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Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.

Solutions

Syscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
  1. Distribution, burns and user-to-user transfers of Reddit Points are entirely carried out on the Syscoin network. This full-on approach to utilizing the Syscoin network provides the most scalability and transaction cost benefits of these scenarios. The tradeoff here is distribution and subscription handling likely migrating away from smart contracts into the application layer.
  2. The Reddit Community Points ecosystem can continue to use existing smart contracts as they are used today on the Ethereum mainchain. Users migrate a portion of their tokens to Syscoin, the scaling network, to gain much lower fees, scalability, and a proven base layer, without sacrificing sovereign ownership. They would use Syscoin for user-to-user transfers. Tips redeemable in ten seconds or less, a high-throughput relay network, and onchain settlement at a block target of 60 seconds.
  3. Integration between Matic Network and Syscoin Platform - similar to Syscoin’s current integration with Ethereum - will provide Reddit Community Points with EVM scalability (including the Memberships ERC777 operator) on the Matic side, and performant simple value transfers, robust decentralized security, and sovereign store-of-value on the Syscoin side. It’s “the best of both worlds”. The trade-off is more complex interoperability.

Syscoin + Matic Integration

Matic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.

Proving Performance & Cost Savings

Our POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
612722: https://sys1.bcfn.ca/block/6d47796d043bb4c508d29123e6ae81b051f5e0aaef849f253c8f3a6942a022ce
612723: https://sys1.bcfn.ca/block/8e2077f743461b90f80b4bef502f564933a8e04de97972901f3d65cfadcf1faf
612724: https://sys1.bcfn.ca/block/205436d25b1b499fce44c29567c5c807beaca915b83cc9f3c35b0d76dbb11f6e
612725: https://sys1.bcfn.ca/block/776d1b1a0f90f655a6bbdf559ff5072459cbdc5682d7615ff4b78c00babdc237
612726: https://sys1.bcfn.ca/block/de4df0994253742a1ac8ac9eec8d2a8c8b0a6d72c53d6f3caa29bb6c171b0a6b
612727: https://sys1.bcfn.ca/block/e5e167c52a9decb313fbaadf49a5e34cb490f8084f642a850385476d4ef10d70
612728: https://sys1.bcfn.ca/block/ab64d989edc71890e7b5b8491c20e9a27520dc45a5f7c776d3dae79057f59fe7
612729: https://sys1.bcfn.ca/block/5e8b7ecd0e36f99d07e4ea6e135fc952bf7ec30164ab6f4d1e98b0f2d405df6d
612730: https://sys1.bcfn.ca/block/d395df3d31dde60bbb0bece6bd5b358297da878f0beb96be389e5f0e043580a3
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.

Cost Savings

Total cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.

Tools, Infrastructure & Documentation

Syscoin Bridge

Mainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
  • Any Standard ERC-20 token to be moved from Ethereum to the Syscoin blockchain as a Syscoin Platform Token (SPT), and back to Ethereum
  • Any SPT to be moved from Syscoin to the Ethereum blockchain as an ERC-20 token, and back to Syscoin

Benefits

  • Permissionless
  • No counterparties involved
  • No trading mechanisms involved
  • No third-party liquidity providers required
  • Cross-chain Fractional Supply - 2-way peg - Token supply maintained globally
  • ERC-20s gain vastly improved transactionality with the Syscoin Token Platform, along with the security of bitcoin-core-compliant PoW.
  • SPTs gain access to all the tooling, applications and capabilities of Ethereum for ERC-20, including smart contracts.
https://preview.redd.it/l8t2m8ldh8e51.png?width=1180&format=png&auto=webp&s=b0a955a0181746dc79aff718bd0bf607d3c3aa23
https://preview.redd.it/26htnxzfh8e51.png?width=1180&format=png&auto=webp&s=d0383d3c2ee836c9f60b57eca35542e9545f741d

Source code

https://github.com/syscoin/?q=sysethereum
Main Subprojects

API

Tools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.

Documentation

Syscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence

Trade-off

The Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.

Cost

Ethereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.

Z-DAG

Zero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).

