Why the Twitter Hack Was Good for Bitcoin (and It’s Not ...

Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

WaykiChain (WICC) Monthly Report (September 2020)

WaykiChain (WICC) Monthly Report (September 2020)

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Technology & Products
Public Chain Development
· WASM AMPL contract debugging (100%)
· Research on WASM zero-knowledge proof anonymous transfer (50%)
· WASM Sushi contract coding (100%)
· WASM RPC iOS asynchronous library commissioning (100%)
· Verification of the signature push public key algorithm and testing its codability (C++, go) through RPC (100%)
· The new lock-up airdrop contract function: lock-up users can claim the unlocked assets by entering RegID (100%)
· Porting ASWAP contract to public chain 3.0, adding platform fee processing (100%)
· Optimization of Yield Farming contract reward distribution (100%)
· Optimization of Yield Farming contract penalty distribution mechanism (100%)
· Yield Farming contract testing (100%)
· Deployment and initial configuration of WICC and WGRT yield farming contracts and Wayki-X contract completed (100%)
· Ownership of issuance and transfer rights of the bottom-level token ROG transferred to Wayki-X contract (100%)
· The initial generation of ROG completed. 10.08M ROG entered the WICC pool, 2.52M ROG entered the WGRT pool (100%)
· The first 189,000 ROG was minted in Wayki-X contract for rewards by inflation (12.6M × 1.5%) (100%)
· Transfer of 70,000 ROG to AEX for Ecosystem Yield Farming completed (100%)
· WASM developer documentation: added detailed WASM table (Simplified Chinese) (100%)
· WASM developer documentation: added call of multiple contracts and multisignature transactions in WASM contract (Simplified Chinese) (100%)
Application Development
· Yield Farming back end API (100%)
· Yield Farming front end page optimization (100%)
· Yield Farming front end localization (100%)
· Yield Farming pre-release initial API docking (100%)
· Yield Farming application testing (100%)
· Yield Farming application release (100%)
· xUSD & ROG added to Instant in WaykiTimes Android (100%)
· Memory leak issue fixed in Instant in WaykiTimes (100%)
· Data loading error when swiping in Discover fixed in WaykiTimes (100%)
· Data display optimized in Getting Started in WaykiTimes
· UI debugging of several pages in WaykiTimes (100%)
· WaykiTimes 3.0.4 released (100%)
· WaykiTimes Help Center released (100%)
· WaykiTimes Getting Started released (100%)
· WaykiTimes remember password function released (100%)
· WaykiTimes iOS App Store version tested (100%)
· Google crash analysis and testing added to WaykiTimes Android (100%)
· Solved the data loading issue when swiping in Wayki-X Synths (100%)
· Wayki-X price feed delay fixed (100%)
· Amount issue in the plug-in wallet fixed (100%)
· Display error of release contract type of universal transactions fixed on the blockchain explorer (100%)
· WASM contract display specifications for the blockchain explorer completed (100%)
· Development of the Coinbase integration project (wicc-rosetta-api) (85%)
Plan for October
Public Chain Development
· Research on WASM zero-knowledge proof anonymous transfer
· Correction of ASWAP contract proof of liquidity token generation rules
· ASWAP contract testing
· Docking of ASWAP contract with third parties
· Continuous updating of coind RPC interface documentation
Application Development
· Trade — transaction details HTML5 page to native page transfer in WaykiTimes
· Development of the Coinbase integration project (wicc-rosetta-api)
Market
International Market
· On September 4, Russian volunteers opened the second WaykiChain Russian group in Telegram: https://t.me/waykichainrussian.
· On September 6, WaykiChain opened the official community in Discord: https://discord.gg/XyAkqa.
· On September 6, WaykiChain CTO Richard Chen was invited to the Blockchain + Innovative Service and Industrial Application Conference and the China Chamber of International Commerce Blockchain Innovation Service Industry Committee Establishment Conference as a member of the expert group.
· On September 11, the famous US blockchain TV program Exploring the Block tweeted about WaykiChain, showing it is optimistic about the future development of the integrated DeFi ecology of WaykiChain.
· On September 11, the famous business platform Yahoo Finance released WaykiChain project information and announced that WaykiChain CEO Gordon Gao gives an interview to NASDAQ MarketSite’s Jane King on September 12.
· At 7:00 PM EDT on September 12, world’s largest financial channel Bloomberg TV reported that WaykiChain CEO Gordon Gao was interviewed by Jane King of NASDAQ MarketSite. The interview aired on Fox Business Network at 10:30 PM EDT on September 14.
· On September 12, cryptocurrency Twitter account Crypto Catalog tweeted about WaykiChain, showing it is optimistic about the future development of the integrated DeFi ecology of WaykiChain.
· On September 13, DeFi List added WaykiChain governance token WGRT.
· On September 13, WaykiChain reached market cooperation with the Indian blockchain influencer Gmadvice who started to serve as WaykiChain community manager in India.
· On September 16, WaykiChain released “WaykiChain Launches Phoenix Yield Farming with WICC/WGRT Dual-pool for ROG Genesis Issuance” on Twitter. Up to September 21, the news hit 2,400+ retweets.
· On September 17, the cryptocurrency influencer DeFi List retweeted “WaykiChain Launches Phoenix Yield Farming with WICC/WGRT Dual-pool for ROG Genesis Issuance”.
· On September 18, WaykiChain reached strategic market cooperation with the Korean crypto influencer Pantera who will help WaykiChain establish a broad and strong consensus in Korea.
· On September 19, “WaykiChain Dual-pool ROG Yield Farming Korean Group” community established.
· On September 20, the influencer Crypto Wendy retweeted “WaykiChain Launches Phoenix Yield Farming with WICC/WGRT Dual-pool for ROG Genesis Issuance”.
· On September 21, 130+ Korean media outlets published “WaykiChain Launches Phoenix Yield Farming with WICC & WGRT Dual-pool for ROG Genesis Issuance”.
· On September 23, WaykiChain co-founder and CEO Gordon Gao was invited to an AMA session with ICO Pantera Group, Korea’s top Telegram group (stats by u/combot), where he shared his insights into DeFi with 4,000+ Korean users and introduced WaykiChain’s ROG Genesis Yield Farming.
· On September 24, WaykiChain tweeted “ROG Genesis Yield Farming FAQ” and “Leave your question/problem toward WaykiTimes/Wayki-X/ROG Genesis Yield Farming in the Google forms below to share 800 WICC Giveaway!”, the number of engagements is 1,500+.
· On September 24, WaykiChain global partner Vincent Lionheart was invited to an AMA session to D’va Community.
· On September 24, The Business Telegraph, Bitcoin Garden, and other media published “WaykiChain Launches Phoenix Yield Farming with WICC & WGRT Dual-pool”.
· On September 24, WaykiChain tweeted the ROG Genesis Yield Farming Countdown. The news hit 1,000+ retweets.
· On September 25, ROG Genesis Yield Farming news was the day’s hit in Korea with 5,000+ views on Korean cryptocurrency forums.
National Market
· On September 1, CoinTiger listed WaykiChain governance token WGRT and opened the WGRT/USDT pair. WGRT net buy & hold competition started and the CoinTiger community joined a series of WGRT-themed challenges.
· On September 1, WaykiChain governance token WGRT successfully mapped to Ethereum and ERC-20 WGRT was created. The world’s largest DEX Uniswap officially supported it and listed the WGRT/USDT pair.
· On September 2, WaykiChain Strategic Analyst Jing Tao gave the speech “WGRT Dragon, Fly, Tiger, and Leap: Community Governance Upstart” to the MXC community and distributed 3 gold bars to the event participants.
· On September 7, WaykiChain Strategy Analyst Jing Tao attended [This Is Coin Coffee] live DeFi contest co-sponsored by Coinka, fogwu.com, and tuoniaox.com. WEDEX founder & CEO, Loopring co-founder Chen Xiaoliang and ChainNews Research Director Pan Zhixiong joined the event.
· On September 9, Gate.io selected WaykiChain governance token WGRT for the Listing Vote. Each voter had a chance to share an airdrop of 420,875.43 WGRT. WGRT passed the voting with 53,293,775 votes and was successfully listed on Gate.io.
· On September 10, WGRT/USDT trading pair and WGRT withdrawals opened on Gate.io.
· On September 10, WaykiChain released WaykiChain Governance Token WGRT Information and Addresses. The team announced that before July 1, 2021, WGRT circulating supply will be strictly controlled at 10% of the total supply, or 2.1 billion.
· On September 9 to 11, WaykiChain was invited to IoT World China & 5G China along with 400+ exhibitors including Huawei, Baidu, and Tencent. WaykiChain demonstrated the integrated public chain DeFi ecosystem that will help China’s digital construction.
· On September 11, WaykiChain Strategy Analyst Jing Tao was invited to the Bepal community and shared the speech “WaykiChain Governance Token WGRT: Accumulation and Breakout”. WaykiChain airdropped 3,000 WGRT and cash red envelopes to the Bepal community members.
· On September 12, WaykiChain Technology & Development Manager Yuanhang Xiao and Strategy Analyst Jing Tao introduced [New WaykiChain DeFi Product: Decentralized Synthetic Asset Issuance Protocol Wayki-X] in the official WaykiChain yizhibo account. During the live broadcast, WaykiChain distributed pure gold bars and branded gifts to lucky users.
· On September 13, WaykiChain co-founder & CEO Gordon Gao and Overseas Director Qiyuan Mei shared the speech “WaykiChain Opens the Era of Integrated DeFi Public Chains” in the Gate.io live broadcast room. Gate.io CPO Jiuer was the broadcast host. The guests explained WaykiChain’s DeFi strategy and revealed the launch of Yield Farming.
· On September 15, WaykiChain CEO Gordon Gao and BTC38 co-founder Tianwei Huang held the live stream titled “Eight Questions to Explain DeFi Trends and Opportunities” in yizhibo. The hosts analyzed the status and trends of DeFi, discussed DeFi deployment by public chains and exchanges, and new opportunities in synthetic asset trading. WaykiChain distributed pure gold bars and branded gifts to lucky viewers of the stream.
· On September 16, WaykiChain Strategy Analyst Jing Tao shared the speech titled “WaykiChain’s Integrated DeFi Ecosystem Layout” as the guest of btcmoney.cc.
· On September 18, Bying community invited WaykiChain Strategy Analyst Jing Tao to share the speech “New DeFi Opportunity: Phoenix Yield Farming”. WaykiChain held a WICC airdrop for Bying community members.
· On September 18, WaykiChain published the article “No Pre-mining, ICO, or Reserve! WaykiChain Launches Dual-pool Phoenix Yield Farming”.
· On September 19, WaykiChain published the article “Chapter 1. The Financial Innovation of Blockchain Reformation. The Origin, Logic, and Value of WaykiChain ROG” introducing the background of ROG, the operation mechanism of the decentralized synthetic asset system Wayki-X, and the value foundation of ROG in detail.
· On September 23, “No Pre-mining, ICO, or Reserve! WaykiChain ROG Genesis Farming and Early Release Guide” was released across Chinese media.
· On September 24, WaykiChain CEO Gordon Gao, CTO Richard Chen, and CPO Xi Zhang held a joint live stream on yizhibo explaining the future planning of WaykiChain decentralized synthetic asset issuance protocol Wayki-X, ROG, and WaykiChain DeFi in terms of business model, technology, and products. WaykiChain distributed 1 pure gold bar and 6 branded gifts to the lucky stream viewers.
· On September 24, Gate.io and WaykiChain launched the WGRT Investment Competition. The prizes are a BMW G 310 R motorcycle, a 13” MacBook Pro, a 10.2” iPad, 17 pure gold bars and 99,000 WGRT.
· On September 25, various Chinese media released “Wayki-X 101: WaykiChain Decentralized Synthetic Asset Protocol” introducing the functions and mechanism of the decentralized synthetic asset issuance protocol Wayki-X and the value of its token ROG in detail.
· On September 25, WaykiChain launched the “Looking for the Genesis Prophet” community event. The winners received 10 branded gifts.
· On September 25, WaykiChain ROG Genesis Yield Farming launched. WICC and WGRT pool quotas (5 million and 25 million, respectively) were full within just one hour.
· On September 25, WaykiChain reached ecosystem partnership with AEX. AEX became the first platform to join ROG Ecosystem Yield Farming.
· On September 25, WaykiChain partnered with Bying wallet. ROG Genesis Yield Farming is available in Bying wallet.
· On September 26, ROG, the main token of WaykiChain’s decentralized synthetic asset issuance protocol Wayki-X, was listed on AEX. ROG/USDT trading pair is available.
· On September 26, WaykiChain CEO Gordon Gao gave lectures “DeFi Financial Principles and Commercial Applications” and “DeFi Industry Panoramic Scan” at The First Offline Practical Training Camp of Hash Power University, Shanghai Station. Participants included Ontology founder Jun Li, Chainlink Labs — China Head Philip Fei, Digital Renaissance Foundation Managing Director Cao Yin, and Waterdrip Capital founding partner Zheng Yushan.
· On September 28, WaykiChain co-founder and CEO Gordon Gao was a guest at Hash Power Knowledge Base Private Meeting, Shenzhen Station where he shared the speech titled “Feasible Ways of DeFi Application Popularization”. Other guests included Ontology founder Jun Li, DeBank founder and CEO Tang Hongbo, and Huobi Research Chief Technical Researcher Tianyuan Ma.
submitted by Waykichain to WICCProject [link] [comments]

