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Continuum pool is recommended over deepbit, read this post to use that instead. Instructions are virtually the same. https://deepbit.net/ Sign up for an account. Choose proportional mode. Download this and this and this. First one you just extract. Second one is your mining program. Third one is your wallet where you keep track of all your bitcoins. So you have a deepbit account, right? Well anyways after everything is extracted and installed open up your bitcoin.exe. There is a long string of text near the top in a box. That is your address. That is how you get paid and pay others. Copy that and then goto your account and paste it into the "Your bitcoin address for receiving rewards" box. Save settings. Now go back to your account and click create worker. Set the worker's login tail to 0 and the password to anything you will remember. Leave payout as proportional and click save settings. Open up GuiMiner. File>new other miner and navigate to where you extracted that third link(the one with 4 .exes). Select rpcminer-cuda.exe for your new other miner. Name it CUDA. In the guiminer tab for this new miner(the CUDA tab) set the server to other. Host: pit.deepbit.net Port: 8332 Username: [email protected]_0you must add the _0 Password: The password of your created worker Extra flags: Only needed for more than 1 graphics card, if this is true, read part 2 Go into guiminer and do file > save settings. Now click start mining. The number of MHash/s is completely dependent on your graphics card's power. I have 2 cards that get about 30 MH/s each. To check your mined coins go here. Okay, so now just a bit of explaining. Your deepbit account is merely a holding place for your coins. To actually spend them you need to payout to your address. To do this goto your account and click the Payment link. You can only pay out if you have over 0.01 BTC. When you pay out it will appear in your bitcoin.exe, it takes a while the first time and every payment after that it is near instantaneous. Once it is in your bitcoin.exe congratulations, you now have bitcoins to spend. To spend them you just get the address of the person who you are sending them to then click the send button on bitcoin.exe, put in their address and the amount. Also, goto C:\Users\USERNAME\AppData\Roaming\Bitcoin (if you're on windows7) and backup your wallet.dat file. That is your wallet. It has all of your money. Don't delete it. Part 2, multiple graphics cards. I have 2 graphics cards so setup took a bit more for me, if you have only 1 ignore this section. Only a few things you need to do. Go to your deepbit account and click "create new worker". For worker login tail set it to 1. Set the password to something you will remember. Leave payment proportional. Save settings. Now go to your guiminer. In your original CUDA tab with your username as [email protected]_0 go into the extra flags and put in "-gpu=0". Now go to file>new other worker and choose the rpcminer-cuda.exe as before. Name it CUDA2. In the CUDA2 tab have the following settings. Server: other Host: pit.deepbit.net Port: 8332 Username: [email protected]_1must have the _1 Password: The password you set when you made the new worker on deepbit. Extra flags: -gpu=1 So you end up with 2 tabs, a CUDA tab that has all the same settings except the email ends in _0 and the extra flags as -gpu=0 and a CUDA2 tab with the email ending in _1 and extra flags are -gpu=1. File>save settings in guiminer and click start mining on both tabs. A final piece of advice. This will use your GPU heavily, if you are gaming or anything else and notice that video is lagging go to the tray in the bottom right, find the GuiMiner icon and right click it and close it. Do not click stop mining in guiminer.exe. This always crashes my computer and will likely crash yours. Just close the program from the tray. If you enjoyed this and I made you free money please donate to me at 1JZbKwV9Rddth7R7MnZSss1EGK2DeXTyZZ
GET THE FREE 0.005 Bitcoin NOW! No Deposit needed. 100% Free Step 1 : Join and Enter your BTC Wallet Address Step 2 : Claim your Free 0.005 Bitcoin Step 3 : Wait for 3-7 business days processing. Step 4 : Once your claim was successful, You will received your Free 0.005 Bitcoin on the wallet add
Hey guys, if any of you have a moment to explain a few things to me about Bitcoin Gold Core Wallet 0.15.0 Win x64 downloaded from https://bitcoingold.org/ I would greatly appreciate it.
With the wallet installed and open I go to File/Receiving Addresses. It gives me a BTG address with no option for exposing the private key for that address. Is there a way to export my private keys for these addresses generated in Bitcoin Gold Core Wallet?
Again in File/Receiving Addresses there is a warning at the top that says "These are your Bitcoin addresses for receiving payments. It is recommended to use a new receiving address for each transaction" and again another warning under the receiving tab "Reuse an existing receiving address (Not Recommended)"
What is the purpose of this warning? Lets say I wanted to use this wallet for mining Bitcoin Gold, I obviously cant use a new address for each transaction. Thanks to anyone willing to clarify!
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05-27 04:41 - 'I received the money but thank you for your help. / Now i tried for the second time to sell some bigger amount but the price is back to normal. / I tried with different paypal address but again no luck. What is going on? / Is...' by /u/Ashtrag removed from /r/Bitcoin within 239-244min
''' I received the money but thank you for your help. Now i tried for the second time to sell some bigger amount but the price is back to normal. I tried with different paypal address but again no luck. What is going on? Is this promo over already? or they somehow know me and the price is down for me? I really like to exchange some more so please if you know how and what to do tell me. Also PM me with your contact so i can say thanks to you. ''' Context Link Go1dfish undelete link unreddit undelete link Author: Ashtrag
A common sentiment is brewing online; a shared desire for the internet that might have been. After decades of corporate encroachment, you don't need to be a power user to realize that something has gone very wrong. In the early days of the internet, the future was bright. In that future, when you sent an instant message, it traveled directly to the recipient. When you needed to pay a friend, you announced a transfer of value to their public key. When an app was missing a feature you wanted, you opened up the source code and implemented it. When you took a picture on your phone, it was immediately encrypted and backed up to storage that you controlled. In that future, people would laugh at the idea of having to authenticate themselves to some corporation before doing these things. What did we get instead? Rather than a network of human-sized communities, we have a handful of enormous commons, each controlled by a faceless corporate entity. Hey user, want to send a message? You can, but we'll store a copy of it indefinitely, unencrypted, for our preference-learning algorithms to pore over; how else could we slap targeted ads on every piece of content you see? Want to pay a friend? You can—in our Monopoly money. Want a new feature? Submit a request to our Support Center and we'll totally maybe think about it. Want to backup a photo? You can—inside our walled garden, which only we (and the NSA, of course) can access. Just be careful what you share, because merely locking you out of your account and deleting all your data is far from the worst thing we could do. You rationalize this: "MEGACORP would never do such a thing; it would be bad for business." But we all know, at some level, that this state of affairs, this inversion of power, is not merely "unfortunate" or "suboptimal" – No. It is degrading. Even if MEGACORP were purely benevolent, it is degrading that we must ask its permission to talk to our friends; that we must rely on it to safeguard our treasured memories; that our digital lives are completely beholden to those who seek only to extract value from us. At the root of this issue is the centralization of data. MEGACORP can surveil you—because your emails and video chats flow through their servers. And MEGACORP can control you—because they hold your data hostage. But centralization is a solution to a technical problem: How can we make the user's data accessible from anywhere in the world, on any device? For a long time, no alternative solution to this problem was forthcoming. Today, thanks to a confluence of established techniques and recent innovations, we have solved the accessibility problem without resorting to centralization. Hashing, encryption, and erasure encoding got us most of the way, but one barrier remained: incentives. How do you incentivize an anonymous stranger to store your data? Earlier protocols like BitTorrent worked around this limitation by relying on altruism, tit-for-tat requirements, or "points" – in other words, nothing you could pay your electric bill with. Finally, in 2009, a solution appeared: Bitcoin. Not long after, Sia was born. Cryptography has unleashed the latent power of the internet by enabling interactions between mutually-distrustful parties. Sia harnesses this power to turn the cloud storage market into a proper marketplace, where buyers and sellers can transact directly, with no intermediaries, anywhere in the world. No more silos or walled gardens: your data is encrypted, so it can't be spied on, and it's stored on many servers, so no single entity can hold it hostage. Thanks to projects like Sia, the internet is being re-decentralized. Sia began its life as a startup, which means it has always been subjected to two competing forces: the ideals of its founders, and the profit motive inherent to all businesses. Its founders have taken great pains to never compromise on the former, but this often threatened the company's financial viability. With the establishment of the Sia Foundation, this tension is resolved. The Foundation, freed of the obligation to generate profit, is a pure embodiment of the ideals from which Sia originally sprung. The goals and responsibilities of the Foundation are numerous: to maintain core Sia protocols and consensus code; to support developers building on top of Sia and its protocols; to promote Sia and facilitate partnerships in other spheres and communities; to ensure that users can easily acquire and safely store siacoins; to develop network scalability solutions; to implement hardforks and lead the community through them; and much more. In a broader sense, its mission is to commoditize data storage, making it cheap, ubiquitous, and accessible to all, without compromising privacy or performance. Sia is a perfect example of how we can achieve better living through cryptography. We now begin a new chapter in Sia's history. May our stewardship lead it into a bright future.
Today, we are proposing the creation of the Sia Foundation: a new non-profit entity that builds and supports distributed cloud storage infrastructure, with a specific focus on the Sia storage platform. What follows is an informal overview of the Sia Foundation, covering two major topics: how the Foundation will be funded, and what its funds will be used for.
The Sia Foundation will be structured as a non-profit entity incorporated in the United States, likely a 501(c)(3) organization or similar. The actions of the Foundation will be constrained by its charter, which formalizes the specific obligations and overall mission outlined in this document. The charter will be updated on an annual basis to reflect the current goals of the Sia community. The organization will be operated by a board of directors, initially comprising Luke Champine as President and Eddie Wang as Chairman. Luke Champine will be leaving his position at Nebulous to work at the Foundation full-time, and will seek to divest his shares of Nebulous stock along with other potential conflicts of interest. Neither Luke nor Eddie personally own any siafunds or significant quantities of siacoin.