Benefits

  • Unique fee-market that is more efficient for microtransaction redemption and settlement
  • Uses decentralized means to enable tokens with value transfer scalability that is comparable or exceeds that of credit card networks
  • Provides high throughput and secure fulfillment even if blocks are full
  • Probabilistic and interactive
  • 99.9999% security assurance within 10 seconds
  • Can serve payment channels as a resilience fallback that is faster and lower-cost than falling-back directly to a blockchain
  • Each Z-DAG transaction also settles onchain through Syscoin Core at 60-second block target using SHA-256 Proof of Work consensus
https://preview.redd.it/pgbx84jih8e51.png?width=1614&format=png&auto=webp&s=5f631d42a33dc698365eb8dd184b6d442def6640

Source code

https://github.com/syscoin/syscoin

API

Syscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.

Documentation

Z-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana

Trade-off

Z-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.

Syscoin Specs

Syscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
  • 16MB block bandwidth per minute assuming segwit witness carrying transactions, and transactions ~200 bytes on average
  • SHA256 merge mined with Bitcoin
  • UTXO asset layer, with base Syscoin layer sharing identical security policies as Bitcoin Core
  • Z-DAG on asset layer, bridge to Ethereum on asset layer
  • On-chain scaling with prospect of enabling enterprise grade reliable trustless payment processing with on/offchain hybrid solution
  • Focus only on Simple Value Transfers. MVP of blockchain consensus footprint is balances and ownership of them. Everything else can reduce data availability in exchange for scale (Ethereum 2.0 model). We leave that to other designs, we focus on transfers.
  • Future integrations of MAST/Taproot to get more complex value transfers without trading off trustlessness or decentralization.
  • Zero-knowledge Proofs are a cryptographic new frontier. We are dabbling here to generalize the concept of bridging and also verify the state of a chain efficiently. We also apply it in our Digital Identity projects at Blockchain Foundry (a publicly traded company which develops Syscoin softwares for clients). We are also looking to integrate privacy preserving payment channels for off-chain payments through zkSNARK hub & spoke design which does not suffer from the HTLC attack vectors evident on LN. Much of the issues plaguing Lightning Network can be resolved using a zkSNARK design whilst also providing the ability to do a multi-asset payment channel system. Currently we found a showstopper attack (American Call Option) on LN if we were to use multiple-assets. This would not exist in a system such as this.

Wallets

Web3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
Syscoin-Qt

Explorers

Mainnet: https://sys1.bcfn.ca (Blockbook)
Testnet: https://explorer-testnet.blockchainfoundry.co

Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!

submitted by sidhujag to ethereum [link] [comments]

Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

Why Ethereum Problems Make UMI the Flagship Among the New Generation Cryptocurrencies

Why Ethereum Problems Make UMI the Flagship Among the New Generation Cryptocurrencies

https://preview.redd.it/8skuypxp9lj51.jpg?width=1023&format=pjpg&auto=webp&s=ba5a38ba592428f92dc7c1943a780ff127132875
Ethereum cryptocurrency that comes second in terms of capitalization on the crypto market is traditionally seen as fast and profitable. However, over the last few weeks it's had a rough patch. Since early August, the network has had huge queues of transactions pending processing while fees have skyrocketed and surpassed the historical high.
The main issue though is that even fees of a few dollars per transfer don't help get rid of the“traffic jams”. The cause of this is numerous DeFi projects and a huge number of financial pyramids based on the Ethereum platform. Both generate excessive load on the network.
The situation is downright unpleasant, and our users might question whether the UMI network could face a similar challenge? We'd like to assure you it could not. The UMI network is by default protected against these problems — it cannot have “traffic jams”, fees or financial pyramids. But first things first.
How has the Ethereum network ground to a halt?
In its report dated August 4, Arcane Research that provides analysis within the field of cryptocurrency stated that over the previous week the daily size of transaction fees in the Ethereum network has surged up to a record high for over two and a half years. On August 3, the median value #%D0%9F%D1%80%D0%B8%D0%BC%D0%B5%D1%80_%D0%B8%D1%81%D0%BF%D0%BE%D0%BB%D1%8C%D0%B7%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F)of the fee amounted to $0.82, with the overall amount of transaction fees totaling $2 mln. However, it only signaled the start of real problems.
Over the next week, fees continued to grow and by August 11 the median fee value almost doubled equaling $1.57. Larry Cermak, an expert at a big analytical and news-making crypto portal The Block, wrote in his August 15 tweet that over a week the total amount of transaction fees in the Ethereum network totaled $34.5 mln, having surpassed its historical high. Meanwhile, in the Bitcoin network that is seen as too expensive the fees were almost four times lower at $9 mln.
The total fee amount paid by cryptocurrency users over a week:
  • Ethereum — $34.5 mln;
  • Bitcoin — $9 mln;
  • Monero — $2,240;
  • Tezos — $1,876;
  • Cardano — $1,615;
  • XRP — $1,138;
  • BSV — $1,102;
  • Stellar — $1,059;
  • Bitcoin Cash — $1,027;
  • UMI — $0. Let's talk about it a little later.

