Exploring The Diversification Benefits With Bitcoin - Binance
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It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions. The goal is simply to have a thread we can link to anyone with questions on Grayscaleand its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread.My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers. Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect Everything below will be in reference to ETHE but will apply to GBTC as well.If those two segregate in any way, I will note that accordingly.
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF?
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed?
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created?
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor. Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”) Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product?
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Cash: The investor pays the subscription amount in cash and the Authorized Participant will use that cash to purchase ETH.
ETH: The investor transfers the ETH to the Authorized Participant, which will contribute the ETH in-kind to the Trust.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow?
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there. As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however. Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH?
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself. Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares?
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure?
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset. Source: ETHE’s informational page on Grayscale’s website - Located Here Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE?
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC. ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing?
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC. As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on. Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain?
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good. Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon. Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel?
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.) That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely. IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]…
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0?
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015. Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?”
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
Access to trading within a tax advantaged retirement account
Institutions can easily and safely get exposure to crypto in a more legal-friendly manner
Ease of use for those who are not very technologically savvy
Ease of access for someone who doesn’t want to set up a Coinbase account
Perceived trust in institutional platforms over something like Coinbase or Kraken
Degen traders who just want access to the volatility ETHE provides that have no interest in crypto beyond that
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance. As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium?
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
ETHE is NOT redeeming shares and as such doesn’t have an effective arbitrage mechanism
ETHE has a 1 year wait to be sold on the secondary market, again negating the ability to effectively arbitrage the premium
People may simply be willing to pay a premium for the benefits stated above.
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:
ETHE hasn’t been around as long, so there is less secondary market supply to go around
ETHE was listed at an insanely high premium to begin with
ETHE might simply be more popular at the moment
Could just be sheer stupidity (investors think ETHE is a 1:1 ratio not 1:11)
Are there any other differences between ETHE and GBTC?
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc?
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing. For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH?
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund. In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale?
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know. Per user Over-analyser (in comments below):
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE?
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.
Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?
These crypto lending & borrowing services found early traction. Are they capable of bundling more financial services and winning the broader consumer finance market? https://reddit.com/link/icps9l/video/98kl1y596zh51/player This is the third part ofCrypto Banking Wars— a new series that examines what crypto-native company is most likely to become thebank of the future. Who is best positioned toreach mainstream adoptionin consumer finance? While crypto allows the world to get rid of banks, a bank will still very much be necessary for this verypowerfultechnology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe a crypto-native company will ultimately become the bank of the future. We’re confident Genesis Block will have a seat at that table, but we aren’t the only game in town. In the first post of this series, we did an analysis of big crypto exchanges like Coinbase & Binance. In our second episode, we looked at the world of non-custodial wallets. Today we’re analyzing crypto lending & borrowing services. The Earn and Borrow use-case covers a lot of what traditional banks deliver today. This category of companies is a threat worth analyzing. As we look at this market, we’ll mostly be focused on custodial, centralized products like BlockFi, Nexo, and Celsius. Many of these companies found early traction among crypto users. Are they capable of bundling more financial services and winning the broader consumer finance market? Let’s find out.
Because speculation and trading remains one of the most popular use-cases of crypto, a new crypto sub-industry around credit has emerged. Much of the borrowing demand has been driven by institutional needs. For example, a Bitcoin mining company might need to borrow fiat to pay for operational costs (salaries, electricity). Or a crypto company might need to borrow USD to pay for engineering salaries. Or a crypto hedge fund needs to borrow for leverage or to take a specific market position. While all of these companies have sufficient crypto to cover the costs, they might not want to sell it — either for tax or speculative reasons (they may believe these crypto assets will appreciate, as with most in the industry). Instead of selling their crypto, these companies can use their crypto as collateral for loans. For example, they can provide $1.5M in Bitcoin as collateral, and borrow $1M. Given the collateralization happening, the underwriting process becomes straightforward. Companies all around the world can participate — language and cultural barriers are removed. https://preview.redd.it/z9pby83d6zh51.png?width=600&format=png&auto=webp&s=54bf425215c3ed6d5ff0ca7dbe571e735b994613 The leader (and one of our partners) in this space is Genesis Capital. While they are always the counterparty for both lenders and borrowers, they are effectively a broker. They are at the center of the institutional crypto lending & borrowing markets. Their total active loans as of March 2020 was $649M. That number shot up to $1.42B in active loans as of June 2020. The growth of this entire market segment is impressive and it’s what is driving this opportunity for consumers downstream.
While most of the borrowing demand comes from institutional players, there is a growing desire from consumers to participate on the lend/supply side of the market. Crypto consumers would love to be able to deposit their assets with a service and watch it grow. Why let crypto assets sit on an exchange or in cold storage when it can be earning interest? A number of consumer-facing products have emerged in the last few years to make this happen. While they also allow users to borrow (always with collateral), most of the consumer attraction is around growing their crypto, even while they sleep. Earning interest. These products usually partner with institutional players like Genesis Capital to match the deposits with borrowing demand. And it’s exactly part of our strategy as well, beyond leveraging DeFi (decentralized finance protocols). A few of the most popular consumer services in this category include BlockFi, Nexo, and Celsius. https://preview.redd.it/vptig5mg6zh51.png?width=1051&format=png&auto=webp&s=b5fdc241cb9b6f5b495173667619f8d2c93371ca
BlockFi (Crunchbase) is the leader in this category (at least in the West). They are well-capitalized. In August 2019, they raised $18.3M in their Series A. In Feb 2020, they raised $30M in their Series B. In that same time period, they went from $250M in assets under management to $650M. In a recent blog post, they announced that they saw a 100% revenue increase in Q2 and that they were on track to do $50M in revenue this year. Their growth is impressive. BlockFi did not do an ICO, unlike Celsius, Nexo, Salt, and Cred. BlockFi has a lot of institutional backing so it is perceived as the most reputable in the space. BlockFi started with borrowing — allowing users to leverage their crypto as collateral and taking out a loan against it. They later got into Earning — allowing users to deposit assets and earn interest on it. They recently expanded their service to “exchange” functionality and say they are coming out with a credit card later this year. https://preview.redd.it/byv2tbui6zh51.png?width=800&format=png&auto=webp&s=bac080dcfc85e89574c30dfb396db0b537d46706 Security Woes It’s incredible that BlockFi has been able to see such strong growth despite their numerous product and security woes. A few months ago, their systems were compromised. A hacker was able to access confidential data, such as names, dates of birth, postal addresses, and activity histories. While no funds were lost, this was a massive embarrassment and caused reputational damage. https://preview.redd.it/lwmxbz5l6zh51.png?width=606&format=png&auto=webp&s=ebd8e6e5c31c56da055824254b35b218b49f80e0 Unrelated to that massive security breach and earlier in the year, a user discovered a major bug that allowed him to send the same funds to himself over and over again, ultimately accumulating more than a million dollars in his BlockFi account. BlockFi fortunately caught him just before withdrawal. Poor Product Execution Beyond their poor security — which they are now trying to get serious about — their products are notoriously buggy and hard-to-use. I borrowed from them a year ago and used their interest account product until very recently. I have first-hand experience of how painful it is. But don’t take my word for it… here are just a few tweets from customers just recently. https://preview.redd.it/wcqu3icn6zh51.png?width=1055&format=png&auto=webp&s=870e2f06a6ec377a87e5d6d1f24579a901de66b5 For a while, their interest-earning product had a completely different authentication system than their loan product (users had two sets of usernames/passwords). Many people have had issues with withdrawals. The app is constantly logging people out, blank screens, ugly error messages. Emails with verification codes are sometimes delayed by hours (or days). I do wonder if their entire app has been outsourced. The sloppiness