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I will be proud if you find my calculator app for Bitcoin micro-investing useful
Hello everyone. I have finally found a way to make a small contribution into Bitcoin community. For about a year I was questioning myself how much could I accumulate if I would have been buying a fraction of Bitcoin regularly. I tried my best, but I couldn't find that kind of calculator online, so I decided to make that calculator myself. Free and available for everyone. I am self-motivated and created it for personal use, but it would be great to hear your thoughts on this idea. Cryptocurrency Calc shows you the result of regular micro-investing in Bitcoin. You can specify investing amount, regularity of purchase and starting date. Moreover, this app can show an approximate accumulation of BTC if you start today. This is an MVP version of a product. My roadmap contains more cryptocurrencies and more prediction calculators. Available on App Store: https://apps.apple.com/us/app/id1524680424
[ Bitcoin ] I would really appreciate your feedback on my Bitcoin micro-investing calculator app
[ 🔴 DELETED 🔴 ] Topic originally posted in Bitcoin by pavlo36 [link]
Hello everyone. I have finally found a way to make a small contribution into crypto community. For about a year I was questioning myself how much could I accumulate if would have been buying a fraction of Bitcoin regularly. I tried my best, but I couldn't find that kind of calculator online, so I decided to make that calculator myself. Free and available for everyone. Moreover, this app can show approximate accumulation of BTC if you start today. I am self-motivated and created it for personal use, but it will make me proud if you find this app useful. Cryptocurrency Calc shows results of regular micro-investing in Bitcoin. You can specify investing amount, regularity of purchase and starting date. This is a MVP version of a product.My roadmap contains more cryptocurrencies and more prediction calculators. https://apps.apple.com/us/app/id1524680424
pavlo36 your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
07-28 15:25 - 'I would really appreciate your feedback on my Bitcoin micro-investing calculator app' (self.Bitcoin) by /u/pavlo36 removed from /r/Bitcoin within 106-116min
''' Hello everyone. I have finally found a way to make a small contribution into crypto community. For about a year I was questioning myself how much could I accumulate if would have been buying a fraction of Bitcoin regularly. I tried my best, but I couldn't find that kind of calculator online, so I decided to make that calculator myself. Free and available for everyone. Moreover, this app can show approximate accumulation of BTC if you start today. I am self-motivated and created it for personal use, but it will make me proud if you find this app useful. Cryptocurrency Calc shows results of regular micro-investing in Bitcoin. You can specify investing amount, regularity of purchase and starting date. This is a MVP version of a product.My roadmap contains more cryptocurrencies and more prediction calculators. [[link]2 ''' I would really appreciate your feedback on my Bitcoin micro-investing calculator app Go1dfish undelete link unreddit undelete link Author: pavlo36 1: apps.apple.com*us*app/***52*68**24 2: ap*s.a*p*e.c*m*us/*p*/id15*4680*24]*^1 Unknown links are censored to prevent spreading illicit content.
07-28 17:25 - 'I would really appreciate your feedback on my Bitcoin micro-investing calculator app' (self.Bitcoin) by /u/pavlo36 removed from /r/Bitcoin within 226-236min
''' Hello everyone. I have finally found a way to make a small contribution into crypto community. For about a year I was questioning myself how much could I accumulate if would have been buying a fraction of Bitcoin regularly. I tried my best, but I couldn't find that kind of calculator online, so I decided to make that calculator myself. Free and available for everyone. Moreover, this app can show approximate accumulation of BTC if you start today. I am self-motivated and created it for personal use, but it will make me proud if you find this app useful. Cryptocurrency Calc shows results of regular micro-investing in Bitcoin. You can specify investing amount, regularity of purchase and starting date. This is a MVP version of a product.My roadmap contains more cryptocurrencies and more prediction calculators. [[link]2 ''' I would really appreciate your feedback on my Bitcoin micro-investing calculator app Go1dfish undelete link unreddit undelete link Author: pavlo36 1: *pps.ap*le.co*/*s/app/id15*46**4*4 2: ap**.app*e.com/u*/app/*d15*46*0424***1 Unknown links are censored to prevent spreading illicit content.
Sharering (SHR) I believe this one is going to surprise so many. Already generating revenue and doing buybacks every week. Already over 10 000 registered users. Mainnet + app + masternodes and staking before EOY.
I got this stuff from Steve Aitchison, he wrote this review and posted it on Uptrennd. Figured I should put it on here as well since I truly believe this is an incredible moonshot. I'm personally holding SHR myself and am very convinced it will do extremely well. Give a read through it and you will immediatly see why. Enjoy guys. Introduction Imagine for a second the following scenario. You are a 2 car family. One car is used every day going back and forth to work, for shopping, all the little jaunts you and your husband like to go on. Your grown children are at university and come home for the weekends so the other car sits in the driveway all week and doesn’t get used during the week. What a waste of a perfectly good car. You think to yourself we could put that car to good use and actually help to pay for university fees, by renting it out during the week. However, then you think “well it’s only a little Ford Fiesta who’s going to want to rent that.” Well, it turns out a lot of people want to rent it and for a good price: £34 ($40) per day, a possible $800 per month. Peer to peer car sharing has grown massively over the last few years and people are making serious money by letting our vehicles on a daily basis, emulating the Airbnb model. In fact companies like Turo, Getaround and Drivy, which has just been acquired by Getaround for $300 Million, are bringing in serious investors like Toyota, Softbank Vision Fund, Menlo Ventures, and IAC to the tune of over $800 Million. A key difference between rental companies and peer to peer is that they have vastly improved technology with app interfaces that make locating assets and resources, reserving and using them, and making payment convenient and seamless. This, combined with location-specific analytics, allows by-the-minute access to assets and resources (e.g. cars or bicycles) and enables customers to pick up and drop these assets where and when convenient. Car sharing is just one example of an industry that is being disrupted. We have seen, experienced and read about the amazing growth of Airbnb which is now estimated to be valued at $38 Billion. Airbnb has been so successful that companies like booking.com are trying to get in on the act by adopting a similar model when it comes to booking accommodation. There is also the phenomenal rise of bicycle rentals which we see in cities all over the world, not quite the same as peer to peer sharing, but it’s another rental model that is ripe for being disrupted by the new sharing model. With this business model in mind what other areas could it be used in: Transport: Used for the rental of cars, trucks, scooters, trailers, and even heavy vehicles. Delivery Drivers: Facilitate booking and payment for delivery drivers. Agriculture: Garden sharing, seed swap, bee-hive relocation, etc. Finance: Peer to peer lending Food bank, social dining Travel Tours, shared tour groups Real Estate Airbnb, co-housing, co-living, Couchsurfing, shared office space, house swapping. Time: Labour, co-working, freelancing Assets Book swapping, clothes swapping, fractional ownership, freecycling, toy libraries. Transportation Car sharing, ride-sharing, car-pooling, bicycle sharing, delivery company, couriers And so much more! This newly emerging, but highly fragmented sharing industry, is currently worth over $100 billion. It is predicted to grow to at least $335 billion by 2025. As you can see from a few examples above the sharing economy has a lot of room to grow but what it doesn’t have, yet, is a company who can facilitate ALL of the above use cases in one place. That is until now! ShareRing is disrupting the disruptors by bringing everything together in one place and making it easy for you and me to share anything and everything and making it as easy as opening an app on your phone. Business Case The sharing market has exploded over the last several years. This is due, in part, to the digital age we live in, as we now have over 2.82 Billion people with smart phones around the world. It also due to how easy the business model of sharing lends itself to the digital world, and how with the simple installation of an app we can access a plethora of markets to rent almost anything from. Due to this rise of digital platforms and the proliferation of smartphones, revenues coming from sharing economy platforms are only expected to increase. It is estimated to grow to a $335 billion industry in 2025, compared to its $14 billion value in 2014. (PwC UK). The beauty of the sharing economy is that it is a win/win/win situation for the person who wants to rent something for a few days or weeks, the person who is renting out, and the company who facilitates the ease of the transactions between the renter and the person renting out. Typically the renter will save a lot of money whilst renting out someone else’s apartment, car, bicycle, clothes, dog sitting services etc and they can almost be assured of quality due to the social side of the business model with reviews from real people. The person who is renting out can make additional income and will want good reviews and therefore keep the standard of service higher. The company that is facilitating all of this can make a lot of money on transaction fees, as well as from advertising, and partnership deals, and obviously have an exit strategy for possible buyouts. When it comes to looking at the business model, ShareRing fits in to the Commission Based Platform as described in Ritter and Schanz study where they looked at the core difference in difference business models of the sharing economy: Singular Transaction Models, Subscription-Based Models, Commission-Based Platforms and Unlimited Platforms.) Commission Based Platforms are dominated by (at least) triadic relationships amongst providers, intermediaries and consumers with a utility-bound revenue stream. These business models enable their customers to switch between provider and consumer roles by creating and delivering the value proposition. Only a few employees work for the intermediary and the value creation and delivery is externalized. From a consumer perspective, consumers are empowered to collaborate with each other and to design the collaboration terms by negotiating the terms and conditions of the content, creation, distribution and consumption of the value proposition. Depending on the orientation of the value proposition, consumers purchase commodities (Tauschticket, ebay), access commodities in a defined timespan (booking.com, Airbnb) or buy services (uber, turo) from occasional and professional providers found via an intermediary. The intermediary mainly focuses on nurturing a community feeling and reducing exchange insecurity by incorporating rating systems, micro-assurances and standardizations of payment and delivery into the platform. The platform mainly takes commissions for successful matching and executing trade. (Journal of Cleaner Production Volume 213, 10 March 2019, Pages 320-331) The USP of the ShareRing Business Model The USP that ShareRing has is that it brings all of the different forms of sharing together in one app through partnerships and onboarding of users. No other company, to date, is bringing everything together in such a way. However there are other factors that make ShareRing unique, which we will look at. Token Economics SHR is a utility token and will be used to pay for transactions on the network, such as 'new booking', 'add asset', etc. SHR is used by providers to pay for their access to the ShareLedger blockchain, including the addition of assets, renting out of assets, adding attributes, adding smart contracts, and other features. SharePay (SHRP) is used by customers to pay for the rental of assets. Masternodes will also be a main feature of the SHR token. When a transaction fee is incurred, it will be distributed in a way that allows for masternode holders who provide a service to the platform to receive a reward from each transaction. Transaction fees are charged to sharing providers in SHR. The distribution of transaction fees will be as follows: 50% - will be distributed amongst the active masternode holders who host an active node on the blockchain at that point in time (these holders provide a service to the platform). The distribution will be based on a calculation of the Total Amount Staked and the total continuous uptime of the node. 50% - will be provided to ShareRing Ltd (view ShareRing owned masternodes) for various purposes that contribute to working capital and platform growth. Leased Proof of Stake Consensus ShareRing have chosen the Leased Proof-of-Stake protocol as the consensus algorithm for ShareLedger. This choice is based on the practicality and security benefits evident in the Waves platform. It is also much more cost effective than Proof-of-Work (POW), and will not suffer from the current issues Bitcoin and other POW cryptocurrencies are facing such as scalability and electricity consumption. As explained above master nodes will be a main feature but there is the other feature of lightweight nodes. A user with a lightweight node will be able to stake their tokens to a full node of their choosing and participate in reaching consensus. They will also be free to cancel their leasing at any time as there are no contracts or freezing periods. The more tokens that have been staked in a full node, the higher the probability the node will have in producing the next block. Since the reward is given based on the total number of tokens staked in the full node, there will always be a trade-off between the size of the full node and the percentage of the reward. As an average user of the platform, you will not need to have technical knowledge on how to set up a node nor will you have to download the entire blockchain in order to stake your tokens. Only a user who sets up a full node will be required to do this, making it simpler than ever for users to earn a reward for supporting the platform. The return expected for staking is expected to be around 6 - 8% although this has yet to be confirmed. Buybacks ShareRing are currently implementing a series of buybacks which started in the beginning of November: The buyback operation is done at a random time during the week. If there is enough liquidity, SHR tokens will be bought through a single market order at the time of buyback. In case there is not enough liquidity, a limit buy order at last sell order price will be placed on the market, and will remain open until it gets filled. The buyback program was implemented to test the API purchase process for when live transactions occur on ShareLedger The Buyback Program is expected to:
