Despite having been around for a long time staking DCR, doesn’t seem to have hit the super simple stage yet, even if there are good guides that can quickly teach someone how to do it. Network Use – 3 The network is used and I’d wager the use is mostly real/meaningful as it’s a community-oriented project. But it’s far from leader inactivity. Current market evaluation – 3 I’d say Decred is neither undervalued nor overvalued. Total score 25/35
BNT - Bancor
Network potential – 4 Bancor is a DEX which has set out to decentralize the provision of liquidity. A good idea and steady progress towards the goal seem to constantly be shaping up. At the same time, it seems as though they fail deeply with market awareness. To my knowledge, they were the first DEX to go cross-chain offering trading of tokens running both on Ethereum and EOS. I’m expecting them to continue to lead the way and eventually become a full-blown crypto DEX across any network. Staking model – 5 Staking is usually about the safety of the network through decentralization. But BNT doesn’t have its own network, so staking here is about something else entirely. It’s about providing liquidity for exchange pairings. Liquidity is the big issue that DEX has in trying to compete with a CEX. Therefore, allowing BNT stakers to help out in this task is absolutely genius. It’s a difficult model to compare to other staking models, and even ROI will depend on which pairing you support with your stake. Since I prefer originality over more of the same, it gets a top score. Long-term holder supply ratio – 2 Only about 30% of BNT seem to be locked in staking and the way to watch this figure is also a bit unclear. In future upgrades, this may improve and may also make staking both easier and more popular. Decentralization – 3 It’s tough to give a score here for BNT as it does not compare to other staking networks. As a DEX it seems to have different layers. A noteworthy event was that bancor.network was closed to US users, but the DEX could supposedly be interacted with anyway through alternative user interfaces. To me, that is promising. Ease of Use – 2 Though BNT tokens have a very clear use as liquidity providers in BNT staking, it’s clear that many holders still haven’t figured out how to do this or felt enough reason to get involved. So, something might be missing in terms of making it user-friendly. Network Use – 4 A good DEX is expected to be busy, and it’s clear that Bancor has a decent amount of network activity and I’d expect it to go up as development expands and more and more activity starts to mover from CEXs to DEXs. Current market evaluation – 4 BNT has seen a recent increase in price after very little action for a long time. I feel it’s still very much undervalued and that it has yet to be truly discovered as a token that can be used for staking. Total score 24/35
IOST - IOS: 13% ROI
Network potential – 4 IOST aims to be perhaps the top blockchain in areas such as speed and tx-throughput, while still having as many parties involved in their decentralization. They have many impressive partners and describe themselves as a network with the combined benefits of Ethereum, EOS, and IOTA. The goal is, it seems, to be the best of the best. At the same time, I don’t see anything new and unique here, which is usually needed to really succeed. Staking model – 3 The network is closed for anonymous nodes. To run a node, you need to be an IOST-partner. What is good is that partners need to split their rewards with the stakers who vote on them. In a sense, it’s an improved POA system and quite a good model. But it certainly cannot claim complete openness to all. Long-term holder supply ratio – 2 Though the amount of bound IOST seems to be really high, it’s also supported by all kinds of partners/exchanges/applications. It seems built to be easy and smooth and not bound away from exchange possibilities. Decentralization – 3 Since you need to apply to be part of the validation process this immediately hurts decentralization a lot. The methods/abilities to keep each node in check by holders/stakers are quite good though. So for, what it is, I think a decent score here is appropriate. Ease of Use – 5 IOST staking has great support from what I can tell and might even be tough avoiding completely. Network Use – 1 Despite its high throughput plans and many partners, next to nothing seems to be happening on the network today. Current market evaluation – 2 The ‘best blockchain’ niche is a tough one with many players competing. To succeed you really need to stand out and be able to show actual network usage. IOST may well do this, but there’s definitely also a chance that it’s overvalued at the moment. This could quickly change of course as a really high throughput blockchain may have areas of use not seen by other blockchains, as of yet. Total score 20/35 -- As I said at the beginning, If you guys have tips of other great staking coins, or thoughts on the ones brought up, feel free to chip in, to share your own list of POS coins for 2020 and whatever you feel like sharing.
What is Masternode? Why Is XinFin Masternode a Good Alternative to Proof of Work
Taking into account current market conditions more and more crypto enthusiasts are gaining interest in being rewarded for holding tokens. Ain’s it’s beneficial than patiently waiting for the moon? Traditional Proof-of-Work (PoW) mining is not in the best shape. Therefore miners are not an exception as it’s getting harder to stay profitable. Plus, PoW mining isn’t friendly for mass adoption and requires huge network consumption. Another important fact is that you do not have to be a trading guru to start gaining additional income. These are just a few reasons why more buzz have been around the Proof-of-Stake (PoS) and Masternodes (MN). We have to admit that they are eye-catching nowadays, and considered as the future of cryptocurrency. Now you might be asking yourself “What is the Masternode?” Let’s get down to business! Well, in a nutshell, masternode is a server on a decentralized network. Some blockchain protocols provide for the creation of particular nodes that perform additional work on the verification of transactions and bring their owners regular profits. Such nodes are called masternodes. They regularly get rewards for completing such actions. Builds a curiosity? Move on! Why Do You Need to Launch a XinFin Masternode Now, Until it’s Not Too Late? XinFin Masternode is a good option for passive income, and there are several reasons why it might be the right time to start running a XinFin masternode or a few at once. First of all, XinFin masternodes are not so famous for now. However, this is likely to change soon. The same applies to rewards, which will decrease every year. Secondly, the XinFin XDC coin is cheaper, which means that the entry threshold at the moment is much lower than before. It won’t cost you a fortune. Finally, it’s better to hold and get rewards than merely hope for prices to go up. Although according to the CoinGecko 2018 report the numbers of both masternodes and masternode coins increased significantly during the past year, there is still a substantial drop in overall value. The total market cap for masternodes coins dropped from over $12 billion in January 2018 to just over $500 million by 2018’s end — a double-digit drop quarter-on-quarter. Nevertheless, it’s just the beginning of the XinFin. Remember, the early bird gets the worm! What is the Average XinFin Masternode ROI? Take in mind, that ROI is a relative term in the context of cryptocurrency space. We got used to the practice that ROI in crypto space is a bit another term, unlike the traditional markets where XinFin ROI measures per year around 10%+ as per the past few months’ data. How to Setup Masternode: It’s very easy to setup XinFin Masternode compare to setting us crypto mining facility for Bitcoin and ethereum. XinFin vs bitcoin mining: XinFin Masternode needs the lowest hardware configuration to run masternode while bitcoin needs the high configuration of hardware to run bitcoin mining and this also results in high depreciation every month with high risk. While XinFin Masternode runs with a tiny VPS hosting plan with the lowest cost of operation. Before the launch of XinFin main-net i used to do bitcoin and ethereum mining And now shifted to XinFin network after the launch of main-net Disclaimer: Digital asset investment, Mining comes with high risk. This article is not for the purpose of investment, tax or legal advice. The author is not responsible for any review of the assets. Please consult with your financial advisor before Crypto Investment or starting mining facilities Useful link for XinFin Masternode Here is a link on How to setup masternode. IndSoft System partnership with XinFin for hosting masternode: Click here to know more about partnership. Guide to setup node with one click installer For any instant support join XinFin Telegram Group.