shines through. Not only is their product buggy and UX confusing, but their branding & design is quite weak. To the left is a t-shirt they once sent me. It looks like they just found a bunch of quirky fonts, added their name, and slapped it on a t-shirt. https://preview.redd.it/mi6yeppp6zh51.png?width=600&format=png&auto=webp&s=fd4cd8201ad0d5bc667498096388377895b72953 Culture To the innocent bystander, many of these issues seem totally fixable. They could hire an amazing design agency to completely revamp their product or brand. They could hire a mercenary group of engineers to fix their bugs, etc. While it could stop the bleeding for a time, it may not solve the underlying issues. Years of sloppy product execution represents something much more destructive. It represents a top-down mentality that shipping anything other than excellence is okay: product experience doesn’t matter; design doesn’t matter; craftsmanship doesn’t matter; strong execution doesn’t matter; precision doesn’t matter. That’s very different from our culture at Genesis Block. This cancerous mentality rarely stays contained within product & engineering — this leaks to all parts of the organization. No design agency or consulting firm will fix some of the pernicious values of a company’s soul. These are deeper issues that only leadership can course-correct. If BlockFi’s sloppiness were due to constant experimentation, iteration, shipping, or some “move fast and break things” hacker culture… like Binance… I would probably cut them more slack. But there is zero evidence of that. “Move fast and break things” is always scary when dealing with financial products. But in BlockFi’s case, when it’s more like “move slow and break things,” they are really playing with fire. Next time a massive security breach occurs, like what happened earlier this year, they may not be so lucky. Institutional Focus Based on who is on their team, their poor product execution shouldn’t be a surprise. Their team comes mostly from Wall Street, not the blockchain community (where our roots are). Most of BlockFi’s blockchain/crypto integration is very superficial. They take crypto assets as deposits, but they aren’t leveraging any of the exciting, low-level DeFi protocols like we are. While their Wall Street heritage isn’t doing them any favors on the product/tech side, it’s served them very well on winning institutional clients. This is perhaps their greatest strength. BlockFi has a strong institutional business. They recently brought on Three Arrows Capital as a strategic investor — a crypto hedge fund who does a lot of borrowing. In that announcement, BlockFi’s founder said that bringing them on “aligns well with our focus on international expansion of our institutional services offering.” They also recently brought someone on who will lead business development in Asia among institutional clients. BlockFi Wrap Up There are certainly BlockFi features that overlap with Genesis Block’s offering. It’s possible that they are angling to become the bank of the future. However, they simply have not proven they are capable of designing, building, and launching world-class consumer products. They’ve constantly had issues around security and poor product execution. Their company account and their founder’s account seem to onlytweetaboutBitcoin. I don’t think they understand, appreciate, or value the power of DeFi. It’s unlikely they’ll be leveraging it any time soon. All of these reasons are why I don’t see them as a serious threat to Genesis Block. However, because of their strong institutional offering, I hope that Genesis Block will ultimately have a very collaborative and productive partnership with them. Assuming they figure out their security woes, we could park some of our funds with BlockFi (just as we will with Genesis Capital and others). I think what’s likely to happen is that we’ll corner the consumer market and we’ll work closely with BlockFi on the institutional side. I’ve been hard on BlockFi because I care. I think they have a great opportunity at helping elevate the entire industry in a positive way. But they have a lot of issues they need to work through. I really don’t want to see users lose millions of dollars in a security breach. It could set back the entire industry. But if they do things well… a rising tide lifts all boats.
While many companies in this category seem to be slowly adding more financial services, I don’t believe any of them are focused on the broader consumer market like we are. To use services like BlockFi, Nexo, or Celsius, users need to be onboarded and educated on how crypto works. At Genesis Block, we don’t believe that’s the winning approach. We think blockchain complexity should be abstracted away from the end-user. We did an entire series about this, Spreading Crypto. For many of these services, there is additional friction due to ICO tokens that are forcefully integrated into the product (see NEXO token or CEL Token). None of these services have true banking functionality or integration with traditional finance —for example, easy offramp or spending methods like debit cards. None of them are taking DeFi seriously — they are leveraging crypto for only the asset class, not the underlying technology around financial protocols. So are these companies potential competitors to Genesis Block? For the crypto crowd, yes. For the mass market, no. None of these companies are capable of reaching the billions of people around the world that we hope to reach at Genesis Block. ------ Other Ways to Consume Today's Episode:
Create a high-quality infographic that illustrates the genesis of our platform, the working tech that has been created and how Komodo has been built differently, and deliberately, from the very beginning to ensure security, scalability and interoperability. This is why we refer to the architecture, because Komodo was designed to overcome common problems like congestion, governance and attacks that other platforms did not foresee or prevent, from the beginning. This is Komodo DNA.
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Contest Timeline Guide (these dates indicative and are subject to change).
7th September. Announcement. If you're reading this on Reddit before the big announcement then well done! You have two extra days before this is announced on Friday.
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15th October. Winners Declared. The final decision by judges. Votes and community feedback counts towards judging but do not have final say.
Interim KMD Colour Palette If you’ve not been included in the first round it’s because the submission hadn’t been made when the team reviewed. Don’t worry though because we’re organising hangouts and further feedback to help.
#001Infographic Link//Reddit Post Link by thesudio. There’s a lot of good points made, however, these would work better if there is a clear narrative and flow to the information being presented. Otherwise, it can be overwhelming and confusing to the reader. The #1 objective is to visually depict the architecture story and how KMD is redefining blockchain platform architecture.
#002Infographic Link//Reddit Post Link by thesudio. We like that there is a clear structure and clear messaging aligned to each of the 5 pillars. However, the infographic should be focused on telling the architecture story vs the pillars.
#003Infographic Link//Reddit Post Link by VolsenVols. Love how you’ve incorporated our existing graphic design elements into the infographic. This is heading in the right direction and the level of copy and content are well balanced. It would be nice to align this closer to the architecture story and to expand on the different layers of our technology using the same style.
#004Infographic Link//Reddit Post Link by dexter_laabo. Needs to tell the architecture story. This looks more like it took information from our current website. “Anonymous” is not a key aspect of our technology that we’re focusing on.
#005Infographic Link//Reddit Post Link by savandra. The visuals are strong but the narrative could be stronger. It would be nice to align this closer to the architecture story and to expand on the different layers of our technology using the same style.
#007Infographic Link//Reddit Post Link by cryptol1. Doesn’t depict the architecture narrative. Inaccurately describes cross-chain tech as “proprietary”. Simplification has the wrong messaging associated, should be white-label focused. This is considered more of a graphics versus an infographic. Needs to be more comprehensive.
#008Infographic Link//Reddit Post Link by pacosenda. We like the unique design style and approach taken. Doesn’t follow the architecture narrative. Should be expanded out as it is a bit short on content with no clear flow or narrative.
#009Infographic Link//Reddit Post Link by jeanetteLine. Great level of detail and thought on the layout and content. Doesn’t, however, cover the architecture story. Would be preferred if the design direction reflects interim colour and style vs. legacy KMD. The roadmap should be avoided. Looks like they borrowed more from the website than the guidelines.
#010Infographic Link//Reddit Post Link by Meyse. Very creative way to explain and layout the content. This could be expanded out more to encompass the entire architecture story. Cross-chain verifications/smart contracts, blockchain bridging need to be incorporated in.
#014Infographic Link//Reddit Post Link by Limiter02. Good thought has gone into the copy, however, there’s way too much of it. Would prefer stronger visuals and utilizing a more visual storytelling approach. Doesn’t follow the architecture story. Remove the lizard.
#015Infographic Link//Reddit Post Link by piptothemoon. Great thought into visually representing key points. Needs to be expanded out to incorporate the architecture story, but this is heading in the right direction from a visual storytelling POV.
#016Infographic Link//Reddit Post Link by thecryptofoundation. Love the timeline approach, and mostly followed the guidelines and architecture story. Also, like the incorporation of accomplishments at the end. Would like to get the stock imagery used to reflect our interim colour palette. Not all visuals match what is being represented in the copy.
#017Infographic Link//Reddit Post Link by jsteneros. As discussed in the Zoom call, this graphic is really solid but a little heavy on the copy. Would be good to see more visualizations of the info. This graphic hits on some of the important messages (e.g. Komodo is built differently from other blockchain platforms and solves many of the issues that first-gen platforms are struggling with) but it would be great if there was more information about Komodo’s architecture and how Komodo is different from other platforms.
#018Infographic Link//Reddit Post Link by gravigocrypto. This one was also discussed in the Zoom call. Outstanding visuals and overall design. The info follows the architecture story well but could be stronger if the 3 layers of Komodo’s architecture were tied together into one, coherent visual. It’s a challenging task but that’s part of the contest : )
#019Infographic Link//Reddit Post Link by PacoSenda. This is a really creative infographic, which is great! However, we’d really like to see the visuals a bit more in line with fonts and color palette described above in the “First Round of Feedback” section. Also, as with the feedback for many of the infographic submissions, sticking to the Komodo architecture story would be best.