Reduce the supply of ShareTokens available in both public and private markets
Bring New capital and fund inflows into the Shareledger
Substantially magnify value creation for the ShareToken holders
The Token Flow ShareRing will bring in hundreds of merchants to list their rental products, either exclusively or as part of an aggregator system e.g. When you look at the likes of trivago.com they will list the best hotel prices from multiple merchants who are listed on their website. Essentially ShareRing will become part of the aggregator ecosystem and be listed on sites like trivago.com as well as have exclusive agreements with merchants who are listed directly on their app. ShareRing’s USP is that they have everything on one place as well as their OneID module with means buyers can get a hotel, rent a car, rent their ski equipment, book events all through the one app and using the OneID. With that in mind they are going to attract a lot of merchants. This is where it gets exciting so pay attention to this part. When a merchant is part of the ShareRing ecosystem and a buyer rents something from that merchant ShareRing will take a small % commission from that transaction. So say someone books a hotel for $100 for the night, ShareRing might take $0.50 as a commission. What ShareRing will then do is go to one of the exchanges that ShareRing (SHR) is listed on and buy SHR tokens directly using an API system using USDT. Now, the actual commission has not been disclosed yet however if we assume even a 0.25% commission that means for every $100 Million worth of bookings made through the app will net ShareRing $250,000 which means buy backs of $250,000 for the SHR token, which increases the liquidity of SHR on the exchanges. If you think $100 Million of bookings is a lot, booking.com customers book around 1.5 Million rooms per day, if we estimate an average of $50 per room that is $75 million of bookings PER DAY or $2 Billion worth of bookings per month. This revenue coupled with revenue from OneID and eVOA makes ShareRing profitable almost from day one of the app going live. OneID And eVOA Another exciting development from the ShareRing team is the collaboration between ShareRings Self Sovereign Identity protocol and third party providers to bring OneID and eVOA which will utilise OneID With the huge rise in E-commerce and with over 2.82 billion people who now own a smartphone we are entrusting our personal information to more and more centralised entities. These entities are frequently hacked and our information is leaked to outside parties. ShareRing aims to tackle this with their service OneID module. ShareRing’s OneID solution protects users' data by handling Know Your Customer (KYC) information through third parties and ShareRing’s Self Sovereign Identity Protocol. ShareRing does not hold any identifying information anywhere on its servers. It provides the ultimate security for the renter and also the provider, as the Protocol encrypts and stores your data in a secure manner within your device. Essentially, this means that it is near impossible for a hack or data leak to happen, simply because there is no centralized server of data for hackers to exploit. The OneID module is very easy to use. The end-user needs to complete their ID submission only once, with the entire submission process requiring less than two minutes to complete. Once this step has been completed, the customers KYC is destroyed by the 3rd party document verification system and the OneID module allows merchants to verify a customer’s identity via a hashed verification packet, stored on the users device and ShareLedger. This removes the need for merchants to store or see personal information; safeguarding both merchants and users from fraud. To create your ShareRing OneID, simply:
Take a picture of your government ID document
Take a selfie
Confirm and submit your details
This is something I am really excited about for ShareRing and they already have made partnerships for other companies to use this feature which is another income stream for ShareRing. eVOA E-Visa On Arrival allows applicants to apply online and receive a travel authorisation before departure – this eVOA can be shown at dedicated Thailand immigration counters on arrival at major Thailand airports, allowing travellers to pass through in minutes. OneID system is scheduled to become the lynchpin technology in Thailand’s electronic Visa On Arrival (eVOA) system; one of only two companies to partner with Thai authorities to provide this service. The new Visa system eliminates much of the hassle involved in entering the country: This is a strong validation of the OneID system - immigration controls are some of the most scrutinized processes in any branch of government, and if the OneID solution can operate to their standards then it is truly business-ready. As explained by our COO, Rohan Le Page: “We are providing our OneID product for Thailand e-VOA (Visa On Arrival) that allows 5 Million travellers from 20 countries including China and India to complete the visa process on their mobile through our app. This provides a streamlined immigration process that negates the need for an expensive and time-consuming process when you get off the plane. Additionally, fraud is mitigated with several extra layers of security in the back end including our blockchain (ShareLedger) consensus model that makes all data immutable and all but impossible to hack.” Profit Margins on OneID So how does ShareRing make money from OneID and eVOA? With each application for an eVOA using the OneID module ShareRing will make an undisclosed commission. The e-VOA is available to citizens of 21 different countries and is intended for those who will be holidaying in Thailand and not working in the country. This means that each eVOA will last for a period of around 15 days which effectively means that ShareRing will get commission multiple times from each person travelling to one of the 21 countries listed below: Andorra, Bhutan, Bulgaria, China, Ethiopia, Fiji, India, Kazakhstan, Latvia, Lithuania, Maldives, Malta, Mauritius, Papua New Guinea, Republic of Cyprus Romania, San Marino, Saudi Arabia, Taiwan, Ukraine, Uzbekistan The profits on this alone, according to projections, are worth millions of dollars per year to ShareRing, with a healthy growth of about 35% in raw profit over the next 5 years, ultimately netting the company about $1.5 million profit per quarter. The ShareLedger Blockchain Platform ShareRing will utilize the registered intellectual property from the existing KeazACCESS framework (KEAZ: A car sharing company founded by Tim Bos) as well as improving it the blockchain experience in their team. It will consist of fo the primary elements: SharePay (SHRP) – SharePay is the base currency that will allow users of the ShareRing platform to pay for the use of third party assets. ShareToken (SHR) ShareToken (SHR) is the digital utility token that drives sharing transactions to be written to the ShareRing ledger that is managed by the ShareRing platform. Account – This will be a standard account, which such an account being represented by a 24-byte address. The account will contain 4 general fields: SHRP – SharePay token balance SHR – ShareToken balance ASSETS – linked/owned by the account (see below for definition of an Asset) ATTRIBUTES – Any additional attributes that are associated with this account. These attributes may be updated or added by Sharing Economy providers that utilise the ledger such as ID checks by rental companies. These attributes may be ‘global’ (i.e. used by any sharing providers) or ‘local’ (i.e. used by a specific sharing provider). Assets – An asset represents a tangible real-world or digital asset that is being shared, such as a car, a house, industrial machinery, an e-book, and so on. Smart Contracts – Similar to a number of other blockchain platforms, such as Ethereum and NEO, the ShareLedger blockchain will feature highly customisable smart contracts. These Smart Contracts will allow for decentralised autonomous applications that can be attached to an asset and/or account. Every smart contract will be Turing complete, meaning it will have the ability to implement sophisticated logic to manage the sharing of the assets. The smart contracts will be tested and reviewed by ShareRing in a sandbox as well as audited by reputable third-party code auditors prior to implementation. Proof of Stake Consensus ShareRing have chosen the Leased Proof-of-Stake protocol as the consensus algorithm for ShareLedger. This choice is based on the practicality and security benefits evident in the Waves platform. It is also much more cost effective than Proof-of-Work (POW), and will not suffer from the current issues Bitcoin and other POW cryptocurrencies are facing such as scalability and electricity consumption. The ShareRing App At the heart of the ShareRing project lies the ShareRing app: A universal ‘ShareRing’ app is being developed that will allow anyone to easily see and use any sharing services around them. Each partner will have the option of developing a ‘mini’ app within the ShareRing app that will have functionalities specific to that partner. The app will use geolocation-based services to display the ShareRing services that are nearby Social Media Presence Coming from a social media background I feel this is an extremely important area to look into, especially in the crypto world. ShareRing has done an okay job in growing their social media presence however I feel it could be much better. Here is a look at some of the key stats for their online social media presence: Youtube: 191 Subscribers Instagram: 238 Followers Linkedin: 376 Followers Telegram: 6,525 members (very active) Twitter: 2,216 Followers (Fairly regular updates) Facebook: 1,965 Followers Whilst social media may not be a priority just now I feel there has to be a big presence with image-based platforms and video-based platforms. Youtube and Instagram should be made a priority here as it spans all generations: Other News on ShareRing There is a lot of stuff going on at the moment with ShareRing which is what makes it an exciting prospect. Rather than give information on each of them here are some highlights provided by the ShareRing team.: - ShareRing's revolutionary ID management based module OneID. - Worlds first Blockchain based eVOA in place with major Thai company targeting 5 to 10 million travellers from 20 countries. - 2.6 million International Hotels/ Accommodation coming on to the Platform. Lots more to come! - Partnership with HomeAway - 200,000 Activites, Tours and Events added to the ShareRing App - Multi Global Car Sharing Partnerships - 1 Partner Directly Integrating SHR's OneID consisting of 1.2 million Vehicles across 150 Countries - Luxury Car Brand Sharing Platform purely based on SHR - SHR payment system SHRP available in 10% Taxi Terminals in Australia - SHRP available in 10,000 EFTPOS Terminals Australia wide - White Labelling Services incorporating ShareRings revolutionary OneID - 20 Significant Unannounced Partnerships, more to come! - Major Partners include - - BYD (Largest Electric Car Maker in the World) - DJI (Largest Drone Maker in the World) - Keaz (300 locations around the world) - Yogoo EV Car Sharing - MOBI Alliance Member Overview of Positives and Negatives Negatives Social Media and marketing possibly needs to be ramped up in order to bring more awareness to the project. The roadmap and white paper has not been updated recently for 2019/2020 but this I believe is coming soon. Positives With a low market cap project like ShareRing the risk to reward ratio is very good for retail and institutional investors. Technical analysis of current prices, currently at 31 Satoshi, is also very good with resistance levels at 50, 77 and 114 Satoshi which would be nearing its all time high. Referral program will increase the numbers of users that are currently using the site. If ShareRing can capture even a small % of the overall sharing market then success looks assured. There are 20 new announcements coming up and with Tim Bos looking for more partnerships it seems likely that ShareRing will break ATH prices soon. Great long term hold, in my opinion. Realistic Expectations of ROI Short term (4 weeks - 12 weeks) Short term looks great for ShareRing both from a TA point of view and a fundamental point of view. With lots of news still to come out about ShareRing there is not going to be a shortage of fundamentals to drive the price up. From a TA point of view the next line of resistance stands at around the 50 Satoshi level which would complete a massive cup and handle formation from August 24th of this year. After that we are looking at resistances of 77 and 114 to reach near the all time highs which i expect ShareRing to reach going into 2020. Long term (6 Months - 2 Years) If ShareRing can onboard users and keep on making partnerships at the same rate there will be no stopping it. It’s all about onboarding the users and utilising the most powerful marketing tool ever - word of mouth! When a great app is realised with great and useful functionality then it tends to go viral and I am hoping this happens for ShareRing. With a market cap at the moment of just under $6 Million then I don’t think it’s crazy to talk about 1000% increases in the next 2 years and I really believe that is being extremely conservative, given where we think crypto is heading as a whole.
April Fools 2018 Megathread - Pranks from developers and publishers
The new banner (Yennefer of Vengerberg from The Witcher 3) [was] here for April Fools. You can find the joke submissions from users and moderators here. April 1st is the time for devs and publishers to prank the oblivious and get laughs from those who are in on the joke. Here's a compilation:
Lastupdated2018-01-29 This post is a collaboration with the Bitcoin community to create a one-stop source for Lightning Network information. There are still questions in the FAQ that are unanswered, if you know the answer and can provide a source please do so!