The primary source of funding for the Foundation will come from a new block subsidy. Following a hardfork, 30 KS per block will be allocated to the "Foundation Fund," continuing in perpetuity. The existing 30 KS per block miner reward is not affected. Additionally, one year's worth of block subsidies (approximately 1.57 GS) will be allocated to the Fund immediately upon activation of the hardfork. As detailed below, the Foundation will provably burn any coins that it cannot meaningfully spend. As such, the 30 KS subsidy should be viewed as a maximum. This allows the Foundation to grow alongside Sia without requiring additional hardforks. The Foundation will not be funded to any degree by the possession or sale of siafunds. Siafunds were originally introduced as a means of incentivizing growth, and we still believe in their effectiveness: a siafund holder wants to increase the amount of storage on Sia as much as possible. While the Foundation obviously wants Sia to succeed, its driving force should be its charter. Deriving significant revenue from siafunds would jeopardize the Foundation's impartiality and focus. Ultimately, we want the Foundation to act in the best interests of Sia, not in growing its own budget.
The Foundation inherits a great number of responsibilities from Nebulous. Each quarter, the Foundation will publish the progress it has made over the past quarter, and list the responsibilities it intends to prioritize over the coming quarter. This will be accompanied by a financial report, detailing each area of expenditure over the past quarter, and forecasting expenditures for the coming quarter. Below, we summarize some of the myriad responsibilities towards which the Foundation is expected to allocate its resources.
Maintain and enhance core Sia software
Arguably, this is the most important responsibility of the Foundation. At the heart of Sia is its consensus algorithm: regardless of other differences, all Sia software must agree upon the content and rules of the blockchain. It is therefore crucial that the algorithm be stewarded by an entity that is accountable to the community, transparent in its decision-making, and has no profit motive or other conflicts of interest. Accordingly, Sia’s consensus functionality will no longer be directly maintained by Nebulous. Instead, the Foundation will release and maintain an implementation of a "minimal Sia full node," comprising the Sia consensus algorithm and P2P networking code. The source code will be available in a public repository, and signed binaries will be published for each release. Other parties may use this code to provide alternative full node software. For example, Nebulous may extend the minimal full node with wallet, renter, and host functionality. The source code of any such implementation may be submitted to the Foundation for review. If the code passes review, the Foundation will provide "endorsement signatures" for the commit hash used and for binaries compiled internally by the Foundation. Specifically, these signatures assert that the Foundation believes the software contains no consensus-breaking changes or other modifications to imported Foundation code. Endorsement signatures and Foundation-compiled binaries may be displayed and distributed by the receiving party, along with an appropriate disclaimer. A minimal full node is not terribly useful on its own; the wallet, renter, host, and other extensions are what make Sia a proper developer platform. Currently, the only implementations of these extensions are maintained by Nebulous. The Foundation will contract Nebulous to ensure that these extensions continue to receive updates and enhancements. Later on, the Foundation intends to develop its own implementations of these extensions and others. As with the minimal node software, these extensions will be open source and available in public repositories for use by any Sia node software. With the consensus code now managed by the Foundation, the task of implementing and orchestrating hardforks becomes its responsibility as well. When the Foundation determines that a hardfork is necessary (whether through internal discussion or via community petition), a formal proposal will be drafted and submitted for public review, during which arguments for and against the proposal may be submitted to a public repository. During this time, the hardfork code will be implemented, either by Foundation employees or by external contributors working closely with the Foundation. Once the implementation is finished, final arguments will be heard. The Foundation board will then vote whether to accept or reject the proposal, and announce their decision along with appropriate justification. Assuming the proposal was accepted, the Foundation will announce the block height at which the hardfork will activate, and will subsequently release source code and signed binaries that incorporate the hardfork code. Regardless of the Foundation's decision, it is the community that ultimately determines whether a fork is accepted or rejected – nothing can change that. Foundation node software will never automatically update, so all forks must be explicitly adopted by users. Furthermore, the Foundation will provide replay and wipeout protection for its hard forks, protecting other chains from unintended or malicious reorgs. Similarly, the Foundation will ensure that any file contracts formed prior to a fork activation will continue to be honored on both chains until they expire. Finally, the Foundation also intends to pursue scalability solutions for the Sia blockchain. In particular, work has already begun on an implementation of Utreexo, which will greatly reduce the space requirements of fully-validating nodes (allowing a full node to be run on a smartphone) while increasing throughput and decreasing initial sync time. A hardfork implementing Utreexo will be submitted to the community as per the process detailed above. As this is the most important responsibility of the Foundation, it will receive a significant portion of the Foundation’s budget, primarily in the form of developer salaries and contracting agreements.
Support community services
We intend to allocate 25% of the Foundation Fund towards the community. This allocation will be held and disbursed in the form of siacoins, and will pay for grants, bounties, hackathons, and other community-driven endeavours. Any community-run service, such as a Skynet portal, explorer or web wallet, may apply to have its costs covered by the Foundation. Upon approval, the Foundation will reimburse expenses incurred by the service, subject to the exact terms agreed to. The intent of these grants is not to provide a source of income, but rather to make such services "break even" for their operators, so that members of the community can enrich the Sia ecosystem without worrying about the impact on their own finances.
Ensure easy acquisition and storage of siacoins
Most users will acquire their siacoins via an exchange. The Foundation will provide support to Sia-compatible exchanges, and pursue relevant integrations at its discretion, such as Coinbase's new Rosetta standard. The Foundation may also release DEX software that enables trading cryptocurrencies without the need for a third party. (The Foundation itself will never operate as a money transmitter.) Increasingly, users are storing their cryptocurrency on hardware wallets. The Foundation will maintain the existing Ledger Nano S integration, and pursue further integrations at its discretion. Of course, all hardware wallets must be paired with software running on a computer or smartphone, so the Foundation will also develop and/or maintain client-side wallet software, including both full-node wallets and "lite" wallets. Community-operated wallet services, i.e. web wallets, may be funded via grants. Like core software maintenance, this responsibility will be funded in the form of developer salaries and contracting agreements.
Protect the ecosystem
When it comes to cryptocurrency security, patching software vulnerabilities is table stakes; there are significant legal and social threats that we must be mindful of as well. As such, the Foundation will earmark a portion of its fund to defend the community from legal action. The Foundation will also safeguard the network from 51% attacks and other threats to network security by implementing softforks and/or hardforks where necessary. The Foundation also intends to assist in the development of a new FOSS software license, and to solicit legal memos on various Sia-related matters, such as hosting in the United States and the EU. In a broader sense, the establishment of the Foundation makes the ecosystem more robust by transferring core development to a more neutral entity. Thanks to its funding structure, the Foundation will be immune to various forms of pressure that for-profit companies are susceptible to.
Drive adoption of Sia
Although the overriding goal of the Foundation is to make Sia the best platform it can be, all that work will be in vain if no one uses the platform. There are a number of ways the Foundation can promote Sia and get it into the hands of potential users and developers. In-person conferences are understandably far less popular now, but the Foundation can sponsor and/or participate in virtual conferences. (In-person conferences may be held in the future, permitting circumstances.) Similarly, the Foundation will provide prizes for hackathons, which may be organized by community members, Nebulous, or the Foundation itself. Lastly, partnerships with other companies in the cryptocurrency space—or the cloud storage space—are a great way to increase awareness of Sia. To handle these responsibilities, one of the early priorities of the Foundation will be to hire a marketing director.
The Foundation Fund will be controlled by a multisig address. Each member of the Foundation's board will control one of the signing keys, with the signature threshold to be determined once the final composition of the board is known. (This threshold may also be increased or decreased if the number of board members changes.) Additionally, one timelocked signing key will be controlled by David Vorick. This key will act as a “dead man’s switch,” to be used in the event of an emergency that prevents Foundation board members from reaching the signature threshold. The timelock ensures that this key cannot be used unless the Foundation fails to sign a transaction for several months. On the 1st of each month, the Foundation will use its keys to transfer all siacoins in the Fund to two new addresses. The first address will be controlled by a high-security hot wallet, and will receive approximately one month's worth of Foundation expenditures. The second address, receiving the remaining siacoins, will be a modified version of the source address: specifically, it will increase the timelock on David Vorick's signing key by one month. Any other changes to the set of signing keys, such as the arrival or departure of board members, will be incorporated into this address as well. The Foundation Fund is allocated in SC, but many of the Foundation's expenditures must be paid in USD or other fiat currency. Accordingly, the Foundation will convert, at its discretion, a portion of its monthly withdrawals to fiat currency. We expect this conversion to be primarily facilitated by private "OTC" sales to accredited investors. The Foundation currently has no plans to speculate in cryptocurrency or other assets. Finally, it is important that the Foundation adds value to the Sia platform well in excess of the inflation introduced by the block subsidy. For this reason, the Foundation intends to provably burn, on a quarterly basis, any coins that it cannot allocate towards any justifiable expense. In other words, coins will be burned whenever doing so provides greater value to the platform than any other use. Furthermore, the Foundation will cap its SC treasury at 5% of the total supply, and will cap its USD treasury at 4 years’ worth of predicted expenses. Addendum: Hardfork Timeline We would like to see this proposal finalized and accepted by the community no later than September 30th. A new version of siad, implementing the hardfork, will be released no later than October 15th. The hardfork will activate at block 293220, which is expected to occur around 12pm EST on January 1st, 2021.
Addendum: Inflation specifics The total supply of siacoins as of January 1st, 2021 will be approximately 45.243 GS. The initial subsidy of 1.57 GS thus increases the supply by 3.47%, and the total annual inflation in 2021 will be at most 10.4% (if zero coins are burned). In 2022, total annual inflation will be at most 6.28%, and will steadily decrease in subsequent years.
We see the establishment of the Foundation as an important step in the maturation of the Sia project. It provides the ecosystem with a sustainable source of funding that can be exclusively directed towards achieving Sia's ambitious goals. Compared to other projects with far deeper pockets, Sia has always punched above its weight; once we're on equal footing, there's no telling what we'll be able to achieve. Nevertheless, we do not propose this change lightly, and have taken pains to ensure that the Foundation will act in accordance with the ideals that this community shares. It will operate transparently, keep inflation to a minimum, and respect the user's fundamental role in decentralized systems. We hope that everyone in the community will consider this proposal carefully, and look forward to a productive discussion.