#020Infographic Link//Reddit Post Link by emmanmalaman. The visuals are pretty cool but this one misses most of our core messaging. It would be much stronger if it followed the architecture story and touched on the info provided in this post. There’s definitely potential here but it needs some work.
#021Infographic Link//Reddit Post Link by immimidada. The colors and visuals here are spot-on. It’s also really great that it sets up the problem and then presents the Komodo solution. However, the problem and solution aren’t defined exactly the way we’d like. Check out the architecture narrative to learn more, and try to follow that story a bit more closely.
#022Infographic Link//Reddit Post Link by mohitgfx3. This one is a bit heavy on the KMD logos. We’re really hoping to see a visualization of Komodo’s infrastructure architecture. As with the feedback for many of the infographics, it would be best to re-read Komodo’s architecture story and try to stick to that as much as possible. Using images from the current website is also not a great approach, as we’re preparing to launch a new site in the coming months.
#023Infographic Link//Reddit Post Link by u/sayonara_girl. Some of the visuals are cool! It’s missing the narrative we’re looking for. In general, less copy and more visual storytelling would improve this graphic a lot. We’d like to see a smooth, linear flow of information. Take another look at the architecture story and try to follow that narrative.
#024Infographic Link//Reddit Post Link by brunopugens. This one follows the narrative well! But it’s a little heavy on the copy. It would be much stronger if the architecture was displayed visually, rather than explained with text. Also, the design is cool but it’s difficult to read b/c the perspective of the text is skewed. It’s a really cool idea but might be better to put the text flat for the sake of readability and clarity.
We hosted a round of live feedback sessions via Zoom. The recording is here:
The first block in the KMD blockchain was mined just under two years ago, on September 13, 2016 to 9:04 PM. Since then, Komodo has demonstrated a commitment to innovation and established a history of execution.
Cryptomiso.com is a website that ranks 866 different blockchain projects according to the Github commit history of that project’s most popular repo. Komodo is ranked #1 overall for Github commits over the last 12 months.
China's Ministry Research Initiative regularly ranks Komodo in the top 10.
With the large number of new readers coming to this sub we need to make information easy to access so those readers can make informed decisions. We all know there is an unusually large amount of Fear, Uncertainty and Doubt (FUD) surrounding EOS. Frankly, when clear evidence is provided it’s not that difficult to see EOS for the extremely valuable project it is. This post hopes to begin to put an end to all the misinformation by doing the following:
Giving a clear and concise answer to the most frequently asked questions in regards to EOS.
Giving a more in-depth answer for those who want to read more.
Allowing readers to make informed decisions by making credible information easy to access.
As EOS climbs the ranks we need to recognise there are going to be a lot of skeptical readers coming over and posting their questions. Sometimes they will be irrational, hostile and often just looking for a reaction. We should make it our responsibility to welcome everyone and refrain from responding emotionally to provocative posts, instead providing factual and rational answers. I will add to this post as and when I can, if you have any ideas or spot any mistakes let me know and I'll get them fixed ASAP. Im planning to add a bit on the team, centralisation and DPOS, governance and EOS VC shortly but please let me hear your suggestions!
1. How do you registeclaim your EOS tokens before June 2018?
Select Metamask, MyEtherWallet, or Ethereum Wallet
Follow the guide.
Remember that the reason you need to register your Ethereum ERC-20 address is to include your EOS tokens in order for the balance of your EOS Tokens to be included in the Snapshot if a Snapshot is created, you must register your Ethereum address with an EOS public key. The EOS snapshot will take place prior to the 1 June 2018. After this point your ERC-20 EOS tokens will be frozen. And you will be issued EOS tokens on the EOS blockchain.
So PLEASE REGISTER your Ethereum address NOW, don't forget about it, or plan on doing it some time in the near future.
There are a lot of submissions about this in /eos, so rather than making a new one please reply to this thread with any questions you may have. Don't forget to join the EOS mailing list: https://eos.io/#subscribe and join the EOS community on your platform(s) of choice: Telegram, Discord and/or Facebook. And remember, if anyone instructs you to transfer ETH to an EOS contract address that doesn't match the address found on https://eos.io you are being scammed.
2. How will the token the ERC-20 EOS tokens be transferred to the native blockchain?
There isn't one! Read the long answer then read it again, registering your Ethereum wallet is mandatory!
Within 23 hours after the end of the final period on June 1, 2018 at 22:59:59 UTC, all EOS Tokens will become fixed (ie. frozen) and will become non-transferrable on the Ethereum blockchain. In order to ensure your tokens are transferred over to the native blockchain you must register your Ethereum address with an EOS public key, if you do not you will lose all your tokens! I am not going to link any tutorials as there are many that can be found by searching Google and YouTube. block.one is helping with the development of snapshot software that can be used to capture the EOS token balance and registered EOS public key of wallets on the Ethereum blockchain. It is then down to the community to create the snapshot. This snapshot can be used when generating a genesis block for a blockchain implementing eos.io software. block.one will not be launching EOS blockchains or operating any of their nodes.
Exchange Support Some exchanges have announced that they will support the token swap. Although using this method will undoubtedly be much simpler than registering the tokens yourself it also comes with its pitfalls.
It is highly likely there are going to be multiple networks running on the eos.io software that use the snapshot. It is highly unlikely that exchanges will support them all.
It is highly likely that exchanges will not support airdrops that use the snapshot.
Exchanges that have announced support for the token swap include:
EOS.IO software is aiming to provide a decentralized operating system which can support thousands of industrial scale DApps by enabling vertical and horizontal scaling.
EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.
CEO Brendan Blumer - Founder of ii5 (1group) and okay.com. He has been in the blockchain industry since 2014 and started selling virtual assets at the age of 15. Brenden can be found on the Forbes Cypto Rich List. Brendan can be found on Twitter.
CTO Dan Larimer - Dan's the visionary industry leader who built BitShares, Graphene and Steemit as well as the increasingly popular Proof of Stake Governance and Decentralised Autonomous Organization Concept. He states his mission in life is “to find free market solutions to secure life, liberty, and property for all.”. Dan can also be found on the Forbes Cypto Rich List. Dan can be found on Twitter and Medium.
Partner Ian Grigg - Financial cryptographer who's been building cryptographic ledger platforms for 2+ decades. Inventor of the Ricardian Contract and Triple-Entry Accounting.
6. Which consensus mechanism does EOS use and what are Block Producers?
Delegated Proof of Stake (DPOS) with Byzantine Fault Tolerance. Block Producers (BPs) produce the blocks of the blockchain and are elected by token holders that vote for them. BPs will earn block rewards for their service, these block rewards come in the form of EOS tokens produced by token inflation.
“EOS.IO software utilizes the only known decentralized consensus algorithm proven capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). Under this algorithm, those who hold tokens on a blockchain adopting the EOS.IO software may select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them. The EOS.IO software enables blocks to be produced exactly every 0.5 second and exactly one producer is authorized to produce a block at any given point in time. If the block is not produced at the scheduled time, then the block for that time slot is skipped. When one or more blocks are skipped, there is a 0.5 or more second gap in the blockchain. Using the EOS.IO software, blocks are produced in rounds of 126 (6 blocks each, times 21 producers). At the start of each round 21 unique block producers are chosen by preference of votes cast by token holders. The selected producers are scheduled in an order agreed upon by 15 or more producers. Byzantine Fault Tolerance is added to traditional DPOS by allowing all producers to sign all blocks so long as no producer signs two blocks with the same timestamp or the same block height. Once 15 producers have signed a block the block is deemed irreversible. Any byzantine producer would have to generate cryptographic evidence of their treason by signing two blocks with the same timestamp or blockheight. Under this model a irreversible consensus should be reachable within 1 second."
7. How does the voting process work?
The voting process will begin once the Block Producer community releases a joint statement ensuring that it is safe to import private keys and vote. Broadly speaking there will be two methods of voting:
Command Line Interface (CLI) tools
EOS Canada has created eosc, a CLI tool that supports Block Producer voting. Other Block Producer candidates such as LibertyBlock are a releasing web portal that will be ready for main net launch. There will be many more options over the coming weeks, please make sure you are always using a service from a trusted entity. Remember: Do not import your private key until you have seen a joint statement released from at least five Block Producers that you trust which states when it is safe to do so. Ignoring this warning could result in tokens lost.
8. What makes EOS a good investment?
Team - EOS is spearheaded by the visionary that brought us the hugely successful Bitshares and Steem - arguably with two projects already under his belt there is no one more accomplished in the space.