Lightning Network White Paper - The protocol has changed since this original paper, but covers the mid-level mechanics of the Lightning Network with an emphasis on the smart contracts that make it trustless
If you can answer please PM me and include source if possible. Feel free to help keep these answers up to date and as brief but correct as possible
Is Lightning Bitcoin?
Yes. You pick a peer and after some setup, create a bitcoin transaction to fund the lightning channel; it’ll then take another transaction to close it and release your funds. You and your peer always hold a bitcoin transaction to get your funds whenever you want: just broadcast to the blockchain like normal. In other words, you and your peer create a shared account, and then use Lightning to securely negotiate who gets how much from that shared account, without waiting for the bitcoin blockchain.
Is the Lightning Network open source?
Yes, Lightning is open source. Anyone can review the code (in the same way as the bitcoin code)
Who owns and controls the Lightning Network?
Similar to the bitcoin network, no one will ever own or control the Lightning Network. The code is open source and free for anyone to download and review. Anyone can run a node and be part of the network.
I’ve heard that Lightning transactions are happening “off-chain”…Does that mean that my bitcoin will be removed from the blockchain?
No, your bitcoin will never leave the blockchain. Instead your bitcoin will be held in a multi-signature address as long as your channel stays open. When the channel is closed; the final transaction will be added to the blockchain. “Off-chain” is not a perfect term, but it is used due to the fact that the transfer of ownership is no longer reflected on the blockchain until the channel is closed.
Do I need a constant connection to run a lightning node?
Not necessarily, Example: A and B have a channel. 1 BTC each. A sends B 0.5 BTC. B sends back 0.25 BTC. Balance should be A = 0.75, B = 1.25. If A gets disconnected, B can publish the first Tx where the balance was A = 0.5 and B = 1.5. If the node B does in fact attempt to cheat by publishing an old state (such as the A=0.5 and B=1.5 state), this cheat can then be detected on-chain and used to steal the cheaters funds, i.e., A can see the closing transaction, notice it's an old one and grab all funds in the channel (A=2, B=0). The time that A has in order to react to the cheating counterparty is given by the CheckLockTimeVerify (CLTV) in the cheating transaction, which is adjustable. So if A foresees that it'll be able to check in about once every 24 hours it'll require that the CLTV is at least that large, if it's once a week then that's fine too. You definitely do not need to be online and watching the chain 24/7, just make sure to check in once in a while before the CLTV expires. Alternatively you can outsource the watch duties, in order to keep the CLTV timeouts low. This can be achieved both with trusted third parties or untrusted ones (watchtowers). In the case of a unilateral close, e.g., you just go offline and never come back, the other endpoint will have to wait for that timeout to expire to get its funds back. So peers might not accept channels with extremely high CLTV timeouts. -- Source
What Are Lightning’s Advantages?
Tiny payments are possible: since fees are proportional to the payment amount, you can pay a fraction of a cent; accounting is even done in thousandths of a satoshi. Payments are settled instantly: the money is sent in the time it takes to cross the network to your destination and back, typically a fraction of a second.
Does Lightning require Segregated Witness?
Yes, but not in theory. You could make a poorer lightning network without it, which has higher risks when establishing channels (you might have to wait a month if things go wrong!), has limited channel lifetime, longer minimum payment expiry times on each hop, is less efficient and has less robust outsourcing. The entire spec as written today assumes segregated witness, as it solves all these problems.
Can I Send Funds From Lightning to a Normal Bitcoin Address?
No, for now. For the first version of the protocol, if you wanted to send a normal bitcoin transaction using your channel, you have to close it, send the funds, then reopen the channel (3 transactions). In future versions, you and your peer would agree to spend out of your lightning channel funds just like a normal bitcoin payment, allowing you to use your lightning wallet like a normal bitcoin wallet.
Can I Make Money Running a Lightning Node?
Not really. Anyone can set up a node, and so it’s a race to the bottom on fees. In practice, we may see the network use a nominal fee and not change very much, which only provides an incremental incentive to route on a node you’re going to use yourself, and not enough to run one merely for fees. Having clients use criteria other than fees (e.g. randomness, diversity) in route selection will also help this.
What is the release date for Lightning on Mainnet?
Would there be any KYC/AML issues with certain nodes?
Nope, because there is no custody ever involved. It's just like forwarding packets. -- Source
What is the delay time for the recipient of a transaction receiving confirmation?
Furthermore, the Lightning Network scales not with the transaction throughput of the underlying blockchain, but with modern data processing and latency limits - payments can be made nearly as quickly as packets can be sent. -- Source
How does the lightning network prevent centralization?
How would the lightning network work between exchanges?
Each exchange will get to decide and need to implement the software into their system, but some ideas have been outlined here: Google Doc - Lightning Exchanges Note that by virtue of the usual benefits of cost-less, instantaneous transactions, lightning will make arbitrage between exchanges much more efficient and thus lead to consistent pricing across exchange that adopt it. -- Source
How do lightning nodes find other lightning nodes?
Does every user need to store the state of the complete Lightning Network?
According to Rusty's calculations we should be able to store 1 million nodes in about 100 MB, so that should work even for mobile phones. Beyond that we have some proposals ready to lighten the load on endpoints, but we'll cross that bridge when we get there. -- Source
Would I need to download the complete state every time I open the App and make a payment?
No you'd remember the information from the last time you started the app and only sync the differences. This is not yet implemented, but it shouldn't be too hard to get a preliminary protocol working if that turns out to be a problem. -- Source
What needs to happen for the Lightning Network to be deployed and what can I do as a user to help?
Lightning is based on participants in the network running lightning node software that enables them to interact with other nodes. This does not require being a full bitcoin node, but you will have to run "lnd", "eclair", or one of the other node softwares listed above. All lightning wallets have node software integrated into them, because that is necessary to create payment channels and conduct payments on the network, but you can also intentionally run lnd or similar for public benefit - e.g. you can hold open payment channels or channels with higher volume, than you need for your own transactions. You would be compensated in modest fees by those who transact across your node with multi-hop payments. -- Source
Is there anyway for someone who isn't a developer to meaningfully contribute?
Sure, you can help write up educational material. You can learn and read more about the tech at http://dev.lightning.community/resources. You can test the various desktop and mobile apps out there (Lightning Desktop, Zap, Eclair apps). -- Source
Do I need to be a miner to be a Lightning Network node?
Do I need to run a full Bitcoin node to run a lightning node?
lit doesn't depend on having your own full node -- it automatically connects to full nodes on the network. -- Source LND uses a light client mode, so it doesn't require a full node. The name of the light client it uses is called neutrino
How does the lightning network stop "Cheating" (Someone broadcasting an old transaction)?
Upon opening a channel, the two endpoints first agree on a reserve value, below which the channel balance may not drop. This is to make sure that both endpoints always have some skin in the game as rustyreddit puts it :-) For a cheat to become worth it, the opponent has to be absolutely sure that you cannot retaliate against him during the timeout. So he has to make sure you never ever get network connectivity during that time. Having someone else also watching for channel closures and notifying you, or releasing a canned retaliation, makes this even harder for the attacker. This is because if he misjudged you being truly offline you can retaliate by grabbing all of its funds. Spotty connections, DDoS, and similar will not provide the attacker the necessary guarantees to make cheating worthwhile. Any form of uncertainty about your online status acts as a deterrent to the other endpoint. -- Source
How many times would someone need to open and close their lightning channels?
You typically want to have more than one channel open at any given time for redundancy's sake. And we imagine open and close will probably be automated for the most part. In fact we already have a feature in LND called autopilot that can automatically open channels for a user. Frequency will depend whether the funds are needed on-chain or more useful on LN. -- Source
Will the lightning network reduce BTC Liquidity due to "locking-up" funds in channels?
When setting up a Lightning Network Node are fees set for the entire node, or each channel when opened?
You don't really set up a "node" in the sense that anyone with more than one channel can automatically be a node and route payments. Fees on LN can be set by the node, and can change dynamically on the network. -- Source
Can Lightning routing fees be changed dynamically, without closing channels?
Yes but it has to be implemented in the Lightning software being used. -- Source
How can you make sure that there will be routes with large enough balances to handle transactions?
You won't have to do anything. With autopilot enabled, it'll automatically open and close channels based on the availability of the network. -- Source
How does the Lightning Network stop flooding nodes (DDoS) with micro transactions? Is this even an issue?
Bitcoin Mining Power Hits New High as Half a Million New ASICs Go Online
News by Coindesk: Wolfie Zhao The computing power dedicated to mining bitcoin has hit yet another new high, suggesting that more than 600,000 powerful new machines may have come online in the last three months. According to data from crypto mining pool BTC.com, bitcoin’s two-week average hash rate has crossed another major threshold, reaching 85 exahashes per second (EH/s) around 19:00 UTC last Friday. Meanwhile, mining difficulty also adjusted to a new record of nearly 12 trillion. Notably, both figures have jumped 60 percent since June 14, the data shows. Bitcoin’s mining difficulty — a measure of how hard it is to create a block of transactions — adjusts after 2,016 blocks, or roughly every two weeks. This is to ensure the time to produce a block remains around 10 minutes, even as the amount of hashing power, deployed by machines around the globe competing to win freshly minted bitcoins, fluctuates. Several new models of application-specific integrated circuit (ASIC) miners hit the market over the summer, with an average hashing power around 55 tera hashes per second (TH/s). Assuming all of the 35 EH/s of new hashing power added since mid-June came from these top-of-the-line models, a back-of-the-envelope calculation suggests that more than half a million such machines have connected to the bitcoin network. (1 EH/s =1 million TH/s)
These powerful ASIC miners, made by major manufacturers such as Bitmain, Canaan, InnoSilicon and MicroBT, are priced from $1,500 to $2,500 each. So if more than half a million of them were delivered, as estimated above, the leading miner makers could have made $1 billion in revenue over the past three months. Bitcoin’s spiking hash rate and difficulty are in line with the soaring price since earlier this year, which led to increasing demand for mining equipment that has significantly outstripped supply. It’s also in part thanks to the rainy summer season in southwestern China which resulted in cheap, abundant hydroelectric power. Further, there has also been a growing interest in Russia’s Eastern Siberia region, where the Brastsk hydropower station built in the Cold War era has been utilized to power mining farms that are estimated to account for almost 10 percent of the total computing power on the bitcoin network. Miners in China estimated earlier this year that bitcoin’s average hash rate in the summer would break the level of 70 EH/s, which happened in August. As such, major miner manufacturers have already sold out equipment that is due for shipment until the end of the year with customers placing pre-orders three months in advance. TokenInsight, a startup that focuses on analysis of crypto trading and mining activities, said in a report published Friday that additional supplies of miners are expected to hit the market in the coming months. “Following the drastic increase in bitcoin’s price, the bitcoin mining market saw significant inflation in Q2 2019. Most of the miners from various manufacturers were in serious shortage and pre-orders submitted in Q2 and Q3 are to be delivered by the end of the year,” the report states. Therefore, the firm estimates mining difficulty will maintain its growth momentum to reach 15 trillion by the end of the year — with bitcoin’s average total hashing power crossing the threshold of 100 EH/s for the first time in its history. Bitcoin mining facility image courtesy of Bcause
There are so many things I want to say about LoMoCoin/LoMoStar that I'm not sure if I'll be able to cover everything in one post.. Well, unless you want to read 20 pages.. Let's just see where this article takes us and go from there.. In order to understand why LoMoCoin is undervalued you must understand the market it's targeting.. In fact this is a difficult post to write because there is so much to cover, but I will do my best.. 'Incentivized shopping' is a big deal in Asia.. In China, if you wanted a coupon for Burger King you simply open WeChat, follow burger king and within seconds you have access to coupons. This has been so ingrained in society that nearly every reputable business now has a WeChat account. On top of that, many businesses offer VIP cards or VIP memberships which gives you additional deals on your future visits.. When it comes to offline shopping, the creative battle to get people in the door is becoming ever more prevalent. To see how LoMoCoin plays in the big picture we'll start with explaining the LoMoCoin (LMC) Blockchain and then we will follow up with the primary application, LoMoStar (the star of the show). In the end I hope those who read this can understand the scale of this project and don't under-estimate what we're dealing with here. In my opinion this asset has been undervalued for far too long and I believe its presence will be well known in the future. About LoMoCoin (LMC)
"The built-in LoMoCoin (LMC) of LoMoStar is similar to Bitcoin, which is a cryptocurrency with real value based on our own blockchain technology. Compared with traditional cryptocurrencies, LMC inherits the advantages of the related currencies which includes that the total amount is limited and cannot be over-issued."