Forward Thinking Friday - Contrarian Messaging - 31 July 2020

Forward Thinking Friday - Contrarian Messaging - 31 July 2020
Welcome to Forward Thinking Friday, a regular venue to discuss ideas, concepts and designs that push Decred further, bigger and better. Topics raised can be anything ranging from:
  • Technological improvements or enhancements
  • Unique opportunities well serviced by the Decred protocol
  • Responses to competing protocol designs and features
  • Integrations and Infrastructure
  • Marketing and Project Messaging

Focus Topic: Contrarian Messaging

There is a lot of hype for cryptocurrency markets and it is time for Decred to partake in it. Decred is Different in that it builds technology designed to outlast by aligning incentives, avoiding rent extraction and targeting decentralisation and resiliency at all costs.
Decred's strength is in it's remarkable ability to take the contrarian bet against literally everything. This message is a key differentiator and deserves to be amplified. This week, I posit two potential areas for a Decred marketing campaign to rally around, and seek community input on defining the message and executing on social channels.

1. Decred is Ready

For the past 4.5years, Decred has been building. Until now, it has been difficult to pitch the protocol as 'sufficiently different' to its peers Bitcoin, ZCash, Monero et al. simply because many of the features were under development and not tangible enough.
With Decrediton v1.6 and the DEX release, this changes.
Decred will soon have average user access to:
  • CoinShuffle++ Privacy Mixer with huge volume, cheap cost, rotating user-base due to pseudo random votes
  • Lightning Network Main-net enabling scalable payments, ease of tipping micro-transactions etc
  • Steps towards decentralising the Treasury creating the first truly decentralised L1 DAO
  • DCRDEX enabling trustless exchange without reliance on centralised entities
  • Politeia enabling community governance decisions and dispute resolution
Decred is ready for the challenges that face cryptocurrency projects. Security attacks, governance failure, code calcification, KYC/AML and chainalysis, funding wells drying up, regulator pressure on centralised actors etc. As a DAO, it will command more on-chain funds than any L1 protocol and this is truly unique.
#BuildToOutlast #DecredIsReady #DecredDAO
https://twitter.com/plabarta_/status/1286062208460390401/photo/1

2. Own the Name, Decentralised Credits, in the face of 'De'Fi

'De'Fi as it appears on Ethereum is founded on principles of Debt, Leverage and usually centralised capital funding. The tokenomics, generally speaking, have incentivised an accumulation of cross-contract debt instruments that few in the ecosystem understand (let alone able to price in the risks). 100%+ APY is most definitely a junk bond of the highest order and these rates are simply unsustainable (as Vitalik himself notes). The way such returns can exist is that the silent 90% are paying for it in dilution, lost trades and increasingly scams, whilst the talking heads, crypto funds and backers quietly take their profits.
As JYP covered in the latest Decred blog, incentivised leverage and debt is a core contributor to the fundamental problem within modern finance. Decred operates on entirely full reserve sound money, aka Decentralised Credits.
Account Credit is the perfect counterpoint to Account Debt.
Decred has an opportunity to express the value of its decentralised financial stack by owning the fact that the 'De' is actually decentralised, and the 'Fi' is coming to fruition (Decred is Ready). 6.7% APY paid in scarce, sound money DCR, without taking on debt and minimising code/smart contract risk highlights our path towards solving the problem, not perpetuating it. An example of this is shown below to demonstrate the ROI in DCR for a new ticket holder starting staking today.
Decred Finance Incentivises security, privacy mixing, governance, DAO decision making, self-sovereignty, trustless exchange, optimised and scalable payments and storing value, all using a scarce sound money Decentralised Credits (Not Decentralised Debt).
Decred staking ROI for holders of 1 to 5 tickets. Colour and ticket price RHS, Cumulative ROI LHS. Ticket price is estimated assuming all PoW issuance becomes tickets (has been the trend to date)
As always, look forward to your comments, discussion and forward thinking suggestions.
submitted by __checkmatey__ to decred [link] [comments]

Ely Gold Royalties Bottoming Out

http://lists.apisbull.com/cgi-bin/dada/mail.cgi/archive/activitynotices/20200922145519/

Just bought Ely Gold Royalties (ELYGF) at $0.8975 today. Didn't even plan on it. I was going through a list of gold and silver stocks and Ely Gold on the charts was pretty low on the stochastics and money flow for daily and weekly.
See the daily chart
See the weekly chart
In my next video I'll explain in detail why I bought and sold my latest transactions over the past two weeks.
As predicted silver and Bitcoin are falling. Although I see a few up days for silver but the down trend will continue for a couple of months. As for Bitcoin I see a down turn whether slow or fast down to $8,5000.00
Be sure to check out my
Youtube channel
Twitter
Trading History
Newsletter archives are located at http://lists.apisbull.com/cgi-bin/dada/mail.cgi/list/activitynotices/
submitted by ApisBullTrading to u/ApisBullTrading [link] [comments]

RiB Newsletter #14 – Are We Smart (Contract) Yet?