https://preview.redd.it/z9azd9v6alj51.png?width=1600&format=png&auto=webp&s=25c365d6e14665ecda4a2b8d19b2fc57dd5cde1e
Historical Growth Chart for Ethereum Fees. Source
The existing situation shows that Ethereum is actually not as fast and profitable as commonly cited. Additionally, this could happen to almost any cryptocurrency except UMI that charges no fees whatsoever. We will tell you why.
Why have these problems emerged?
There is nothing unoriginal: the Ethereum network simply can't handle an increased load. Arcane Research analysts consider that a principal cause of this situation is the constantly increasing number of the DeFi ecosystem projects built on the Ethereum blockchain. Their number is growing all the time which causes the overload of the network. As of August 12, the total amount of funds in DeFi applications reached $4.3 billion which is 19.5% higher than that in the past week. At the time of writing this article, the amount surged to $6.21 billion. You can see the current data here. What is the most unpleasant about DeFi protocols is that a lot of them are scam projects.
Which is not the worst part though. There is also another factor that significantly slows down the Ethereum network. There are a lot of pyramid-like projects that are built on the EOS platform and use smart contracts. One of them is SmartWay Forsage, which regularly overloads the network with a large number of transactions, causes traffic jams, and, consequently, leads to increased fees (keep in mind that Ethereum miners choose transactions with a higher commission). Vitalik Buterin, the co-founder of Ethereum, revealed his disapproval of the SmartWay Forsage methodology and asked them to "leave and not pollute Ethereum ecology in the future". However, the project is slow to do this — it continues to deceive users.
This is only the tip of the iceberg of scam projects which abounds on the EOS network –– they continually emerge, work for a while, then go down as scams and are replaced with new ones. This never-ending stream of "investment projects" based on the Ponzi scheme overloads the system. This is the reason why Adam Back, a pioneer of the crypto industry and founder of the technology company Blockstream, equated Ethereum with such infamous projects as Onecoin and Bitconnect. Adam Back's solid dig at Ethereum became the subject of much debate among crypto enthusiasts.
Of course, it all doesn't mean that Ethereum is a bad cryptocurrency. On the contrary, it has a lot of advantages over other coins. But all that has happened exposes Ethereum's faults which must be eliminated. The problem is that they may not be fixable. It is far from certain that the developers will be able to get rid of all the defects as the system has huge scalability problems.
The crypto community has to admit that Ethereum, like other first-generation cryptocurrencies, has issues with capacity, fees, and scalability and is gradually becoming obsolete.
2020 is the time for young innovative cryptocurrencies such as UMI.
UMI is the flagship of new-generation cryptocurrencies.
In real fact, any cryptocurrency could face it. Each cryptocurrency charges fees which typically surge when the network is overloaded or the price is going up. Everyone will remember 2017 when in line with price growth and the network's overload Bitcoin transaction fee reached a high of around $40.
But when it comes to UMI, it works the other way round. The UMI network's advantages are high capacity, no fees, and scaling possibilities. It uses the best and fastest crypto industry solutions and excludes all inefficient methods by default. Smart optimization in combination with the Proof-of-Authority technology operating on the master node basis enables almost instant payments.
At the stage of network testing, an incredibly high capacity was achieved:
  • up to 4,369 transactions per second;
  • up to 262,140 transactions per minute;
  • up to 15,728,400 transactions per hour;
  • up to 377,481,600 transactions per day.
Ethereum processes about 20 transactions per second. It means that the UMI network can process transactions that Ethereum processes over a year in 1 to 5 days — and with no fees.
https://preview.redd.it/rwohnov3alj51.png?width=1125&format=png&auto=webp&s=4329b75c0bd8b7a22276b529f5ca433d17a0874f
The UMI network can process transactions that Ethereum processes over a year in a few days and with no fees. More details
What is more important is that less than 0.001% of the network's overall potential is used now. The UMI network has a lot of reserve capacity and can handle hundreds of thousands of times heavier load. Moreover, with scaling possibilities, UMI can keep up with the times. The UMI code ensures the safe introduction of any upgrades — the network can be easily modified and scaled with cutting edge technology solutions. In other words, traffic jams will never pose a problem for us. UMI will instantly process all transactions, with no fees. Always.
https://preview.redd.it/t0068th0alj51.png?width=544&format=png&auto=webp&s=019f46ec8c093480c4638cf098312a5a146134a8
A real-time speedometer displays the number of transactions processed by the UMI network per second. Link
Additionally, unlike Ethereum and other cryptocurrencies, the UMI's staking smart contract prevents possibilities of any pyramid schemes, meaning eliminates their negative influence. Our staking is completely safe and secured against scammers. Read more about this in our article. Any UMI staking structure could work forever. In other words, you can multiply your coins at a rate of up to 40% per month for an indefinitely long period of time.
UMI doesn't inherit the disadvantages of the first-generation cryptocurrencies. This is an innovative, carefully designed network based on state-of-the-art technologies. UMI is an ambitious step toward the future. And we're making it together right now!
Sincerely yours, UMI team
submitted by UMITop to u/UMITop [link] [comments]