The attempted come back of CoinEx, China's forked-Bitcoin exchange
Written by Shuyao Kong Published bydecrypt.co An interview with Haipo Yang, a crypto OG who’s trying to reposition his Bitcoin Cash-based CoinEx exchange. And more, in this week’s da bing. https://preview.redd.it/h5f3i3lldv051.jpg?width=3200&format=pjpg&auto=webp&s=09b8696303ae5c6170753cc438929ebe520d4605 Haipo Yang, founder of ViaBTC, one of the largest mining pools in the world, and CoinEx, a crypto exchange known for its focus on Bitcoin Cash-based trading, is a well-known but relatively quiet character in China’s crypto circle. Typically, Yang doesn’t talk that much about his journey launching the mining pool, nor about CoinEx, which launched in December 2017. And he almost never speaks about his fervent support for BCH, a hard fork of Bitcoin, and his now even more enthusiastic belief in BSV. Yet that’s changing of late. Yang has been more active in recent months, participating in interviews about CoinEx and tweeting more frequently on Weibo, China’s Twitter. He’s been making controversial statements predicting the death of BTC, while supporting BCH and BSV on social media. Recently, Yang told me that as a developer rather than a business person, he’s never been comfortable speaking in public. However he’s making an effort now to help publicize his renovation of CoinEx. So, for this week’s da bing, I decided to chat with him and get a peek into the mind of a veteran crypto entrepreneur who’s trying to make a personal, as well as a platform, comeback.
CoinEx’s golden opportunity
The first hard fork of Bitcoin occurred in August, 2017 and created a new cryptocurrency called Bitcoin Cash. The fork was prompted by partisans, including Yang, who wanted bigger block sizes on the blockchain — the basic idea was that bigger blocks would enable more transactions per second and make Bitcoin Cash something people would actually use to buy things, rather than Bitcoin’s more commonly perceived use as a store of value. Yang added a tremendous amount of value to the mining scene in China. As a technical founder with has years of experience in big tech firms such as Tencent, Yang is proud of his #buidl skills. He developed most of the code in the early days of VicBTC, which became one of the biggest mining pools to this day. Not satisfied with owning just a mining pool,Yang conceived of CoinEx, which was born in December of that year, specifically to carry on the mission of the newly forked Bitcoin Cash blockchain. As he got swept up in Bitcoin Cash enthusiasm, he even said that “BCH is bitcoin.” CoinEx’s strategy was BCH-focused from day one; BCH was its base currency, meaning you could use it to buy and sell other currencies, such as Ethereum and Litecoin. Interestingly, Jihan Wu, the co-founder of Bitcoin Exchange — himself a famous BCH supporter — was a big investor in the exchange. That made me wonder why he, Yang, and many other OG crypto miners, were so passionate about BCH. Was it just about bigger block sizes? “Bigger block size means more users and use cases,” Yang explained. The move to bigger block sizes was attractive to miners because they would facilitate more transactions. Miners make money on transaction fees, as well as mining blocks. Likewise, the network would arguably be more useful to people, who were looking for digital cash for every day use. That especially resonated with many early hardcore Bitcoiners. Said Yang: “We really believe that Bitcoin should be a P2P cash vehicle rather than a store of value.” This view probably sounds outdated to people who believe that Bitcoin’s value as cash is long gone, with solutions such as Lightning Network fulfilling that role. Instead, the new narrative for Bitcoin resides in its value, rather than utility. Yet Yang believed that the forked network would create far more opportunity “We could invite influential companies to establish nodes and contribute to the network. This cannot be done with the original Bitcoin architecture,” he said.
But from its inception, CoinEx struggled with adoption and was dwarfed by the bigger exchanges. Part of that had to do with the fact that BCH and “Bitcoin Satoshi’s Vision,” another Bitcoin hard fork, were both controversial. Critics pointed out that these networks are centralized in a few big mining pools, and 51% attacks are not out of the question. So over time, though Yang’s exchange still maintains strong support for BCH and BSV, it began to add support for all the major currencies. Finally, in January of this year, it announced a major upgrade, of… well, just about everything. It started to offer futures trading, leveraged trading, options trading, and over 100 token projects available to traders. It even rolled out its own blockchain, “CoinEx Chain” to support a new DEX, “CoinEx DEX.” https://preview.redd.it/3okoy5mudv051.png?width=1432&format=png&auto=webp&s=7099249da4a95db873d268f2dfc95d8db93a368e The seemingly sudden publicity of CoinEx should not come as a surprise, then. As BCH/BSV was being marginalized, Yang shifted his focus. He’s now trying to ride the wave of building a bigger, more dynamic exchange. “Crypto exchanges are where value is discovered,” Yang told me.