LoMoCoin is it's own blockchain and the consensus mechanism is Proof of Stake (PoS). Instead of a fixed interest rate like most currencies, LMC uses the coin age as a means to take part in the consensus process. The LMC blockchain supports cold staking. Functions such as a single private key address and multi-sig address are supported. It is also mentioned in the whitepaper that smart contracts will be integrated in the near future. Now I know this stuff may sound like technical mumbo jumbo to you, but its important to know and well get to the more exciting stuff soon here.. In the meantime let's look at the LMC Blockchain. The LMC Blockchain The LoMoCoin (LMC) blockchain can be divided into 5 levels from a technical point of view.. (See whitepaper for full details.)
Data layer - The cryptography, Merkle Tree, and distributed ledger technology.
Network layer - LMC uses a p2p protocal, which is also the basis of the decentralization of the LMC blockchain.
Consensus layer - Proof of Stake (PoS) to reduce energy consumption.
Incentive layer - Calculating interest depending on number of tokens staked.
Application layer - The main application of the LMC application layer is LoMoStar. A number of applications based on smart contracts, such as virtual games and micro-asset-backed securitization (mini ABS), will also be introduced and encouraged.
So think of it like LoMoCoin is the decentralized framework for the LoMoStar ecosystem.. (LoMoCoin was rebranded to LoMoStar in v2.0) So now that we have covered the technical details of LoMoCoin (LMC) let's take a look at the LoMoStar app.. What is LoMoStar? LoMoStar is the main primary application built on the LMC blockchain (available on Android and iOS). When your talking about LoMoStar it's more then just getting discounts at local shops and collecting crypto on a map.. LoMoStar is a vast social ecosystem that evolves around people-to-people, people-to-asset, and people-to-organization (and vice versa). The vision set forward by the CEO 'Xiong Lijian' has been overlooked by nearly every investor.. (I say nearly because there's only a handful of people who actually research with an optimistic outlook on blockchain technology long term..) So before I begin, I would like to applaud the CEO Xiong Lijian for taking on a massive project which I believe will turn many people's dreams into a reality. LoMoStar - Social Events Platform with Cryptocurrency
"LoMoStar will integrate ones geographical position with its virtual environment and will use cryptocurrencies as its social medium to introduce new forms of relationships with one another. Also, by allowing for global (group) interactions, LoMoStar will facilitate international social relationships. In addition, people can develop business relationships at LoMoStar to enhance the influence of individuals, increase brand awareness, and/or improve business development."
For example, in the LoMoStar app, I can geographically drop a red envelope that contains any cryptocurrency. Before I drop red envelopes I could include an image and a short message. Anyone who opens this red envelope will be rewarded with cryptocurrency and will automatically join my group. (You can quit a group after 48 hours). Red Envelopes
"Airdrops of red envelopes, which contain cryptocurrencies, can be organized at certain geographical locations that have a sufficient density of users, for instance cities or popular public locations. Additionally, automated trading between users and investment opportunities will become available and people can use LoMoStar to perform many social related activities, such as marketing activities, group-related activities, organizing events, participating in treasure hunts, digital investments, and more. All these features enable LoMoStar to become a unique social and economic platform. The establishment of these social relationships and global interactions can fulfill both individual, group and corporate interests and desires, forming a win-win or multi-win situation."
For example, let's say there is a sporting event like the Super Bowl where a large gathering of people will attend. A corporation could Airdrop red envelopes specifically to this geographical location for sports fans to pick up. Or let's say a local festival wants more attendance they can arrange an airdrop at the festivals location. You can pretty much target any area that contains a sufficient density of users.
Users can add personalized design elements to red envelopes to target the specific interests of the group.
Users can select any supported cryptocurrency to send/drop using red envelopes.
Users can grow their fan base and enhance their influence by continuously launching new and exciting red envelopes.
Offer special discounts and promotions that can only be found through red envelopes.
Airdrop red envelopes in a geographical location of high density.
Take part in a hidden treasure hunt looking for red envelopes.
Users will use their own ingenuity to create new forms of social entertainment. (As outlined below in the whitepaper)
A birthday party invitation can be airdropped to a doorstep.
A welcome gift could be left at the airport for an out-of-town visitor.
A breadcrumb trail of red envelopes can be left along the Great Wall of China for people to follow.
You can mark all your favorite restaurants geographically with a red envelope.
Whole networks of virtual relationships can be called into real-world action.
By specifying areas, people, functionality and other conditions, users can invest various new and interesting ways to develop social relationships with one another.
Peer-to-peer Cryptocurrency Trading
" LoMoStar supports using any cryptocurrency to conduct trading, whether it is for physical goods, services or digital assets. LoMoStars underlying technology will therefore enable peer-to-peer trading with one another."
The plan is to support any cryptocurrency to exchange for physical goods, services or digital assets. (LoMoStar hand selects and reviews each supported coin.) In addition LoMoStar allows messaging between users and groups with the ability to send/drop red envelopes. Digital assets based on Location-based System (LBS)
"Through LoMoStar, people can also invest in many real-world businesses on certain geographical locations, such as retail, real estate, attractions, and more. LoMoStar will allow users to utilize cryptocurrency for investing in retail, real estate, attractions and other various immovable properties in order to gain profits."
This is a very ambitious vision and I like it... The thought of being able to invest in real-world businesses and assets using crypto is music to my ears. Let's look into this a little more and highlight some things from the whitepaper..
"By connecting users to each other in the virtual world and then to assets in the real world, LoMoStar creates a novel setting where unpredictable social and economic relationships can spontaneously flourish within user-created scenarios. This will promote the use of cryptocurrencies in the real world and allow completely new ecological models and scenarios to emerge."
Here is an example noted from the white paper.
"Taking the vending machines as an example, which is one of the most common automatic trading devices, the holder can divide the income rights of a predetermined period and then launch the installation address of the device on the LoMoStar map. The (1) the product service description, (2) investment price of the income rights after division, (3) income distribution overview, and (4) other related information will then also be given. There are other types of devices that work similarly as a vending machine (e.g. self- service photo machine, self-service massage chair, and/or a doll machine) that can be used as a similar example. If LoMoStar users are interested, they can use cryptocurrency to invest and purchase the rights of these devices on the virtual map and thereby allow the possibility to generate an income from their (virtual) investments."
So now you can see, LoMoStar is not 'Just a game where you pick up cryptocurrency on a map'. LoMoStar aims to promote the use of cryptocurrency in the real world by acting as a bridge connecting the two worlds - ultimately revealing the true value of cryptocurrency. Functional Level of LoMoStar
Payment transaction function - Users can make use of various cryptocurrencies in order to invest in assets.
Red envelope function of cryptocurrency - One of the most important functions of the application. Red envelopes with cryptocurrencies creates a new social landscape to be explored.
LBS Geographic location components - A lot of LoMoStar is based on one's location. Scenarios such as regional red envelopes and location based advertising can be made available.
Cryptocurrency wallet - Because most interactions involve cryptocurrency, the use of a wallet is necessary.
Group function - Group holder can invite others to join their group. Users can then drop red envelopes and communicate in this group.
Cryptocurrency marketing - Businesses can make use of red envelopes with cryptocurrency inside of them as a new way to promote their brands and increase sales.
More functions in development.
"LoMoStar will also allow ICO's to integrate new blockchain projects. Only cryptocurrencies and projects with high investment value will be made available to our users."
Construction of the LoMoStar ecology.
Completed : The foundation has been laid by connecting the global cryptocurrency framework.
Expand the financing of blockchain enterprises with mainstream participation.
Integrate the boundary between the real world and the virtual world using the O2O marketing model. (Offline-to-Online marketing)
Expansion of Smart Contracts.
Integration with the Internet of Things. (IoT)
Integration of "Big Data".
"LoMoStar aims to integrate the physical world and the virtual world through the blockchain. The physical world lacks channels for democracy while the virtual blockchain world lacks social innovation. The goal is to bring these two worlds together."
The LoMoStar Team When we look at the team, it is truly an impressive force that delivers results. Building a new social ecosystem requires engineers in all fronts. From developing blockchain technology to F5 Lab to the LoMoStar app for android and ios. Let's also not forget xStar.io the Digital Assets Exchange aimed to strengthen the LoMoStar ecosystem. The team is building all the essential components needed to improve asset liquidity and long-term asset stability.. the bottom line here is.. the team is quite large and well organized. Last year in an interview with the LoMoStar CEO Xiong Lijian, he mentioned they had more than 30 people on the team.
"LoMoCoin’s core team has been working together since 2013 and has experienced the mining and trading of Bitcoin and Litecoin in the early days. We are also one of the first teams in China that begun R&D application and development of blockchain technology. At present, there are more than 30 people in our team and we have started to recruit talents all around the globe with the ability to settle in various countries and regions to jointly promote and help develop LoMoCoin."
Today they now have over 70 employees (so I hear) and are expecting to exceed 100 employees in the near future. Now since we are looking at the team, let's take a look at a few questions and answers from some interviews. (Interview links are posted in references.) Interview Q&A from Xiong Lijian (CEO) / Taoji Zou (Chief Marketing Officer) What kind of advantages will LMC have within the application in comparison to BTC/ETH/LTC, etc.? This is still unclear.
This can, for instance, be when ICO projects are promoted and only LMC holders will be able to participate. More than 10 projects have recently already discovered the value of LoMoStar and hope to promote and even accept LMC as an investment. We choose projects very selectively and they are still under review.
Can you tell us how XStar will help with the growth of LMC?
XStar is a trading platform that I and some other friends in the Chinese community have set up, not only to provide liquidity to LMC, but also because we are optimistic about the future of the blockchain industry. LoMoStar and XStar will be mutually reinforcing each other. Moreover, XStar is a trading platform that will provide a different and larger trading experience, which is not exactly the same as that of LoMoStar. This is what we have discovered in the Chinese market. Also, from a perspective of marketing theory, different needs of user groups can be mutually relocated. Therefore, LoMoStar and XStar may adopt different approaches and strategies when they are promoted in various countries. In any case, if LoMoStar first enters a country, it can help XStar; if XStar first enters a country, likewise, it can in turn help LoMoStar.
Do you think your marketing budget is enough to cover all your future plans (e.g. exchange costs, hiring foreign specialists etc.)?
Our company has a healthy financial position and we are fairly certain that it is enough to support our marketing efforts. We will also use our budget to participate in conferences and events all around the globe.
Are you going to integrate Augmented Reality (AR) features? And if so, does the current app functionality allow for it?
We have a well connected partner that we have a good relationship with, as their founder used to develop mining machines with our CEO. This enterprise is experienced in developing chips and advanced AR techniques. In the future, sooner or later, AR will be adopted in any location-based system (LBS) application. Inside our firm we are always talking about AR and we believe that when the AR techniques and implementation possibilities get improved we will certainly adopt it in LoMoStar.
How will you protect LoMoCoin (LMC) investors and increase the interest of using LMC inside of the app, since you have also added other currencies such as Ethereum and Bitcoin?