Interview With Eddie Jiang: How CoinEx Is Adapting To The Exchange Space And Growing

Interview With Eddie Jiang: How CoinEx Is Adapting To The Exchange Space And Growing
Written by chaintalk.tv
https://preview.redd.it/v238540taz751.jpg?width=1280&format=pjpg&auto=webp&s=2a852e171a74e49da802d7c12fadba452cf4cf43
We recently had the opportunity to interview the VP of ViaBTC Group, Eddie Jiang. ViaBTC Group owns popular crypto exchange CoinEx and ViaBTC Pool. In this interview Eddie discusses being the first exchange to use BCH as the base currency, ViaBTC Pool and integrating with CoinEx, new features and ambassador program, and competing with other exchanges like Binance and Huobi. Please enjoy the interview below.
How come you decided to open up CoinEx to other cryptos other than just BCH?
Eddie Jiang: CoinEx is the world’s first exchange to implement Bitcoin Cash as a base currency. At that time, it was evident that there was a demand for BCH trading markets, and we are the first to explore this opportunity. It also shows our determination to support the BCH’s development.
As CoinEx is developing, our goal becomes bigger and we are aiming at the global market. We need to constantly improve our product diversification to meet the different needs of more users, so we open up to other cryptos. In the past six months, we have listed more than 50 new tokens. Up to now, we have listed 129 cryptos and 313 markets. Besides, in addition to spot trading, CoinEx also supports perpetual contract and other derivatives trading.
How does CoinEx integrate with the ViaBTC Pool?
Eddie Jiang: ViaBTC Group announced a strategic upgrade, which included a new organizational structure, product innovations and service improvements, on 30 May.
As part of the change, the Group has established three dedicated business units (BU): the financial services BU, consisting of ViaBTC mining pool and CoinEx exchange; the infrastructure services BU, including ViaWallet and Blockchain Explorer; and the ecological development BU, focusing on the research and development of public chain technology and the construction of the ecology.
After halving, the combination of mining and finance will become closer and closer. Investing in mining machines is like buying a Bitcoin option. Miners need more flexible financial products to maintain and increase the value of assets, or hedging services. Based on this judgment, the operations of ViaBTC mining pool and CoinEx exchange will be integrated in the future to realize the financial empowerment of the mining pool to meet the diverse financial needs of miners.
Features of this integrated product upgrade can be summarized as: “ The mining pool is the wallet, and the wallet is the transaction.” ViaBTC is the world first mining pool that has a wallet embedded in the mining pool account. Users do not need to transfer the mined coins, and can realize the function of coin exchange within the wallet. For example, they can directly convert the mined coins into USDT to pay electricity bill. What’s more, users can store, deposit and withdraw their revenue, and transfer assets to CoinEx at any time without charge, as well as complete other operations on the exchange, such as purchasing wealth management products for asset preservation and appreciation. In addition, we also provide hedging services. All of the above functions can be completed in one stop in the mining pool, without the need to transfer assets between different platforms.
The exchange empowers the mining pool, and the mining pool will further bring more traffic and resources to the exchange. The two complement each other and development coordinately.
CoinEx has recently added many new features. Can you talk about what new updates were made to the platform and why you made them?
Eddie Jiang: We have always attached great importance to the development of overseas markets since our establishment, and one of our major goals this year is to cover at least 10 different languages speaking markets.
To realize this and to meet the needs of more users worldwide, CoinEx has been continuously optimizing and upgrading its operating strategies, products and services. Our product diversifications are constantly improving. As I said before, we have launched leverage trading, perpetual contract trading, and wealth management products in addition to just spot trading. However, we don’t ignore the importance of spot trading. More mainstream, popular, and high-quality tokens have been listed, and up to now, there are 129 tokens and 313 trading pairs on CoinEx.
During the epidemic, we have never slowed down our development. Lacking of the OTC service has always been a shortage for CoinEx. In March, we partner with Simplex to integrate the first fiat onramp to our platform. People now can buy crypto with their credit cards, which lowers the threshold for more people to enter the crypto world. Moreover, we announced global strategic partnership with Matrixport to provide people with large amount of fiat to crypto needs the OTC service. These newly launched services also help to attract more users.
At the same time, CoinEx has been launched in Arabic, Italian, English, Japanese, Russian, Korean and other 16 languages. Earlier we also carried out product upgrades, making the UI and function sections clearer.
In terms of operations, we launched an upgraded CoinEx Ambassador program in March. To best utilize each ambassador’s personal strengths, there are four categories of CoinEx Ambassador with different responsibilities, namely Referral Ambassador, Marketing Ambassador, Operation Ambassador, and Business Ambassador, which will expand our brand’s exposure and help CoinEx grow into a more international exchange platform.