We’re seeing a bunch of interesting Rust blockchain and crypto projects, so this month the “Interesting Things” section is loaded up with news, papers, and project links.
This month, Elrond, appeared on our radar with the launch of their mainnet. Although not written in Rust, it runs Rust smart contracts on its Arwen WASM VM, which itself is based on the Rust Wasmer VM. Along with NEAR, Nervos, and Enigma (and probably others), this continues an encouraging trend of blockchains enabling smart contracts in Rust. See the “Interesting Things” section for examples of Elrond’s Rust contracts.
Rust continues to be popular for research into zero-knowledge proofs, with Microsoft releasing Spartan, a zk-SNARK system without trusted setup.
In RiB news, we published a late one-year anniversary blog post. It has some reflection on the changes to, and growth of, RiB over the last year.
The Awesome Blockchain Rust project, which is maintained by Sun under the rust-in-blockchain GitHub org, has received a stream of updates recently, and is now published as the Awesome-RiB page on rustinblockchain.org.
It’s a pretty good resource for finding blockchain-related Rust projects, with links to many of the more prominent and mature projects noted in the RiB newsletter. It could use more eyes on it though.

Project Spotlight

Each month we like to shine a light on a notable Rust blockchain project. This month that project is…
ethers.rs
ethers.rs is an Ethereum & Celo library and wallet implementation, implemented as a port of the ethers.js library to Rust.
Ethereum client programming is usually done in JavaScript with either web3.js or ethers.js, with ethers.js being the newer of the two. These clients communicate to an Ethereum node, typically via JSON-RPC (or, when in the browser, via an “injected” client provider that follows EIP-1193, like MetaMask).
ethers.rs then provides a strongly-typed alternative for writing software that interacts with the Ethereum network.
As of now it is only suited for non-browser use cases, but if you prefer hacking in Rust to JavaScript, as some of us surely do, it is worth looking into for your next Ethereum project.
The author of ethers.rs, Georgios Konstantopoulos, accepts donations to sponsor their work.
Note that there is also a Rust alternative to web3.js, rust-web3.

Interesting Things

News

Blog Posts

Papers

Projects

Podcasts and Videos


Read more: https://rustinblockchain.org/newsletters/2020-08-05-are-we-smart-contract-yet/
submitted by Aimeedeer to rust [link] [comments]

Block.co — Thriving By Working Together

Block.co — Thriving By Working Together
Link to our website: https://block.co/block-co-thriving-by-working-togethe
This year brought a lot of difficulties to most of the people around the globe. Together with that, in 2020 many companies and businesses were hit by the crisis, from the small entrepreneurs to the leaders of the global market. We had to learn and innovate to adjust and thrive in the new ways of working, collaborating, and communicating. The Coronavirus pandemic gave us many valuable lessons to learn, but most importantly – we understood that only by working together we can overcome global issues.
As most companies, at Block.co, we had to adapt to the disruptive changes dictated by the lockdown measures. But we managed to get through by focusing on what we can do best and offering our help to institutions that would benefit from our solution in times of crisis. Together with that, we took time to support our community and educate people on Blockchain Technology, its potential and upcoming trends, through our free webcasts, which received amazing feedback and gathered people from over 50 countries around the world! Our efforts paid off, and in the first 7 months of this year, Block.co issued more than 25,000 documents on one of the most robust blockchains – Bitcoin.
https://preview.redd.it/o2cyhq9c6cf51.png?width=1920&format=png&auto=webp&s=e76bd83db47179fc1f39dc04e29da068d14ec8cc
As an innovative organization at the early stage of industry development, we are thankful to each and every one of our partners from both the private and public sectors. Being at the forefront of the blockchain industry we understand our responsibility to continuously improve our solution and keep up with the latest technology trends to offer the best solution to our customers. Block.co’s mission is to eliminate document fraud everywhere, by transforming the way institutions manage digital records.
Our platform is easy to use, as both the issuer and the validator will not need to understand blockchain technology. Our solution uses a very simple drag-and-drop method. Moreover, it is highly secure, as we store all the information on Bitcoin’s blockchain. Our clients can be sure that their PDFs will be 100% tamper-proof. Finally, our product is based on verifiable PDFs meaning that there is no limit regarding the number of issued documents per batch. If you want to learn more about our solution watch our Platform Walk-Through Video.
Thank you for trusting Block.co and choosing us as your solution provider! We value your support and engagement and will continue delivering our best work for you. Stay tuned with us. More updates coming soon!
https://preview.redd.it/6turv6gf6cf51.png?width=1920&format=png&auto=webp&s=140922cbb35dfaf51caae1fc86d0af96906e513d
For more info, contact Block.co directly or email at [[email protected]](mailto:[email protected]).
Tel +357 70007828
Get the latest from Block.co, like and follow us on social media:
✔️Facebook
✔️LinkedIn
✔️Twitter
✔️YouTube
✔️Medium
✔️Instagram
✔️Telegram
✔️Reddit
✔️GitHub
submitted by BlockDotCo to u/BlockDotCo [link] [comments]

Blockchain in the Public Sector – Webcast Q&A

Blockchain in the Public Sector – Webcast Q&A
Link to our website: https://block.co/blockchain-in-the-public-sector-webcast-qa/
Block.co fourth webcast titled "Digital Transformation of the Public Sector & The Upcoming Legislation of Blockchain Technology in Cyprus” was an immense success. We gathered some of the best experts in the field, Deputy Minister Kyriacos Kokkinos, Jeff Bandman, Steve Tendon, and Christiana Aristidou to share their experience and discuss with us the latest updates regarding Blockchain in the Public Sector.
In its fourth series of webcasts, Block.co gathered 281 people watching the event from 41 different countries, for a two-hour webcast where guests answered participants’ questions. Following the impressive outcome and response we received from the audience, Block.co’s team has done its best to address all the questions for which public information is available.
Below is a list of the questions that were made and were not answered due to time constraints during the webcast. For the remaining questions from our audience, the team will reach out to our distinguished guests to receive their comments and feedback. Please note, that the below information is only for informational purposes!
Question 1:
How can asset tracing be accomplished with bitcoins and cryptocurrency? And how can this be regulated?
Block.co Team Answer:
Digital Asset tracing may be accomplished with cryptocurrency intelligence solutions such as Cipher Trace and the ICE cryptocurrency intelligence program. FATF (Financial Action Task Force) embarked on a program of work from summer 2018 to June 2019 to strengthen and update the provisions dealing with virtual assets and virtual asset service providers. FATF updated Recommendations in October 2018 and Guidance in June 2019 include several new obligations that apply to VASPs. The so-called “Travel Rule” FATF announced in October 2019 agreed on the assessment criteria for how it will assess countries’ compliance with the new global standards. Under the Travel Rule, the transmitter’s financial institutions must include and send information in the transmittal order such as Information about the identity, name, address, and account number of the sender and its financial institution Information about the identity, name, address and account number of the recipient. The ”Travel Rule” is effectively being applied to cryptoasset transfers when there is a virtual asset service provider (VASP) involved. The scope of focus has broadened from “convertible” virtual assets to any virtual asset. Countries should make sure businesses can freeze crypto wallet or exchange accounts for sanctioned individuals.
Question 2:
Which kind of software or technical knowledge is required to develop cryptocurrency?
Block.co Team Answer:
It depends on the type of cryptocurrency you wish to create, as well as the preferred functionality and features, and characteristics of the token or coin (i.e. will it be pre-mined, what type of hashing or cryptographic algorithm will be used (i.e. proof of work (POW) or proof of stake (POS) or a hybrid of both), etc. Likewise, it is useful to utilize a programming language that is broadly used and supported by a vast and active development community; more data could be found here: more information could be found here: top programming languages in 2015/2016, published by IEEE here, and TIOBE. Hypothetically, you can utilize any programming language to make cryptocurrency digital money, however, the most widely recognized are C, C++, Java, Python, Perl. The beauty of cryptocurrencies is that you can literally have access to the entire Bitcoin and Ethereum open-source programming scripts, and create your alternate coin (altcoin).
Question 3:
Hello all, I want to know about the current status of the European Union Blockchain initiative in currency or public identity.
Block.co Team Answer:
Please refer to the European Services Blockchain Infrastructure (EBSI) website.
Question 4:
Mining is also the process of confirmation of transactions in the Bitcoin Blockchain. What is the process of confirmation of transactions in the Blockchain of an Organization? How do we call it?
Block.co Team Answer:
That would depend on the specific consensus algorithm used for the confirmation of transactions. The consensus algorithm is part of the blockchain protocol that defines the rules on how consensus is reached on that blockchain. In order to participate, entities on the blockchain must obey and follow the same consensus algorithm. Make sure to check our glossary for more information.
Question 5:
How does a small business implement blockchain into its current non-blockchain software systems? Who do they hire to install it?
Block.co Team Answer:
It is easy when there are APIs to connect the various software. For more information, you can check Block.co API.
Question 6:
What is your opinion on digitizing developing economies like India by using AI and blockchain?
Block.co Team Answer:
Watch a very interesting webinar on the matter by Mr. Prasanna:
Question 7:
Blockchain technologies have been around since 2008. What would you say has been the biggest obstacle in widespread adoption?
Block.co Team Answer:
In our opinion, the biggest obstacles are volatile cryptoasset prices, complicated UIs, undefined blockchain technology standards. Moreover, the legislation around the technologies is still now being developed and does not offer legal certainty for broader adoption.
Question 8:
Limitations to Blockchain Usability in the Public Sector?
Block.co Team Answer:
Blockchain in the Public Sector, like any other innovative concept with big potential, cannot be a solution to every problem. Users and developers are still figuring out technological and managerial challenges. From a technological perspective, some aspects such as platform scalability, validation methods, data standardization, and systems integration must still be addressed. From a managerial point of view, the questions include business model transformation, incentive structure, and transaction scale, and maturity. Read more here.
Question 9:
How can these blockchain initiatives be practical for the African context
Block.co Team Answer:
As long as the internet infrastructure is in place, these blockchain initiatives may have the same benefits for the African region.
Question 10:
What are some compelling use cases you’ve seen lately, and how do they serve to further legitimize blockchain as a solution?
Block.co Team Answer:
You can see the global trends from all around the world when it comes to further legitimization as a solution, with China leading the way. Read more here.
Question 11:
How does digital currency manage the issue of money laundering?
Block.co Team Answer:
Depends under which context you are looking at the term digital currency. A digital currency usually refers to a balance or a record stored in a distributed database, in an electronic computer database, within digital files or a stored-value card. Some examples of digital currencies are cryptocurrencies, virtual currencies, central bank digital currencies (CBDCs), and e-Cash. The Financial Action Task Force (FATF) is an intergovernmental body established in 1989 on the initiative of the G7 to develop policies to fight money laundering. Since 2001 FATF is also looking into terrorism financing. The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. FATF is a “policy-making body” that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas. FATF monitors progress in implementing its Recommendations through “peer reviews” (“mutual evaluations”) of member countries. It is the global watchdog for anti-money laundering & counter-terrorist finance. In June 2019, it updated its guidance paper for Virtual Assets Service Providers (VASPs) regarding the transfer of digital assets. There was an insertion of a new interpretive note that sets out the application of the FATF Standards to virtual asset activities and service providers. To apply FATF Recommendations, countries should consider virtual assets as “property,” “proceeds,” “funds,” “funds or other assets,” or other “corresponding value.” Countries should apply the relevant measures under the FATF Recommendations to virtual assets and virtual asset service providers (VASPs). Read more about the FATF recommendations here).