This set of indicators draws from the inherent characteristics and vulnerabilities associated with the underlying technology of VAs. The various technological features below increase anonymity and add hurdles to the detection of criminal activity by LEAs. These factors make VAs attractive to criminals looking to disguise or store their funds. Nevertheless, the mere presence of these features in an activity does not automatically suggest an illicit transaction. For example, the use of a hardware or paper wallet may be legitimate as a way to secure VAs against thefts. Again, the presence of these indicators should be considered in the context of other characteristics about the customer and relationship, or a logical business explanation.
Transactions by a customer involving more than one type of VA, despite additional transaction fees, and especially those VAs that provide higher anonymity, such as anonymity-enhanced cryptocurrency (AEC) or privacy coins. Moving a VA that operates on a public, transparent blockchain, such as Bitcoin, to a centralised exchange and then immediately trading it for an AEC or privacy coin. Customers that operate as an unregistered/unlicensed VASP on peer-to-peer (P2P) exchange websites, particularly when there are concerns that the customers handle huge amount of VA transfers on its customer’s behalf, and charge higher fees to its customer than transmission services offered by other exchanges. Use of bank accounts to facilitate these P2P transactions. Abnormal transactional activity (level and volume) of VAs cashed out at exchanges from P2P platform-associated wallets with no logical business explanation. VAs transferred to or from wallets that show previous patterns of activity associated with the use of VASPs that operate mixing or tumbling services or P2P platforms. Transactions making use of mixing and tumbling services, suggesting an intent to obscure the flow of illicit funds between known wallet addresses and darknet marketplaces. Funds deposited or withdrawn from a VA address or wallet with direct and indirect exposure links to known suspicious sources, including darknet marketplaces, mixing/tumbling services, questionable gambling sites, illegal activities (e.g. ransomware) and/or theft reports. The use of decentralised/unhosted, hardware or paper wallets to transport VAs across borders. Users entering the VASP platform having registered their Internet domain names through proxies or using domain name registrars (DNS) that suppress or redact the owners of the domain names. Users entering the VASP platform using an IP address associated with a darknet or other similar software that allows anonymous communication, including encrypted emails and VPNs. Transactions between partners using various anonymous encrypted communication means (e.g. forums, chats, mobile applications, online games, etc.) instead of a VASP. A large number of seemingly unrelated VA wallets controlled from the same IP-address (or MAC-address), which may involve the use of shell wallets registered to different users to conceal their relation to each other. Use of VAs whose design is not adequately documented, or that are linked to possible fraud or other tools aimed at implementing fraudulent schemes, such as Ponzi schemes. Receiving funds from or sending funds to VASPs whose CDD or know-your- customer (KYC) processes are demonstrably weak or non-existent. Using VA ATMs/kiosks – o despite the higher transaction fees and including those commonly used by mules or scam victims; or o in high-risk locations where increased criminal activities occur. A single use of an ATM/kiosk is not enough in and of itself to constitute a red flag, but would if it was coupled with the machine being in a high-risk area, or was used for repeated small transactions (or other additional factors).
Some newbie questions about Trezor device and bitcoin wallets
Greetings I have never owned bitcoin before, but I studied how it works, so I think I have some understanding. I also studied options and it seems hardware wallet is the way to go for safety reasons. So, question number One, am I correct that: Unlike a bank account, where you keep one account usually, with bitcoin you keep generating new addresses, so if you own 1 bitcoin, you don't store it on one address, rather, you own many addresses, each containing part of your bitcoin, and when you spend, you just expend some of the addresses and throw them away, and when you receive, you generate new addresses for every transaction, so you accumulate these addresses that each are like a banknote of sorts, each having their own nominal value, and then you spend those banknotes and never use those addresses again. Right? Question number Two, am I correct that: All the addresses are generated from a certain big number, "master key" of sorts, which is private to me, which can be written in a form of "seed" which is what the device will give me when initialized, which is what I can use to recover my master key if I lose or break the device? Question number Three, who does the address generation for bitcoin wallets for new incoming transactions? I assume it's the online wallet Trezor uses, right? So the device does not store any addresses of bitcoin wallets, right? It only stores my master key? Assuming all are correct, can you please explain, in simpliest terms, how do I restore these addresses themselves, should Trezor online wallet be unavailable? I mean, it's hardly a possibility, but assume I have my seed, or even my Trezor device, but Trezor online wallet is unavailable. Assume I made hundreds of bitcoin transactions and my bitcoin is stored in hundreds of small pieces on different addresses. How do I recover all those? How do I know when to stop, when I have recovered them all? Assuming I don't know the amount I totally own by heart, so I cannot know when to stop (When I found all my bitcoin)? I mean, it's unlimited, right, the amount of bitcoin addresses that can be generated from my "master key" of my Trezor? So how do I know which of them contain bitcoin? Like, say I have used 200 of them and 100 of them still contain bitcoins, and I lose the device, and have to restore from seed, how does it know that it has to generate only those 200, like, how does it know it doesnt have to generate more addresses, maybe those other addresses contain some bitcoin on them too? Or does it, generate them always in the same order, so if it sees only blank unused addresses, it assumes it's time to stop? Like, if address 0-200 are all used but 200-300 are all unused still, it assumes it's fine to stop checking? Also, on an unrelated note, how can I be sure I made no mistake in recording the seed? Can I just wipe the device and restore it from seed right after initializing it and receiving a small bitcoin transaction, to test it and be sure that I can recover my bitcoin in case I lose it? Is the device unlimited in terms of how many times it can be wiped and restored? Thanks in advance!
The dichotomy is between computationally infeasible vs informationally-theoretic infeasible. Basically:
Something is computationally infeasible if it could in theory be done, but you would not be able to build a practical computer to do it within the age of the universe and using only the power available in just one galaxy or thereabouts.
Something is informationally-theoretic infeasible if even if you had any arbitrarily large amount of time, space, and energy, you cannot do it.
Quantum breaks represent a possible reduction in computational infeasibility of certain things, but not information-theoretic infeasibility. For example, suppose you want to know what 256-bit preimages map to 256-bit hashes. In theory, you just need to build a table with 2256 entries and start from 0x0000000000000000000000000000000000000000000000000000000000000000 and so on. This is computationally infeasible, but not information-theoretic infeasible. However, suppose you want to know what preimages, of any size, map to 256-bit hashes. Since the preimages can be of any size, after finishing with 256-bit preimages, you have to proceed to 257-bit preimages. And so on. And there is no size limit, so you will literally never finish. Even if you lived forever, you would not complete it. This is information-theoretic infeasible.
How does this relate to confidential transactions? Basically, every confidential transaction simply hides the value behind a homomorphic commitment. What is a homomorphic commitment? Okay, let's start with commitments. A commitment is something which lets you hide something, and later reveal what you hid. Until you reveal it, even if somebody has access to the commitment, they cannot reverse it to find out what you hid. This is called the "hiding property" of commitments. However, when you do reveal it (or "open the commitment"), then you cannot replace what you hid with some other thing. This is called the "binding property" of commitments. For example, a hash of a preimage is a commitment. Suppose I want to commit to something. For example, I want to show that I can predict the future using the energy of a spare galaxy I have in my pocket. I can hide that something by hashing a description of the future. Then I can give the hash to you. You still cannot learn the future, because it's just a hash, and you can't reverse the hash ("hiding"). But suppose the future event occurs. I can reveal that I did, in fact, know the future. So I give you the description, and you hash it and compare it to the hash I gave earlier. Because of preimage resistance, I cannot retroactively change what I hid in the hash, so what I gave must have been known to me at the time that I gave you the commitment i..e. hash ("binding").
A homomorphic commitment simply means that if I can do certain operations on preimages of the commitment scheme, there are certain operations on the commitments that would create similar ("homo") changes ("morphic") to the commitments. For example, suppose I have a magical function h() which is a homomorphic commitment scheme. It can hide very large (near 256-bit) numbers. Then if h() is homomorphic, there may be certain operations on numbers behind the h() that have homomorphisms after the h(). For example, I might have an operation <+> that is homomorphic in h() on +, or in other words, if I have two large numbers a and b, then h(a + b) = h(a) <+> h(b). + and <+> are different operations, but they are homomorphic to each other. For example, elliptic curve scalars and points have homomorphic operations. Scalars (private keys) are "just" very large near-256-bit numbers, while points are a scalar times a standard generator point G. Elliptic curve operations exist where there is a <+> between points that is homomorphic on standard + on scalars, and a <*> between a scalar and a point that is homomorphic on standard * multiplication on scalars. For example, suppose I have two large scalars a and b. I can use elliptic curve points as a commitment scheme: I can take a <*> G to generate a point A. It is hiding since nobody can learn what a is unless I reveal it (a and A can be used in standard ECDSA private-public key cryptography, with the scalar a as the private key and the point A as the public key, and the a cannot be derived even if somebody else knows A). Thus, it is hiding. At the same time, for a particular point A and standard generator point G, there is only one possible scalar a which when "multiplied" with G yields A. So scalars and elliptic curve points are a commitment scheme, with both hiding and binding properties. Now, as mentioned there is a <+> operation on points that is homomorphic to the + operation on corresponding scalars. For example, suppose there are two scalars a and b. I can compute (a + b) <*> G to generate a particular point. But even if I don't know scalars a and b, but I do know points A = a <*> G and B = b <*> G, then I can use A <+> B to derive (a + b) <*> G (or equivalently, (a <*> G) <+> (b <*> G) == (a + b) <*> G). This makes points a homomorphic commitment scheme on scalars.
Confidential Transactions: A Sketch
This is useful since we can easily use the near-256-bit scalars in SECP256K1 elliptic curves to easily represent values in a monetary system, and hide those values by using a homomorphic commitment scheme. We can use the hiding property to prevent people from learning the values of the money we are sending and receiving. Now, in a proper cryptocurrency, a normal, non-coinbase transaction does not create or destroy coins: the values of the input coins are equal to the value of the output coins. We can use a homomorphic commitment scheme. Suppose I have a transaction that consumes an input value a and creates two output values b and c. That is, a = b + c, i.e. the sum of all inputs a equals the sum of all outputs b and c. But remember, with a homomorphic commitment scheme like elliptic curve points, there exists a <+> operation on points that is homomorphic to the ordinary school-arithmetic + addition on large numbers. So, confidential transactions can use points a <*> G as input, and points b <*> G and c <*> G as output, and we can easily prove that a <*> G = (b <*> G) <+> (c <*> G) if a = b + c, without revealing a, b, or c to anyone.