A key feature of a currency is security and liquidity, which will also affect LMC. We will add more digital currencies in the future. Global users and transaction volume will be increased this way. Additionally, when you run a club and have a lot of guests invited. There will be social demand for every guest. Nevertheless, you as the host will almost always get prioritized in the long-term by all of these guests.
Can you tell us about the F5 lab? How many full-time employees are there? Is it a subsidary of LoMoStar or is it an independent research lab? What are they working on now?
F5 Labs is a professional technology collaboration, and the technology we develop and share inside is more ‘professional’ and complex than that of the general programmer community. It will be focusing on B2B relationship initially.
How will you ensure exclusivity for LMC within the LoMoStar app? What will ensure the app will use LMC?
There is no doubt that many exclusive features will be implemented in the future within the app where you must use LoMoCoin to complete.
How will iBeacon/IoT be implemented? Will it be implemented onto the LMC chain?
We are very interested and involved in the development of the Internet of Things. Our CEO next week will also visit the Lenovo Group training session as they are looking for solutions that is combining blockchain technology and the Internet of Things. I think everyone may have heard of the Lenovo Group, they acquired IBM personal computer business in the past.
What is your future plan to attract more investments?
From the scope of my responsibility, I am more concerned about the ecological construction of LoMoStar. Overall when it comes to marketing, it is something that money can solve. Moreover, we have always kept in touch with prominent exchanges and we have made some progress here. We will inform you when we are able to confirm more.
Well I guess that turned out to be a long article! Remember you should always do your own research and come up with your own assessment before investing. There is a lot more information available in the links below. I am just giving you my personal insight on LoMoStar (LMC) and why I feel this is one of the largest and most undervalued blockchain projects in China. Remember, everything you invest in should be for the long-term and patience is key. Regards, BTC2018 Useful Links:
Using LoMoStar You can download LoMoStar for Android at the Google Play store and it's also available for iOS. After you register and login, you can begin opening red envelopes and collecting cryptocurrency. Members who complete the AML/KYC verification can send/drop red envelopes in the ecosystem. When you open a red envelope it will use 1 vitality point. (You will earn 1 vitality every 2 hours) Given there are a bunch of red envelopes to open (but not enough vitality) you can spend Diamonds to open the red envelope containing the largest reward. (Diamonds can be purchased from the shop) The geographical map at the time of writing is under maintenance. It's very easy to get the latest news using the LoMoStar app. Simply click on Messages > System Announcements to get the latest news about the LoMoStar ecosystem. Remember no matter what I post or what I say, you should always do your own research, come up with your own assessment and talk with your financial adviser before making any investment decisions.
(AIB) Innovative And Direct Global Decentralized Bank With Artifical Intelligence
I present our product Artificial Intelligence Bank as a digital bank that operates on the principles of the blockchain technology and does not set a goal of making a profit. Cryptoassets are becoming widely used investing instruments, but the owners of these assets often have to choose between maintaining their investment or cashing out for fiat money to meet their operational needs. The AIB ecosystem allows cryptoasset investors to use their cryptoassets as collateral to access loans in fiat currency. This means platform users have ability to secure their AIB, Bitcoin or Ethereum in return for access to cash. Their cryptoassets are placed in secure storage and returned to investors as soon as the loan is repaid. AIB Loans are presented to the beginning of the year in commercial encryption companies that have certain characteristics, together a lot and the current high commercial crypto market that dominates the market. AIB Becomes one of the great companies that have succeeded in the future. World trade in cryptocurrency has never escaped originating from fluctuations in the value of its currency and exchange rates, it is something that is natural for commercial crypto companies. A decentralized investment fund in a block platform for investors around the world is an efficient philosophy offered by this platform. With vision and mission comes from a design of mutual benefit between project owners and token owners. HOW MICRO CREDIT WAS DEVELOPED The concept of microcredit was developed by Professor of Economics Mohammed Yunus. The teacher was educated in the United States, but he was from Bangladesh, one of the poorest countries in the world. In 1974, Yunus joined the fight against hunger in his home country. During the struggle, he found that even the smallest loan could play a decisive role for the poor. He issued his first microloan from his pocket to 10 women who made bamboo furniture; the loan amount was only USD 27. At the same time, Yunus discovered that ordinary banks are not interested in lending to wealthy entrepreneurs; banks see this as a high risk. In 1983, Yunus founded the Grameen Bank, which began to provide microloans to people in need in Bangladesh. Since 1983, this bank has already issued more than 4 million loans totaling about USD 5 billion. To guarantee repayment of loans to the bank, a pledge system was used: among the lenders, informal groups were formed, whose members trusted each other and supported each other. INTRODUCTION AIB is a platform that offers credit products guaranteed by customer equipment, cryptocurrency, and other blockchain assets. Thanks to AIB, borrowers don't need to sell their valuable blockchain assets to access banknotes. Instead, they can secure their cryptoasset as collateral, to receive cash for the purpose of covering their business costs and living expenses. AIB will save the guarantee of its customers in a cold wallet, thus ensuring a high level of security and preventing bad actors from gaining access to borrowers' assets. AIB has an automated solution for calculating maximum loans that are eligible for customers, and does not need to check the client's credit score. This makes AIB very convenient and hassle-free for borrowers. AIB is an innovative, unique and unparalleled online platform which provides the best possible professional services in the sectors of lending and investment. Not only that but AIB also deals with the multicurrency options and offers multidirectional options planned and designed by the top professionals in the market. The platform is developed using the latest blockchain technology so the data and exchanges carried out by AIB are the securest and the safest in all terms. Our system provides the opportunity to the investors and the borrowers to shake hands with each other and can borrow the money on the basis of mutually signed agreement containing terms and conditions agreed by the both parties. The platform helps in filling the gaps and building a bridge of trust between the investors and borrowers so they both can trust each other to benefit themselves without any fear of frauds. AIB claims to be the unique system in terms of its tools and professional services as investors can invest on their own terms and conditions and the individuals who are interested in lending money, can have the access to loans at their homes in the form of major cryptocurrencies or fiat currencies, depending upon the need and comfort of the borrower. Moreover, The people often takes loan for the purpose to initiate a new business, to buy a asset. AIB is an innovative and unique organization for lending and investment with a safety fund using Artificial Intelligence. It provides the opportunity to an investor to lend money to a borrower on the terms which are mutually beneficial. It provides cooperation with world-wide arbitration. It facilitate the exchange between all popular currencies with a couple of clicks and instant send from one currency to another. This AIB platform make the process easy and feasible for people to lend money. It decreases the number of documentation which were required in the transitional methods of lending. This platfrom allows to make financial transactions in a currency which is convenient for the applicants. It facilitate the participant to save their time from waiting in bank and rushing to complete the document. Artificial Intelligence Bank is able to issue loans to any person (to make a profit from investment) that has access to the Internet. With the help of modern technology and unique artificial intelligence, our product will be able to serve the client in any country without violating its laws. CHARACTERISTICS OF AIB ECOSYSTEM Grains unites all parties to help you benefit from our product: Borrowers have access to finance. Financial companies benefit from the best loan fees or interest income by providing loans in partnership. Investors get a new tool for allocating resources. Traders can find new customers by selling products on our platform. However, Our ecosystem is a mediator between the traditional market and the cryptocurrency market. The exponential growth of the crypto analysis market is attracting large new companies. This rapid development of the project is due to the fact that many investors consider it special. Do we all know that, Lending has been faced with many problems for a long time, so it needs to introduce completely new technologies which is Artificial Intelleigence Bank. AIB is a decentralized platform that is ready to help all people in need of credit. Thanks to AIB, borrowers can avoid fully selling their valuable assets in order to get a certain amount. AIB are confident that they will be able to create a platform that will perfectly cope with the task and will be able to protect customers from all the dangers of existing centralized services. AIB MISSION Our mission is to provide financial services in such a way that only people win, not the financial structures of the modern world. It is currently important to launch products like Artificial Intelligence Bank, products that work for a person, not for a system." ABOUT THE BORROWER ASSET The borrower's assets will be reliably protected by the system; outsiders will not have access to the collateral - this is guaranteed by the fact that the blockchain lies at the heart of this decentralized platform. Intellectual contracts open up new opportunities for those who want to get a loan on safe and favorable terms. AIB has automated solutions that allow you to quickly calculate the maximum available payments and does not need to check the credit worthiness of the client. This makes AIB incredibly convenient and problem free for borrowers. AIB FUTURE The future of the AIB platform as the first generation platform that offers solutions to investor problems that cannot afford the right time, and each time changes in the switching or altitude encryption market and the lowest that come from the cryptographic price trigger this platform to become a potential user. They are ready to receive automatic notifications for mobile devices. The world, without leaving the role. The aim is to create an ecosystem that conceptualizes the reciprocal benefits between traders, lender, investors and users, and also platforms that are able to permanently contribute to the stability of income. For more information Token Details Ticker AIB Total supply 856000000 Token Distribution Public tokens – 70% – 600,000,000 tokens Economic reserve – 10% – 85,000,000 tokens Advisory – 5% – 42,500,000 tokens Bounty – 5% – 42,500,000 tokens Partnership – 5% – 42,500,000 tokens Marketing – 5% – 42,500,000 tokens Accepted Currencies ETH, BTC Company Details Registered Country Netherlands Additional Details Platform Ethereum Categories Platform, Banking Our website: https://aibank.global Direct link to whitepaper: https://aibank.global/whitepaper.pdf Bounty0x name: humblemee
Signs Bitcoin is not going to reach mass adoption...