https://preview.redd.it/58tt7mt1pld51.png?width=1920&format=png&auto=webp&s=d24811c4864ebf02cb9aacc8d6b877a1fbc3756b
Question 12:
To what extent can blockchain be used to improve the privacy of healthcare?
Block.co team Answer:
Please refer to our previous webcast, blog, and articles for more information.
Question 13:
What is Blockchain technology in Shipping?
Block.co team Answer:
The shipping sector has been in the hold of phony maritime institutes charging exorbitant fees via agents, issuing certificates to candidates who do not have the imperative attendance, or those candidates who just pay the fees for the course and ask for the certificate. In view of these fake accreditations, the possibility exists that someone could be harmed or killed, and we could face any number of potential ecological disasters. Having the option to easily verify the genuine origin of a certificate by an approved maritime center is foremost for shipping companies to fast-track their operation and streamline their labor.
Question 14:
Different uses of blockchain other than cryptocurrency?
Block.co team Answer:
Please refer to our blog and glossary.
Question 15:
Upcoming trends in Blockchain concerning Advertising, Marketing, and Public Relations in the Public and Private sectors.
Block.co Team Answer:
Regarding the application of blockchain technology to media copyrights, please see Block.co use case proposal during the Bloomen Ideathon.

https://preview.redd.it/48zc8j38pld51.png?width=3622&format=png&auto=webp&s=79987d1dc7eb8d0c8e32dbce8680b17801d0d244
Question 16:
How to create a decentralized blockchain?
Block.co Team Answer:
An excessive number of individuals feel that blockchain is some supernatural innovation that makes up a decentralized system. In truth, this innovation only enables decentralization. Which means, it permits cryptocurrency to work in a decentralized way. Yet, it doesn’t give any guarantees that it will work that way. Along these lines, it’s really, some outer variables that decide genuine decentralization. Technology, itself never really guarantees it. That is the reason it’s a mistake to expect that if it’s a blockchain — it’s decentralized. From a technical perspective, both blockchains, centralized, and decentralized are comparative, as they take work on distributed peer to peer to network. This implies every node is individually responsible to verify and store the shared ledger. Both Blockchains utilize either a proof-of-work or proof-of-stake mechanisms to make a solitary record and they have to give upper and lower limits on the security and productivity of the system. For more information please refer to our infographic.
Question 17:
Dubai government Blockchain implementation progress?
Block.co Team Answer:
You can see more information here.
Question 18:
How Blockchain and IoT can be integrated to secure data being transmitted through IoT devices.
Block.co Team Answer:
You can read more about it here.
Question 19:
How can the Nigerian government use Blockchain to effectively implement its existing launched eGovernment master plan?
Block.co Team Answer:
Perhaps it can draw its attention to the initiatives of Dubai, Estonia, and Malta to prepare an implementation framework.
Question 20:
What impact is blockchain going to have in today world of business especially in the financial sector
Block.co Team Answer:
Please refer to our recent article titled Benefits of Blockchain Technology in the Banking Industry.
Question 21:
Is Blockchain Technology affect individuals?
Block.co Team Answer:
The social effect of blockchain innovation has just started to be acknowledged and this may simply be a hint of something larger. Cryptocurrencies have raised questions over financial services through digital wallets, and while considering that there are in excess of 3,5 billion individuals on the planet today without access to banking, such a move is surely impactful. Maybe the move for cryptocurrencies will be simpler for developing nations than the process of fiat cash and credit cards. It is like the transformation that developing nations had with mobile phones. It was simpler to acquire mass amounts of mobile phones than to supply another infrastructure for landlines telephones. In addition to giving the underprivileged access to banking services, greater transparency could also raise the profile and effectiveness of charities working in developing countries that fall under corrupt or manipulative governments.
An expanded degree of trust in where the cash goes and whose advantages would without a doubt lead to expanded commitments and backing for the poor in parts of the world that are in urgent need of help. Blockchain technology is well placed to remove the possibility of vote-apparatus and the entirety of different negatives related to the current democratic procedure. Obviously, with new innovation, there are new obstacles and issues that will arise, yet the cycle goes on and those new issues will be comprehended with progressively modern arrangements. A decentralized record would give the entirety of the fundamental information to precisely record votes on an anonymous basis, and check the exactness and whether there had been any manipulation of the voting procedure.
Question 22:
As Andreas Antonopoulos often says in his MOOC: ”is a blockchain even needed?” Ie. Are there better methods?
Block.co Team Answer:
In combination with nascent technologies, IoT, distributed computing, and distributed ledger technologies, governments can provide inventive services and answers for the citizens and local municipalities. Blockchain can provide the component to create a safe framework to deal with these functions. In particular, it can provide a safe interoperable infrastructure that permits all smart city services and capacities to work past presently imagined levels. On the off chance that there were better techniques, they would be researched.
Question 23:
Would any of this be also applicable to the educational sector (as part of the general public sector), and if so in which way?
Block.co Team Answer:
Yes, please refer to our Webcast on Education and our blog post.
Question 24:
Will we be able to get a hold of this recording upon completion of the meeting?
Block.co Team Answer:
Yes, here is a link to the recording of our webcast Blockchain in the Public Sector.
Question 25:
Was wondering if there are any existing universal framework in governing the blockchain technology?
Block.co Team Answer:
The short answer is NO, as this framework is currently being prepared in collaboration with the various Member States.
We would like to thank everyone for attending our webcast and hoping to interact with you in future webinars. If you would like to watch the webinar again, then click here!
For more info, contact Block.co directly or email at [[email protected]](mailto:[email protected]).
Tel +357 70007828
Get the latest from Block.co, like and follow us on social media:
✔️Facebook
✔️LinkedIn
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✔️YouTube
✔️Medium
✔️Instagram
✔️Telegram
✔️Reddit
✔️GitHub
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Crypto-Powered: 10 Points that Highlight the Magic of DeFi

Crypto-Powered: 10 Points that Highlight the Magic of DeFi
Most financial services that DeFi offers already exist in the real world. So why does it need to be on a blockchain?
https://reddit.com/link/hvwzrq/video/2vwr3t2tofc51/player
This is the final post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Earlier in this series, we looked at some of the most promising DeFi use-cases already in the wild. We explored categories like lending, investment, insurance, stablecoins, payments, and more. And before that, we gave a primer on Bitcoin, Ethereum, and DeFi (decentralized finance).
So now that we’ve gone a little deeper down the crypto rabbit hole and we’ve done this whirlwind tour of DeFi, the natural next question is: why does any of it matter?
Most of the financial services offered by DeFi protocols already exist in the real world. So why does it need to be decentralized or on a blockchain? What’s the big deal?
Today we go through 10 points that highlight the magic of DeFi, and why it matters. And hopefully, it becomes clear just how big of an unfair advantage this technology is for Genesis Block. It’s our superpower as we compete against big banks and fintech unicorns. Alright, let’s dive in!

1. Global Pipes & Bridges

In traditional finance, each country or region has its own currency, infrastructure, and regulations. With blockchain technology and more specifically DeFi, the world is instantly connected. These decentralized protocols serve as the pipes and plumbing that plug the different economies together.
The internet completely broke down the walls & borders for information and news. DeFi is doing the same thing, but now for money, commerce, and financial markets. We’re now part of a global, digital marketplace that can finally transact with each other— there’s a common set of rules and protocols that transcend cultures, languages, and borders.
Jack Dorsey recently shared his own bullish insights on this future.