From March until now CoinEx has seen a 100% increase in user registrations. Why is that and are you able to see where they are coming from?
Eddie Jiang: Because of the efforts mentioned above, in 2020, we’ve seen an exponential increase in activity in just the past few months alone. In this year alone, CoinEx’s daily registered users increased by 100%. These new users mainly come from markets such as the Middle East, Asia Pacific, and more.
Interestingly, we saw an uptick in traffic from the Middle East in March. User growth in Southeast Asia also picked up significantly, newly registered users increased by 133.6% in April.
With Binance, BitMex, Huobi, Bybit, and Deribit, controlling most of the crypto futures and options markets, where do you see CoinEx fitting in? How do you plan to capture market share from these large exchanges?
Eddie Jiang: We won’t compete with others. We focus on ourselves to improve products and our goal is to be better than yesterday.
Our pace is solid and steady, instead of focusing on temporary heat and flow. We have always attached great importance of spot trading, and we are committed to be responsible for users’ investment. We have set up CoinEx Institution, which is dedicated on project research. A listing committee consist of core team members review and vote on projects recommended by the CoinEx Institution. In this way, fraud projects are avoided as much as possible.
Besides, we will focus on niche areas with great potential. For example, Southeast Asia and the Middle East. CoinEx can serve users in those countries well by providing a platform with rich cryptos to trade, and will pay more efforts on refined operations in different countries.
Moreover, CoinEx has a very complete ecosystem. Financial services, infrastructure, and ecological development, the three business units complement each other. The infrastructure BU is our cornerstone and is positioned as a defensive product; the financial service BU is a cash cow and is positioned as an aggressive product; the ecological development BU focuses on the public chain ecology and is the future infrastructure.
What is the geographical breakdown of the CoinEx userbase?
Eddie Jiang: The current proportion of CoinEx’s overseas users has reached 80% of the total registered users, and mainly in Australia, Southeast Asia, North America, Middle East and South Korea.
Do you have plans to focus on any certain jurisdictions? How will you do that?
Eddie Jiang: When we evaluate regions, two things matter: policy and potential.
Whether an exchange’s business expansion in a region is smooth or not largely depends on the region’s policies. If the region is not very friendly towards cryptocurrency or has repeated attitudes, there will be more difficulties and the cost will be much higher.
For a region’s development potential, we need to think about the demand and market development status. South Korea, Southeast Asia, the Middle East and other regions are all areas with good potential for cryptocurrency development. Compared with Europe and America, policy risks in these countries are lower, and the supervision mechanism is relatively complete. The public has a high degree of awareness of cryptocurrencies. Besides, some regions or countries have inflation problems due to political and economic reasons.
CoinEx will continue to focus on the Middle East and South Asia, which are relatively niche. India has just lifted ban on cryptocurrency trading this year, and there are many cryptocurrency investors in Indian. CoinEx can serve them well by providing a platform with rich cryptos to trade. More people in the Middle East are interested cryptos, especially in countries that are subject to economic sanctions or high inflation. For those people, cryptocurrencies are one of the best choices for asset preservation.
Since the CoinEx Ambassador program launched in March, it has been almost three months. We are conducting the second round of ambassador recruitment. This time, we will use the power of ambassadors to expand our recruitment coverage and strive to attract more crypto enthusiasts from all over the world to grow together with CoinEx. Moreover, we will launch the National Expansion plan and leverage on the CoinEx and ViaBTC mining pool resources, to further explore the Russian market. At the market level, we will make more PR efforts in local markets, and start refined operations.
What is CoinEx Chain and CoinEx DEX?
Eddie Jiang: CoinEx Chain is a public chain built on the Tendermint consensus protocol and the Cosmos SDK. It consists of three dedicated public chains parallel to each other. Among these three chains, CoinEx DEX meets the most basic needs of DeFi for token issuance, transfer, and transactions. The Smart Chain is designed to meet the needs of complex financial scenarios and delivers programmable cash. The Privacy Chain facilitates privacy and security.
On November 11, 2019, we took the lead in launching the Mainnet of CoinEx DEX. CoinEx DEX is the world’s first public chain dedicated to decentralized transactions. Users can easily manage their digital assets on it.
CoinEx DEX can fully satisfy the following conditions: users have private keys at their own disposal; transfers and transactions are all completed on-chain, which is 200% transparent and checkable; the issuance, transfer, and transaction of tokens do not require review or permission; the community governance and operation is decentralized, similar to EOS, and validators are introduced to the community ecosystem construction and governance. There are currently 41 validators.