Funding - EOS is one of the best funded projects in the space. The block.one team has committed $1B to investing in funds that grow the EOS echo system. EOS VC funds are managed by venture leaders distributed around the world to insure founders in all markets have the ability to work directly with local investors. Incentives such as the EOS hackathon are also in place with $1,500,000 USD in Prizes Across 4 Events.
Community Focus - The team is aware that the a projects success depends almost entirely on its adoption. For this reason there has been a huge push to develop a strong world wide community. There is already a surplus number of block producers that have registered their interest and started to ready themselves for the launch and incentives the EOS hackathon are being used to grow the community. A index of projects using EOS can be found at https://eosindex.io/posts.
Technical Advantages - See point 9!
9. What are the unique selling points of EOS?
Potential to scale to millions of transactions per second
This depends entirely on your definition of working product. If a fully featured developer release meets your definition then yes!. Otherwise the public release will be June 2018.
EOS differs from other projects in that it aims to deliver a fully featured version of the software on launch. The Dawn 3.0 RC1 feature complete pre-release became available on April 5th. This version has all the features of the final release that is due June 2018. Further development will involve preparing the final system contract which implements all of the staking, voting, and governance mechanics. The common notion that there is no viewable code published is wrong and the initial Dawn 1.0 release has been available from September 14th 2017.
11. EOS is an ERC-20 token, how can it possibly be a competitor to other platforms?
The ERC-20 token is used only for raising funds during the token distribution; all tokens will be transferred to the native blockchain once launched.
EOS team has clearly stated their reason for choosing the Ethereum network when they described the rationale behind the ICO model. Specifically, the ICO should be a fair and auditable process, with as little trust required as possible. If you believe that an ICO should be fair, auditable, and trustless, you have no choice but to use a decentralized smart contract blockchain to run the ICO, the largest, and by-far most popular of which is Ethereum. Since EOS is intended to be a major competitor for Ethereum, some have seen this as a hypocritical choice. - Stolen from trogdor on Steam (I couldn’t word it any better myself).
12. Why do the eos.io T&C’s say the ERC-20 token has no value?
The EOS T&C’s famously state:
"The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform."
This is legal wording to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Most notably Tezos (links below).
This all comes down to legal issues. Anyone who’s been into crypto for 5 minuets knows that government bodies such as the Securities and Exchange Commission (SEC) are now paying attention to crypto in a big way. This legal wording is to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Many token creators that launched ICOs are now in deep water for selling unregistered securities.
A filing from the Tezos lawsuit:
"In sum, Defendants capitalized on the recent enthusiasm for blockchain technology and cryptocurrencies to raise funds through the ICO, illegally sold unqualified and unregistered securities, used a Swiss-based entity in an unsuccessful attempt to evade U.S. securities laws, and are now admittedly engaged in the conversion, selling, and possible dissipation of the proceeds that they collected from the Class through their unregistered offering."
To ensure EOS tokens are not classed as a unregistered security block.one has made it clear that they are creating the EOS software only and won’t launching a public blockchain themselves. This task is left down to the community, or more precisely, the Block Producers (BPs). The following disclaimer is seen after posts from block.one:
"block.one is a software company and is producing the EOS.IO software as free, open source software. This software may enable those who deploy it to launch a blockchain or decentralized applications with the features described above. block.one will not be launching a public blockchain based on the EOS.IO software. It will be the sole responsibility of third parties and the community and those who wish to become block producers to implement the features and/or provide the services described above as they see fit. block.one does not guarantee that anyone will implement such features or provide such services or that the EOS.IO software will be adopted and deployed in any way.”
It is expected that many blockchains using eos.io software will emerge. To ensure DAPPs are created on an ecosystem that aligns with the interests of block.one a $1bn fund will be has been created to incentivise projects to use this blockchain.
“A lot of token distributions only allow a small amount of people to participate. The EOS Token distribution structure was created to provide a sufficient period of time for people to participate if they so choose, as well as give people the opportunity to see the development of the EOS.IO Software prior to making a decision to purchase EOS Tokens.”
It is also worth noting that block.one had no knowledge how much the the token distribution would raise as it is determined by the free market and the length of the token distribution is coded into the Ethereum smart contract, which cannot be changed.
14. Where is the money going from the token distribution?
Funding for the project was raised before EOS was announced, the additional money raised from the token distribution is largely going to fund projects on EOS.
A large portion of the money raised is getting put back into the community to incentivise projects using eos.io software. block.one raised all the money they needed to develop the software before the ERC-20 tokens went on sale. There are some conspiracies that block.one are pumping the price of EOS using the funds raised. The good thing about blockchain is you can trace all the transactions, which show nothing of the sort. Not only this but the EOS team are going to have an independent audit after the funding is complete for piece of mind.
From eos.io FAQ:
“block.one intends to engage an independent third party auditor who will release an independent audit report providing further assurances that block.one has not purchased EOS Tokens during the EOS Token distribution period or traded EOS Tokens (including using proceeds from the EOS Token distribution for these purposes). This report will be made available to the public on the eos.io website.”
A more complete list of EOS projects can be found at eosindex.io.
16. Dan left his previous projects, will he leave EOS?
When EOS has been created Dan will move onto creating projects for EOS with block.one.
When a blockchain project has gained momentum and a strong community has formed the project takes on a life of its own and the communities often have ideas that differ from the creators. As we have seen with the Bitcoin and Ethereum hark forks you cant pivot a community too much in a different direction, especially if its changing the fundamentals of the blockchain. Instead of acting like a tyrant Dan has let the communities do what they want and gone a different way. Both the Bitshares and Steem were left in a great position and with Dans help turned out to be two of the most successful blockchain projects to date. Some would argue the most successful projects that are actually useable and have a real use case. What Dan does best is build the architecture and show whats possible. Anyone can then go on to do the upgrades. He is creating EOS to build his future projects upon it. He has stated he loves working at block.one with Brendan and the team and there is far too much momentum behind EOS for him to possibly leave.
No one could have better knowledge on this subject than our Block Producer candidates, I have chosen to look to EOS New York for this answer:
"DDoS'ing a block producing is not as simple as knowing their IP address and hitting "go". We have distributed systems engineers in each of our candidate groups that have worked to defend DDoS systems in their careers. Infrastructure can be built in a way to minimize the exposure of the Block Producing node itself and to prevent a DDoS attack. We haven't published our full architecture yet but let's take a look at fellow candidate EOSphere to see what we mean. As for the launch of the network, we are assuming there will be attacks on the network as we launch. It is being built into the network launch plans. I will reach out to our engineers to get a more detailed answer for you. What also must be considered is that there will be 121 total producing and non-producing nodes on the network. To DDoS all 121 which are located all around the world with different security configurations at the exact same time would be a monumental achievement."
18. If block producers can alter code how do we know they will not do so maliciously?
Block producers are voted in by stake holders.
Changes to the protocol, constitution or other updates are proposed to the community by block producers.
Changes takes 2 to 3 months due to the fact block producers must maintain 15/21 approval for a set amount of time while for changes to be processed.
To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation.
For this question we must understand the following.
Governance and why it is used.
The process of upgrading the protocol, constitution & other updates.
Dan’s view on open-entry systems built around anonymous participation.
Governance Cryptography can only be used to prove logical consistency. It cannot be used to make subjective judgment calls, determine right or wrong, or even identify truth or falsehood (outside of consistency). We need humans to perform these tasks and therefore we need governance! Governance is the process by which people in a community:
Reach consensus on subjective matters of collective action that cannot be captured entirely by software algorithms;
Carry out the decisions they reach; and
Alter the governance rules themselves via Constitutional amendments.
Embedded into the EOS.IO software is the election of block producers. Before any change can be made to the blockchain these block producers must approve it. If the block producers refuse to make changes desired by the token holders then they can be voted out. If the block producers make changes without permission of the token holders then all other non-producing full-node validators (exchanges, etc) will reject the change.
Upgrade process The EOS.IO software defines the following process by which the protocol, as defined by the canonical source code and its constitution, can be updated:
Block producers propose a change to the constitution and obtains 15/21 approval.
Block producers maintain 15/21 approval of the new constitution for 30 consecutive days.
All users are required to indicate acceptance of the new constitution as a condition of future transactions being processed.
Block producers adopt changes to the source code to reflect the change in the constitution and propose it to the blockchain using the hash of the new constitution.