Bitcoin isn't going to go mainstream. No amount of Lightning Network (coming soon), SegWit (coming soon), bigger blocks (coming soon), or hard forks (never coming soon) is going to spur mass adoption. Here are some tell-tale signs that Bitcoin is still on the fringe and will remain so. I used Bitcoin for blank, give me karma. Whether it's buying or selling something for Bitcoin, there are always those posts that seek confirmation from the echo-chamber that what they did is good for Bitcoin. You know what you don't see? Posts anywhere on reddit along the lines of "I bought this X for fiat from Amazon." You know why? No one cares if you use cash because it is mundane, widely available, and trivial to use. It is a tell-tale sign of mass adoption. Bitcoin technology is going to revolutionize the BLANK INDUSTRY. Capitalists are the kind who will find and exploit every advantage they can to gain a competitive edge. Be it technology, process, idea, or whatever if it can be turned into a money making machine. There have been estimates that Bitcoin has a $10 billion market cap, which is certainly impressive for something that came from nothing. But in the grand scheme of commercial trade it's a drop in the bucket. If Bitcoin were truly revolutionary, capitalists would have exploited it and actively contributed to its development already. Sure, there have been some minor localized successes, but not one truly revolutionary and successful billion dollar company has arisen. Not one Bitcoin company is a ubiquitous household name or brand. The ones everyone knows about in the Bitcoin space are irrevocably linked with fraud. Mt. Gox and Bitfinex for example. ...well. The most innovation in the Bitcoin space appears to be dark net markets and malware. Whether that's truly a welcome revolution is up for debate. Bitcoin innovation is stagnant. Other than slapping a miner on an already existing product, ahem 21 inc., what big innovation has there been in the Bitcoin space? The apps for buying and selling Bitcoin are all pretty much the same functionally. OpenBazaar has not heralded the end of online commerce as anticipated. It also continues to promise more features perpetually "coming soon" while the competition out-innovates them at the same time. Micro-tipping ChangeTip didn't really take off, and Steem or Yours isn't really a threat to any social network not focused around the idea. KimDotCom talks big, but he has yet to deliver. u/changetip dose of reality Bitcoin's fluctuating value makes it impossible for the average person calculate. Notice that everything is still pegged to fiat in terms of valuation? Without using an internet device tell me how much $5 is worth in Bitcoin. Now decrease that by 7.23% because the BTC market dropped, again without the internet or a calculator. How much Bitcoin is that $0.99 coffee? What about this afternoon when Bitcoin is up 4.77%? What is your profit margin right now for being the seller? How about when you sold coffee for 12.19% earlier today. Also, did you pay the right amount of penny shavings for your coffee transaction to go through? Yes? It may take up to 10 minutes to process. Maybe. Or not. We could have paid $0.99 in filthy fiat and been on our way already. Widespread adoption isn't happening organically, or at all in most areas. Outside of San Francisco and a few technically savvy urban enclaves where digital natives are on the cutting edge, there is no use case for Bitcoin in Kansas. Bitcoin has to rely on those who believe that it is better than fiat to spread the gospel of Satoshi (#NotACult). Until you don't have to have someone proselytize at length about Bitcoin's advantages over fiat, it isn't mainstream. How many posts have you come across where "I convinced Business Owner X to accept Bitcoin" only to check in later to find out they are no longer accepting it? Speaking of cults... Self-congratulatory posts patting the faithful on the back for their piety in printing out Bitcoin flyers or pasting stickers in public are frequent. Any time a Bitcoin logo is spotted in Mr. Robot, alongside the THOUSANDS of other symbols in it, the faithful are further convinced that widespread adoption is an inevitable reality. They're convinced viewers are keyed in to an insignificantly minor detail which will unravel the wisdom of the fiat destroyer Satoshi Nakamoto who will bring prosperity to all who read the hallowed white paper. Also, deviation from the truth laid down in the whitepaper is heresy. #NotACult Which leads to all sorts of problems when the core developers, miners, or users want to change something for the improvement of Bitcoin. How many BIPs are actually implemented successfully without raising the ire of a vociferous userbase rabidly against change? (If you do know, please comment.) Mass adoption would inevitably require regulation. One of the functions of Bitcoin is to be a stateless, borderless, and censorship resistant currency. Does it accomplish that? Yes. But if Bitcoin were to become widely adopted it would inevitably attract regulation. Uber is a great example of what happens when industry outpaces regulation. Uber drivers disrupted the taxi industry mainly because most places did not have regulations in place. Although providing an innovative service, it also led to insurance problems when drivers got into accidents, or health and safety concerns when drivers or riders get involved in an incident. Regulation is bringing the cavalier industry back into the realm of public safety and security. Bitcoin may outpace regulation for a while, but mainstream adoption will inevitably require regulation at some point. How much of a percentage profit is legal when selling Bitcoin at an ATM? How do you classify gains or losses on taxes? What if I want to set up a retirement plan? What if the entity I store my Bitcoin savings with goes under? Those sorts of every day questions have legal ramifications that need to be parsed out for people to feel secure enough to adopt Bitcoin. If you're screaming "STATIST SHILL" while reading this on a computer of some kind, remember that there are legal regulations insuring the device you're reading this on conforms to certain requirements. Be your own bank is not a good thing for most people. We hire people to be experts and professionals to do things we are not good at ourselves. You'd hire a lawyer to litigate on your behalf. You'd hire a plumber to fix your leaking pipes. Most people are not good at being their own bank. Storing large amounts of cash in areas that are susceptible to theft is not a good idea. That's why people have banks. Do banks get robbed? Yes, but regulation insures that your deposits will be reimbursed. Can you be your own bank with Bitcoin? Yes. But you also assume all the risk, even the ones you are not cognizant of. bitcoin is no stranger to posts from users who lose their bitcoin with no means of recovery because they didn't fully anticipate the risks. SFYL. But why would you want to go through all the hoops to be your own bank? You still need to convert that Bitcoin to fiat (or vice versa), get a loan for a car or home, or pay utility bills. Irreversible transactions mean your money is gone. Unless the person on the receiving end is feeling altruistic, those Bitcoin you sent to the wrong address or were "hacked" from the exchange you use are gone. How many people have been successful at recovering their lost Bitcoin through legal means? How many lawsuits have been successful at this? ::crickets:: The place where I store my money took 30% because they screwed up. The ongoing BitFinex debacle is a prime example of why you should trust no one with your Bitcoin. Sure, they appeared legitimate. They were operating a successful exchange. Everything appeared to be in order and were highly recommended by most in the Bitcoin space. Until they got "hacked" and decided to distribute the "losses" among the users. Most of those who lost Bitcoin in the hack are powerless to do anything. Some have turned to the authorities to recover their losses. Some are trying to mount a lawsuit. Some are going through the various stages of grief. The inevitable "hack" that large Bitcoin entities experience is becoming a routine way for trusted innovators in the space to cash out safely with other people's savings. Mt. Gox, Cryptsy, and BitFinex are merely the largest skulls on a pile of bones of cryptocurrency heists. They were all trusted, until it became apparent that it was all a scam. An industry where "trusted" actors can get away with theft is a barrier to widespread adoption. Reddit is the primary communications platform where announcements occur. If you've been burned by bitcoin or some company's support agents that didn't respond to your post, we welcome you with open arms. Bitcoin is going to put an end to wars and government tyranny. At what point in history has the use of currency determined whether or not a group, religious faction, or nation is going to wage hostilities against another? Or that adoption of a currency led to an outbreak of peace? It isn't going to happen. Every now and then Greece, Venezuela, or (INSERT AFRICAN COUNTRY HERE) experience economic turmoil and it is viewed as an opportunity for Bitcoin adoption. No, it isn't even an opportunity. Because the people who use Bitcoin also have easy access to stable fiat currency through banks. They have the first world luxury of being able to convert fiat to Bitcoin relatively easily. (If jumping through several additional steps can be considered easy.) Has Bitcoin taken off anywhere with economic turmoil? Let's check the history books. No. Not one. Even marginal increases in adoption didn't occur. I'm sure there are Captains of Industry who disagree with me for expressing these ideas. I'm sure there are also those who like me have been banned from bitcoin for pragmatic, practical, and reasonable insights. If you've wandered over here from bitcoin or btc or are u/americanpegasus looking to waste $50,000 of your precious time... welcome. Gentlemen...
(AIB) Innovative And Direct Global Decentralized Bank With Artifical Intelligence
I present our product Artificial Intelligence Bank as a digital bank that operates on the principles of the blockchain technology and does not set a goal of making a profit. Cryptoassets are becoming widely used investing instruments, but the owners of these assets often have to choose between maintaining their investment or cashing out for fiat money to meet their operational needs. The AIB ecosystem allows cryptoasset investors to use their cryptoassets as collateral to access loans in fiat currency. This means platform users have ability to secure their AIB, Bitcoin or Ethereum in return for access to cash. Their cryptoassets are placed in secure storage and returned to investors as soon as the loan is repaid. AIB Loans are presented to the beginning of the year in commercial encryption companies that have certain characteristics, together a lot and the current high commercial crypto market that dominates the market. AIB Becomes one of the great companies that have succeeded in the future. World trade in cryptocurrency has never escaped originating from fluctuations in the value of its currency and exchange rates, it is something that is natural for commercial crypto companies. A decentralized investment fund in a block platform for investors around the world is an efficient philosophy offered by this platform. With vision and mission comes from a design of mutual benefit between project owners and token owners. HOW MICRO CREDIT WAS DEVELOPED The concept of microcredit was developed by Professor of Economics Mohammed Yunus. The teacher was educated in the United States, but he was from Bangladesh, one of the poorest countries in the world. In 1974, Yunus joined the fight against hunger in his home country. During the struggle, he found that even the smallest loan could play a decisive role for the poor. He issued his first microloan from his pocket to 10 women who made bamboo furniture; the loan amount was only USD 27. At the same time, Yunus discovered that ordinary banks are not interested in lending to wealthy entrepreneurs; banks see this as a high risk. In 1983, Yunus founded the Grameen Bank, which began to provide microloans to people in need in Bangladesh. Since 1983, this bank has already issued more than 4 million loans totaling about USD 5 billion. To guarantee repayment of loans to the bank, a pledge system was used: among the lenders, informal groups were formed, whose members trusted each other and supported each other. INTRODUCTION AIB is a platform that offers credit products guaranteed by customer equipment, cryptocurrency, and other blockchain assets. Thanks to AIB, borrowers don't need to sell their valuable blockchain assets to access banknotes. Instead, they can secure their cryptoasset as collateral, to receive cash for the purpose of covering their business costs and living expenses. AIB will save the guarantee of its customers in a cold wallet, thus ensuring a high level of security and preventing bad actors from gaining access to borrowers' assets. AIB has an automated solution for calculating maximum loans that are eligible for customers, and does not need to check the client's credit score. This makes AIB very convenient and hassle-free for borrowers. AIB is an innovative, unique and unparalleled online platform which provides the best possible professional services in the sectors of lending and investment. Not only that but AIB also deals with the multicurrency options and offers multidirectional options planned and designed by the top professionals in the market. The platform is developed using the latest blockchain technology so the data and exchanges carried out by AIB are the securest and the safest in all terms. Our system provides the opportunity to the investors and the borrowers to shake hands with each other and can borrow the money on the basis of mutually signed agreement containing terms and conditions agreed by the both parties. The platform helps in filling the gaps and building a bridge of trust between the investors and borrowers so they both can trust each other to benefit themselves without any fear of frauds. AIB claims to be the unique system in terms of its tools and professional services as investors can invest on their own terms and conditions and the individuals who are interested in lending money, can have the access to loans at their homes in the form of major cryptocurrencies or fiat currencies, depending upon the need and comfort of the borrower. Moreover, The people often takes loan for the purpose to initiate a new business, to buy a asset. AIB is an innovative and unique organization for lending and investment with a safety fund using Artificial Intelligence. It provides the opportunity to an investor to lend money to a borrower on the terms which are mutually beneficial. It provides cooperation with world-wide arbitration. It facilitate the exchange between all popular currencies with a couple of clicks and instant send from one currency to another. This AIB platform make the process easy and feasible for people to lend money. It decreases the number of documentation which were required in the transitional methods of lending. This platfrom allows to make financial transactions in a currency which is convenient for the applicants. It facilitate the participant to save their time from waiting in bank and rushing to complete the document. Artificial Intelligence Bank is able to issue loans to any person (to make a profit from investment) that has access to the Internet. With the help of modern technology and unique artificial intelligence, our product will be able to serve the client in any country without violating its laws. CHARACTERISTICS OF AIB ECOSYSTEM Grains unites all parties to help you benefit from our product: Borrowers have access to finance. Financial companies benefit from the best loan fees or interest income by providing loans in partnership. Investors get a new tool for allocating resources. Traders can find new customers by selling products on our platform. However, Our ecosystem is a mediator between the traditional market and the cryptocurrency market. The exponential growth of the crypto analysis market is attracting large new companies. This rapid development of the project is due to the fact that many investors consider it special. Do we all know that, Lending has been faced with many problems for a long time, so it needs to introduce completely new technologies which is Artificial Intelleigence Bank. AIB is a decentralized platform that is ready to help all people in need of credit. Thanks to AIB, borrowers can avoid fully selling their valuable assets in order to get a certain amount. AIB are confident that they will be able to create a platform that will perfectly cope with the task and will be able to protect customers from all the dangers of existing centralized services. AIB MISSION Our mission is to provide financial services in such a way that only people win, not the financial structures of the modern world. It is currently important to launch products like Artificial Intelligence Bank, products that work for a person, not for a system." ABOUT THE BORROWER ASSET The borrower's assets will be reliably protected by the system; outsiders will not have access to the collateral - this is guaranteed by the fact that the blockchain lies at the heart of this decentralized platform. Intellectual contracts open up new opportunities for those who want to get a loan on safe and favorable terms. AIB has automated solutions that allow you to quickly calculate the maximum available payments and does not need to check the credit worthiness of the client. This makes AIB incredibly convenient and problem free for borrowers.