Building an exchange isn’t done overnight, nor is re-building one. CoinEx is still competing with the giants such as Binance. However Yang thinks his exchange will thrive by zigging when his competitors zag. As usual, CoinEx is taking a slightly different route, he told me. Like what? “We will be listing 小币种,” he said, using the expression for “small token projects.” I cannot help but wonder if these “small token projects” are simply shitcoins, the trading of which is certainly not new. Indeed, Yang said that he’s banking on the success of his new, public blockchain. “We are building a CoinEx Chain, a layer one protocol for DEX alone. Using our public blockchain, anyone can issue any token, at any time,” he said. He described the blockchain as “a real decentralized, token-issuance and transaction platform.” This is the core of Yang’s plan and vision. He believes that centralized exchanges will be a bottleneck for crypto adoption because it contradicts crypto’s nature as a completely free and open infrastructure. Essentially anyone should be able to launch a token and trade it with anyone. Only by building DEXes can we achieve full decentralization, he says.
The Religious nature of Bitcoin, and forked Bitcoin
It’s his belief that Bitcoin should adhere to Satoshi’s original vision that led Yang to send yet another controversial tweet last week, which I will translate: “The early days of Bitcoin expansion are similar to religion. The religious fervor brings prosperity to the industry.” By extension, Yang believes that the next generation of Bitcoin should provoke a similar “religious” fervor. That’s why he has slowly become more of a BSV advocate than a fan of Bitcoin Cash. Yang believes that “BSV has more religious connotations, despite its negative image.” (As most crypto people know, the controversial Craig Wright, who claims to be Satoshi Nakamoto, led the hard fork which created BSV. Consequently it is often met with skepticism and derision.) “The early days of Bitcoin expansion are similar to religion,” said Yang. “The religious fervor brings prosperity to the industry.” Crypto is famous for its tribalism. Many people choose one camp over another not for practical reasons but because of simple faith. Talking to Yang and reading his tweet brings a historic texture to the Bitcoin narrative. But crypto cannot survive on religion alone. One has to build. Hash might have been worshipped in the old days but now the crypto religion is all about the size of the congregation. Original article Click here to register on CoinEx!
Round up of Cryptocurrency News #2 Week 13/07 - 19/07
So much has happened this week! We saw a capitulation point of bitcoin before bears took over and we saw the selling pressure push Bitcoin down toward the $9000USD mark then move back up above $9100USD So far it has been a stable hold, however we may see some more action within the coming weeks.
Widespread scamming within the Twitter-sphere, Youtube and other platforms as Bitcoin and other cryptocurrencies may seem like fair game. Cryptocurrencies providing big payouts for scammers without the ability for reversals of accounts. Remember if something seems too good to be true, do some research or just plain do not respond/believe it. Stay safe and careful with your funds!
On the brightside, there has been even more adoption of cryptocurrencies as rumours of Paypal utilising cryptocurrency has been confirmed as they are developing crypto capabilities. In addition to this we received exciting news at the start of this week about Binance partnering with Swipe (SXP) and offering a debit card to spend BNB, SXP, BTC and BUSD. ( I will be keeping a swift eye on BNB and Swipe as its utilisation as tokens has just increased 43 fold).
Positive news for the Bitcoin network as its hashrate reaches all time high which helps to secure the network further even though mining profits have dropped by 50% from the recent halving. If you didn't know already the last Bitcoin will be expected to be mined in 2140 with its difficulty ever increasing and each time securing the network further. Processing units will have to become faster, stronger and most importantly more cost effective to continue to entice miners for the block rewards and further renewable energy practices.
Furthermore we can see Central banks and countries discussing and developing Central Bank Digital Currencies (CBDC). Read more about it here https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp and check out some of the developments in the world above. This shows the popularity and strong nature of cryptocurrencies. As the saying goes "If you cant beat them, JOIN them".
Overall, very solid week full of adoption, animation and anticipation. Another post next week for a weekly round up! See you then but in the mean time join us at our Gravychain Discord. - DISCORD LINK: https://discord.gg/zxXXyuJ 🍕 Bring some virtual pizza to share 🍕 Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments! Big thanks to our Telegram and My Crypto HQ for the constant news updates! - The Gravychain Collective: https://t.me/gravychain - My Crypto HQ: https://t.me/My_Crypto_HQ Important/Notable/Highlights:
Cryptocurrency exchanges process over $20 billion in trade volume per day. Most of the transactions are going through centralized exchanges, where the users need to fully trust them for managing their assests and transactions. However, the risk of trusting these centralized exchanges has also been seen. For example, QuadrigaCX, which was the largest cryptocurrency exchange in Canada, lost $19 million of their customers' assets . Decentralized Exchanges (DEXes) have been introduced to address this problem -- they allow traders to purchase and sell cryptocurrencies in a peer-to-peer manner, so no involvement of any trusted party is required. Atomic Swap is one of the promising technology for implementing a DEX. While it enables pure peer to peer trading, it also introduces problems such as unfairness and long confirmation latency. While existing work  has provided a solution towards a fair atomic swap protocol, the issue of long confirmation latency is inherent. Another promising direction is leveraging liquidity pools. With liquidity pools, pairs of assets are reserved for trading. For any pair of assets supported by the liquidity pool, traders can exchange their assets without any third party. As traders can only perform the transactions if there are reserved assets, one core problem is how to attract liquidity providers to provide liquidity by reserving assets. It is not difficult to see that incentive [3,4], which has been a key component of all permissionless blockchains, can be equipped to incentivize liqudity providers. However, flawed incentive designs will lead to attacks and other concerns [5-13]. There are two main types of incentive designs, namely "trans-fee mining" and "liquidity mining". They are different from the Proof-of-X mining in blockchains for reaching consensus (a detailed analysis can be found in the survey ). Rather, they are used to incentivise users to join the ecosystem. "Trans-fee mining" was proposed by FCoin in 2018 . With FCoin, each time a transaction is created, 100% of its transaction fee will be returned in FCoin token to the payer as a reward. This is one incentive design to encourage traders to join the system. However, as FCoin may have no value to the trader, FCoin also introduces extra reward to all coin holders -- 80% of the transaction fee in its native currency (such as ETH) will be distributed to all coin holders. So, traders