Block producers maintain 15/21 approval of the new code for 30 consecutive days.
Changes to the code take effect 7 days later, giving all non-producing full nodes 1 week to upgrade after ratification of the source code.
All nodes that do not upgrade to the new code shut down automatically.
By default, configuration of the EOS.IO software, the process of updating the blockchain to add new features takes 2 to 3 months, while updates to fix non-critical bugs that do not require changes to the constitution can take 1 to 2 months.
Open-entry systems built around anonymous participation To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation. Dan's quote:
"The only way to maintain the integrity of a community is for the community to have control over its own composition. This means that open-entry systems built around anonymous participation will have no means expelling bad actors and will eventually succumb to profit-driven corruption. You cannot use stake as a proxy for goodness whether that stake is held in a bond or a shareholder’s vote. Goodness is subjective and it is up to each community to define what values they hold as good and to actively expel people they hold has bad. The community I want to participate in will expel the rent-seeking vote-buyers and reward those who use their elected broadcasting power for the benefit of all community members rather than special interest groups (such as vote-buyers). I have faith that such a community will be far more competitive in a market competition for mindshare than one that elects vote buyers."
19. What is the most secure way to generate EOS key pairs?
Block producer candidates EOS Cafe and EOS New York have come forward to help the community with this topic. The block producer candidate eosnewyork has kindly posted a tutorial on steemit detailing the steps that need to be taken to generate key pairs using the official code on the EOS.IO Github. The block producer candidate eoscafe has gone a step further and released an Offline EOS Key Generator application complete with GUI for Windows, Linux & Mac. Not only can this application generate key pairs but it can also validate key pairs and resolve public keys from private keys. This application has also been vouched for by EOS New York
Playing with fire with FinCen and SEC, Binance may face a hefty penalty again after already losing 50 percent of its trading business
The first iteration of the block reward scheme was announced in the previous weekly update. An immediate concern raised from the community was that the emission was too aggressive in the initial year and rewards dropped off fast beyond the 5 year mark. Taking Bitcoin’s emission as an example, the emission curve has been updated to target 2% emission after 10 years. !(https://miro.medium.com/max/2384/1*gqBLvJOl2G4n3IHW1rViKg.png) The Block Reward equation is given by the following recurrence equation: g(n+2) = ((R - (g(n+1) + g(n))) / x) / y Which evaluates to: !(https://miro.medium.com/max/1624/1*ttpsRd7HUs2-7hvDGO6elg.png) where: R = Reserve, x = 6 (Arbitrary Emission Factor) y = (seconds per day / seconds per block) / days per year y = (86400 / 5) * 365.2425 The final curve thus has a Day 0 emission of 25%, Year 1 emission of 20% and Year 10 emission of 2%.
The original plan for BEPSwap (prior to the Yggdrasil liquidity breakthrough) was to have it as a separate mainnet before launching the real THORChain in 2020 with cross-chain support. Now THORChain has in-built cross-chain support and a clear roadmap to 99 nodes. This means the mainnet launch will have public, community-run nodes at the start. The community has been fielding many questions about how to run a node, and the mechanics in doing so. Since the THORChain team will not be running any nodes, it is necessary to have a full-rehearsal with the community at launch. As such, the plan is for a public ChaosNet on 03 January 2020. ChaosNet will have the following key differences: * Minimum bond of 100k RUNE. * Maximum of 12 Nodes. * Churn cycle of 1 day. * Maximum stake amount of 600k RUNE total. * 2.7m RUNE Protocol Reserve to emit Bond and Stake rewards. * Hard-coded Ragnorök at 6 weeks. Any member who wishes to join ChaosNet to get accustomed to running a node can do so, and will receive Block Rewards roughly equivalent to mainnet (25%). They will be setting up nodes, churning in, servicing the network and earning rewards. The system will hold up to 600k Rune, at which point it will refund any additional staked amount. The community can stake small amounts of real assets, prepare arbitrage bots, set up telegram alert bots and more. In short, it is a public rehearsal with the entire community across all facets (nodes, stakers, traders) so that everyone will have access to the same information and not unfairly benefit when the real mainnet launches. Additionally, the system will be hard-coded to perform a Ragnorök 6 weeks later, which will refund all the remaining reserve as well as bonded and staked assets. This will go a long way in re-assuring the community that the system can tolerate all levels of risk, including black-swan events, and that funds are safe at all times.
A new feature will be launched that will allow users to use internal arbitrage. This is an asymmetrical withdrawal to Rune, then immediately followed by a asymmetrical stake of Rune in another pool. A trader may want to do this instead of doing transactional arbitrage in order to exploit price differences between two pools the fastest way possible. Instead of an outgoing transaction being processed, followed by another incoming transaction, Rune balances and stakeUnits are swapped internally, being completed inside of a few seconds.
Fee-based Transaction Prioritisation
Currently there is no prioritisation to the order of transactions, all transactions are simply processed in order of time received. In moments of high demand of network resources (such as when there are large arbitrage opportunities and users are racing to exploit them), transactions will queue in the mempool. If the system cannot respond fast enough, then the reason for high demand will persist (the large arbitrage opportunity). The solution is to remove the reason for high demand in the first place, which is the large arbitrage opportunity, at the same time as collecting the maximum revenue for the system. As such, in the checkTx method (which can triage the mempool), transactions will be sorted and ordered in the value of the fee of the swap transaction. Assuming rational actors, the following transactions will then be prioritised over all others: * A transaction from an impatient swapper who is willing to pay a large fee. * A transaction from a trader who is able to arbitrage out a price discrepancy (and still make a gain). This then means the system can collect as much income as possible (good for the stakers) at the same time as prioritising transactions that can arbitrage out large price discrepancies quickly. This then means swaps from transient swappers will experience a market price that accurately matches the reference price at all times.
The team are working on 4 parallel streams of effort. Cross-chain infrastructure has now been merged into a single repo called “THORNode”. * THORChain * Midgard Public API * Threshold Signature Scheme implementation * Front-end Integration for BEPSwap
A Beginners Guide to Bitcoin, Blockchain & Cryptocurrency
As cryptocurrency, and blockchain technology become more abundant throughout our society, it’s important to understand the inner workings of this technology, especially if you plan to use cryptocurrency as an investment vehicle. If you’re new to the crypto-sphere, learning about Bitcoin makes it much easier to understand other cryptocurrencies as many other altcoins' technologies are borrowed directly from Bitcoin. Bitcoin is one of those things that you look into only to discover you have more questions than answers, and right as you’re starting to wrap your head around the technology; you discover the fact that Bitcoin has six other variants (forks), the amount of politics at hand, or that there are over a thousand different cryptocurrencies just as complex if not even more complex than Bitcoin. We are currently in the infancy of blockchain technology and the effects of this technology will be as profound as the internet. This isn’t something that’s just going to fade away into history as you may have been led to believe. I believe this is something that will become an integral part of our society, eventually embedded within our technology. If you’re a crypto-newbie, be glad that you're relatively early to the industry. I hope this post will put you on the fast-track to understanding Bitcoin, blockchain, and how a large percentage of cryptocurrencies work.
Altcoin: Short for alternative coin. There are over 1,000 different cryptocurrencies. You’re probably most familiar with Bitcoin. Anything that isn’t Bitcoin is generally referred to as an altcoin. HODL: Misspelling of hold. Dank meme accidentally started by this dude. Hodlers are much more interested in long term gains rather than playing the risky game of trying to time the market. TO THE MOON: When a cryptocurrency’s price rapidly increases. A major price spike of over 1,000% can look like it’s blasting off to the moon. Just be sure you’re wearing your seatbelt when it comes crashing down. FUD: Fear. Uncertainty. Doubt. FOMO: Fear of missing out. Bull Run: Financial term used to describe a rising market. Bear Run: Financial term used to describe a falling market.
What Is Bitcoin?
Bitcoin (BTC) is a decentralized digital currency that uses cryptography to secure and ensure validity of transactions within the network. Hence the term crypto-currency. Decentralization is a key aspect of Bitcoin. There is no CEO of Bitcoin or central authoritative government in control of the currency. The currency is ran and operated by the people, for the people. One of the main development teams behind Bitcoin is blockstream. Bitcoin is a product of blockchain technology. Blockchain is what allows for the security and decentralization of Bitcoin. To understand Bitcoin and other cryptocurrencies, you must understand to some degree, blockchain. This can get extremely technical the further down the rabbit hole you go, and because this is technically a beginners guide, I’m going to try and simplify to the best of my ability and provide resources for further technical reading.