2. Efficient Markets & Liquidity

While the crypto ecosystem is still small when compared to traditional financial markets, it is growing quickly. As participation continues to mature, it will unlock enormous liquidity in the global markets.
Imagine the possibilities for mostly illiquid markets like real estate, collectibles, or private company stock.
This creates new opportunities for people. Imagine a farmer in Mexico helping a young family in Florida buy their first home. Or a coal worker in China participating in micro-finance loans in Africa. With liquid markets, they can easily swap in and out of investments depending on their financial situations. They won’t have to worry about long periods of no liquidity — which traditionally only favored the wealthy.
https://preview.redd.it/l1fe8lgg8fc51.png?width=700&format=png&auto=webp&s=9b404c0f2c06916af51198a7e096cd2e4b5d067c
Additionally, more liquid markets lead to great efficiencies. Defi, like the internet before, reduces transaction costs to the bare minimum — just the tech/infrastructure costs. The high cost of participation is removed.
This new, unlocked liquidity will lead to a much more efficient, vibrant, and healthy global economy.

3. Earning Opportunities & Value Creation

Basic crypto allows you to move and store value. With many of these DeFi protocols, you can actually create and earn value. You can share in the upside and success of these new micro-economies by earning tokens for your contributions.
https://i.redd.it/t0e61g3l8fc51.gif
For example, with DeFi protocols like Maker or UMA, you can be rewarded for voting and participating in high-level protocol decisions. With Synthetix, Compound, and Uniswap you can be rewarded for providing liquidity to the network. With Cosmos or Tezos (and soon Ethereum), you can be rewarded for helping keep the network stable and secure.
These new decentralized protocols and the work required to grow and cultivate them can be incredible earning opportunities for people all over the world. Value isn’t just moving, it’s being created and growing. This is an entirely new paradigm for work and earning income.
It’s actually really incredible to think about.

4. Equal Access & Economic Freedom

Because DeFi protocols are decentralized and on a blockchain, there are no gatekeepers. No government or bank or corporation can censor these protocols. Everyone has equal access.
You can be a user who needs financial services. You can be an entrepreneur who has a great idea and decide to launch your own protocol. You can be a worker who wants to earn income by helping and contributing to these new micro-economies. All options are available. Nobody can stop you.
People all over the world — whether from a favela in Rio or living under oppression by an authoritarian regime — can participate in this new, digital, permissionless global economy. This creates more economic freedom, which changes the world.

5. Composability & Interoperability

Many of these DeFi protocols leverage other DeFi protocols. They are like lego pieces — you can mix, match, connect, combine… and create an entirely new, exciting thing! This is called composability and it’s one of DeFi’s greatest strengths.
As Genesis Block decides to add additional features (more financial services), it becomes much easier because most of these protocols are modular and integrate nicely.
https://preview.redd.it/1btq6wdn8fc51.png?width=800&format=png&auto=webp&s=a17da95746da9dcf9611e68c74e5b489c9b1e6b6

6. Regulatory Windows

While cryptocurrency like Bitcoin is starting to become more regulated in developed countries, many of these newer decentralized technologies have not, like DeFi (financial services built on smart contracts).
This technology is at the bleeding-edge of innovation. It’s a new frontier that is being explored and developed at an incredibly fast pace. As a result, most governments around the world have not yet fleshed out how or if it will be regulated. For many countries around the world with fewer resources and less-developed regulatory infrastructure, it would be dizzying to even try.
https://reddit.com/link/hvwzrq/video/mkr89t9y8fc51/player
This creates a unique window of opportunity for builders and entrepreneurs. They won’t get bogged down by some of the outdated laws that slow them down in legacy finance.
For updates on crypto regulation in the US, CoinCenter is a great resource. So far, US regulatory focus has just been on cryptocurrency or securities more generally.

7. Decentralized Governance

The companies behind top DeFi protocols like Compound and Maker have relinquished their power and turned it over to the community. The community of token holders are now in charge of proposing, approving, and voting for decisions and updates in the protocol. This is called decentralized governance.
Of course, not all protocols are truly decentralized in their management or governance. But this is a trend we’re seeing more and more of. This more democratic style of governance creates a system of checks and balances, hopefully leading to a more stable, secure, and resilient protocol.
There’s a great post recently from Jesse Walden where he describes this as The Ownership Economy.
https://preview.redd.it/7gwjwjfp8fc51.png?width=800&format=png&auto=webp&s=203e6ceb16ceb7461a3d2da373330964e820d97e

8. User Interface Flexibility

Because these protocols are low-level, there can be a variety of product experiences, interfaces, and designs built around them. It’s similar to interacting with web APIs, except these are smart contracts on a blockchain.
If you don’t like the design of an app that interacts with a specific protocol, you can build your own.

9. Transparency & Auditability

These protocols are on the blockchain for anyone to inspect, analyze, and review. This transparency can create more trust and confidence for users. Anyone can discover a bug or whistle-blow malfeasance.
In the real world, bank customers typically have no idea what’s happening under the hood. It’s a complete black hole. In DeFi, the code is open-source. You can verify it’s doing exactly what they say it is.

10. Autonomous & Open 24/7

While the developers can sometimes update the protocol or fix a bug, these decentralized applications are not managed day to day by a company or its employees. These smart contracts run independently and automatically on the blockchain — enforced by policies and rules written in the code. DeFi protocols aren’t closed on weekends or bank holidays.
Can you imagine a bank that was run by robots and open 24/7. That’s DeFi.
---
Hopefully, it’s becoming crystal clear that a crypto-native company — if it can substantially leverage these game-changing DeFi protocols — will win the consumer finance market. It will disrupt Wells Fargo, Goldman, and Bank of America. It will become the bank of the future.
Which crypto-native company is best positioned to win? Who can abstract away the complexity, deliver a world-class product experience, and take it to the world?
We obviously believe it’s us at Genesis Block. Time will tell.
I hope your imagination is running wild with possibilities like mine is. The potential of this tech is incredible. When you consider both the broad spectrum of financial use-cases that DeFi offers and the enormous value that is unlocked through these protocols (as outlined in today’s post), you can see just how big of an unfair advantage this is for Genesis Block.
As long as we’re building on this foundation, we’re out here playing 3d Chess while big banks & fintech companies are playing Checkers.
This is mic-drop weaponry. These are superpowers. This is what it means to be a digital bank that’s powered by blockchain technology and decentralized protocols. This is what it means to be crypto-powered.
https://preview.redd.it/qxohn09s8fc51.png?width=800&format=png&auto=webp&s=795f9fe6b6d82d29728b7f52da663214ce0831f0
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Other Ways to Consume Today's Episode:
Follow our social channels: https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
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Weekly Wrap: This Week In Chainlink June 8 - June 14

Weekly Wrap: This Week In Chainlink June 8 - June 14

Announcements and Integrations 🎉.

Kyber Network's DEX KyberSwap is now using Chainlink Price Reference Data to update asset prices in their UI. This provides KyberSwap users with more reliable price feeds for calculating slippage rates and further safeguards against price manipulation.
Graph Protocol is making it easier for devs to pull indexed subgraph data into smart contracts. Dapps can use Chainlink to access data to index DEX liquidity to calculate slippage, catalog block data for gas fees, and sort identity data for user profiles.
ARPA is integrating Chainlink oracles to bring reliable data to its multiparty computation (MPC) network. ARPA plans to use Chainlink Price Reference Data to support its financial services, including a DeFi lending dApp for cross-chain assets.
Distributed Energy Trading Platform Dipole_Tech is integrating Chainlink oracles to price energy assets using premium data sources. Dipole also plans to use Chainlink to connect traditional & cryptocurrency payment options to its energy trading markets.
NFT devs natealex6677 & skylerfly from the generative art project ChainFaces are using Chainlink VRF to power the spin-off game FaceGolf. Chainlink VRF will be used in determining the outcome of golf matches, the random creation of new NFTs and more

Ecosystem & Community Celebrations 👏

Featured Community Videos 🎥

This video features the Chainlink and the Aave teams with presentations from ETH Global HackMoney Winning Projects along with a Q&A with Marc Zeller of Aave where we will discuss the newest developer trends in Aave and Chainlink’s communities and spark ideas for continuous building.

Upcoming Community Events 📅

Are you interested in hosting your own meetup? Apply to become a Chainlink Community Advocate today: https://events.chain.link/advocate

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Weekly Update: Parachute Friday Chat, Happy Birthday TTR, WEDClub usable everyday, Hydro No-Code PFM App... – 13 Mar - 19 Mar'20

Weekly Update: Parachute Friday Chat, Happy Birthday TTR, WEDClub usable everyday, Hydro No-Code PFM App... – 13 Mar - 19 Mar'20
Hi everyone! Hope everyone’s doing well in their homes. As you shelter yourself from COVID-19, what better way to spend a few hours than catching up on another week at Parachute + partners (13 Mar - 19 Mar'20):