are incentivized to join the system, becoming a holder of FCoin token, and obtaining a share of the transaction fee of every transaction in the FCoin ecosystem. While this had successful attracted traders, it is not sustainable. Rather than charging a trader to perform transactions, FCoin rewards traders. Profit-driven traders will create transactions at full speed to earn FCoin token and the share as a token holder. Indeed, the trading volume of FCoin was the top one among all exchange services, and the daily reward can be as high as 6000 BTC . However, once all coins are minted, then the system would lose liveness as there is not enough supply to be distributed. "Liquidity mining" aims at giving reward to the liquidity providers rather than the traders. There are different ways to implement liquidity mining. Compound  is a famous example of protocols deploying liquidity mining. With Compound, users become a liquidity provider by supply assets to a pool and obtain interests for its contribution (similar to depositing money into a bank). Liquidity providers first reserve some assets in the pool and obtain "cToken" of Compound which entitles the owner to an increasing quantity of the underlying asset. Users can use their "cToken" to borrow different assets available on the Compound and pay some interests to Compund. The borrowers may have some quick gains through the financial games . Both borrowers and liquidity providers can withdraw their asset by trading them back with "cToken". Oners of "cToken" can also manage the business direction and decisions of Compound through weighted voting. The potential concern here is that rich users might be able to take over the control of the system. Uniswap  is another popular DEX deploying liquidity mining. Uniswap incentivizes liquidity providers by giving them a share of the earned transaction fees. In particular, Uniswap changes each transaction a 0.3% fee, where 0.25% will be distributed to the liquidity providers, and 0.05% will go to the Uniswap account. One issue is how to incentivize traders. With Uniswap, traders are incentivized by the potential profit it can gain through the price difference between Uniswap and other exchanges. Uniswap price oracle is based on a constant function market makers [20,21], where the product of the number of reserved tokens is a constant. For example, if Uniswap has a pair of X token A and Y token B, then when a user using X' token A to buy Y' token B, the product of the reserved number of tokens should remain the same, i.e., XY = (X+X')(Y-Y'). The price of Uniswap (V1) is also defined in this way. This allows traders to speculate in the exchange market as the asset price on Uniswap is changed dynamically and is different from other exchanges. This, on the other hand, may have a security risk as the price can be easily manipulated. Uniswap (V2) fixed this problem by taking an accumulated price over a period of time . However, as speculation/manipulation becomes harder, the trading volume may decrease. MiniSwap  introduces a hybrid model (a mixture of "trans-fee mining" and "liquidity mining") to address the above issues. MiniSwap provides three types of rewards. For each trade with transaction fee f ETH in MiniSwap, a number of MiniSwap tokens (called MINI) worth 2f ETH will be minted. A (parameterized) portion of the tokens are given to the trader, and the rest are distribued to the liqudity providers. The transaction fee (f ETH) is used to exchange MINI in the liquidity pool. 50% of the obtained MINI will be distributed to all MINI holders, and the other 50% will be destroyed. In this way, both traders and liquidity providers are incentivized to join the ecosystem. Recall that with FCoin, there is a problem when all coins are minted. MiniSwap has an upper bound (of 500,000 tokens) on the number of tokens can be created every day, and this limit reduces every month until a point where the limit (18,000 tokens) remains unchanged. This guarantees the sustainability of the system as the mining process can last for 100 years. The parameterized ratio of tokens as the reward to the trader and liquidity provider can also strengthen sustainability. It enables the system to dynamically balance the incentive of different parties in the system to make it more sustainable. Overall, the MiniSwap hybrid model has taken the benefit of both "trans-fee mining" model and "liquidity mining" model, while eliminated the potential concerns. Formally defining and analyzing these models, e.g. through the game-theoretic approach , would be an interesting direction. Reference  The Guardian, Cryptocurrency investors locked out of $190m after exchange founder dies, 2019.  Runchao Han, Haoyu Lin, Jiangshan Yu. On the optionality and fairness of Atomic Swaps, ACM Conference on Advances in Financial Technologies, 2019.  Satoshi Nakamoto. 2008. Bitcoin: a peer-to-peer electronic cash system  Jiangshan Yu, David Kozhaya, Jeremie Decouchant, and Paulo Verissimo. Repucoin: your reputation is your power. IEEE Transactions on Computers, 2019.  Joseph Bonneau. Why Buy When You Can Rent? - Bribery Attacks on Bitcoin-Style Consensus. Financial Cryptography and Data Security - International Workshops on BITCOIN, VOTING, and WAHC, 2016.  Yujin Kwon, Hyoungshick Kim, Jinwoo Shin, and Yongdae Kim. Bitcoin vs. Bitcoin Cash: Coexistence or Downfall of Bitcoin Cash, IEEE Symposium on Security and Privacy (SP), 2019.  Kevin Liao and Jonathan Katz. Incentivizing blockchain forks via whale transactions. International Conference on Financial Cryptography and Data Security, 2017.  Ayelet Sapirshtein, Yonatan Sompolinsky, and Aviv Zohar. Optimal Selfish Mining Strategies in Bitcoin. Financial Cryptography and Data Security, 2016.  Ittay Eyal and Emin Gün Sirer. Majority Is Not Enough: Bitcoin Mining Is Vulnerable. Financial Cryptography and Data Security, 2014.  Ittay Eyal. The Miner’s Dilemma. IEEE Symposium on Security and Privacy, 2015.  Miles Carlsten, Harry A. Kalodner, S. Matthew Weinberg, and Arvind Narayanan. On the Instability of Bitcoin Without the Block Reward. ACM SIGSAC Conference on Computer and Communications Security, 2016.  Kartik Nayak, Srijan Kumar, Andrew Miller, and Elaine Shi. Stubborn mining: generalizing selfish mining and combining with an eclipse attack. IEEE European Symposium on Security and Privacy, 2016.  Runchao Han, Zhimei Sui, Jiangshan Yu, Joseph K. Liu, Shiping Chen. Sucker punch makes you richer: Rethinking Proof-of-Work security model, IACR Cryptol. ePrint Arch, 2019.  Christopher Natoli, Jiangshan Yu, Vincent Gramoli, Paulo Jorge Esteves Veríssimo. Deconstructing Blockchains: A Comprehensive Survey on Consensus, Membership and Structure. CoRR abs/1908.08316, 2019.  FCoin, https://www.fcoin.pro  The Block Crypto. Cryptocurrency exchange Fcoin expects to default on as much as $125M of users' bitcoin, 2020.  Compound, https://compound.finance.  Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, Ari Juels. Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges. IEEE Symposium on Security and Privacy, 2020.  Uniswap. https://uniswap.org  Bowen Liu, Pawel Szalachowski. A First Look into DeFi Oracles. CoRR abs/2005.04377, 2020.  Guillermo Angeris, Tarun Chitra. Improved Price Oracles: Constant Function Market Makers, CoRR abs/ 2003.10001, 2020.  Uniswap V2.0 whitepaper. https://uniswap.org/whitepaper.pdf  MiniSwap. https://www.miniswap.org  Ziyao Liu, Nguyen Cong Luong, Wenbo Wang, Dusit Niyato, Ping Wang, Ying-Chang Liang, Dong In Kim. A Survey on Blockchain: A Game Theoretical Perspective. IEEE Access, 2019.