A Brief History
Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto is unknown. The idea of Bitcoin was first introduced in 2008 when Nakamoto released the Bitcoin white paper - Bitcoin: A Peer-to-Peer Electronic Cash System. Later, in January 2009, Nakamoto announced the Bitcoin software and the Bitcoin network officially began. I should also mention that the smallest unit of a Bitcoin is called a Satoshi. 1 BTC = 100,000,000 Satoshis. When purchasing Bitcoin, you don’t actually need to purchase an entire coin. Bitcoin is divisible, so you can purchase any amount greater than 1 Satoshi (0.00000001 BTC).
What Is Blockchain?
Blockchain is a distributed ledger, a distributed collection of accounts. What is being accounted for depends on the use-case of the blockchain itself. In the case of Bitcoin, what is being accounted for is financial transactions. The first block in a blockchain is referred to as the genesis block. A block is an aggregate of data. Blocks are also discovered through a process known as mining (more on this later). Each block is cryptographically signed by the previous block in the chain and visualizing this would look something akin to a chain of blocks, hence the term, blockchain. For more information regarding blockchain I’ve provided more resouces below:
Bitcoin mining is one solution to the double spend problem. Bitcoin mining is how transactions are placed into blocks and added onto the blockchain. This is done to ensure proof of work, where computational power is staked in order to solve what is essentially a puzzle. If you solve the puzzle correctly, you are rewarded Bitcoin in the form of transaction fees, and the predetermined block reward. The Bitcoin given during a block reward is also the only way new Bitcoin can be introduced into the economy. With a halving event occurring roughly every 4 years, it is estimated that the last Bitcoin block will be mined in the year 2,140. (See What is Block Reward below for more info). Mining is one of those aspects of Bitcoin that can get extremely technical and more complicated the further down the rabbit hole you go. An entire website could be created (and many have) dedicated solely to information regarding Bitcoin mining. The small paragraph above is meant to briefly expose you to the function of mining and the role it plays within the ecosystem. It doesn’t even scratch the surface regarding the topic.
How do you Purchase Bitcoin?
The most popular way to purchase Bitcoin through is through an online exchange where you trade fiat (your national currency) for Bitcoin. Popular exchanges include:
There’s tons of different exchanges. Just make sure you find one that supports your national currency.
Bitcoin and cryptocurrencies are EXTREMELY volatile. Swings of 30% or more within a few days is not unheard of. Understand that there is always inherent risks with any investment. Cryptocurrencies especially. Only invest what you’re willing to lose.
Transaction & Network Fees
Transacting on the Bitcoin network is not free. Every purchase or transfer of Bitcoin will cost X amount of BTC depending on how congested the network is. These fees are given to miners as apart of the block reward. Late 2017 when Bitcoin got up to $20,000USD, the average network fee was ~$50. Currently, at the time of writing this, the average network fee is $1.46. This data is available in real-time on BitInfoCharts.
In this new era of money, there is no central bank or government you can go to in need of assistance. This means the responsibility of your money falls 100% into your hands. That being said, the security regarding your cryptocurrency should be impeccable. The anonymity provided by cryptocurrencies alone makes you a valuable target to hackers and scammers. Below I’ve detailed out best practices regarding securing your cryptocurrency.
Two-Factor Authentication (2FA)
Two-factor authentication is a second way of authenticating your identity upon signing in to an account. Most cryptocurrency related software/websites will offer or require some form of 2FA. Upon creation of any crypto-related account find the Security section and enable 2FA.
The most basic form of 2FA which you are probably most familiar with. This form of authentication sends a text message to your smartphone with a special code that will allow access to your account upon entry. Note that this is not the safest form of 2FA as you may still be vulnerable to what is known as a SIM swap attack. SIM swapping is a social engineering method in which an attacker will call up your phone carrier, impersonating you, in attempt to re-activate your SIM card on his/her device. Once the attacker has access to your SIM card he/she now has access to your text messages which can then be used to access your online accounts. You can prevent this by using an authenticator such as Google Authenticator.
The use of an authenticator is the safest form of 2FA. An authenticator is installed on a seperate device and enabling it requires you input an ever changing six digit code in order to access your account. I recommend using Google Authenticator. If a website has the option to enable an authenticator, it will give you a QR code and secret key. Use Google Authenticator to scan the QR code. The secret key consists of a random string of numbers and letters. Write this down on a seperate sheet of paper and do not store it on a digital device. Once Google Authenticator has been enabled, every time you sign into your account, you will have to input a six-digit code that looks similar to this. If you happen to lose or damage the device you have Google Authenticator installed on, you will be locked out of your account UNLESS you have access to the secret key (which you should have written down).
A wallet is what you store Bitcoin and cryptocurrency on. I’ll provide resources on the different type of wallets later but I want to emphasize the use of a hardware wallet (aka cold storage). Hardware wallets are the safest way of storing cryptocurrency because it allows for your crypto to be kept offline in a physical device. After purchasing crypto via an exchange, I recommend transferring it to cold storage. The most popular hardware wallets include the Ledger Nano S, and Trezor. Hardware wallets come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key as well as any other sensitive information in a safety deposit box. I know this all may seem a bit manic, but it is important you take the necessary security precautions in order to ensure the safety & longevity of your cryptocurrency.
Technical Aspects of Bitcoin
Address: What you send Bitcoin to.
Wallet: Where you store your Bitcoin
Max Supply: 21 million
Block Time: ~10 minutes
Block Size: 1-2 MB
Block Reward: BTC reward received from mining.
What is a Bitcoin Address?
A Bitcoin address is what you send Bitcoin to. If you want to receive Bitcoin you’d give someone your Bitcoin address. Think of a Bitcoin address as an email address for money.
What is a Bitcoin Wallet?
As the title implies, a Bitcoin wallet is anything that can store Bitcoin. There are many different types of wallets including paper wallets, software wallets and hardware wallets. It is generally advised NOT to keep cryptocurrency on an exchange, as exchanges are prone to hacks (see Mt. Gox hack). My preferred method of storing cryptocurrency is using a hardware wallet such as the Ledger Nano S or Trezor. These allow you to keep your crypto offline in physical form and as a result, much more safe from hacks. Paper wallets also allow for this but have less functionality in my opinion. After I make crypto purchases, I transfer it to my Ledger Nano S and keep that in a safe at home. Hardware wallets also come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key in a safety deposit box.
What is Bitcoins Max Supply?
The max supply of Bitcoin is 21 million. The only way new Bitcoins can be introduced into the economy are through block rewards which are given after successfully mining a block (more on this later).
What is Bitcoins Block Time?
The average time in which blocks are created is called block time. For Bitcoin, the block time is ~10 minutes, meaning, 10 minutes is the minimum amount of time it will take for a Bitcoin transaction to be processed. Note that transactions on the Bitcoin network can take much longer depending on how congested the network is. Having to wait a few hours or even a few days in some instances for a transaction to clear is not unheard of. Other cryptocurrencies will have different block times. For example, Ethereum has a block time of ~15 seconds. For more information on how block time works, Prabath Siriwardena has a good block post on this subject which can be found here.
What is Bitcoins Block Size?
There is a limit to how large blocks can be. In the early days of Bitcoin, the block size was 36MB, but in 2010 this was reduced to 1 MB in order to prevent distributed denial of service attacks (DDoS), spam, and other malicious use on the blockchain. Nowadays, blocks are routinely in excess of 1MB, with the largest to date being somewhere around 2.1 MB. There is much debate amongst the community on whether or not to increase Bitcoin’s block size limit to account for ever-increasing network demand. A larger block size would allow for more transactions to be processed. The con argument to this is that decentralization would be at risk as mining would become more centralized. As a result of this debate, on August 1, 2017, Bitcoin underwent a hard-fork and Bitcoin Cash was created which has a block size limit of 8 MB. Note that these are two completely different blockchains and sending Bitcoin to a Bitcoin Cash wallet (or vice versa) will result in a failed transaction. Update: As of May 15th, 2018 Bitcoin Cash underwent another hard fork and the block size has increased to 32 MB. On the topic of Bitcoin vs Bitcoin Cash and which cryptocurrency is better, I’ll let you do your own research and make that decision for yourself. It is good to know that this is a debated topic within the community and example of the politics that manifest within the space. Now if you see community members arguing about this topic, you’ll at least have a bit of background to the issue.