Cap started off the week with the first ever Friday Chat – a weekly discussion event to be held each Friday on a current topic. This week we talked about Bitcoin in light of the recent dip and 41% people being in the money (47% are out of the money) wrt $BTC. Foo hosted his first ever Parena. And it was super fun! In the latest #FPL update shared by LordHades, Alexis leads the charts with 1692 points followed by LH at 1688 and NovelCloud at 1668. I’m Clueless (Joakim) and 3, 2, 1 Lindelof (Chris) have been closing in to top 3 steadily as well. Bose’s Friday TTR Trivia had 1k $PAquestion in prizes. Alejandro hosted a gun mode CoD Mobile flash game in the War Zone this week for some cool $PAR prizes. Victor hosted an “easy” trivia in TTR. Charlotte hosted another quiz for a 10k $PAR prize pot. Plus, the Tiproom turned a year old this week. To celebrate the occasion, Doc Vic hosted a photography contest. Followed by a TTR birthday Parena MC’ed by Foo as well. For Two-For-Tuesday this week, Gian made it a free4all. No fixed theme. Thank you for keeping the playlist updated again Sebastian. GC closed off 2FT with a flash game. And if all the Coronavirus news has you feeling down, Clinton has been spreading positivity through some good news that’s been going around as well. Just look up “#goodnewsclint” in the Parachute channel. For #wholesomewed this week, Parachuters talked about how they would use USD 100k to help the maximum number of people.
Wicked good artwork by Amaan in light of the beating that crypto took recently
In aXpire news, Matthew published a blog post on trends in legal billing software. The latest update video talks about aXpire’s COVID-19 preparedness amongst other weekly news. Track this week’s $AXPR burn here. WednesdayClub (a project of WednesdayCoin) was opened up for everyday use to help folks stuck at home to earn some crypto. Sadly the coronavirus crisis saw 2gether crew fighting a different category of fires. Crypto transfers had to be briefly paused because of sluggish traffic on the BTC blockchain. This was subsequently resolved as well but with a purchase limit for the time being. Like last week, the purchase feature had to be temporarily disabled but was restored soon. To address all doubts, especially in light of the current pandemic situation, CEO Ramon Ferraz wrote an announcement post to explain updates on the platform. The support channels will continue to remain open to redress all grievances. If you’ve missed the last 2 weeks at Fantom, don’t forget to read the consolidated update. The project announced a partnership with Band Protocol to use their oracles on the Opera mainnet. Want to see some latest stats on how the Uptrennd platform has been faring? Luke has got your back. He compiled some figures and put them out in an article. A new community dedicated to Coronavirus was added to Uptrennd. Plus, the crew opened up another public vote to choose the next project for a free review + marketing package on the platform. For the latest Weekly and Dev Update from District0x, click here and here respectively.
More insights from 2gether’s report on female crypto users
To help track possible Coronavirus infections, Silent Notary has built a solution using IDL and Ubikiri. Unstoppable Domains is now available in OST’s Pepo Store. As a follow up to the first part on SelfKey’s expansion strategy in the identity management space (shared a few weeks back), the second part was published this week. Zipmex joined SelfKey’s exchange marketplace. If you want to survive a data breach, don’t forget to read the guide made by the $KEY crew. Constellation Co-Founder and CRO Benjamin Diggles shared an update on the project’s progress in the Dcode accelerator and other government efforts. In his interview with CYT-Crypto, CEO Benjamin Jorgensen talked about the importance of community. Yazom founder Sanje Witter wrote about COVID-19 (origin, structure, prevention etc.) in his latest article. Did you know that Pynk’s Rose AI was correctly able to correctly predict the recent market crash? How did it do that? Two words: Crowd Wisdom. Read all about it here. In this week’s Harmony live video, CEO Stephen Tse and COO Li Jiang talked about the project development vis-à-vis COVID-19. For the weekly #pow thread, click here. Plus, last week’s video update is out as well. The team also started a Harmony Validator Spotlight series this week to highlight validators helping secure Harmony. Everstake became a Harmony staking partner. Pangaea Phase 2 (which is Pt. III or IV) was launched. Still not sure how to delegate your $ONE tokens for staking by validators. Watch this video demo to learn. And hope you didn’t miss the community hangout.
Sentivate’s latest roadmap update
In addition to integrations from past few weeks, Hydro also integrated aggregation software Yodlee and financial data provider Xignite to its platform. Is your head spinning from all these integrations? The crew made it is simple with an explainer about its middleware APIs. Hydrogen also launched a new No-Code personal financial management (PFM) app. Have a look! Biz Dev Mark Anstead was at the Milwaukee Blockchain Conference this week to speak about Barriers to Adoption. For an early sneak peek into the Hydro Vault, click here. Intellishare founder Raymond Xiong sat down for an AMA with the community this week. Click here to read the transcript. Global Crypto Alliance’s $CALL token was listed on StakeSwap this week. $COTI stakers can now claim their rewards directly from the mainnet wallet. If you missed COTI’s Tech AMA last week, you can catch up on the transcript here. DoYourTip’s $DYT token was added to Uniswap this week. The crew also announced a bounty for doing some swaps over there. For the latest update report, click here.

And with that, it’s a wrap! See you again with another update. Ciao!
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How Heterogeneous Sharding Empowers Enterprise

How Heterogeneous Sharding Empowers Enterprise
Despite starting out in the financial industry, we believe that blockchain technology can be applicable and useful to almost any field. QuarkChain is working on developing the most effective and useful enterprise blockchain solution. We did lots of research to understand what kind of blockchain solutions are really needed by enterprises. The first thing I believe is flexibility. In fact, it is a relatively missing feature in most existing projects.

https://preview.redd.it/hym7kpkq5d051.png?width=1350&format=png&auto=webp&s=196fee0da4a6197278d4d800d3e89841db6f5c8f
What does flexibility refer to? With many enterprise business scenarios and geographical differences, can we address all the scenarios with just one public chain? In my opinion, this solution is not viable. The ideal solution should be scenario-based: based on the specifications of the scenario, customize a public chain as a solution. In other words, the solution that addresses all scenarios should be multiple blockchains.
Another question arises: if each business scenario requires its own blockchain to be relatively independent, then how can we make the interactions between these blockchains seamless? How can we ensure a high level of security while crossing chains?
Thirdly, if the business needs to expand, how can we maintain a high level of scalability with few major improvements? As we all know, the biggest problem the existing blockchain solution faces is that, once it is written, it is extremely cumbersome to upgrade. For example, when Ethereum is upgraded from 1.0 to 2.0, it is not something we understand in the traditional sense that the project is modifying the infrastructure from version 1.0 to 2.0. ETH 1.0 and 2.0 are two separate projects which show the whole blockchain ecosystem indeed lacks scalability.
Now we have another question, what kind of roles do public chains and alliance chains play in the ecosystem? We know that alliance chains offer more friendly monitoring capabilities and are easier to satisfy business demands. Public chains are more open and are better for cross-border or some international business scenarios. Based on our understanding and observations of clients, we see that we are trending towards a comprehensive solution that provides both public chains and alliance chains when needed. To be able to satisfy any demands at any time is something that enterprises are looking for. How can one satisfy the varying types of demands? The simple answer is heterogenous sharding.
Let me introduce more about the heterogeneous sharding, the cutting edge technology of QuarkChain. There are three key concepts related to heterogeneous sharding namely single chain, shards, and heterogenous sharding. What is a single chain? It is analogous to a single-lane highway. ETH 1.0, EOS, NEO, hyperledger, public chains, alliance chains, and so on are all single chains. As for sharding, it is like a multi-lane highway. The advantage of a multi-lane highway is that the time needed for a huge amount of traffic to pass through is lesser than that of passing through a single-lane highway.

https://preview.redd.it/7w4fcs7s5d051.png?width=1400&format=png&auto=webp&s=d1c55ee8637ade010180fa96dd25a1d3ec8c649a
At the same time, sharding can be based on the current traffic to dynamically adjust the number of lanes. If one has three lanes for now, when traffic increases, one can add one, or two, or three more lanes to expand the capacity to allow more traffic to pass through. One thing to note is that, for each lane, one needs to have identical lanes with identical specifications. Such constraint requires us to consider in the first place how wide the lane should be. What kind of materials should be used? Sandstone or granite? Should we plant any greens on both sides? All these specifications are needed during the design phase. After the design, every time when we add lanes, we follow this blueprint to add identical lanes.
In the area of sharding, ETH 2.0, Zilliqa, Harmony, Near are all good examples. If so, then what is heterogenous sharding? Heterogenous sharding, like sharding, has a multi-lane highway but each lane can be designed differently. As the highway in the previous examples requires the same width and the same materials and such, the heterogenous sharding highway allows each lane to be designed differently. In the area of heterogeneous sharding, QuarkChain and Polkadot are the leading examples.
We mentioned earlier that heterogenous sharding allows customized configuration but in terms of what areas? Before addressing this question, let us first establish a few baseline understandings of blockchain. Currently, all the structure of blockchain infrastructure includes all the tokens and public chains we heard of, such as Bitcoin, and Ethereum, anonymous tokens, ZCash, Grin, EOS, and all public chains consist of four important components.
The first component is transaction mode, which also can be referred to as a virtual machine (VM). The second component is called the consensus mechanism. The third component is the ledger model and the fourth component is token economics, which is more related to public chains. Do not be intimidated if you do not understand these four terms. As long as you understand that any blockchain platform must include these four components, then we can proceed to the main discussion.
For example, for ETH1.0, it uses EVM as virtual machine, POW as consensus mechanism, account base as ledger, and inflationary expansion as token economic. ETH is also used for paying transaction fees. For Bitcoin, its token economics is a fixed 21-million token supply of which it just halved its production rate a few days ago. Its ledger model is UXTO and consensus mechanism is POW with its own unique transaction mode called bitcoin type transaction mode. So as you can imagine any blockchain platform must contain these four elements.
However, for each platform, it has a fixed combination of ABCD. Once defined, users cannot modify or customize based on their needs. If the platform defines A as the consensus mechanism, then all users need to follow suit and adopt A as the consensus mechanism. It is similar to our analogy where once the width of the highway lane is defined then everyone has to abide by the specification.