I’ve always disliked the entire banking industry. I never thought their work added much value to the world. I saw bankers — especially the Wall Street types — as greedy, blood-sucking vampires. I pictured them swimming in their piles of riches like Scrooge McDuck. Only caring about themselves. Unafraid to trample on anyone who stood in their way. All for their bottom line and profit. I never imagined that I’d become a banker. Major plot twist. So, how did this happen? Well, after many years of working within crypto, I saw this as a clear need and opportunity. The most promising use-cases to emerge within the crypto industry are primarily around financial services — things like lending, borrowing, saving, investing, payments, and insurance (in upcoming posts we’ll diving into Decentralized Finance— DeFi). These popular crypto use-cases map very closely to the types of services that banks already offer. Consumers know exactly what a bank is and does. By using the “bank” concept, we’re able to leverage centuries of marketing and education that has already been done. https://preview.redd.it/6rmg3llob2751.png?width=800&format=png&auto=webp&s=0f3622a9669d0218d6a191c47c452ecf96c65987 That’s why we’re building a “bank.” The “bank” itself is not the big idea. The big idea is to leverage decentralized technology to unlock financial opportunities for people all over the world. The big idea is to help people achieve greater economic freedom. The big idea is to build a world-class application that solves people’s problems and meets their needs. This new, digital bank is just the vehicle, the vessel, the agent. It’s the channel where we hope to deliver this value. It’s the “killer app” that can take crypto to the masses.
Does Crypto Need a Bank?
The power of crypto is that anyone can become their own bank. With nothing but a smartphone, you can store your wealth and nobody can take your money. You can send funds to anyone, anywhere in the world and nobody can stop it. It’s a game-changer. There are circumstances where becoming your own bank can mean the difference between life and death. Imagine a refugee family that wants to safely protect their years of hard work — their life savings — as they travel across borders. Carrying cash could put their safety or money at risk. A few years ago I spent time in Greece at refugee camps — I know first-hand this is a real use-case. https://preview.redd.it/0oh0fw9yb2751.jpg?width=4032&format=pjpg&auto=webp&s=7b4f421afaf7048ef1dd7eac806754125392c879 Or imagine a family living under an authoritarian regime — afraid that their corrupt or oppressive government will seize their assets (or devalue their savings via hyperinflation). Citizens in these countries cannot risk putting their money in centralized banks or under their mattresses. They must become their own bank. These use-cases are inspiring and powerful. But what about everybody else? What about the billions of people around the world who aren’t living under such difficult circumstances?
Crypto allows us to get rid of banks. Do we really need a crypto-powered bank like Genesis Block?
Absolutely, yes. For most users, having a bank — a secure, trustworthy, compliant, transparent, digital, mobile bank — will make all the difference between crypto adoption and oblivion. For the billions of normies out there, putting money in a bank like Genesis Block will be safer, easier, and financially more rewarding than if they were to become their own bank.
Analogy: Email Hosting
To help illustrate my point, let’s do a comparison with Email Hosting. I’m familiar with email because that’s what first got me into decentralized protocols back in 2014. Because email protocols are open-source, users have the choice of where to host their email. If someone has the expertise, motivation, and time to set up their own email server, they can host their own email. Alternatively, if they value simplicity & convenience more than control, they can set up their email with Google or Microsoft in a matter of minutes (there are many email hosts including ProtonMail if privacy & security are a priority). The email will function properly in any of those options because the protocols are open and interoperable. Users can always migrate their email somewhere else later. https://preview.redd.it/39zrdhm3c2751.png?width=800&format=png&auto=webp&s=f04643ff214c142fc3a2d49d7b079486037b75d7 Those who set up their own email server will have absolute control over all the knobs and levers of spam protection, security settings, access control, rate limiting, etc. In a sense, they will have become their own “email bank” — only they have access to their email. They control everything.
However, it’s not realistic to expect the majority of people (the masses) to set up their own email server. Nor is it something that we should promote or encourage.
Most have no idea where to even begin. Could they stumble through Youtube tutorials to get through it? Maybe. But why? What would be the point? There are teams of highly-paid professionals who have been setting up email for decades at Google, Microsoft, and ProtonMail. They have fine-tuned and optimized every aspect of the configuration. They know how to keep it secure. They know how to keep data protected. They know how to guard against spam. They know the best practices because of the years of experience and the millions of email servers that they’ve already set up. And they can get it done in a fraction of the cost and time that it would have taken an average user. Other than for exceptional circumstances, there is just no reason that the common person should try to host their own email — especially when they can so easily tap into the expertise and experience of email professionals. Based on available email data, my point has already proven true. Most of the world has opted for a hosted email solution like Google or Microsoft. The masses prefer products that are simple and convenient. https://preview.redd.it/go62vbl6c2751.png?width=800&format=png&auto=webp&s=499a971d991d19d1ca193b97f9098b139d58337c
Crypto: DIY Bank vs Hosted Bank
Like email, crypto is built with open protocols. There is no monopoly on the types of applications that can be built or used because the protocols are open-source. Users have a choice of where they can store their digital money — or where to “bank.” The many wallets, platforms, and applications are all interoperable with each other. Users can easily move their funds from one service to another, just as they can move their email from one host to another. A user can store their crypto on Coinbase (a centralized exchange) or they can store it themselves and become their own bank (using a non-custodial wallet or dApp which we’ve covered previously). The former option would be similar to hosting your email on Google. The latter option would be like setting up your own email server, hosting it yourself. It hasn’t made sense for the masses to set up their own email server. And it certainly doesn’t make sense for them to try and set up their own bank.