What is Block Reward?
Block reward is the BTC you receive after discovering a block. Blocks are discovered through a process called mining. The only way new BTC can be added to the economy is through block rewards and the block reward is halved every 210,000 blocks (approximately every 4 years). Halving events are done to limit the supply of Bitcoin. At the inception of Bitcoin, the block reward was 50BTC. At the time of writing this, the block reward is 12.5BTC. Halving events will continue to occur until the amount of new Bitcoin introduced into the economy becomes less than 1 Satoshi. This is expected to happen around the year 2,140. All 21 million Bitcoins will have been mined. Once all Bitcoins have been mined, the block reward will only consist of transaction fees.
Any computer that connects to the Bitcoin network is called a node. Nodes that fully verify all of the rules of Bitcoin are called full nodes.
In other words, full nodes are what verify the Bitcoin blockchain and they play a crucial role in maintaining the decentralized network. Full nodes store the entirety of the blockchain and validate transactions. Anyone can participate in the Bitcoin network and run a full node. Bitcoin.org has information on how to set up a full node. Running a full node also gives you wallet capabilities and the ability to query the blockchain. For more information on Bitcoin nodes, see Andreas Antonopoulos’s Q&A on the role of nodes.
What is a Fork?
A fork is a divergence in a blockchain. Since Bitcoin is a peer-to-peer network, there’s an overall set of rules (protocol) in which participants within the network must abide by. These rules are put in place to form network consensus. Forks occur when implementations must be made to the blockchain or if there is disagreement amongst the network on how consensus should be achieved.
Soft Fork vs Hard Fork
The difference between soft and hard forks lies in compatibility. Soft forks are backwards compatible, hard forks are not. Think of soft forks as software upgrades to the blockchain, whereas hard forks are a software upgrade that warrant a completely new blockchain. During a soft fork, miners and nodes upgrade their software to support new consensus rules. Nodes that do not upgrade will still accept the new blockchain. Examples of Bitcoin soft forks include:
A hard fork can be thought of as the creation of a new blockchain that X percentage of the community decides to migrate too. During a hard fork, miners and nodes upgrade their software to support new consensus rules, Nodes that do not upgrade are invalid and cannot accept the new blockchain. Examples of Bitcoin hard forks include:
Note that these are completely different blockchains and independent from the Bitcoin blockchain. If you try to send Bitcoin to one of these blockchains, the transaction will fail.
A Case For Bitcoin in a World of Centralization
Our current financial system is centralized, which means the ledger(s) that operate within this centralized system are subjugated to control, manipulation, fraud, and many other negative aspects that come with this system. There are also pros that come with a centralized system, such as the ability to swiftly make decisions. However, at some point, the cons outweigh the pros, and change is needed. What makes Bitcoin so special as opposed to our current financial system is that Bitcoin allows for the decentralized transfer of money. Not one person owns the Bitcoin network, everybody does. Not one person controls Bitcoin, everybody does. A decentralized system in theory removes much of the baggage that comes with a centralized system. Not to say the Bitcoin network doesn’t have its problems (wink wink it does), and there’s much debate amongst the community as to how to go about solving these issues. But even tiny steps are significant steps in the world of blockchain, and I believe Bitcoin will ultimately help to democratize our financial system, whether or not you believe it is here to stay for good.
Well that was a lot of words… Anyways I hope this guide was beneficial, especially to you crypto newbies out there. You may have come into this realm not expecting there to be an abundance of information to learn about. I know I didn’t. Bitcoin is only the tip of the iceberg, but now that you have a fundamental understanding of Bitcoin, learning about other cryptocurrencies such as Litecoin, and Ethereum will come more naturally. Feel free to ask questions below! I’m sure either the community or myself would be happy to answer your questions. Thanks for reading!
Daily analysis of cryptocurrencies 20191113(Market index 38 — Fear state)
https://preview.redd.it/lpgvf24z5hy31.png?width=1377&format=png&auto=webp&s=14ed9c90ece1d952011533b3c2483663380797fe The People’s Bank of China Denies Issuance Of National Digital CurrencyAccording to the announcement of the People’s Bank of China (PBoC), the central bank has not issued any legal digital currency (DC/EP) or authorized any asset trading platform to conduct transactions.The PBoC has been researching legal digital currencies since 2014, which is still in the process of research and testing. Besides, the launch date circulating online is not credible. The “DC/EP” or “DCEP” transacted in the market is not the real legal CFTC Chairman: America Should Lead Blockchain SpaceThe CFTC (Commodity Futures Trading Commission) Chairman Heath Tarbert shared his views on the state of the crypto/blockchain industry in the United States on Nov. 12. According to him, the US should take a more active role in the space, and even take the lead, if possible.He also claimed that the US’s regulatory landscape is fractured and uncertain, and believed that the issue lies in the fact that federal and state agencies are ‘jockeying for oversight’ of the markets. Telegram Asks Court To Dismiss SEC Lawsuit Against Gram CryptocurrencyEncrypted messaging service Telegram has asked the New York Southern District Court to throw out accusations by United States regulators that its in-house cryptocurrency is a security.In a fresh filing on Nov. 12, Telegram’s lawyers did not mince their words as they accused the U.S. Securities and Exchange Commission (SEC) of abandoning just practice in its criticisms. https://preview.redd.it/ys1tvh5e5hy31.png?width=504&format=png&auto=webp&s=9b92b19363ec09a5ac23c92b0cc4693715eb9a05 In morning, we saw an upside correction in bitcoin from the $8,560 swing low against the US Dollar. However, BTC faced a strong resistance near the $8,800 level and the 100 hourly simple moving average. There was another decline below the $8,750 level. Moreover, the price broke the 23.6% Fib retracement level of the upward move from the $8,560 low to $8,839 high. The price even broke the $8,720 level, but it stayed above the $8,700 level. It seems like the 50% Fib retracement level of the upward move from the $8,560 low to $8,839 high is acting as a support. Recently, bitcoin price made another attempt to clear the $8,800 resistance and the 100 hourly simple moving average, but it failed. More importantly, morning’s bearish trend line is active with resistance near $8,775 on the hourly chart of the BTC/USD pair. The pair is once again declining and is trading below the $8,750 level. Review previous articles:https://email@example.com
Encrypted project calendar（November 13, 2019）
Fetch.ai (FET):13 November 2019 Cambridge Meetup “Join us for a@Fetch_ai#Cambridge #meetup on 13 November@pantonarms1.”Binance Coin (BNB)and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…”OKB (OKB):13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov.Centrality (CENNZ):13 November 2019 AMA Meetup “Ask our CEO@aaronmcdnzanything in person! Join the AMA meetup on 13 November in Singapore.”OKB (OKB):13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).Vexanium (VEX):13 November 2019 Dapps Incentive Program Vexanium will give an incentive for every Dapps that is submitted during this program period.Egretia (EGT):13 November 2019 Post Consensus Invest “2019 NYC Blockchain Gaming & DeFi Party | Post Consensus Invest” in NYC from 7–9 PM.Holo (HOT):13 November 2019 AMA “Submit your questions before the #AMA on Nov 13th @ 5PM — 5:45PM UTC”
Encrypted project calendar（November 14, 2019）
BTC/Bitcoin:The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th.Binance Coin (BNB):and 4 others 14 November 2019 BlockShow Asia 2019 BlockShow Asia 2019 at Marina Bay Sands Expo, Singapore from November 14–15.Basic Attention Token (BAT): 14 November 2019 London Privacy Meetup “If you’re in London on Nov. 14th, don’t miss our privacy meetup! The Brave research team, our CPO@johnnyryan, as well as@UoE_EFIHorizen (ZEN):14 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.IOTA (MIOTA):14 November 2019 Berlin Meetup From Construction to Smart City: IOTA, Maschinenraum & Thinkt Digital will explain, using concrete use cases, how to gain real value from..Dash (DASH):14 November 2019 Q3 Summary Call “Dash Core Group Q3 2019 Summary Call — Thursday, 14 November 2019”NEO (NEO):14 November 2019 NeoFest Singapore Meetup “Glad to have@Nicholas_Mertenfrom DataDash as our host for #NeoFest Singapore meetup on 14th Nov!”ANON (ANON):14 November 2019 ANONIO Wallet Upgrade In conjunction with the Echelon Update, the ANONIO wallet will also be receiving an upgrade!