https://preview.redd.it/m4fm65tt5d051.png?width=816&format=png&auto=webp&s=e8319f0d82a1d4ec258f5c949cf7a625cd0ab56e
In contrast, heterogenous sharding allows each new blockchain to be configured completely anew. For each shard on QuarkChain, one can add a new VM. For example, one shard can use EVM while the other one uses Wasm. One shard can use POW as a consensus mechanism while the other uses POS. The same logic can be applied to the ledger model and token economics. With that logic in mind, each lane can look completely different based on the needs of each lane.
Each shard chain in the blockchain can be added based on demand. The maximum number of shards can be added is about 20000. There are four shards in this diagram. Shard 1 uses EVM as a virtual machine, POW as consensus. This shard in fact is similar to ETH and in fact, has incorporated all the ETH functionalities. The second shard is similar to the first shard except that it uses DPos instead of POW as a consensus mechanism, which is used by EOS and Tron.
The third shard uses XVM as a virtual machine, which is a new type of virtual machine. If one day, I would like to have a chain using the latest VM technology, I can implement it quickly on a shard instead of hard forking the existing project. This example demonstrates that out of all the possible VMs or consensus mechanisms, one can choose what it prefers to configure a shard based on business requirements or domains.

https://preview.redd.it/gwg34w5v5d051.png?width=1400&format=png&auto=webp&s=3a1147d2c7ce69443e6378dbde64308b739bce59
In fact, heterogeneous sharding shares many similarities with cross-chains. What I meant by cross-chain is not interactions between ETH and EOS or between EOS to Tron, but interactions based on the same infrastructure. For example, Cosmos has a strategy: users can leverage its HUB API to launch a new chain easily but one would need to take its own risk in protecting the chain from attacks. Users are welcome to customize the configuration of each of the four components.
For Polkadot, it has a relay chain, which is the main chain that allows users to release a new chain easily. Among the released chains, one can cross the chains for communications. However, a new chain does not enjoy complete freedom in picking the four components: at this stage, each chain can pick its consensus mechanism out of the three limited grandpa options that Polkadot provides. In the future, it will add more options for consensus mechanisms. For protection, Polkadot’s hub will provide hashing power from its relay chain to protect the chains launched under the hub.

https://preview.redd.it/wp8ff6kw5d051.png?width=816&format=png&auto=webp&s=6b86c4e4a669ab54215aa2dc7d55c2b602cb58aa
ETH2.0 shares many resemblances with Polkadot and Cosmos as well. It has one root chain and many shards. However, its shards have to be identical, lacking diversification. Lastly, for QuarkChain, it can launch shard chains with one click like that of Cosmos. What is even better is that each shard supports many types of consensus and allows cross-chains.
To summarize all the questions above, a single chain only allows the building of dApp with no customization. All the four components cannot be modified once the chain is launched. Polkadot and Cosmo support launching a chain with one click and can build a public chain and parallel chain and allow cross-chains. As for QuarkChain, we also support launching one chain with one click. Our solution can customize for public chains as well as alliance chains and allows cross-chains. It can provide a comprehensive solution for public chains and alliance chains, which is something that will satisfy the future demand in enterprises.
I am going to share two actual business cases now. One case is a solution we customized for a major multi-industry business client. This client covers various industries and currently based on three different areas, it has built three different independent single-chain public blockchains, one on hyperledger, one on alliance chain, and one on ETH. The problem they are facing is that for future businesses, if it would like to allow those resources to be moved onto blockchains in the future, how should we design to allow scalability? If it would like to exchange data between different industries, how would it be carried out? Since the different businesses all belong to the same company, it would make sense to share the data across verticals. However, to cross chains between hyperledger, alliance chain, and ETH with three different infrastructure layers are indeed challenging at this moment.
In the future, should we launch the 4th, 5th, 6th chains and so on and enable cross-chains among them? Or is it better to create a new chain that integrates all businesses? Both solutions are not optimal in my opinion. In the end, our solution was using QuarkChain’s infrastructure layer that implements heterogeneous sharding. The root chain acts as the executive level of the parent company that possesses the right to all business data and guarantee security. For each shard chain, the company can customize it based on business needs.
In terms of customization, the four components that make up blockchains can be tuned to fit what the client is looking for. One certain combination can be identical to hyperledger, the other can be the same as alliance chain, and the other for ETH. So one can pick a combination it prefers and add to the root chain. Since different shards are built on the same infrastructure layer, the solution allows cross-chain interactions. In the future, if the client would like to move some businesses onto the chain, it can add shards onto the chain. Such a solution allows scalability and avoids creating a public chain anew.
The second case is for a client who is a large-scale business. The client is looking to build a blockchain-based platform for resource management. Currently, it would like to start small with some test points. Next step, it plans to expand the testing area to more cities and more types of resources. So at the beginning stage, the client wants to start with a few areas and a single type of resource and later on integrate more resources and more cities. The traditional solution would be to create one chain for the particular resource and connect the related areas altogether. In the next stage, when the client decides to expand to more businesses, then it can launch a new blockchain that adds more users and more types of resources, which is like changing from project version 1.0 to project version 2.0.

https://preview.redd.it/a3ghe26y5d051.png?width=1400&format=png&auto=webp&s=073199e7576b2176116d7201d7181f2dd708fd44
Our QuarkChain solution provides a well-planned solution that uses heterogeneous sharding to avoid the need to relaunch a new chain for each expansion. It can have multiple layers and add shards on each layer. To go into more details, for instance the first layer is the state or equal scale executive level, which is the root chain that controls all the access rights for all data; the second layer is the lower administrative level like the city-level executives, which can use different resources that they have to customize different shards and allow cross-chains among shards. The first layer has a higher level of access rights compared to that of the second layer. In the future, if the project spans across more resources and even rolls up to the national level, we can add a third or even fourth layer whereby each layer enjoys different administrative rights and controls appropriately.
As a leading blockchain technology company, QuarkChain is exploring to use heterogeneous sharding technology to achieve the most innovative ways enterprises are incorporating blockchain to revolutionize their industry. In 2020, QuarkChain plans to expand the enterprise solution into the smart city and large-scale resource management system, bringing high storage capacity, high processing efficiency, safe and reliable enterprise blockchain solutions.
Website
https://www.quarkchain.io
Telegram
https://t.me/quarkchainio
Twitter
https://twitter.com/Quark_Chain
Medium
https://medium.com/quarkchain-official
Reddit
https://www.reddit.com/quarkchainio/
Facebook
https://www.facebook.com/quarkchainofficial/
Discord
https://discord.me/quarkchain
submitted by QuarkChain to quarkchainio [link] [comments]

Two Tools To The Same Effect, Comparison of Heterogeneous Sharing Structure of QuarkChain and Polkadot

Two Tools To The Same Effect, Comparison of Heterogeneous Sharing Structure of QuarkChain and Polkadot
Recently, Polkadot, a project targeting compatibility has redefined its technology as heterogeneous sharding and attracted attention from many. Such a re-interpretation means that Polkadot has followed the path of QuarkChain to develop heterogeneous sharding technology. Even in exchanges, Polkadot engineers have expressed that even though the two projects have different roadmaps, the solutions the two projects provide create the same effects. In this article, we will introduce heterogenous sharding and the differences between the solutions of these two projects.

What is Heterogenous sharding?

Bitcoin, anonymous tokens like ZCash and Grin, ETH, EOS, and all the pubic chains are all considered under the bigger umbrella of blockchain technology.The essence of blockchain technology comes from the arrangement and combination of the following four components:
  • Consensus (POW, POS, DPOS, PBFT),
  • Transaction model (BTC transaction model, different virtual machine, privacy transaction model),
  • Ledger model (UTXO, Account model), and
  • Token economics.
At present, for many public chains, the four elements are fixed. Once a consensus, a transaction mode, an ledger model and a token economics are selected, they can no longer be changed, which limits the flexibility and adaptability of the whole blockchain system.
QuarkChain is the first public chain that implemented heterogenous sharding technology. Heterogenous sharding treats each shard as one chain and each chain can configure the four components we mentioned based on its needs. Such design allows new technologies to be incorporated into a chain and such chains can be embedded into the overall system design easily. So different chains can host different consensus mechanisms, token economics, and ledger models.

Value of Heterogeneous sharding

From the information above, the four elements for many public chains are fixed. They can no longer be changed, which limits the flexibility and adaptability of the whole blockchain system. Such a situation engenders three problems: forking due to upgrades, difficulty in building functionalities, and wastage of resources.
Forking due to upgrades: because it is difficult to upgrade a fixed framework, in order to enhance functionalities, forking becomes the only solution. However, forking brings about the loss of operation capital and the disintegration of community. For example, ETH 1.0 is not able to upgrade to 2.0 painlessly and now the project needs to abandon 1.0 and restart 2.0. This kind of failure is similar to when using a 5G phone, one would not be able to communicate to a 4G mobile phone and a 4G one unable to communicate with a 3G one. Such constraints would throw the mobile network market into scrambles. Similarly, for blockchain networks, hard fork upgrades will change the structure of the community and incur losses in the meanwhile.
Difficulty in building functionalities: the rigid infrastructure layer of public chains forces public chains to be restrictive about its clients instead of accommodating and servicing as many clients as possible. For example if a client would like to use consensus A while this particular public chain only supports consensus B, then the public chain will force the client to make tradeoff of its own development in order to meet the configuration of the public chain. Otherwise, the client would need to develop projects for multiple chains in order to satisfy all the internal requirements. The two solutions incur high costs and low efficiency; as such, public chains turn away many potential interested clients and have few active users.
Wastage of resources: A lot of public chains cannot upgrade flexibly due to their rigid frameworks. Developers in order to create new features decide to first launch their own chains and then add additional functionalities. As a result, the olderer public chains fail to upgrade and each new chain bears only a slight fraction of innovation. This situation reflects a wastage of resources with duplicate developments. It is foreseeable that the cycle of duplicate developments will perpetuate; each tiny new innovation will become a rigid framework that will be rendered obsolete when someone else will launch another new chain to replace it when adding new features.
One of the ways to end this vicious cycle is by offering a flexible framework that allows continuous addition and upgrades. We envision an entire framework that is flexible enough to allow direct merging of new features into the old networks where old and new co-exist seamlessly. This is where the value of heterogeneous sharding lays: with new features launching, one can simply add a new shard to enable the new features. For example, a new shard with anonymous coins can add privacy functions to the entire network, another shard for stable coins, and even a shard for Libra. By accommodating new and old functions alike, through continuously adding new features, one can guarantee the user base will be steadily growing instead of losing to other competitors. On the other hand, such a framework allows the network to gradually refine and upgrade. Our approach will build a system that all blockchains can coexist and complement each other harmoniously. Users will no longer need to make difficult decisions such as whether to migrate to another project for better configurations or hard forking.
Other than that, as the industry continues to evolve, the complement between alliance chain and public chain is becoming an inevitable trend. In the future, enterprise-level applications will require an infrastructure layer solution that connects public chains and alliance chains well together to satisfy demands from all fronts. This is precisely what heterogenous chains can achieve.