The billions of normies out there simply don’t need to become their own bank. Nor should we encourage it.
What’s the worst that can happen if someone botches the setup job on their own email server? They may lose emails, data, and documents. What’s the worst that can happen if someone botches the setup of their own bank? They could lose their entire life savings. When it comes to crypto and money, the stakes are so much higher. They’re as high as it gets! The consequences of not doing it correctly can be devastating. If people all over the world are losing their money this would be a major setback on our quest for broader crypto adoption. The masses should not be trying to set up their own bank. They should store their money with a “hosted” bank —kinda like how most people store their email at Google or Microsoft. Leave it to the experts and professionals. This approach shouldn’t just be a recommendation — it should be the default. It should be what our industry is pushing for, propping up, and promoting. https://reddit.com/link/hfmvjl/video/it1g021jc2751/player
Experts & Professionals
When it comes to crypto and money, normies should be leaning heavily on the expertise & experience of real professionals. They should be putting their money in places that have teams of wildly overpaid security engineers whose only job it is to guard, protect, and secure the funds. At Genesis Block, we’re working with best-in-class custody providers like BitGo and Coinbase.
Normies should be putting their money in places where the teams are deeply familiar with the tech, know how to best leverage it, and know how to safely generate value.
If we want this tech to reach broad adoption, we should do everything we can to deliver maximum value to end-users. That value is unlikely to be achieved if we’re pushing the masses to set up their own DIY bank. Maximum value occurs when normies put their money with experts like Genesis Block — where teams of highly-paid professionals are putting years of experience, knowledge, and best practices to work on behalf of users, every day. Where teams of crypto ninjas are storing, managing, investing, and growing crypto in a way that normies simply cannot. Where economies of scale are available. Where learning, research, experimentation never ends. Where upgrades, bug fixes, improvements never stop. So does crypto need a bank like Genesis Block? Can it help with growing adoption? Should we be encouraging the masses to use Genesis Block? If you’ve read this far then I think you already know the answer. Yes, of course. But will it behave like all the legacy, greed-filled banks of the past that so many of us dislike? Of course not. We’ll get into those differences later. A new digital bank that’s powered by blockchain technology is the perfect killer application that can take crypto to the masses.
For the billions of normies out there, putting money in a digital bank like Genesis Block will be simpler, more secure, and financially more rewarding than if they were to become their own bank.
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/ Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
In light of having my Coinbase non-custodial wallet being hack in the last 6 weeks I did a crap ton of research. I am a very efficient and thorough person when it comes to research. I find the areas I need to obtain info from and am pretty resourceful in obtaining all the info needed to hypothesize a statement. While trying to find ways to track the address that was the destination of my stolen ETH, that clearly was a criminal, and had by the time they dumped all their acquired tokens and coins a usd value of ~$600,000. This is just to point out that I learned some things along this tracking of said address. One of lessons I learned during this educational research was, sorry shameless bash here, that said exchange who created the wallet that my crypto was taken from will state a specialist has been assigned to your case, make you wait a month even tho they say give them 4 or 5 days, then once they respond from supposed specialist they will tell you your S.O.L and you should transfer any crypto you hold on said wallet and delete it never to use it again. They will totally show you how to do that and start a new one up however. First off are 11 year olds allowed to hold crypto? Thats how I felt I was being talked to as. One month later get my crypto out? Yeah the $6 in BTC that was left after the $250 in ETH was stolen was moved same day. I did not trust anything having to do with that wallet any more. I didnt need a specialist nor a months time to have this very obvious and patronizing info brought to my attention. Yes I have closed down that wallet. I WILL NOT however need a tutorial or reopening one. I am capable of doing that myself as well. I will not be doing so for many reasons and they all have to do with how safe I feel dealing with Coinbase. I dont. Not only was my wallet hacked while I run Kaspersky 24/7 and nothing was flagged by said program. I share nothing ever from my wallet. I didnt even one time copy my mnemonic to my phones clip tray. Im still not pisitive how they got my funds. I know one thing from all this more than anything else, Coinbase doesn't give two spits about a single customer or even the cumulative of all customers. They dont care. They dont care if you have been victim, they dont care if its the fact they didnt create a secure enough product to protect your assets inside of the product they swear by. They only care if YOU do something circumspect under their noses. Best believe they are all over your ass then. That is a effed up double standard and you should protect your customer base as much as your own ass......ets. Its called integrity, honor, being altruistic. The greatest people and businesses are these things. Coinbase is most certainly not. I am disappointed and heart broken as well as offended to my core. Life lessons, right? Ok so I guess I turned this into a two-parter. I had to get that out about coinbase because to make me wait a month to respond with that pre-scripted bot trash of a reply is......well I stated my opinion. You can make your own. I will assure that this treatment is the norm however and you from me makes no matter to them. Ok to my initial question then. Doing countless hours of research had me looking at years past publishings like yearly crypto crime reports from Chainalysis and the other blockchain analytic companies. While looking at these reports, I realized I did a pretty good job on analytics without any of the software or tech they use to compile their data. I came to many of the conclusions they did, just mine was more in relation to small sample of addresses vs. the entire blockchain being assessed. I saw that criminals and wallets holding criminally obtained crypto were very much trace to specific exchanges, mixers, and otc traders. It has been reported, citing Chainalysis, that over half the laundered criminal money went through two of the top 4 exchanges in the world. Those being Binance and Huobi. Now typically these criminals make a trade with an otc trader who then might send the cpins through a mixer and then change the coins into stable coins on an exchange, of which there is a far away favorite stable as choice of the criminals. Im sure you know which one, yes Tether. The wallet that took my crypto had $550,000 in Tether before it offloaded it all in 36 hours time. My question is: knowing all this, knowing that analytics companies are able to track these major criminals and corrupt otc traders that opt to do business with them on a regular basis, why arent more of them caught? What is Binance and Huobi doing in regards to compliance that is not causing sanctions put on them? I mean 1.4 billion+ in laundered money in those two exchanges alone. Wouldnt they know that kind of volume wasnt all coming from legit sources? Shouldnt they know? That just seems like a level of ignorance that is unacceptable in a world filled with seedy individuals that are constantly trying to scam, hack, or otherwise steal an asset that once they have it, they know there is a ridiculously high probability they wont get caught. So what can be done to stop them? Tracking them and their activity? Yes. If we cant put our faith in the largest exchanges and brokers in the world to flag these transactions to stop the stolen funds from being laundered and eventually withdrawn to fiat, then why should they be trusted and garner the business of people that are using crypto for non-criminal reasons. I most certainly dont want the privacy factor ramped up but clearly there must be some aspect that is registered, traceable, and able to identify us to some degree or else it is just an anarchy and the best thief wins. Why would we support crime like that? When crypto goes mainstream that could and will he your family members being the victims. I dont want any innocent person to be victim to these scumbags. Only criminals that are convicted with crimes to children are looked upon worse than scammers and white collar thieves by the criminal world. Ponzi, pyramid, and other popular scam methods if these people are caught and convicted and their lawyer doesnt get them sent to a min security. Their entire sentence they will be running and hiding for their lives. Lets ensure they have to run and hide for their lives. We need accountability and it starts from the top and only then will it be adopted by all. I hope we get to see the top start to be accountable and protect those that fall under their umbrellas.