The future of the AIB platform as the first generation platform that offers solutions to investor problems that cannot afford the right time, and each time changes in the switching or altitude encryption market and the lowest that come from the cryptographic price trigger this platform to become a potential user. They are ready to receive automatic notifications for mobile devices. The world, without leaving the role. The aim is to create an ecosystem that conceptualizes the reciprocal benefits between traders, lender, investors and users, and also platforms that are able to permanently contribute to the stability of income.
For more information Token Details Ticker AIB Total supply 856000000 Token Distribution Public tokens – 70% – 600,000,000 tokens Economic reserve – 10% – 85,000,000 tokens Advisory – 5% – 42,500,000 tokens Bounty – 5% – 42,500,000 tokens Partnership – 5% – 42,500,000 tokens Marketing – 5% – 42,500,000 tokens Accepted Currencies ETH, BTC Company Details Registered Country Netherlands Additional Details Platform Ethereum Categories Platform, Banking
Abstract Cryptocurrencies, based on and led by Bitcoin, have shown promise as infrastructure for pseudonymous online payments, cheap remittance, trustless digital asset exchange, and smart contracts. However, Bitcoin-derived blockchain protocols have inherent scalability limits that trade-off between throughput and latency and withhold the realization of this potential.This paper presents Bitcoin-NG, a new blockchain protocol designed to scale. Based on Bitcoin's blockchain protocol, Bitcoin-NG is Byzantine fault tolerant, is robust to extreme churn, and shares the same trust model obviating qualitative changes to the ecosystem.In addition to Bitcoin-NG, we introduce several novel metrics of interest in quantifying the security and efficiency of Bitcoin-like blockchain protocols. We implement Bitcoin-NG and perform large-scale experiments at 15% the size of the operational Bitcoin system, using unchanged clients of both protocols. 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"Inside ChangeTip: A Special Buttcoin Investigative Report," -- All this and more, plus Andy Rooney, Tonight on 6 Blocks
Good Evening, I'm Lesley Stahl. Mike Wallace is out tonight. Notice! If you just want to get to the most interesting part, skip to IV. Shill Bots
In the world of Bitcoin, one startup has taken the community by storm. ChangeTip, a service that allows users to "tip" minute fractions of a cent to one another on online social media, has been rapidly accumulating a rabid, loyal fanbase of people spamming thinly-veiled bot-generated advertisements, in a decidedly clumsy attempt at native advertising. More interestingly, ChangeTip doesn't even actually use Bitcoin -- it maintains a centralized, internal ledger of "who" has "how many bits" and then, when the user is ready to cash out, pockets the ledger-balance of "bits" and delivers dollars to their banking account. At no point in the entire process is a user does a user ever actually have to touch bitcoin, and at no point in the entire process of tipping is any money actually being moved around on the blockchain. Essentially, ChangeTip is a Bitcoin-based startup that in no way utilizes Bitcoin, save for the fanatical frenzy of the community of bagholders.
ChangeTip manipulates the bitcoin bagholders into shilling. These bagholders try to encourage new recruits into the cult by tossing an inconsequential amount of money -- say, $0.0001 (or 1/100th a penny) at a potential recruit. The relationship is mutually beneficial & serves two purposes:
ChangeTip: gets an excuse to post its thinly-veiled native advertisement anywhere on social media (especially reddit)
Bitcoiners: get a way to try to indoctrinate other people into the cult at virtually no expense to them, thus potentially driving up demand and thus the price of a bitcoin (since supply is roughly fixed)
III. Privacy Concerns
Bitcoin is, of course, heralded by renowned sources such as /bitcoin as being an anonymous / pseudonymous way to send "money" to anyone, anywhere, instantly*. ChangeTip, however, requires you to "link" your social media accounts to ChangeTip to function. Essentially, this means that with minimal effort and a few database queries, ChangeTip is able to create an online "fingerprint" of anyone using the service. For example, I could know that TulipCoins is also "Mike Hockhertz" on facebook, and can be found under the twitter handles @JIDF_4_LIFE and @WellsFargoCustomerSupport. Why is this so alarming? Because ChangeTip doesn't actually seem to have any business model. From the time the company began til the present, ChangeTip has generated a whole $0.00 of revenue. There is an appropriate adage to cite here: "If you're not paying for it, you're the product." I will note that ChangeTip suggests that at some point in the future they will start taking a 1% cut of all "tips", however, as we will show later, this is probably a red herring. To compound this problem, ChangeTip also enables users to "link" their banking account, and thus "cash out". As you can imagine, the possibilities are limitless for abuse here -- a single company knowing your entire social media makeup, and your bank account, and thus knowing your true identity as well. Needless to say, it is surprisingly accepted in bitcoin services for a service that connects-the-dots so much as it were given the anonymity/pseudonymity-intense community of bitcoin. "But wait!" I hear you say -- you don't have to cash from from ChangeTip. You can send your money to another wallet and later cash it out at a Bitcoin Exchange. Yes, this is true, but forgetting an important key detail: the company that just invested $3.5 million in & effectively owns ChangeTip ("Pantera Capital") also has invested heavily in 2 of the biggest Bitcoin exchanges -- those being the Slovenian-run BitStamp and US-based Circle. The point is, even if you make the effort to move over to either of these exchanges, you can still be tracked (and rather easily at that). *Yourexperiencesmaydifferbyupto6hrs.Numerousmiddlemanfees&preposterousvolatilitymaywillapply.Drinkthekool-aidresponsibly.
IV. Shill Bots
ChangeTip seems to employ 2 kinds of Shill bots, in addition to their main ChangeTip bot. Important to note, ChangeTip has already been outed for running what I call "Giver" shill bots recently.
"Giver" bot: initiates the following chain of events
"Giver" bot initiates: Hey loofa, Your comment has recived a RANDOM TIP! 100 bits changetip I am a bot, going round Reddit sharing the news and joys of Bitcoin and ChangeTip . If you've never heard of ChangeTip, it's a cool Micro-Tipping service avaliable across a variety of social networks, including Reddit. I do hope you'll accept this tip, and I hope to see you in the /Bitcoin and /ChangeTip communities soon! Happy Tipping!
That's what I got from going through 6 pages of the bots history. I can't even do this anymore, the shilling is just so fucking pathetic & what's even more pathetic is that its pretty goddamned obvious who is running it. Gee, I wonder who has experience writing reddit bots & trying to sneakily advertise their spamware through reddit comments? The bot owner (aka, ChangeTip) apparently deleted all their posts after someone figured out what they were doing (click context on any of the posts in the user history). Fortunately, the idiots behind said bot didn't realize that if you just click "delete" on a comment in a thread, it deletes it from that thread, not from the user account, so we now have a living testament of the sad extents of shillery one very sad company will go.
V. ChangeTip's Balance Sheet
This is what I originally was writing this post about before assuming the whole 60 minutes schpiel. As has recently been pointed out elsewhere in /buttcoin, the founder of ChangeTip Nick Sullivan recently claimed to the New York Times that ChangeTip had transmitted approximately ~$250,000 USD as of February 1, 2015. Numerous users pointed out that this was more than double the previously reported amount (as displayed on their front page) of $90,000 USD. However, for the sake of argument, I am going to make the following assumptions, which are extraordinarily optimistic and represent a "best case" scenario for ChangeTip.
Suppose Nick Sullivan is correct that they have transmitted $250,000 USD (again, actually it's $90,000 USD)
Suppose that ChangeTip has had a 1% fee in place from Day One (actually, they still charge no fee, i.e. 0%)
Suppose that ChangeTip has one employee (actually, they have at least 4 employees)
Suppose that ChangeTip has only been operating for 3 months (actually, its closer to >12 months)
Using the above suppositions, we can deduce the following:
Best Case Total Revenue:
$250,000.00 * (1% fee) = $2,500.00
Best Case Monthly Revenue:
$2,500.00 / (3 Months) = $833.33/mo
Best Case Yearly Revenue:
($833.33/mo) * (12 Months/Year) = $9,999.96/yr
Best Case Employee Salary:
$9,999.96/yr OR $4.81/hr
// Employee Annual Salary ($9,999.96/year) * (100% Yearly Revenue) = ($9,999.96/yr) // Alternative: Employee Hourly Rate ($9,999.96/year) / (52 weeks/year) / (5 days/week) / (8 hours/day) = $4.81/hr // again, this is assuming there is only 1 employee who receives all the money the company brings in over a year
Best Case Employee Salary VS Federal Minimum Wage:
$-5,800/yr OR $-2.44/hr
Federal Minimum Wage = $7.25/hr = $15,800.00/yr ($9,999.96/year) - ($15,800.00/year) = $-5,800.00 ($4.81/hr) - ($7.25/hr) = -$2.44/hr // again, this is assuming there is only 1 employee who receives all the money the company brings in over a year // as you may notice, ChangeTip cannot afford even a single employee being paid the federal minimum wage
At this point, I need to point something out to make it exceptionally clear. We've already used the absolutely-most-positively-exaggerated-and-optimistic figures conceivable to look into ChangeTip's balance sheets and we've found that even using those incredibly one-sided figures, ChangeTip couldn't even possibly pay for a single employee who works for minimum wage. What I wanted to make clear was this: mind you, we're not even taking into account business expenses such as: taxes, office space, infrastructure, marketing, human resources, developers, testers, requirements, customer support, business planners, accounts payable, executives, dividends to shareholders, reinvestment in the company, etc. You know, what a business actually costs to run.
In case you think that this has all been the work of a crazed know-nothing anti-bitcoiner sheep, feel free to peruse the knowledgable pro-Bitcoin(er) position on ChangeTip: http://hackingdistributed.com/2014/12/17/changetip-must-die/ A selection from said great article that was part of the inspiration for this post:
Back to ChangeTip: on its current trajectory, it is not a viable company. I am certain that the people who work for it are well-meaning, reasonable people. But the lack of a revenue stream is an inescapable fact. The math portends an unsustainable cash flow; they will ultimately have to fold or else change their business model. When the music eventually stops, our identities will be up for sale. Even if the company manages to stick to its current avowed business plan until bankruptcy, there is no telling what others will do with the ChangeTip data.
Feel free to double check calculations, but I think it's a pretty safe bet to say that ChangeTip is a gigantic PII-vacuum waiting to explode. I would feel bad for the changetipping bitcoiners, but in all honesty: this is the free market -- this is what they asked for -- this is what they deserve. Maybe the next ChangeTip will want to work on its reputation, amirite guiz? Oh, and where there's credit due, there's credit due -- even /bitcoin seems to somewhat be acknowledging that ChangeTip is an insolvent spam-machine: https://www.reddit.com/Bitcoin/comments/305dco/changetip_statistics_coming_soon/ Please let me know if there are any errors & I'll try to correct them.