QuarkChain VS Polkadot VS ETH2.0 VS Cosmos

Even though the detailed solutions of QuarkChain and Polkadot are different, the logics in the bottom layer are the same: through supporting shards or sub-chains or parallel chains with different characteristics for data exchanges, the solution will enhance compatibility, interoperability, and composability. We term this comprehensive solution that includes heterogeneous sharding and cross shard technology as heterogeneous multi-chain technology.
Overall, Polkadot provides a hub that allows users to release a new chain easily. Among the released chains, one can cross the chains for communications. At this stage, each chain can pick its consensus mechanism out of the three options that Polkadot provides. For protection, Polkadot’s hub will provide hashing power to protect the chains launched under the hub. Cosmos has a similar strategy: users can leverage its API to launch a new chain easily but one would need to take its own risk in protecting its from attacks. Users are welcome to customize the configuration of each of the four components.
While Polkadot provides heterogeneous sharding, QuarkChain also allows cross-chain mechanism. Through the root chain of QuarkChain, one can add shard chains as added. For each shard chain, one can configure each of the four components flexibly.
We can compare Polkadot, ETH 2.0, Cosmos, and QuarkChain in the following table:

https://preview.redd.it/3rkhndk4qev41.png?width=1400&format=png&auto=webp&s=c2c03da8ea3e9407bc34a8d9138c716d082b3cd3
As the community sees the need for flexibility more, the entire industry has turned its aim to adopt a heterogeneous multi-chain structure. It achieves two things: it enables a more flexible framework and connects alliance and public chains. This approach will prevent a flooding of similar chains and focus on developing the community altogether more efficiently. Through this flexible network approach, all projects will work together to explore the limitless possibility of blockchain technology.
Website:https://www.quarkchain.io Telegram:https://t.me/quarkchainio Twitter:https://twitter.com/Quark_Chain Medium:https://medium.com/quarkchain-official Reddit:https://www.reddit.com/quarkchainio/ Facebook:https://www.facebook.com/quarkchainofficial/ Discord:https://discord.me/quarkchain
submitted by QuarkChain to quarkchainio [link] [comments]

Operation Business & Blockchain Consulting by Coindar & Colibri Group

Operation Business & Blockchain Consulting by Coindar & Colibri Group
Check out the world's first comprehensive consulting agency with the largest range of services provided in the Blockchain and FinTech sectors.
colibri-group.org | coindar.org
We’d like to announce to merge Coindar with the renowned global consulting agency Colibri Group and offer you the services of our joint venture.
We have collected the most relevant industry issues and provided comprehensive professional solutions in one place. Our clients are Waltonchain, ARPA Chain, Filenet, RockX, Republic and many others, including dozens of Russian technology companies from the Forbes list.

https://preview.redd.it/lw6o8go0hmt41.png?width=898&format=png&auto=webp&s=a0a3bc26e222b54b65a7db3aee43c1ac7cfe49b2
More than 3 years’ experience in crypto market, an organized approach, resource availability and developed connections, we can provide prices below the prevailing market price (according to the world market and based on the research conducted by LinkedIn).
If you're a top manager of a project related to cryptocurrencies, we recommend you to read this article to the end. You’ll be pleasantly surprised with prices and the service package that we provide our clients absolutely free of charge.
Our services are aimed at developing and expanding the ecosystem of your crypto project:
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We can provide each of the services listed above separately, but for the convenience of understanding prices, we have identified 3 options for integrated business services.

https://preview.redd.it/qbrxlkh4hmt41.png?width=1000&format=png&auto=webp&s=aae6040e355d262eff1e6d0c34edb36c19e0b02d
By choosing any of the cooperation options, you'll receive a free package services:
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https://preview.redd.it/pg180xp6hmt41.png?width=1000&format=png&auto=webp&s=1d79115cb4fc9b6dabe8e8491a0f9e7bcd428e67
Package #1 (Telegram)
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Telegram Automation:
• Creating and configuring current main console commands• The official a bunch of “Chat Telegram + Telegram Channel”• Creating and configuring telegram bots• Automating streaming content in Telegram• Configuring Telegram with external sources• Creating up-to-date high-quality stickers and GIF videos• Ensuring uninterrupted operation 24/7• Using professional up-to-date widgets• The provision of additional resources
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https://preview.redd.it/g9r2z3l9hmt41.png?width=1000&format=png&auto=webp&s=54bd14ef0634e8df3aedb8fa2e33d9c5c49aac04
Package #2 (5 social networks to choose from)
Social Networks (SMM)
• Managing corporate social networks(Twitter, Medium, Facebook business page, Reddit, Golos.io, VK and other popular social networks)• Creating and maintaining multilingual social network profiles in the desired countries / regions• Automation of social networks• Publish news in your official media and allow our tools to broadcast this news automatically in all desired social networks around the world• Using your own developed resources for effective promotion• Teamwork with a high-quality audience• Organization of original content and professional translations of official news• Attracting partners for global effective promotion
Price: $599 / month

https://preview.redd.it/o0rfz2ddhmt41.png?width=1000&format=png&auto=webp&s=2d71608e4c6296af3b36a172a7a5fda673eefbe8
Package #3 (Priority project status and in-depth work)
• Regular participation in blockchain conferences around the world• Extensive connections in Commerce, the state sector, and the blockchain environment• Presenting your project at conferences, forums, and other public events• Our advisors advise many projects in the sectors FinTech, DeFi,IoT, Blockchain, BigData Machine Learning Telecom & 5G• Use the best offers from our partner conference organizers• Organization of individual business tours and meetings with top managers of leading technology companies• Using our main operating business in Moscow (3 offices in Moscow and about 30 representative offices) to reach an audience of businessmen and merchants.• A wide audience throughout Russia and the world (mainly government and commercial structures, the B2B sector).
For the main operating business, we are consultants to the Federal Tax Service of the Russian Federation on commercial equipment. We often hold events for taxpayers (businessmen) in tax inspections and other state institutions.
Associated Activities:
• Engaging our existing partners, media partners, and professional members of the crypto community• Attracting our existing partners from the main operating business to work on your project• Regular work to attract potential partners, media partners, customers, investors and network users• In-depth work with the team of your project and priority response in relation to the solution of tasks• Development, creation and support of professional Network ecosystems• Using a wide range of available tools to improve efficiency• Monitoring, analyzing, and working with data
Price: Upon request
We have always thought about the convenience of each user Coindar.org and Colibri Group. This has contributed to our development and expansion in almost all areas of the economy to provide you with maximum resources in one place, from all formats of online activities and community management, representation of your project by our consultant anywhere in the world, participation in R&d development, assistance in conducting operational business in Russia, relations with the Public and B2B sectors.
We wold be glad to cooperate with you and help in finding new clients, partners and investors. Make the right choice and contact us to start cooperation. Below you will find basic information about our projects and why you can trust us:
Coindar
Coindar was created in 2017 and is the most important fundamental analysis tool for many traders and investors.
Leading industry media such as TheNextWeb, Bitcoin.com, CryptoPolitan, CoinDesk, Investing.com, ForkLog wrote or referenced the project.

https://preview.redd.it/5d5m0fl2imt41.png?width=900&format=png&auto=webp&s=6d6a0963ac609cd81b06f8a013c6f16d63965037
Our team always keeps abreast and collaborates with major global industry conferences:

https://preview.redd.it/5rpqrspihmt41.png?width=900&format=png&auto=webp&s=6095af7b0bbb851567585a3f439fb39428f64e00
More than 100 cryptocurrencies have their representative in Coindar, among them IOST, LAToken, PIVX, DentaCoin, Waltonсhain, ARPA, Filenet and many others:

https://preview.redd.it/5hec7931imt41.png?width=900&format=png&auto=webp&s=a0a5cb1600ee42f326587c00d01ef139a86023ef
Colibri Group
Colibri Group has a large operational business in Russia with 3 offices, more than 30 representative offices and is part of the federal center for digital entrepreneurship support in Russia.
All top managers of Colibri Group are well-known persons in the world of Economics, science and FinTech, both in Russia and abroad. They have the status of speakers and consultants of the Federal Tax Service of the Russian Federation for the operation of commercial equipment, licenses of the Federal Security Service for cryptographic activities.
Coindar.org
www.colibri-group.org
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