Actually, we cannot just use a <*> G as a commitment scheme in practice. Remember, Bitcoin has a cap on the number of satoshis ever to be created, and it's less than 253 satoshis, which is fairly trivial. I can easily compute all values of a <*> G for all values of a from 0 to 253 and know which a <*> G corresponds to which actual amount a. So in confidential transactions, we cannot naively use a <*> G commitments, we need Pedersen commitments. If you know what a "salt" is, then Pedersen commitments are fairly obvious. A "salt" is something you add to e.g. a password so that the hash of the password is much harder to attack. Humans are idiots and when asked to generate passwords, will output a password that takes less than 230 possibilities, which is fairly easy to grind. So what you do is that you "salt" a password by prepending a random string to it. You then hash the random string + password, and store the random string --- the salt --- together with the hash in your database. Then when somebody logs in, you take the password, prepend the salt, hash, and check if the hash matches with the in-database hash, and you let them log in. Now, with a hash, even if somebody copies your password database, the can't get the password. They're hashed. But with a salt, even techniques like rainbow tables make a hacker's life even harder. They can't hash a possible password and check every hash in your db for something that matches. Instead, if they get a possible password, they have to prepend each salt, hash, then compare. That greatly increases the computational needs of a hacker, which is why salts are good. What a Pedersen commitment is, is a point a <*> H, where a is the actual value you commit to, plus <+> another point r <*> G. H here is a second standard generator point, different from G. The r is the salt in the Pedersen commitment. It makes it so that even if you show (a <*> H) <+> (r <*> G) to somebody, they can't grind all possible values of a and try to match it with your point --- they also have to grind r (just as with the password-salt example above). And r is much larger, it can be a true near-256-bit number that is the range of scalars in SECP256K1, whereas a is constrained to "reasonable" numbers of satoshi, which cannot exceed 21 million Bitcoins. Now, in order to validate a transaction with input a and outputs b and c, you only have to prove a = b + c. Suppose we are hiding those amounts using Pedersen commitments. You have an input of amount a, and you know a and r. The blockchain has an amount (a <*> H) <+> (r <*> G). In order to create the two outputs b and c, you just have to create two new r scalars such that r = r + r. This is trivial, you just select a new random r and then compute r = r - r, it's just basic algebra. Then you create a transaction consuming the input (a <*> H) <+> (r <*> G) and outputs (b <*> H) <+> (r <*> G) and (c <*> H) <+> (r <*> G). You know that a = b + c, and r = r + r, while fullnodes around the world, who don't know any of the amounts or scalars involved, can just take the points (a <*> H) <+> (r <*> G) and see if it equals (b <*> H) <+> (r <*> G) <+> (c <*> H) <+> (r <*> G). That is all that fullnodes have to validate, they just need to perform <+> operations on points and comparison on points, and from there they validate transactions, all without knowing the actual values involved.
What does this mean? It's just a measure of how "impossible" binding vs hiding is. Pedersen commitments are computationally binding, meaning that in theory, a user of this commitment with arbitrary time and space and energy can, in theory, replace the amount with something else. However, it is information-theoretic hiding, meaning an attacker with arbitrary time and space and energy cannot figure out exactly what got hidden behind the commitment. But why? Now, we have been using a and a <*> G as private keys and public keys in ECDSA and Schnorr. There is an operation <*> on a scalar and a point that generates another point, but we cannot "revrese" this operation. For example, even if I know A, and know that A = a <*> G, but do not know a, I cannot derive a --- there is no operation between A G that lets me know a. Actually there is: I "just" need to have so much time, space, and energy that I just start counting a from 0 to 2256 and find which a results in A = a <*> G. This is a computational limit: I don't have a spare universe in my back pocket I can use to do all those computations. Now, replace a with h and A with H. Remember that Pedersen commitments use a "second" standard generator point. The generator points G and H are "not really special" --- they are just random points on the curve that we selected and standardized. There is no operation H G such that I can learn h where H = h <*> G, though if I happen to have a spare universe in my back pocket I can "just" brute force it. Suppose I do have a spare universe in my back pocket, and learn h = H G such that H = h <*> G. What can I do in Pedersen commitments? Well, I have an amount a that is committed to by (a <*> H) <+> (r <*> G). But I happen to know h! Suppose I want to double my money a without involving Elon Musk. Then:
(a <*> H) <+> (r <*> G)
== (a <*> (h <*> G)) <+> (r <*> G)
== ((a * h) <*> G) <+> (r <*> G); remember, <*> is also homomorphic on multiplication *.
== ((a * h + a * h - a * h) <*> G) <+> (r <*> G); just add 0.
== ((a * h + a * h) <*> G) <+> ((-a * h) <*> G) <+> (r <*> G)
== ((2 * a * h) <*> G) <+> ((r - a * h) <*> G)
== ((2 * a) <*> (h <*> G)) <+> ((r - a * h) <*> G)
== ((2 * a) <*> H) <+> ((r - a * h) <*> G); TADA!! I doubled my money!
That is what we mean by computationally binding: if I can compute h such that H = h <*> G, then I can find another number which opens the same commitment. And of course I'd make sure that number is much larger than what I originally had in that address! Now, the reason why it is "only" computationally binding is that it is information-theoretically hiding. Suppose somebody knows h, but has no money in the cryptocurrency. All they see are points. They can try to find what the original amounts are, but because any amount can be mapped to "the same" point with knowledge of h (e.g. in the above, a and 2 * a got mapped to the same point by "just" replacing the salt r with r - a * h; this can be done for 3 * a, 4 * a etc.), they cannot learn historical amounts --- the a in historical amounts could be anything. The drawback, though, is that --- as seen above --- arbitrary inflation is now introduced once somebody knows h. They can multiply their money by any arbitrary factor with knowledge of h. It is impossible to have both perfect hiding (i.e. historical amounts remain hidden even after a computational break) and perfect binding (i.e. you can't later open the commitment to a different, much larger, amount). Pedersen commitments just happen to have perfect hiding, but only computationally-infeasible binding. This means they allow hiding historical values, but in case of anything that allows better computational power --- including but not limited to quantum breaks --- they allow arbitrary inflation.
Changing The Tradeoffs with ElGamal Commitments
An ElGamal commitment is just a Pedersen commitment, but with the point r <*> G also stored in a separate section of the transaction. This commits the r, and fixes it to a specific value. This prevents me from opening my (a <*> H) <+> (r <*> G) as ((2 * a) <*> H) <+> ((r - a * h) <*> G), because the (r - a * h) would not match the r <*> G sitting in a separate section of the transaction. This forces me to be bound to that specific value, and no amount of computation power will let me escape --- it is information-theoretically binding i.e. perfectly binding. But that is now computationally hiding. An evil surveillor with arbitrary time and space can focus on the r <*> G sitting in a separate section of the transaction, and grind r from 0 to 2256 to determine what r matches that point. Then from there, they can negate r to get (-r) <*> G and add it to the (a <*> H) <+> (r <*> G) to get a <*> H, and then grind that to determine the value a. With massive increases in computational ability --- including but not limited to quantum breaks --- an evil surveillor can see all the historical amounts of confidential transactions.
This is the source of the tradeoff: either you design confidential transactions so in case of a quantum break, historical transactions continue to hide their amounts, but inflation of the money is now unavoidable, OR you make the money supply sacrosanct, but you potentially sacrifice amount hiding in case of some break, including but not limited to quantum breaks.