It also has extreme performance. TPS reaches as high as 10,000 and transactions are confirmed within seconds. The transaction fee, 0.0001 US dollars for each transaction, is negligible.
Third, it’s simple and easy to use. The new operation interface design helps beginners get started quickly; with the one-click token issuing module, users only need to fill in a few items to issue tokens; the built-in automated market-making module guarantees liquidity.
How will CoinEx DEX improve the decentralized exchange space that has been unable to gain much adoption?
Eddie Jiang: There are many challenges and difficulties facing centralized exchanges. The first difficulty is security. Security is a huge concern for CEXs. Over the last 10 years, hackers have stolen more than $1.5 billion from centralized exchanges. In fact, research groups estimate that hackers stole somewhere between $950 Million and $1 Billion from centralized exchanges in 2018 alone. There were also incidents of coin thefts in other exchanges in 2019. Many exchanges, such as Mt. Gox, Youbit, were forced to file for bankruptcy and shut down as a result of hacks.
The second is high management costs. Centralized exchanges need to list a large number of cryptocurrencies and each of them have different trading pairs. That entails huge efforts in development and maintenance and, thus, high management costs.
The last is global policies. Cryptocurrency is faced with different regulatory policies in different countries. Every time a centralized exchange enters a country, it needs to adapt itself to local regulatory policies for compliance. This is a holdback for the exchange’s rapid market expansion globally. Such adaptation will also bring a huge learning cost for the exchange team.
Obviously, these problems can be well solved by DEX. CoinEx DEX is a true DEX with full open source and full community governance, as well as without depending on official nodes, websites, wallets, etc. On DEX, users are able to in charge of their own private keys and assets all by themselves. Their assets are more safe and secure. Transfers and transactions are all completed on-chain, which is 200% transparent and checkable; and the issuance, transfer, and transaction of tokens do not require review or permission. What’s more, CoinEx DEX provides a great and convenient user experience.
How will CoinEx Chain and DEX help the crypto industry as a whole?
Eddie Jiang: The public chain is the cornerstone of the blockchain industry. CoinEx Chain has the parallelism of multiple dedicated public chains, each of which performs its own functions, by cross-chaining for both high performance and flexibility.
CoinEx Chain is committed to building the next generation of blockchain financial infrastructure. It is a more complete ecosystem built around the DEX public chain. The DEX public chain is a dedicated public chain developed specifically for token issuance and trading and the biggest improvement on trading speed, so it only supports the necessary functions, not smart contracts.
But smart contracts are the foundation for building more complex financial applications. Outside the DEX public chain, CoinEx Chain also includes a Smart Chain that supports smart contracts.
Moreover, as privacy issues on the current blockchain have been criticized, it is one of the core tasks of CoinEx Chain to safeguard users’ privacy. Similar to the Smart Chain, the Privacy Chain specifically supports transaction privacy protection. With cross-chain circulation, it can improve the privacy characteristic of the entire CoinEx Chain ecosystem.
Nowadays, 1.7 million people in the world have no bank accounts; however, among them, two thirds are smartphone users with huge demands for financial services. The public chain will empower DeFi applications’ development and popularization, not only help more companies to seize the huge market opportunity, but also to bring lasting transformations and improvements in people’s lives.
With so many crypto exchanges, what is the future outlook of CoinEx when it comes to the crypto exchange space?
Eddie Jiang: It has been nearly 3 years since CoinEx has been launched, but it’s quite young for an entrepreneurial team. We have seen too many projects’ failures due to governance issues. CoinEx has a very elite team with high technical and management capabilities. In terms of business, CoinEx has gradually developed with diversified business and a complete ecosystem. It’s clear that the market will still grow very fast in the future, and the market size is still very large. We will continue to improve our products, put more efforts in marketing and operations, as well as look for more high-quality projects, to increase the number of users and transactions on the platform. Lay a solid foundation, and I’m sure the time will come for us to shine.
What updates is the CoinEx team most excited for?
Eddie Jiang: We are very excited about the National Expansion Plan which will be launched later this year. It is an important part in CoinEx’s globalization strategy. We will actively explore some new markets while consolidate the original ones. CoinEx will set aside 10 million US dollars to set up a “Pioneer Fund” to support this plan. This fund will be used to support local cryptocurrency projects and promote the development of the local cryptocurrency communities through investment or cooperation. Our goal this year is to invest in projects and communities that are conducive to expanding the CoinEx ecosystem in countries with high development potential.
Original article
Click HERE to register on CoinEx
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Binance Support Number 🎧 【+𝐼 】 𝟪𝟦𝟦-𝟫𝟢𝟩-𝒪𝟧𝟪𝟥☎️ Customer Service Number