Encrypted project calendar（November 15, 2019）
TRON (TRX):15 November 2019 Cross-chain Project “The #TRON cross-chain project will be available on Nov. 15th”Bluzelle (BLZ):15 November 2019 (or earlier) CURIE Release CURIE release expected by early November 2019.Zebi (ZCO):15 November 2019 ZEBI Token Swap Ends “… We will give 90 days to all the ERC 20 token holders to swap out their tokens into Zebi coins.”OKB (OKB):15 November 2019 OKEx Talks — Vilnius “Join us for a meetup on 15 Nov (Fri) for our 1st ever Talks in Vilnius, Lithuania.”Zenon (ZNN):15 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”
Encrypted project calendar（November 16, 2019）
Bancor (BNT): and 2 others 16 November 2019 Crypto DeFiance-Singapore “Crypto DeFiance is a new global DeFi event embracing established innovators, financial market disruptors, DApp developers…”NEM (XEM):16 November 2019 Developer’s Event “BLOCKCHAIN: Creation of Multifirma services” from 10:50 AM — 2 PM.
Encrypted project calendar（November 17, 2019）
OKB (OKB):17 November 2019 OKEx Talks — Lagos Join us on 17 Nov for another OKEx Talks, discussing the “Life of a Crypto Trader”.BitCash (BITC):17 November 2019 BitCash Gold Hard Fork We will introduce a third currency on the BitCash blockchain with BitCash Gold. BitCash Gold is pegged to the price of gold.EDC Blockchain (EDC):17 November 2019 Blockchain Seminar “On November 17th, 2019, we invite you to visit the EDC Blockchain seminar in Surabaya, East Java, Indonesia. “
Encrypted project calendar（November 18, 2019）
Maker (MKR):18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”
Encrypted project calendar（November 19, 2019）
Lisk (LSK):19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”Aion (AION):19 November 2019 Hard Fork “Leading up to the hard fork on November 19th-20th, 2019 the Unity — Aion Kernel will be upgraded by node operators.”Enigma (ENG):19 November 2019 Open Community Call The first Enigma Open Community Call is Tuesday, Nov 19th, 11AM ET! important updates on our protocol, the Genesis Game, and our road ahead.
Encrypted project calendar（November 20, 2019）
OKB (OKB):20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!DAPS Token (DAPS):20 November 2019 Partnership with SWFT “Everyone will have $DAPS mobile wallets, atomic swaps and much more starting on the 20th of November!”
Encrypted project calendar（November 21, 2019）
Cardano (ADA):and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…”Cappasity (CAPP):21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.”Horizen (ZEN):21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.OKB (OKB):21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.”IOST (IOST):22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech.OKB (OKB):22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “
Encrypted project calendar（November 22, 2019）
IOST (IOST):22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key techOKB (OKB):22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “
Encrypted project calendar（November 27, 2019）
OKB (OKB):27 November 2019 OKEx Cryptour Vinnytsia “Join us in Vinnytsia as we journey through Ukraine for our OKEx Cryptour!”Fetch.ai (FET):27 November 2019 London Meetup “Join us on 27 November@primalbasehqto hear an exciting progress report as we prepare for the launch of our #mainnet”
Encrypted project calendar（November 28, 2019）
Horizen (ZEN):28 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
Encrypted project calendar（November 30, 2019）
Ethos (ETHOS):30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.”Digitex Futures (DGTX):30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.”Monero (XMR):30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.”Chiliz (CHZ):30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…”Skrumble Network (SKM):30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019.Aergo (AERGO):30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November.Akropolis (AKRO):30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Nash Exchange (NEX):30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”Akropolis (AKRO):30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”
Also, the Genesis Block is referred to as block 0 or block 1. This New Year's Eve, come join us in celebrating the 10-year anniversary of Bitcoin’s Genesis Block, while having the opportunity to network with blockchain pioneers and other crypto enthusiasts. The celebration will be in a festive atmosphere as we wave goodbye to 2018’s bear ... Bitcoin is a cryptocurrency, which means it is a digital currency that is protected by cryptographic techniques. It was the first cryptocurrency that came into existence, and the first Bitcoin block - known as the genesis block (or block 0) - was mined on the 3rd of January 2009. In addition to the coins printed by the Genesis block (the first block created by Bitcoin founder Satoshi Nakamoto himself), each of these Bitcoins emerged due to miners. In the absence of miners, Bitcoin would still be available and would be available, but no additional Bitcoin would be available. Bitcoin mining will come to an end; According ... Block height represents the number of blocks that were confirmed in the entire history of a particular blockchain network - from the genesis block (or block zero) until the most recent one. Unlike the genesis block, all other blocks contain a reference (hash) to the block that came immediately before it, and the block height is the number of each block in that sequence. Binance has partnered with Blockchain Australia to help advance the adoption of blockchain technology. – Coinnounce Last Modified date – September 25, 2020 A new study by crypto mining firm Genesis Mining suggests that most U.S. citizens are against the introduction of a Central Bank Digital Currency. A new study by crypto mining firm Genesis […] The first block also includes text from the UK Times newspaper saying “03/Jan/2009 Chancellor on brink of second bailout for banks,” a reference to bitcoin’s birth-date and possibly mocking ... Eons later, in 2009 A.D., came the Bitcoin Genesis Block — the first chapter of a new bible in the making: the Bitcoin white paper. It marked the beginning of a new time of monetary independence and the gradual obliteration of the financial deception that governments play upon citizens. Now, almost 11 years later, we are moving with steady steps toward Judgement Day: the day that we come to ... Milestones 31st October 2008 - White paper released by Satoshi Nakomoto. 3rd January 2009 - Genesis block mined by Satoshi Nakomoto. 12th January 2009 -First transaction using Bitcoin; Satoshi Nakomoto sends 100 BTC to Hal Finney. 22nd May 2010 - First recorded commercial transaction using Bitcoin; aka Pizza Day. 14th January 2016 - Lightning Network white paper, a Layer-2 solution to scaling ... During the last 11 years, members of the crypto community have sent small fractions of BTC to the genesis block’s address. To date, block zero has 68.13 BTC, which is 18.13 BTC ($131,527) more ... While the price of Bitcoin remained around USD 1,000-2,000 until early 2017, the second half of 2017 saw Bitcoin reaching new highs with a sharp increase in late 2017 to reach an all-time high slightly below USD 20,000.After that, its price collapsed to USD 3,500 in late 2018.. Since the beginning of 2019, Bitcoin price has rebounded to price levels near USD 10,000.
Binance Launches Crypto Mining Pool Amid Centralization Concerns
Binance Launches Bitcoin Mining Pool - BitPay BUSD - Kim Jong Un BTC Stash ... Cardano Shelley Genesis Block arrives! Binance starts Mining Pool. 68k Bitcoin on the move - Duration: 8:07. Crypto ... In this lab we will look at the block chain real time. We will look at the genesis block, the first bitcoin block ever mined on the network and we will see what the transactions in the block look like What are your thoughts on the Binance, Facebook coin, or Bakkt news? Do you think the news is more positive or negative for the space? Feel free to leave a comment below! Thank you all so much for ... Binance Cryptocurrency Data Plugin for Amibroker - Enjoy crypto/altcoin realtime data in your Amibroker ! for more information about the plugin please visit ... Bakkt Launch Date, Binance US Block, Coinbase PayPal, Crypto Custody & Reuters Crypto Index The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe. Working ... Cardano Shelley Genesis Block arrives! Binance starts Mining Pool. 68k Bitcoin on ... Cardano Shelley Dates announced! Trump's Social Media executive action. Samsung and Gemini - Duration: 7:46 ... #BITCOIN #BTC #BINANCE We are delighted to officially add New Fiat Listings to Binance. To read more about the competition please visit: https://telegra.ph... All data is taken from the source: ... Cardano Shelley Genesis Block arrives! Binance starts Mining Pool. 68k Bitcoin on the move - Duration: 8:07. Crypto Daily Update 681 views. 8:07. BITCOIN'S ... willkommen zur Bitcoin-Informant Show Nr. 870. Heute sprechen wir über folgende Themen: Binance startet eigenen Bitcoin Mining Pool, Institutionen zeigen grosses Interesse an Ethereum & Bitfinex ... Top Bitcoin Core Dev Greg Maxwell DevCore: Must watch talk on mining, block size, and more - Duration: 55:04. The Bitcoin Foundation 20,012 views