Cosmos is a heterogeneous network of many independent parallel blockchains, each powered by classical BFT consensus algorithms like Tendermint. Developers can easily build custom application specific blockchains, called Zones, through the Cosmos SDK framework. These Zones connect to Hubs, which are specifically designed to connect zones together. The vision of Cosmos is to have thousands of Zones and Hubs that are Interoperable through the Inter-Blockchain Communication Protocol (IBC). Cosmos can also connect to other systems through peg zones, which are specifically designed zones that each are custom made to interact with another ecosystem such as Ethereum and Bitcoin. Cosmos does not use Sharding with each Zone and Hub being sovereign with their own validator set. For a more in-depth look at Cosmos and provide more reference to points made in this article, please see my three part series — Part One, Part Two, Part Three (There's a youtube video with a quick video overview of Cosmos on the medium article - https://medium.com/ava-hub/comparison-between-avalanche-cosmos-and-polkadot-a2a98f46c03b)
Polkadot is a heterogeneous blockchain protocol that connects multiple specialised blockchains into one unified network. It achieves scalability through a sharding infrastructure with multiple blockchains running in parallel, called parachains, that connect to a central chain called the Relay Chain. Developers can easily build custom application specific parachains through the Substrate development framework. The relay chain validates the state transition of connected parachains, providing shared state across the entire ecosystem. If the Relay Chain must revert for any reason, then all of the parachains would also revert. This is to ensure that the validity of the entire system can persist, and no individual part is corruptible. The shared state makes it so that the trust assumptions when using parachains are only those of the Relay Chain validator set, and no other. Interoperability is enabled between parachains through Cross-Chain Message Passing (XCMP) protocol and is also possible to connect to other systems through bridges, which are specifically designed parachains or parathreads that each are custom made to interact with another ecosystem such as Ethereum and Bitcoin. The hope is to have 100 parachains connect to the relay chain. For a more in-depth look at Polkadot and provide more reference to points made in this article, please see my three part series — Part One, Part Two, Part Three (There's a youtube video with a quick video overview of Polkadot on the medium article - https://medium.com/ava-hub/comparison-between-avalanche-cosmos-and-polkadot-a2a98f46c03b)
Avalanche is a platform of platforms, ultimately consisting of thousands of subnets to form a heterogeneous interoperable network of many blockchains, that takes advantage of the revolutionary Avalanche Consensus protocols to provide a secure, globally distributed, interoperable and trustless framework offering unprecedented decentralisation whilst being able to comply with regulatory requirements. Avalanche allows anyone to create their own tailor-made application specific blockchains, supporting multiple custom virtual machines such as EVM and WASM and written in popular languages like Go (with others coming in the future) rather than lightly used, poorly-understood languages like Solidity. This virtual machine can then be deployed on a custom blockchain network, called a subnet, which consist of a dynamic set of validators working together to achieve consensus on the state of a set of many blockchains where complex rulesets can be configured to meet regulatory compliance. Avalanche was built with serving financial markets in mind. It has native support for easily creating and trading digital smart assets with complex custom rule sets that define how the asset is handled and traded to ensure regulatory compliance can be met. Interoperability is enabled between blockchains within a subnet as well as between subnets. Like Cosmos and Polkadot, Avalanche is also able to connect to other systems through bridges, through custom virtual machines made to interact with another ecosystem such as Ethereum and Bitcoin. For a more in-depth look at Avalanche and provide more reference to points made in this article, please see here and here (There's a youtube video with a quick video overview of Avalanche on the medium article - https://medium.com/ava-hub/comparison-between-avalanche-cosmos-and-polkadot-a2a98f46c03b)
Comparison between Cosmos, Polkadot and Avalanche
A frequent question I see being asked is how Cosmos, Polkadot and Avalanche compare? Whilst there are similarities there are also a lot of differences. This article is not intended to be an extensive in-depth list, but rather an overview based on some of the criteria that I feel are most important. For a more in-depth view I recommend reading the articles for each of the projects linked above and coming to your own conclusions. I want to stress that it’s not a case of one platform being the killer of all other platforms, far from it. There won’t be one platform to rule them all, and too often the tribalism has plagued this space. Blockchains are going to completely revolutionise most industries and have a profound effect on the world we know today. It’s still very early in this space with most adoption limited to speculation and trading mainly due to the limitations of Blockchain and current iteration of Ethereum, which all three of these platforms hope to address. For those who just want a quick summary see the image at the bottom of the article. With that said let’s have a look
Each Zone and Hub in Cosmos is capable of up to around 1000 transactions per second with bandwidth being the bottleneck in consensus. Cosmos aims to have thousands of Zones and Hubs all connected through IBC. There is no limit on the number of Zones / Hubs that can be created
Parachains in Polkadot are also capable of up to around 1500 transactions per second. A portion of the parachain slots on the Relay Chain will be designated as part of the parathread pool, the performance of a parachain is split between many parathreads offering lower performance and compete amongst themselves in a per-block auction to have their transactions included in the next relay chain block. The number of parachains is limited by the number of validators on the relay chain, they hope to be able to achieve 100 parachains.
Avalanche is capable of around 4500 transactions per second per subnet, this is based on modest hardware requirements to ensure maximum decentralisation of just 2 CPU cores and 4 GB of Memory and with a validator size of over 2,000 nodes. Performance is CPU-bound and if higher performance is required then more specialised subnets can be created with higher minimum requirements to be able to achieve 10,000 tps+ in a subnet. Avalanche aims to have thousands of subnets (each with multiple virtual machines / blockchains) all interoperable with each other. There is no limit on the number of Subnets that can be created.
All three platforms offer vastly superior performance to the likes of Bitcoin and Ethereum 1.0. Avalanche with its higher transactions per second, no limit on the number of subnets / blockchains that can be created and the consensus can scale to potentially millions of validators all participating in consensus scores ✅✅✅. Polkadot claims to offer more tps than cosmos, but is limited to the number of parachains (around 100) whereas with Cosmos there is no limit on the number of hubs / zones that can be created. Cosmos is limited to a fairly small validator size of around 200 before performance degrades whereas Polkadot hopes to be able to reach 1000 validators in the relay chain (albeit only a small number of validators are assigned to each parachain). Thus Cosmos and Polkadot scores ✅✅ https://preview.redd.it/2o0brllyvpq51.png?width=1000&format=png&auto=webp&s=8f62bb696ecaafcf6184da005d5fe0129d504518
Tendermint consensus is limited to around 200 validators before performance starts to degrade. Whilst there is the Cosmos Hub it is one of many hubs in the network and there is no central hub or limit on the number of zones / hubs that can be created.
Polkadot has 1000 validators in the relay chain and these are split up into a small number that validate each parachain (minimum of 14). The relay chain is a central point of failure as all parachains connect to it and the number of parachains is limited depending on the number of validators (they hope to achieve 100 parachains). Due to the limited number of parachain slots available, significant sums of DOT will need to be purchased to win an auction to lease the slot for up to 24 months at a time. Thus likely to lead to only those with enough funds to secure a parachain slot. Parathreads are however an alternative for those that require less and more varied performance for those that can’t secure a parachain slot.
Avalanche consensus scan scale to tens of thousands of validators, even potentially millions of validators all participating in consensus through repeated sub-sampling. The more validators, the faster the network becomes as the load is split between them. There are modest hardware requirements so anyone can run a node and there is no limit on the number of subnets / virtual machines that can be created.
Avalanche offers unparalleled decentralisation using its revolutionary consensus protocols that can scale to millions of validators all participating in consensus at the same time. There is no limit to the number of subnets and virtual machines that can be created, and they can be created by anyone for a small fee, it scores ✅✅✅. Cosmos is limited to 200 validators but no limit on the number of zones / hubs that can be created, which anyone can create and scores ✅✅. Polkadot hopes to accommodate 1000 validators in the relay chain (albeit these are split amongst each of the parachains). The number of parachains is limited and maybe cost prohibitive for many and the relay chain is a ultimately a single point of failure. Whilst definitely not saying it’s centralised and it is more decentralised than many others, just in comparison between the three, it scores ✅ https://preview.redd.it/ckfamee0wpq51.png?width=1000&format=png&auto=webp&s=c4355f145d821fabf7785e238dbc96a5f5ce2846
Tendermint consensus used in Cosmos reaches finality within 6 seconds. Cosmos consists of many Zones and Hubs that connect to each other. Communication between 2 zones could pass through many hubs along the way, thus also can contribute to latency times depending on the path taken as explained in part two of the articles on Cosmos. It doesn’t need to wait for an extended period of time with risk of rollbacks.
Polkadot provides a Hybrid consensus protocol consisting of Block producing protocol, BABE, and then a finality gadget called GRANDPA that works to agree on a chain, out of many possible forks, by following some simpler fork choice rule. Rather than voting on every block, instead it reaches agreements on chains. As soon as more than 2/3 of validators attest to a chain containing a certain block, all blocks leading up to that one are finalized at once. If an invalid block is detected after it has been finalised then the relay chain would need to be reverted along with every parachain. This is particularly important when connecting to external blockchains as those don’t share the state of the relay chain and thus can’t be rolled back. The longer the time period, the more secure the network is, as there is more time for additional checks to be performed and reported but at the expense of finality. Finality is reached within 60 seconds between parachains but for external ecosystems like Ethereum their state obviously can’t be rolled back like a parachain and so finality will need to be much longer (60 minutes was suggested in the whitepaper) and discussed in more detail in part three
Avalanche consensus achieves finality within 3 seconds, with most happening sub 1 second, immutable and completely irreversible. Any subnet can connect directly to another without having to go through multiple hops and any VM can talk to another VM within the same subnet as well as external subnets. It doesn’t need to wait for an extended period of time with risk of rollbacks.
With regards to performance far too much emphasis is just put on tps as a metric, the other equally important metric, if not more important with regards to finance is latency. Throughput measures the amount of data at any given time that it can handle whereas latency is the amount of time it takes to perform an action. It’s pointless saying you can process more transactions per second than VISA when it takes 60 seconds for a transaction to complete. Low latency also greatly increases general usability and customer satisfaction, nowadays everyone expects card payments, online payments to happen instantly. Avalanche achieves the best results scoring ✅✅✅, Cosmos with comes in second with 6 second finality ✅✅ and Polkadot with 60 second finality (which may be 60 minutes for external blockchains) scores ✅ https://preview.redd.it/kzup5x42wpq51.png?width=1000&format=png&auto=webp&s=320eb4c25dc4fc0f443a7a2f7ff09567871648cd
Every Zone and Hub in Cosmos has their own validator set and different trust assumptions. Cosmos are researching a shared security model where a Hub can validate the state of connected zones for a fee but not released yet. Once available this will make shared security optional rather than mandatory.
Shared Security is mandatory with Polkadot which uses a Shared State infrastructure between the Relay Chain and all of the connected parachains. If the Relay Chain must revert for any reason, then all of the parachains would also revert. Every parachain makes the same trust assumptions, and as such the relay chain validates state transition and enables seamless interoperability between them. In return for this benefit, they have to purchase DOT and win an auction for one of the available parachain slots. However, parachains can’t just rely on the relay chain for their security, they will also need to implement censorship resistance measures and utilise proof of work / proof of stake for each parachain as well as discussed in part three, thus parachains can’t just rely on the security of the relay chain, they need to ensure sybil resistance mechanisms using POW and POS are implemented on the parachain as well.
A subnet in Avalanche consists of a dynamic set of validators working together to achieve consensus on the state of a set of many blockchains where complex rulesets can be configured to meet regulatory compliance. So unlike in Cosmos where each zone / hub has their own validators, A subnet can validate a single or many virtual machines / blockchains with a single validator set. Shared security is optional
Shared security is mandatory in polkadot and a key design decision in its infrastructure. The relay chain validates the state transition of all connected parachains and thus scores ✅✅✅. Subnets in Avalanche can validate state of either a single or many virtual machines. Each subnet can have their own token and shares a validator set, where complex rulesets can be configured to meet regulatory compliance. It scores ✅ ✅. Every Zone and Hub in cosmos has their own validator set / token but research is underway to have the hub validate the state transition of connected zones, but as this is still early in the research phase scores ✅ for now. https://preview.redd.it/pbgyk3o3wpq51.png?width=1000&format=png&auto=webp&s=61c18e12932a250f5633c40633810d0f64520575
The Cosmos project started in 2016 with an ICO held in April 2017. There are currently around 50 projects building on the Cosmos SDK with a full list can be seen here and filtering for Cosmos SDK . Not all of the projects will necessarily connect using native cosmos sdk and IBC and some have forked parts of the Cosmos SDK and utilise the tendermint consensus such as Binance Chain but have said they will connect in the future.