Binance Support Number 🎧 【+𝐼 】 𝟪𝟦𝟦-𝟫𝟢𝟩-𝒪𝟧𝟪𝟥☎️ Customer Service Number

Binance support number 1844-907-0583 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located.
Binance support number 1844-907-0583 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance support number 1844-907-0583 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Binance support number 1844-907-0583's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Binance support number 1844-907-0583 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Binance support number 1844-907-0583's headquarters?
This seemingly simple question is actually more complex. Until February, Binance support number 1844-907-0583 was considered to be based in Malta. That changed when the island European nation announced that, no, Binance support number 1844-907-0583 is not under its jurisdiction. Since then Binance support number 1844-907-0583 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. "Wherever I sit, is going to be the Binance support number 1844-907-0583 office. Wherever I need somebody, is going to be the Binance support number 1844-907-0583 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Zhao said Binance support number 1844-907-0583 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Binance support number 1844-907-0583 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Binance support number 1844-907-0583 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Binance support number 1844-907-0583, announced that the exchange had frozen the funds. He also added that Binance support number 1844-907-0583 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
submitted by SnooPeripherals4556 to u/SnooPeripherals4556 [link] [comments]

Top-5 Ways To Buy Bitcoin Instantly

The choice of the optimal ways to buy Bitcoin depends on three factors: how much information you want to disclose, what is the amount of the transaction and what level of security you require. However, it is almost impossible to comply with all 3 factors. So, what is the best way to buy Bitcoin?

1. Stock exchange

The best way to buy crypto is to use an exchange (Binance, Coinbase Pro, Huobi Global), where one can sell and buy digital currency from other investors. The price is set manually. In this case, the commission charged by the intermediary will not exceed 1%. The exchange provides anonymity since you don’t need to provide your ID in most exchanges. There are several options for transactions:
If you want to know how to begin investing in Bitcoin, start studying stock exchanges.

Pros:

Cons:

2. Exchanger

A crypto exchanger (Localbitcoins, Lykke, F-change) allows exchanging fiat or other tokens for BTC according to a fixed rate. It is probably the easiest way to buy crypto. The service adds a commission higher than that on the stock exchange.

Pros:

Cons:

3. ATMs for BTC

ATMs for Bitcoins only enter the market. It is enough to have the necessary amount of cash to be able to exchange it for the equivalent in BTC. Such a transaction is instant and does not require registration or other formalities. There are now over 8500 BTC ATMs around the world.

4. For cash with individuals

A hand-to-hand sale is the most private and most insecure way to buy cryptocurrency. It is lucky if you know reliable miners or crypto businessmen. Rent, salary, taxes – all this requires ordinary money, so they constantly have a need to sell mined or earned cryptocurrency. Pros – maximum anonymity of transactions. Cons – risks from dishonest partners.

5. Telegram bots

Telegram bot is an automatic script based on the search for offers and counteroffers. If someone wants to sell BTC, they send a request to the bot and it looks for a counter offer. As soon as someone sends a request for the purchase of Bitcoin, the bot will complete a transaction between these two users.