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How to market a Data Union? Streamr's Head of Marketing & Communications, Francine Ihenacho, explores the messaging decisions that will shape the #DataUnion adoption strategy
How to market a Data Union
The research commissioned last month by Streamr, and carried out by our friends at Wilsome, was designed to shed a light on the public’s general attitudes to data ownership, data privacy and data monetisation, all of which can help Streamr understand what would compel the average person to join a Data Union. To recap, Wilsome spoke to 21 men and women from around the world, categorised as ‘tech-confident’ Early Adopters and the ‘slightly behind the curve when it comes to new technology’ group, the Early Majority. The Early Adopter and Early Majority categories are key audiences in the lifecycle of a tech offering that can mean the difference between muted interest and mass adoption. More about these audiences is covered in this interesting Ted Talk by Simon Sinek: ‘How great leaders inspire action’ Ted Talk by Simon Sinek Wilsome’s research uncovered several key learnings that Streamr must utilise to shape the Marketing & Communications strategy around Data Unions. These are that, when it comes to the lack of individual data ownership:
Most people are not aware of a solution
When they become aware of a solution, they like it
Money for nothing, as part of this solution, appeals
People do want visibility and control of their data
People want to know who’s buying their data
Crypto is not a barrier to adopting a solution
If you haven’t already, do read that blog in order to take a deeper dive into the specifics. We found the research project enlightening on the whole, and the conclusion pointed to a solid endorsement for Data Unions (‘when they become aware of a solution, they like it’). So this is the moment at which the Streamr Marketing & Comms team could choose to congratulate ourselves over the fact that the majority of our instincts have been correct when it comes to building out Data Unions. Our decision last year to prioritise Data Unions, with the launch of Swash and the live Data Union at Mozfest, tapped into a general move that individuals are making towards data ownership and monetisation. We’ve also seen organic adoption of Data Unions happen without a strong marketing push; Swash has upwards of 1000 active downloads at the time of writing. However, we’re not relaxing. In fact, there’s a lot of work to be done to get to the next phase of adoption. How do we push beyond awareness of a product into the type of devotion that has people queuing outside of the Apple store at 6am, or evangelising to their friends? Needless to say, while there is great potential for public understanding of Data Unions, there are several hurdles to sparking public belief in Data Unions that any marketing efforts by Streamr must overcome.
Most people are not aware of a solution
It’s one step before this. Most people are not aware there is a problem. Wilsome rightly posited that “a passive relationship with personal data is the biggest barrier”. The research uncovered an unspoken passivity when it comes to data privacy and the current power balance between individuals and corporations. People expressed muted and even somewhat bemused concern that devices are listening to us without permission. But personal responsibility or action was limited on the whole. They were “more likely to express a sense that they know they should be concerned, but in reality [data privacy is] a low priority for them because they don’t know how to address the problem.” When we did get respondents to start thinking of the problem in terms of their data being mined and misused, they felt the Data Union framework may be overpromising or overly ambitious about changing the status quo. I was in attendance at the group sessions in London and I noted that the ‘strength of the collective to topple the Powers That Be’ type of Data Union messaging was not well understood or received by participants. Because Streamr’s Data Union framework offers only an alternative to big tech’s data monopoly (and not an active data-mining blocker that stands between your data and Facebook, for example), the ‘collective/disruptive’ messaging around Data Unions wasn’t the strongest selling point. This forced us to acknowledge that the Data Union ‘solution’ to the lack of individual data ownership is centred primarily on data dignity — personal benefits and empowerment — rather than the promise of social change and an overthrow of big tech, who in reality won’t stop data mining until the law or scandal force them to. This has helped shape our understanding of what to prioritise in Data Union messaging. Shiv’s talk on Data Dignity at ETHDenver 2020 Data Unions must become less about problem-solving and more about enriching and changing the way people perceive data ownership. To put it in product terms: joining a Data Union like Swash is less like toppling the tech ruling class, and more akin to people in the UK moving in droves to a subscription model for television. It was a steady but monumental change, but now the subscription model is forcing the conversation to scrap the government-imposed TV license. It started a personal choice, which then went on to have social implications. Although the product is revolutionary, that doesn’t mean people are attracted by a revolutionary message. A Data Union like Swash is not going to get adoption by trying to sell the benefits of one product vs. another. It’s about getting the public excited about a new product in the first place. So before the public are able to make a decision about whether they should trade their data, they need to be made aware of the possibility, and have the concepts of data monetisation, trading and Data Unions explained to them. Most people are not yet aware that data trading at an individual level is possible. They need to understand the personal benefits of trading their data, the most compelling of which our respondents identified as transparency and rewards. To get this message across, without overpromising on Data Unions as a solution, in early messaging we must focus on the visibility and the potential for personal capital Data Unions will give their members. 2. When they become aware of a solution, they like it Where ‘defeating tech giants’ didn’t land as a Data Union concept in the room, crowdselling data certainly landed as a concept once people viewed a demo of Swash. The problem here, from a marketing perspective, is that most people, outside of a formal research exercise setting, will not spontaneously sit and watch a 10-minute video where a company explains their technological framework to them. Communicating and marketing Data Unions will begin with proactive efforts to find the audience in the places they are spending time, to make them aware of Data Unions that matter to them and those individual benefits, outside of the technical framework. Using a product like Swash as an example, the first message is not: ‘Have you heard of Data Unions?’. Rather it should be: ‘You surf the web every day… why not earn money from it?’