The Polkadot project started in 2016 with an ICO held in October 2017. There are currently around 70 projects building on Substrate and a full list can be seen here and filtering for Substrate Based. Like with Cosmos not all projects built using substrate will necessarily connect to Polkadot and parachains or parathreads aren’t currently implemented in either the Live or Test network (Kusama) as of the time of this writing.
Avalanche in comparison started much later with Ava Labs being founded in 2018. Avalanche held it’s ICO in July 2020. Due to lot shorter time it has been in development, the number of projects confirmed are smaller with around 14 projects currently building on Avalanche. Due to the customisability of the platform though, many virtual machines can be used within a subnet making the process incredibly easy to port projects over. As an example, it will launch with the Ethereum Virtual Machine which enables byte for byte compatibility and all the tooling like Metamask, Truffle etc. will work, so projects can easily move over to benefit from the performance, decentralisation and low gas fees offered. In the future Cosmos and Substrate virtual machines could be implemented on Avalanche.
Whilst it’s still early for all 3 projects (and the entire blockchain space as a whole), there is currently more projects confirmed to be building on Cosmos and Polkadot, mostly due to their longer time in development. Whilst Cosmos has fewer projects, zones are implemented compared to Polkadot which doesn’t currently have parachains. IBC to connect zones and hubs together is due to launch Q2 2021, thus both score ✅✅✅. Avalanche has been in development for a lot shorter time period, but is launching with an impressive feature set right from the start with ability to create subnets, VMs, assets, NFTs, permissioned and permissionless blockchains, cross chain atomic swaps within a subnet, smart contracts, bridge to Ethereum etc. Applications can easily port over from other platforms and use all the existing tooling such as Metamask / Truffle etc but benefit from the performance, decentralisation and low gas fees offered. Currently though just based on the number of projects in comparison it scores ✅. https://preview.redd.it/4zpi6s85wpq51.png?width=1000&format=png&auto=webp&s=e91ade1a86a5d50f4976f3b23a46e9287b08e373
Cosmos enables permissioned and permissionless zones which can connect to each other with the ability to have full control over who validates the blockchain. For permissionless zones each zone / hub can have their own token and they are in control who validates.
With polkadot the state transition is performed by a small randomly selected assigned group of validators from the relay chain plus with the possibility that state is rolled back if an invalid transaction of any of the other parachains is found. This may pose a problem for enterprises that need complete control over who performs validation for regulatory reasons. In addition due to the limited number of parachain slots available Enterprises would have to acquire and lock up large amounts of a highly volatile asset (DOT) and have the possibility that they are outbid in future auctions and find they no longer can have their parachain validated and parathreads don’t provide the guaranteed performance requirements for the application to function.
Avalanche enables permissioned and permissionless subnets and complex rulesets can be configured to meet regulatory compliance. For example a subnet can be created where its mandatory that all validators are from a certain legal jurisdiction, or they hold a specific license and regulated by the SEC etc. Subnets are also able to scale to tens of thousands of validators, and even potentially millions of nodes, all participating in consensus so every enterprise can run their own node rather than only a small amount. Enterprises don’t have to hold large amounts of a highly volatile asset, but instead pay a fee in AVAX for the creation of the subnets and blockchains which is burnt.
Avalanche provides the customisability to run private permissioned blockchains as well as permissionless where the enterprise is in control over who validates the blockchain, with the ability to use complex rulesets to meet regulatory compliance, thus scores ✅✅✅. Cosmos is also able to run permissioned and permissionless zones / hubs so enterprises have full control over who validates a blockchain and scores ✅✅. Polkadot requires locking up large amounts of a highly volatile asset with the possibility of being outbid by competitors and being unable to run the application if the guaranteed performance is required and having to migrate away. The relay chain validates the state transition and can roll back the parachain should an invalid block be detected on another parachain, thus scores ✅. https://preview.redd.it/li5jy6u6wpq51.png?width=1000&format=png&auto=webp&s=e2a95f1f88e5efbcf9e23c789ae0f002c8eb73fc
Cosmos will connect Hubs and Zones together through its IBC protocol (due to release in Q1 2020). Connecting to blockchains outside of the Cosmos ecosystem would either require the connected blockchain to fork their code to implement IBC or more likely a custom “Peg Zone” will be created specific to work with a particular blockchain it’s trying to bridge to such as Ethereum etc. Each Zone and Hub has different trust levels and connectivity between 2 zones can have different trust depending on which path it takes (this is discussed more in this article). Finality time is low at 6 seconds, but depending on the number of hops, this can increase significantly.
Polkadot’s shared state means each parachain that connects shares the same trust assumptions, of the relay chain validators and that if one blockchain needs to be reverted, all of them will need to be reverted. Interoperability is enabled between parachains through Cross-Chain Message Passing (XCMP) protocol and is also possible to connect to other systems through bridges, which are specifically designed parachains or parathreads that each are custom made to interact with another ecosystem such as Ethereum and Bitcoin. Finality time between parachains is around 60 seconds, but longer will be needed (initial figures of 60 minutes in the whitepaper) for connecting to external blockchains. Thus limiting the appeal of connecting two external ecosystems together through Polkadot. Polkadot is also limited in the number of Parachain slots available, thus limiting the amount of blockchains that can be bridged. Parathreads could be used for lower performance bridges, but the speed of future blockchains is only going to increase.
A subnet can validate multiple virtual machines / blockchains and all blockchains within a subnet share the same trust assumptions / validator set, enabling cross chain interoperability. Interoperability is also possible between any other subnet, with the hope Avalanche will consist of thousands of subnets. Each subnet may have a different trust level, but as the primary network consists of all validators then this can be used as a source of trust if required. As Avalanche supports many virtual machines, bridges to other ecosystems are created by running the connected virtual machine. There will be an Ethereum bridge using the EVM shortly after mainnet. Finality time is much faster at sub 3 seconds (with most happening under 1 second) with no chance of rolling back so more appealing when connecting to external blockchains.
All 3 systems are able to perform interoperability within their ecosystem and transfer assets as well as data, as well as use bridges to connect to external blockchains. Cosmos has different trust levels between its zones and hubs and can create issues depending on which path it takes and additional latency added. Polkadot provides the same trust assumptions for all connected parachains but has long finality and limited number of parachain slots available. Avalanche provides the same trust assumptions for all blockchains within a subnet, and different trust levels between subnets. However due to the primary network consisting of all validators it can be used for trust. Avalanche also has a much faster finality time with no limitation on the number of blockchains / subnets / bridges that can be created. Overall all three blockchains excel with interoperability within their ecosystem and each score ✅✅. https://preview.redd.it/ai0bkbq8wpq51.png?width=1000&format=png&auto=webp&s=3e85ee6a3c4670f388ccea00b0c906c3fb51e415
The ATOM token is the native token for the Cosmos Hub. It is commonly mistaken by people that think it’s the token used throughout the cosmos ecosystem, whereas it’s just used for one of many hubs in Cosmos, each with their own token. Currently ATOM has little utility as IBC isn’t released and has no connections to other zones / hubs. Once IBC is released zones may prefer to connect to a different hub instead and so ATOM is not used. ATOM isn’t a fixed capped supply token and supply will continuously increase with a yearly inflation of around 10% depending on the % staked. The current market cap for ATOM as of the time of this writing is $1 Billion with 203 million circulating supply. Rewards can be earnt through staking to offset the dilution caused by inflation. Delegators can also get slashed and lose a portion of their ATOM should the validator misbehave.
Polkadot’s native token is DOT and it’s used to secure the Relay Chain. Each parachain needs to acquire sufficient DOT to win an auction on an available parachain lease period of up to 24 months at a time. Parathreads have a fixed fee for registration that would realistically be much lower than the cost of acquiring a parachain slot and compete with other parathreads in a per-block auction to have their transactions included in the next relay chain block. DOT isn’t a fixed capped supply token and supply will continuously increase with a yearly inflation of around 10% depending on the % staked. The current market cap for DOT as of the time of this writing is $4.4 Billion with 852 million circulating supply. Delegators can also get slashed and lose their DOT (potentially 100% of their DOT for serious attacks) should the validator misbehave.
AVAX is the native token for the primary network in Avalanche. Every validator of any subnet also has to validate the primary network and stake a minimum of 2000 AVAX. There is no limit to the number of validators like other consensus methods then this can cater for tens of thousands even potentially millions of validators. As every validator validates the primary network, this can be a source of trust for interoperability between subnets as well as connecting to other ecosystems, thus increasing amount of transaction fees of AVAX. There is no slashing in Avalanche, so there is no risk to lose your AVAX when selecting a validator, instead rewards earnt for staking can be slashed should the validator misbehave. Because Avalanche doesn’t have direct slashing, it is technically possible for someone to both stake AND deliver tokens for something like a flash loan, under the invariant that all tokens that are staked are returned, thus being able to make profit with staked tokens outside of staking itself. There will also be a separate subnet for Athereum which is a ‘spoon,’ or friendly fork, of Ethereum, which benefits from the Avalanche consensus protocol and applications in the Ethereum ecosystem. It’s native token ATH will be airdropped to ETH holders as well as potentially AVAX holders as well. This can be done for other blockchains as well. Transaction fees on the primary network for all 3 of the blockchains as well as subscription fees for creating a subnet and blockchain are paid in AVAX and are burnt, creating deflationary pressure. AVAX is a fixed capped supply of 720 million tokens, creating scarcity rather than an unlimited supply which continuously increase of tokens at a compounded rate each year like others. Initially there will be 360 tokens minted at Mainnet with vesting periods between 1 and 10 years, with tokens gradually unlocking each quarter. The Circulating supply is 24.5 million AVAX with tokens gradually released each quater. The current market cap of AVAX is around $100 million.
OKEx is giving away $100 in Bitcoin Cash (BCH). Here's how to claim your free Bitcoin Cash!