tl;dr lol ChangeTip
edit: updated some grammar & redid the bit about shill bots to show the process more fully
DADI:Decentralized Architecture for a Democratic Internet DADI Official Video DADI is built on the Ethereum Blockchain using an ERC-20 token allowing the use of smart contracts and thus improving transparency. Think of the DADI network as seen in the likes of more centralised Amazon Web Services, Google Cloud and Microsoft Azure but on a decentralised cloud infrastructure supported by the contributors of the network (masternodes). The DADI network will be widely distributed on which will be an increasingly large number of nodes which are location aware and located at the edge of the network, this increases efficiency and also helps to prevent a single point of failure. DADIs decentralised cloud platform focuses on currently 11 web services (see below) which will feature in the DADI marketplace as intelligent apps. One way of thinking about this is that the DADI nodes are on a side chain running the DADI software. Contributors stake (PoS) their DADI tokens on the ETH network to secure a node within the DADI network. The node uses Proof of Work (PoW) and Proof of Availability (PoA) to reward contributors with DADI tokens. More information on this in the Masternode section of this post. This means anyone with a device, laptop, phone, home router (a smart device with an internet connection) will be able to earn income by providing spare compute. DADI is extremely secure and resistant to common attacks such as DDOS and Brute Force and also prevents malicious data entering the network making all of the web services much safer from malicious attack. DADI has been in development for over 5+ years (yes, 5 years!)and already providing services to some of their top tier clients. These customers will slowly be moved across to mainnet over time. DADI works with a few large media corporations
The DADI services are broken into a set of micro services within the DADI dApp marketplace and provide the necessary solutions to meet business requirements. They are currently being brought on to the network in a staged and development track. DADI CDN - Network Ready DADI CDN is the first product to launch on the DADI network and is currently live on mainnet. What is CDN? A Content Delivery Network (CDN) or Content Distribution Network (CDN). DADI facilitates the seamless delivery of image, audio and video assets for digital products accessed across a range of devices in multiple contexts. CDN's deliver content to end users via nodes deployed in multiple locations. This allows to reduce bandwidth costs, improve end user experience and increase availability of content. With DADI being able to distribute these nodes in a decentralised manner, nodes are likely to be located much closer to the end user. Here is the DADICDNsandbox environment for some of the features: https://docs.dadi.cloud/sandbox/dadi-cdn ...10 other services are being built and on the development roadmap. DADI Store -Q3 2018 DADI Store - A cloud storage solution for all types of data, with built-in security, privacy and redundancy. DADI API - Q4 2018 DADI API - A high-performance RESTful API layer designed in support of API-first development and the principles of COPE. DADI API Wrapper - This library is for interacting with DADI API and provides a high-level abstraction of the REST architecture style, exposing a set of chainable methods that allow developers to compose complex read and write operations using a simplistic and natural syntax. DADI Publish - Q1 2019 DADI Publish – A writer’s window to the world of content creation. Flexible interfaces designed to optimize editorial workflow. DADI Web - Q2 2019 DADI Web – A schemaless templating layer that can work standalone or with DADI API. DADI Identity - Q3 2019 DADI Identity - Guarantees uniqueness of individuals — and powers segmentation — for anonymous and known users. DADI Track - Q3 2019+ DADI Track - A real-time, streaming data layer providing accurate metrics at individual and product level. DADI Visualize - Q3 2019+ DADI Visualize - A data visualization interface for Identity and Track, capable of taking data feeds from virtually any source. DADI Predict - Q3 2019+ DADI Predict - A machine-learning layer that predicts user behavior at an individual level based on past interactions. DADI Match - Q3 2019+ DADI Match - A taxonomic framework for automated content classification through machine learning, which plugs into Publish. DADI Queue - Q3 2019+ DADI Queue- A lightweight queue processing system powered by Redis, featuring simple task routing and throttling. ...as well as the dApps we also have: DADI CLI DADI CLI - DADI CLI is a command-line tool to help with the installation and customisation of the various products of the DADI platform.
DADI Tutorials - Step-by-step guides and practical examples of our technology written by the DADI team.
So far DADI have accomplished all targets on time even releasing DADI Mainnet 2 days early. DADI Roadmap
DADI Team – Who is in the team?
Starting at around 18 members, DADI has grown to around 30. The team decided to remove the office environment and work remotely to promote a better life/work balance. Due to the size of the team and the information they have presented it is best to read here: DADI Team Have a read here about the remote working setup: https://dadi.cloud/en/culture/
DADI Tokenomics – How does the token work?
DADI tokens are an integral part of the DADI Platform. Consumers will be charged tokens for their usage of DADI Web Services. An exchange will be built into front end interfaces, allowing consumers to purchase services in their currency of choice. Make sure you give the tokenomics doc a read: DADI Official Tokenomics Documentation (available in 10 languages including: English/Korean/Chinese/German and Russian) DADI Token DADI Token is an ERC-20 token which can be stored in wallets such as MEW. · Ethplorer:https://ethplorer.io/address/0xfb2f26f266fb2805a387230f2aa0a331b4d96fba · Symbol: DADI · Contract: 0xFb2f26F266Fb2805a387230f2aa0a331b4d96Fba · Decimals: 18 · Total Supply: 100,000,000 (The creation of DADI tokens will be a one time event. The Token Creation event is the only time that these tokens can be created, and therefore the total supply of DADI tokens is fixed.) ICO Prices: ICO Presale: $0.40 ICO Public Sale: $0.50 ICO Amount raised: $29,000,000
DADI is developing its own 'Account' page which will be fully securable with 2FA. DADI also decided to merge the DADI wallet into the account section. The account section will be used for multiple reasons such as:
DADI Official Documentation DADI masternodes are built on a 3 tier system to perform different functions required for the network. There are three key nodes within the DADI Network: Stargates, Gateways and Hosts. Availability of running certain nodes comes due to network requirements. As the demand increases so will the required amount of masternodes. INITIAL On-Boarding of Masternodes: The first wave of nodes will consist of the DADI Founding Node. This includes the onboarding of c.500 Hosts, c.15 Gateways and c.2 Stargates during Q3 and Q4. These figures are designed to provide enough capacity for early network demand and are subject to change.
Note: A calculator to work this out is in development. A common question is in regards to the ROI of the nodes. The expected returns are shown in the document linked above, but to further understand potential ROI you must first understand how the network rewards contributors. DADI consumers purchase DADI services via a currency of their choice and this is then converted in real time to the DADI token. This revenue generated is then split between 3 bodies: Nodes, the Ecosystem fund and the DADI Foundation. Revenue Distribution The masternodes work on 3 different models:
Proof of Work + Consensus
Proof of Stake
Proof of Availability
The more work your node does (the monitored requests and traffic to your node), with the amount staked (which is limited to avoid centralisation and additional nodes would be required beyond a certain point) and how available your node is on the network (its uptime) determines its reward payout. The larger masternodes (the Stargate especially) require a high uptime and may be penalised if downtime is not during a maintenance window, the hosts do not have such a heavy requirement. So as a result, the consumers purchase services through DADI, the revenue is then distributed at 85% to all masternodes based on the results of the nodes Proof of Work, Proof of Stake and Proof of Availability a payout is performed monthly. The PoS requirement is reviewed per quarter and may be lower as the network grows to allow more nodes to be onboarded.
DADI nodes are currently in staged on-boarding until the network is publicly available, this will be known as Constellation and is due Q4 2018/Q1 2019. The masternode setup will be made to be simple and allow for maintenance windows when downtime is required such as hardware changes, update schedules or other. You will also be able to monitor performance of your DADI nodes from your account. Here is a sneak peak of the setup window: Setup Screen (preview)
· Purpose: Stargates provide the domain name system that makes Gateway/Host resources addressable. They are responsible for the secure running of the network. They monitor resources and control the payout contract. · 500k DADI tokens · Restricted availability · Voting rights Minimum specification: High bandwidth: 1 Gbit/s+ High availability: 99.9999% CPU: 2x quad-core+ @ 2.80GHz+ RAM: 128GB RAM+ Disk: 2TB SSD+ Stargates are intended for high-connectivity environments: think data centers and high bandwidth office environments, and are designed to be single, powerful machines rather than a cluster of smaller, less powerful machines. DADI Stargate - specs below For example this Stargate specs are as follows: · 32x Xeon E3 1260L v5 Quad-Core @ 2.9GHz, 8Mb Cache · 1.2TB RAM · 2TB SSD raid Plus room to expand that 10x per node as requirements grow.
· Purpose: Gateways are network node owners who contribute bandwidth. They are the entry point to the network, acting as an aggregate point for Host node capacity. · 50k DADI tokens · Limited availability · Top 25% of nodes have voting rights Minimum specification: High bandwidth: 250 Mbit/s+ High availability: 99% CPU: 1x quad-core+ @ 2.5GHz+ RAM: 64GB RAM+ Disk: 1TB SSD+
DADI Host performs extremely well on a Raspberry Pi 3. It can also be run behind a home router without the need for router configuration. · Purpose: Hosts are network node owners who contribute computational power. DADI Web Services run in a container service within a secure enclave on Host environments. · 5K DADI tokens · No node limits · Top 5% of nodes have voting rights Minimum specification: High bandwidth: 15 Mbit/s+ High availability: 20%+ CPU: 1x quad-core 1.2 GHZ+ RAM: 1GB RAM+ Disk: 50GB HDD+
Wirehive Wirehive delivers expert infrastructure consultancy and support for a broad portfolio of clients including Vodafone, Honda and ITV — and it will be offering DADI’s network as a decentralized alternative to AWS, Microsoft Azure and Google Cloud. NetWise Netwise, a leading provider of server colocation and data centre services. Netwise offers private facilities in London and throughout Europe, designed and built entirely in-house, and delivers end-user content on a national and international scale. It is also a pioneer in green colocation solutions, offering highly-efficient rack space powered by 100% renewable energy — an issue of equal importance to the DADI team. Agorai DADI is developing a marketplace proposition - a containerised service for approved partners that enables the running of third party software within the DADI network. Agorai are working with DADI to deploy their technology in to the marketplace. They are also likely to use DADI API and Store for key components in their setup. INDX INDX are working with the DADI marketplace: an open container that is designed to run third party software. Specifically, DADI are working together with INDX to explore the potential for running their masternode setup within the DADI network. They are currently running in AWS. blond Blond creates contemporary products, spaces and digital experiences for a diverse range of brands, including Sony, LG, Revolut and Rapha. Blond are working on designs for dedicated DADI nodes. Think smart speakers and smart fridges (as one of the devs commented: DADI Cool) as well as other devices. One potential use case would be nodes that do not require staking, but would offset their own carbon emissions (more info to come on this). The founding node design: DADI x blond - Founding Node Verasity DADI have integrated Verasity’s VeraPlayer with the DADI network. Verasity’s video toolkit (vDaf) allows existing online video services to access the benefits of blockchain technology. DADI and Verasity in Times Sq. London Block Exchange (LBX) London Block Exchange (LBX) will be providing a fiat on/off ramp for customers of the DADI network and DADI making available its dApps including API, Web and CDN for use on the LBX ICO website. During its upcoming ICO in August, LBX will also make use of three key dApps from within the DADI marketplace — DADI API, DADI Weband DADI CDN. These applications will deliver optimal performance during the LBX ICO, plus the company is exploring the use of DADI technology for its exchange environments. This will also include a DADI-GBP pairing for the folks in the UK.
Will DADI move to its own blockchain? There are no plans to do this. There is also no mainnet swap. Can I keep DADI Tokens on my Ledger or Trezor? Yes, DADI is an ERC-20 token which can integrate with MEW. What is the utility of the DADI token? The DADI token is used by the consumers of the DADI web services to pay for requests on the network, regardless of whether they pay in another form of currency. How does the Fiat on-ramp work? What is the Fiat on-ramp? Individuals and businesses can pay for DADI services using fiat if they want to. This does not change the fact that our services are paid for in DADI: it simply means that there there will be a small real-time exchange in place on dadi.cloud, removing the barrier to entry that a purely crypto based payments solution would pose. It's no different in concept to a business heading to OKEx, buying tokens and then paying in DADI, other than it is faster and that it provides the experience that the majority of our potential consumer base expects at this point in time. Of course you will be able to buy our services in Bitcoin, Ethereum, Nano and many other currencies besides. The amount of nodes compared to the amount of coins does not add up? As consumer demand for the technology increases, the size of the network will need to increase. To support growth in capacity the requirement of POS will be reduced. The token value is the second factor that will be monitored and factored in to POS requirements. Some nodes will be allowed a limited increase for proof of stake without allowing for centralisation. Can a Masternode be run on a VPS? While running within VPS will not give you the same performance as running on bare metal, it will still be possible, yes. As the ETH network is used for reputation management and accounting purposes we understand congestion is not a huge concern, but what point could it become a problem and what is the plan B? The level of congestion required for this be an issue is huge - existential threat to Ethereum level. DADI will monitor performance, but do not expect this to be an issue. If it ever was however, of course DADI would look to alternatives.
AMA – All those questions that have been asked, answered.
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