. What does marketing look like beyond that first awareness-raising trigger? Although individual tactics will need to be shaped and deployed based on the specific Data Union Product, content such as consumer-style videos with a ‘Did you know?’ tone — again, revealing benefits to a user, not describing the tech — are a great first step. Reviews of the product, and general education about the function of the Data Union app, could all be effective marketing tools thereafter, supported by advertising. Clear information about what the app does and a clear call to action around how to try it easily, will spark interest and engagement from users. To transform a user into an evangelist, we recommend providing content that supports them in evaluating the product, shows them how to install the tool in a straightforward but personalised way, allows them to see the benefits of being part of a Data Union, and eventually allows them to teach others about the product and benefits of it. Basically the marketing will take the user on a journey where they understand the benefits to them before engaging, learning more and communicating those benefits forward. 3. Money for nothing appeals As part of the research, Wilsome enquired how much people would expect to earn from joining a Data Union and the figures were surprisingly modest. This was in no small part because people felt they were already giving data away for free, so why not do the same thing but earn some capital, however small that capital might be? The average amounts respondents expect to earn selling different categories of their data Financial gain and transparency were larger motivators for adoption than the collective angle and inspired most of the positive feedback. It’s an unsurprisingly individualistic outlook, so simplicity will be a good approach for marketing here. To increase user adoption of Data Unions, messaging must pitch Data Unions in a way that makes users understand how a Data Union app will plug into their daily lives and benefit them financially. Messaging will emphasise the maximum rewards versus minimal investment (time spent installing an app vs. passive earning). To keep using the tool, they will need to see continuing rewards and also have clear and transparent information about how to monitor and exchange their earnings. 4. People want visibility and control As previously mentioned, although control did emerge as an attractive prospect, we must be careful when messaging this concept. The way in which Data Unions exercise power should be explained, making it clear that the individual user’s data is not exclusive to the Data Union, even though it will likely contribute to social change in the wider sense. We would urge developers and businesses who create Data Union to introduce this distinction explicitly as part of their onboarding or FAQ content. Visibility is the stronger selling point here out of the two, since Data Unions can offer visibility on the data that is being sent to a Union, something which has been denied (and still is denied) by tech giants. Messaging about visibility should be as prominent as messaging about income generation when pitching Data Union products, because these aspects of the concept are easily understood, can be demonstrated and provide tangible benefits to new users. 5. People want to know who’s buying Data Union app builders must also leverage any marketing momentum by addressing the questions and concerns that users may have early on. As well as seeing exactly what data is being collected, many respondents were concerned about how to monitor where their data is going. Knowing the destination of their data, and what sort of companies might be buying it, could be a motivating factor that makes people feel comfortable joining a Data Union in the first place. Data Union Products with clear answers to these concerns will build trust and credibility with their users. If these answers are not available, it is important that the reasons why not are addressed at the very least. If full data buyer transparency is available, this could be a great selling point for a Data Union product and a bridge into generating discussions about privacy rights, or an opportunity to partner with consumer protection groups for future campaigns. 6. Crypto is not a barrier For the Early Adopters, crypto and cash were fairly interchangeable, but in the awareness-raising phase, where we would hope to prompt the Early Majority into action, it would be advisable to also show ways to exchange crypto as part of the ‘Did you know?’ style content. This angle could also open up opportunities for app builders to partner with exchanges or other outlets willing to accept crypto payments, for cross-promotional activity. Although the latter type of promotion would likely happen further into the campaign cycle, when users are steadily earning. In conclusion, these are just some of the marketing principles — fully backed by research into potential users — that Streamr can apply to support Data Union products on the Marketplace. Judging from the market trends we have seen, there are plenty of users out there who are primed to receive the messaging and offering. Streamr will fully support app builders to make sure their Data Union products are marketed in a way that emphasises the individual benefits for potential users, and addresses any reservations those potential users might have when they first learn about Data Unions. This marketing support to hone in on the unique selling point of each Data Union product goes beyond the Community Fund support Streamr offers to help build an idea. If you build a viable Data Union on the Streamr stack, the project will be excited to support you with the most appropriate campaigns to ensure adoption. So if you’re thinking of building a Data Union app, now is the time! Read theoriginal postfrom Francine on Medium
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!🎉
I would like to prefer you trading because in trading you can make much more profit then mining where also the risk is low if you control it properly and in mining there need a lot of money to start. So i think trading is best. Mining Crypto’s comes with far less risk compared to relying on the up and down price swings involved with trading Crypto’s. Whether the price of the coin you are mining is high or low; you are still rewarded for verifying a transaction. Mining is a more passive form of income, and while there are tools to automate trading, trading is still much more time-consuming. Less stressful. With all the fluctuations of the prices of cryptocurrency, trading isn’t for the faint of heart, especially when large amounts of money are involved. In regards to stress, mining is just a piece of Crypto Trading * is buying and selling cryptocurrencies to gain profit from the difference of price. * Now, the buy and sell can be in exchange of other cryptocurrencies or fiat currency. The profit making idea stays same. * So, how much you are g... The mining process creates new coins and then releases them into the blockchain (public ledger). The rewards from mining involve the new coins as well as the transaction fees from the transactions accumulated in the block. The proof of work algorithm used in many cryptocurrencies required mining for new blocks to be created.
TRADING VS MINING DE CRYPTO - Hasheur & Capetlevrai - YouTube
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