OKEx is giving away $1 to each person that completes this simple task. Act fast, as this is limited to the first 100 people who sign up, for a total of $100 in BCH that is being given away! All you have to do to claim your free BCH is to sign up for an OKEx account using this link. Note: You must use that link or you will not receive your free BCH. After using the link to sign up, leave a comment in this thread saying that you signed up and post a comment with one of the following:
If you signed up with email, comment with the first 3 characters of your email address only (do not post your full email)
If you signed up with phone, comment with the last 4 digits of your phone number only (do not post your full phone number)
Examples: "Hi, I finished signing up. The last 4 digits of my phone number is 6789." or "Hi, I finished signing up. The first 3 characters of my email are Jas." If you feel uncomfortable commenting publicly with your details above, leave a public message that you will private message us and then, private message us directly here on Reddit to verify your sign up. Make sure to leave the public comment too so we can tip you the $1 in BCH. That's it! Once you do that, we will use chaintip to post a comment and tip you $1 in BCH for every user that signs up. While you're here, make sure to click the JOIN button in the sidebar to subscribe to /OKEx and get daily updates from us. If you have any questions, post them in the thread below. Good luck! UPDATE: The giveaway has been completed and has ended. Thank you all that participated and received their free Bitcoin Cash! Subscribe to /OKEx and check back soon for updates. We will be doing more giveaways soon.
Hunting Scammers... 8/16/20 If you don’t care about the background skip to: [************************************************] So... I am in a unique position where I am aware of new and old scams daily. I often help those that are wronged and I frequently pass this information along to family so they don’t fall prey... Recently my mother told me that she was a victim of a scam, but not just a few hundred dollars, not a few thousand... She got taken for around $125,000, 401k cleaned out, retirement gone, second mortgage, credit cards opened and maxed out, sold her car, loans taken out and emptied... How did they do it? They hacked a Facebook account of one of her cousins and that compromised account blasted out the message: “Hey I just got a grant from the IDA (Independent Development Association) I saw your name on the list, did you get your $150,000 check yet?” That spiral led into her texting an “agent” who got all of her information and told her that she needed to pay for the secure courier which was $1,000... Months go by with regular contact, always a new “problem” like “the check got delayed here for a customs check and you need to pay $500”. They told her that she was bound to secrecy as if she told anyone beyond my step dad, they would be disqualified. They told her that they needed to monitor her phone calls to make sure she didn’t tell anyone, they provided her with a “court order subpoena” which was obviously fake, but she didn’t know. They logged into her cell account and ordered 20+ new iPhone 11 Pro Max from her cell provider on her credit. Then they actually paid her account for 2 months before ghosting her... They hacked her Facebook and tried to recruit more people into their scam... It was always a promise of more money if you do this or that... $150,000 then $250,000 all the way to $750,000... [************************************************] Preface: Always be safe when scam hunting/baiting Use an encrypted email (ProtonMail is free) Use a good proxy/VPN (pay for it, it’s worth it) NEVER give out your personal details I got all the information from my mother about: The phone number she texted. The person she talked to. Where/who she shipped the cell phones to. Where/who she sent cash to. (1) First contact/a little payback From that I started by contacting the scammer... My Facebook is already locked down so the information you get from my profile is very little, I reached out to my mother’s compromised FB through messenger and got a bite. They told me to text a number from the US to which I happily obliged. I used a texting app in conjunction with a VPN on my computer running a VM (virtual machine) I can control all the information released like OS, browser and such if they know how to look it’ll all be spoofed. I spoke with the scammer who had me “fill out a form” and he was working from a script, which is hard to break them from... This form he sent me, he accidentally forgot to clear it off from the last person he scammed so I had all of the information from the victim *I immediately call this guy and saved him before he sent any money luckily. So I digress, I occupy the scammers time for about 6 hours, giving him issues and excuses finally getting him off script. He directs me to a “local” bitcoin ATM to send a deposit of $1,500. I go through a host of issues while he gave me his first BTC address. I google a good picture of a bitcoin ATM and began photoshopping error messages until I had an epiphany... I told the scammer that the machine was giving me an error that his account was unverified and that he needed to “mirror” the transaction by first sending me $1,500 to unlock the transfer and it would be immediately refunded and my “$1,500” would be sent too. Unfortunately it didn’t work, so he gives me the second BTC address. What do ya know, same error lol... After a back and forth for about an hour, I couldn’t believe it, he agreed to “mirror” the transaction... So I scrambled to get a clean BTC address and sent it to him. He agreed to send $200 to see if it worked... Low and behold I just received $200... So what do I do next? Give in? No. I just changed the photoshop to say “Pending $1,300” now lol... He bit, hard. After more talking and pretending to be a helpless 64 year old guy with $20,000 ready to give him the scammer saw green and got greedy... More debate, more discussion, he sent another $500. Give in now? No... Back to photoshop... “Pending $800” To cut it short, he sure as hell sent the other $800... After a back and forth I sent him doctored up transaction receipts saying it was all transferred back to him. Getting him off script and getting him to pay a fraction of what he stole, is that enough? No. I promptly withdrew the money and gave it to my mom, it wasn’t much but just a little victory for now... (2) Finding the mules The next day the scammer cuts all contact with me, so I spoof a new number and call him. It rings and goes to voicemail and I hear his voice, sounds distorted with a British accent but broken English, I assume African. I leave only my telephone number on the recording saying “call me back” (we’ll come back to this) I move on to the places the phones were sent, first up, an apartment complex about an hour from me. But I’m not looking for a direct contact situation as I don’t know who or what they’re capable of... So I get the shipping details and find a very unique name but for Reddit we’ll call her Mrs. “E”. I begin tearing into her life, public records, credit report info, and phone records, I get it all... Time to make contact, I send an unassuming text to her number, asking for help. Surprisingly she responded, I began by asking her about a shipment she got in and the name of the shipping company she was receiving packages for. Radio silence for a few hours, then the denial began... I hit her with the hard facts, and just enough information so she knows I know everything about her... Mrs. E breaks and gives me the info I need. She was contacted by a friend who owns a shipping company in Lagos, Nigeria, they asked her to take the package of iPhones and forward them to him via another courier service. Mrs. E gave me everything. Next is Mrs. R who my mother sent actual cash to... I looked up the address and find it’s a duplex in Midwest. So I do a quick search of the name and nothing comes up... I then use the County Assessment District to get the public tax records and owner information. I contact the owner and give him the name I have and explain why I’m looking for her information. He gave me all the details he could as Mrs. R is the girlfriend of his tenant and the name I had was wrong. Waiting to get Mrs. R’s records right now I’ll get everything on her just like Mrs. E, she’ll bend to my will. (3) International Phone Calls So while I was searching for Mrs. R’s records I get a phone call... It’s a Nigerian number... I answered and find out it’s my scammer that I left a message for... This genius calls me from his actual cell number, which is not the number I called and left a message for. Currently working on getting his subscriber information but it’s proving hard (if anyone can help reply). I call up the owner of the shipping company in Nigeria and tell him that I’m looking for shipping details and quotes, I’m still working on his information... He’s a pleasant person to talk to, I will ruin him... So that’s where I’m at for now, but I definitely will keep you all updated. Mini-update 8/16/20: The owner of the shipping company apologized that his courier service had anything to do with the transactions. I’m not sure if I believe that but he did give me a name and 2 phone numbers he had on file for the customer. I’m really needing someone who can check these numbers out... If I can get a carrier identified I can work my magic on them to get the info I need. Update #1: 8/17/2020 Today I got all of Mrs. “R”s info minus good contact information... Pitty... But I’ll find it. The number on her file with her last loan didn’t pan out... I’ll come back to this tomorrow... I back traced the scammers cell phones with a little help from a friend, both phones are confirmed cell phones with active service with 2 different cell phone providers in Nigeria. I’m still lacking on the subscriber information, but I know where to look now... I reached out to the Nigerian Police Force to see if they can help, I doubt they can but you never know what you can get without asking... The scammer himself reached out to another dummy account I set up. I gave him a little scare, he asked who referred me to him... I gave him his own name, he hasn’t responded yet... https://imgur.com/gallery/EvfLcgy Update #2: 8/31/2020 So after name dropping the scammer I got dead silence. Luckily I was able to capture his IP address. I worked with a few contacts I made and found he was using the “Text Now” app, did a little magic and found out the “main scammer” actually is working in a call center. But interestingly enough I found that the workers there on average make like $500usd a month... (more on that later) So I have numerous fake Facebook accounts optimized for international connections, even though they look and are set up American, with them connected to the profiles from Africa or Russia, you can set your profile up to show up to them first, and you’ll be flooded with friends and messages... Another scammer reached out to me and I played along and made friends with them. I ran a game on him for a little bit and just came out and told him what I was trying to do. I asked him to help me, but it was off how he was replying, I called him on the phone and he told me that he was “busy in the office”. So he ghosted me, or so I thought... I get a text message from a Nigerian number that I did not know a few hours later. He tells me that he was the one I was talking to, he went on to explain that everything they do is monitored, there are about 20 of them in this room with computers, and several cell phones at their station. This guy goes on to explain that he controls about 15 different profiles, as many phone numbers as he can, and several emails, all of which are for scamming. So I think I’ve just developed an asset in Nigeria........ He has agreed to help me for money. He explained to me that he pulls on average $40,000 usd a month, I don’t know if that figure is true, but it’s believable... Mr. Asset goes on to tell me that if they hit their goal they make $250 a month, and for every so many $$$’s above their goal they get bonuses. So ladies and gents’ I’ve got boots on the ground. (Hopefully) I’ll keep you all updated. Not officially an update but figured I’d share it anyway! https://www.reddit.com/SuicideWatch/comments/ikfno1/went_looking_to_ruin_a_life_ended_up_saving_one/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
Windows / Linux Guide to using Trezor with Bitcoin Core (HWI)
This is a guide to using your Trezor with Bitcoin Core. It may seem like more trouble than it's worth but many applications use Bitcoin Core as a wallet such as LND, EPS, and JoinMarket. Learning how to integrate your Trezor into a Bitcoin Core install is rather useful in many unexpected ways. I did this all through the QT interfaces, but it's simple to script. There is a much simpler guide available from the HWI github, and the smallest Linux TLDR is here Unfortunately, I don't have access to a Coldcard or Ledger. I'm not sure how the setpin or -stdinpass parameters are handled on that HW.
( A ) Install TrezorCTL, HWI, and build GUI
You only need to set the wallet up once, but may repeat to upgrade
( B ) Create a Trezor wallet in Bitcoin Core (testnet)
You only need to set the wallet up once, no private key data is stored, only xpub data
( B.I ) Retrieve keypool from HWI-QT
Launch hwi-qt.exe --testnet (assuming testnet)
Click Set passphrase (if needed) to cache your passphrase then click Refresh
Select you trezor from the list then click Set Pin (if needed)
Ensure your Trezor in the dropdown has a fingerprint
Select Change keypool options and choose P2WPKH
Copy all the text from the Keypool textbox
( B.II ) Create the wallet in Bitcoin QT
Launch Bitcoin Core (testnet) (non-pruned) 2
Select Console from the Window menu
Create a wallet createwallet "hwi" true
Ensure that hwi is selected in the console wallet dropdown
Verify walletname using the getwalletinfo command
Import keypool importmulti '' (note ' caging)
Rescan if TXNs are missing rescanblockchain 3
( C.I ) Grab Tesnet coins
Select the Receive tab in Bitcoin Core (testnet)
Ensure that the Wallet dropdown has hwi selected
Select Create new receiving address and copy address
Google "bitcoin testnet faucet" and visit a few sites
Answer captcha and input your addressed copied from C.I.3
( D ) Spending funds with HWI
This is how you can spend funds in your Trezor using Bitcoin Core (testnet)
( D.I ) Create an unsigned PSBT
Select the Send tab in Bitcoin Core (testnet)
Ensure that the Wallet dropdown has hwi selected
Verify your balance in Watch-only balance
Rescan if balance is wrong (see B.II.7) 3
Craft your TXN as usual, then click Create Unsigned
Copy the PSBT to your clipboard when prompted
( D.II ) Sign your PSBT
In HWI-QT click Sign PSBT
Paste what you copied in D.I.6 in PSBT to Sign field
Click Sign PSBT
Copy the text for PSBT Result
( D.III ) Broadcast your TXN
Select the Console window in Bitcoin Core (testnet)
Ensure that the Wallet dropdown has hwi selected
Finalize PSBT: finalizepsbt
Copy the signed TXN hex from the hex field returned
Broadcast TXN: sendrawtransaction
I did this all through the GUI interfaces for the benefit of the Windows users. Windows console is fine, but the quote escaping in windows console is nightmarish. Powershell would be good, but that throws this on a whole another level for most Windows folks. There is also the need to use HWI-QT due to a bug in blank passphrases on the commandline. You can work around it by toggling passphrase off or on, but again, it's more than I wanted to spell out. Footnotes:
1. - Later version of python put the activate script under 'bin' instead of 'Script'
2. - You can run pruned, but you need to have a fresh wallet
3. - Rescan is automatic on 'importmulti' but I was pruned so it was wierd
Was I phished.. Or? After downloading newest Electrum from official site.. help please!
Hello! Earlier today, before purchasing BTC online, I updated my electrum by downloading the newest version (4.0.3) from the official site (electrum.org - which was also the first result on Bing). When I clicked the "copy to clipboard" button for my receiving address, I noticed the address copied to my clipboard was different than the one displayed. I tried this a few different times with several different addresses with the same result. I figured that perhaps the address being displayed (not the one that was being copied to my clipboard) was perhaps just a bug or some sort of error, and that the address being copied to my clipboard HAD to be my address since it was coming from my wallet. But maybe I was wrong.. I proceeded to withdrawal the bitcoin from the site I purchased from, having the coin sent to the address that was being copied to my clipboard. Except this time, I didn't notice any coins being sent to my electrum wallet. I opened Electrum and under the addresses tab, searched for the address that was being copied to my clipboard via the "copy to clipboard" button I used under receiving addresses as previously mentioned, however there was no sign of the address in the addresses tab. And each time I would click the "copy to clipboard" button for receiving addresses, it would give me another address that was not listed under my addresses tab. This happened hours ago and I'm not sure what to do at this point. I'm not sure if I've somehow been phished, even using the official website, or if there's something I'm missing/overlooked. Whatever the case, I cant afford to lose the amount of money lost. If anyone could please help shed some light on the situation, I would very much appreciate any insight you may have to offer. I'm at a complete loss at this point. Is there anything I can do? Am I missing something here? Or... am I totally screwed? Thank you for your time.
Hi fellas, this is my first ever post on privacy. I recently wrote about the existence of an open source DLT-based decentralized marketplace with a mission to enable free and private trade of goods and services. The marketplace description was posted on another subreddit but I think it's worth posting the description here too. Tbh I cant think of anything that qualifies more as "The intersection of technology, privacy, and freedom in a digital world" I hope my own description of the marketplace and its technology bellow will fuel your interest to read more about it. My even bigger hope is that some of you will decide to become first-hand beta testers as soon as the upcoming v3.0 of the marketplace hits the testnet (eta: a few weeks). You can also use the existing version (currently 2.3.5) of the marketplace to buy or sell products on the publicly accessible single community market there (or just play with it). The marketplace: It is called the Particl Marketplace and its ground breaking V3.0 is set to be released after 3 years of hard development work. The V3.0 will be the first version aimed at a wider public (normies and not only tech geeks). It will allow anyone to create easily decentralized personal storefronts or community markets or simply buy/sell goods on existing markets. The user-created markets/storefronts on the marketplace can be public if the access key is publicly announced on the Particl network or absolutely invisible to anyone that doesn’t know the access key (held by the creator). This is an intentional privacy feature and simply put, if you dont have the market access key (essentially a decryption key) there is absolutely no way to see/detect that some market exists. The marketplace is private by design and decentralized, with no middlemen or intermediaries whatsoever. The trades are protected by a two-way automated escrow via smart-contracts that de-incentivize and penalize dishonest behavior on both sides. In particular, the buy-flow forces the buyer to deposit 1x item value + payment and the seller 1x item value (+ sends item) into a common smart contract. If the buyer receives the product/service and its all good, then he unlocks the escrow so both can get their 1x item value deposits back and the seller receive his payment. The marketplace takes no sales commissions from the storefronts/markets and charges only a tiny listing fee (<0.01$) to prevent product listings spamming. All the marketplace generated fees go to the staking nodes that provide the hardware infrastructure for the p2p network to operate. The network nodes can be public or you can run them as Tor hidden services. The technology: The Particl Marketplace is crypto-agnostic and currently supports payments in BTC, PART, ZCoin (XMR, DAI, NIX, USDC, USDT are next in the pipeline and many more to come). It uses as a settlement layer its native coin PART and own blockchain, which is an up-to-date Bitcoin codebase with added privacy features like CT, RingCT (up to 32 mixins), Stealth addresses, etc. These privacy features are used in combination to keep the financial data, like escrows and transactions, private and most importantly un-linkable to the actual market buys/sells. For the users and markets related data exchange like posted listings, buy/sell flows, encrypted user communication, built-in cryptocurrency exchange, etc, the marketplace uses a DSN, currently its a custom Bitmessage variant called SMSG, which allows metadata stripped encrypted p2p data exchange (no sender, no receiver) Last but not least the marketplace desktop app (Particl Desktop) has a built-in option for using the Tor network via proxy. The important people: The cypherpunks behind Particl Marketplace have been OGs freedom advocates and pioneers in the privacy DLT field. For example, they were the first ever to implement features like RingCT, Bulletproofs, PoS, cold staking, etc on a Bitcoin codebase. Their privacy features implementations have been audited successfully by several respectable academics and security R&D providers, like QuarksLab. The team behind the project has been so far focused on building without any marketing/awareness efforts and thus have remained intentionally in the shadows. The latter is planned to change with the v3.0 release. One of the steps towards that will be the initiation of several long-planned awareness campaigns, like the Vendor Onboarding and Outreach Program, the Particl Academy (an easy to understand and learn about the technology portal) and many more. Me: I am a passionate freedom and privacy advocate that discovered the project 1.5 year ago and since then has become a member of their small but like-minded community ([email protected]/discord). My personal belief is that the Particl Marketplace provides a game-changing/breaking usecase to the world. At the minimum, due to the open source nature of the project, it will be a proof of concept that is bound to shift the global eCommerce paradigm.
I accidentally discovered a way to buy bitcoin on cashapp mostly anonymously I believe. I downloaded cashapp to see how it worked as I considered using it. I signed up with a burner email and cell #, never connected my bank account or any other verification. Ive found that you can receive funds on your account in fiat if another user of cashapp sends it to you, then you buy bitcoin with it and send it out to your desired address. Seems to be working still for me ive purchased a few hundred dollars this way so far.
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!
Your BTC address is a string of 26-35 letters and numbers that identify your Bitcoin wallet. BTC addresses begin with either a 1 or a 3 and are case-sensitive. When you want to receive funds, this is the information that you provide to the person paying you. Your BTC address is oftentimes called your wallet address or your public address. All you need is a quick scan from your smart phones camera to acquire the sending or receiving address. Bitcoin wallet addresses as well as other types of cryptocurrencies are made up of a series of letters and numbers that can be longer than 34 characters. This makes it very inconvenient to have to enter manually by hand each time you need to ... A Bitcoin Address is a hashed version of a public key, used as an “account number” to receive bitcoin. If I’ve lost you, don’t worry! For your purposes, all you to need to understand is how to use your Bitcoin address. Simply put, your Bitcoin address can be used by anybody to send you Bitcoins. Any address you create here will remain associated with your Coinbase account forever. You can generate as many addresses as you like. Select the Details button next to any address to display the corresponding QR code. These work similar to barcodes at the grocery store, and can be scanned with a smartphone to reveal your address. Your customers can simply scan the QR code to pay with Bitcoin, rather than having to wait for you to send an address. If they click the link online to make a purchase using Bitcoin, the payment processing provider would automatically apply that payment to your account.
Coinbase - How to Find your Bitcoin wallet address - YouTube
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