Pros:

Cons:

Disclaimer

While talking about the ways to buy Bitcoin, it is important to mention that this article doesn’t provide any advice and directions regarding the investments in particular cryptocurrencies and pursues only informative purposes.
submitted by CoinjoyAssistant to btc [link] [comments]

AMA Recap of CEO and Co-founder of Chromia, Henrik Hjelte in the @binancenigeria Telegram group on 03/05/2020.

Moh (Binance Angel)🇳🇬,
Please join me to welcome, “CHROMIA CEO & Co-founder, Henrik Hjelte” and “ CMO, Serge lubkin”
Oh, before we proceed, kindly introduce yourselves and tell us a bit about your roles at Chromia u/sergelubkin & u/henrik_hjelte.
Henrik Hjelte,
Ok, I’m Henrik, I’m CEO of ChromaWay that crated the Chromia project. My background is a bit mixed: developer for 30+ years (since 80: s), but I studied other things at university (economics, politics, social sciences philosophy). Life is more than computer you know… I worked with FInance/IT then started a web startup and got to know Alex Mizrahi who worked as a developer….
Web startup didn’t fly, but Alex showed me bitcoin. When I finally read the whitepaper I was blown away, and joined Alex colored-coins project, the first open source protocol to issue tokens. in 2013.
So, we started with open-source tokens (that kickstarted the blockchain industry. Then started company together 2014.
That is a long intro, I’ll shut up now… Thanks….
Serge,
I’m Serge, I’m assisting Henrik today and I work with Chromia marketing team as well as on some business development projects
Moh (Binance Angel)🇳🇬, , Question No 1 :
Kindly describe the CHROMIA project and what it aims to achieve?
Henrik Hjelte,
Chromia is a new public blockchain based on the idea of integrating traditional databases, Relational databases with blockchain security. Chromia is a general purpose blockchain with full smart contract capabilities, just that it is a lot easier to code, even complex applications. You code with an easy to learn new programming language that combines the power of SQL and normal languages but makes it secure in a blockchain context. Up to 1/10 the code-lines vs other blockchains. There is a blog post about it, I’ll share later. On lines of code.
The aim of Chromia is to combine relational databases, which exist in every kind of organization, together using blockchains. We want to provide a platform for our users to develop totally decentralized apps securely. Our goal is for Chromia to be seen as the number one infrastructure for decentralized applications.
https://blog.chromia.com/reasons-for-rell-compactness/
Moh (Binance Angel)🇳🇬,Question No 2:
What inspired the CHROMIA Core team to pick interest in CHROMIA project? what breakthrough have you achieved so far? what are the present challenges you’re facing and how are you planning to overcome them?
Henrik Hjelte,
We started with public blockchains, tokens in 2012, the world’s first stable coin with a bank 2015 (LHV). When coding that solution, peer to peer payments of Euro-tokens, we discovered we need performance reasons to store all data in a database. We needed to quickly know the “balance” of a user, and can’t loop through a blockchain. And slowly the idea grew that we can make the database INTO a blockchain, integrate completely with the transaction mechanism of a database. So, we did it as a private blockchain first (Postchain), used it for some projects, then came up with the idea to make a Public Blockchain based on it.
The motivation is that we felt we needed a better programming model for blockchains. Our CTO Alex has always been thinking of optimal solutions for blockchain technology and has lots of experiences thinking about it. Also: make real-world useful things. For example, we support free-to-play models since users do not need to own “our” token to USE apps, the application itself (often the developer) pays for hosting. And of course, great performance. Also: more knowledge of who runs nodes and risk level. So, it is more suitable for enterprises.
In Chromia the application (at the start the developer) decides Who should be allowed to run its own blockchain (every dapp has its own blockchain). You can also say on a higher level that we want to provide technology to create “Public applications”, a tool
that enables us to create a fairer world.
https://blog.chromia.com/towards-publicly-hosted-applications/
Moh (Binance Angel)🇳🇬, Question No 3 :
Why did you create your own blockchain instead of leveraging on existing and proven base layer protocol?
Henrik Hjelte,
None of the existing protocols are suitable to support large-scale, mainstream applications. We designed Chromia to give our users exactly what they want; fast support, useful features, with an affordable service cost. Other platforms do not have the ability to host data applications in a decentralized and secure way, as Chromia can. Chromia also has its own bespoke programming language that sets it apart from SQL-based platforms. It’s so easy to use, even non-developers can understand it!
The other big difference with Chromia concerns payments. Chromia gives its users freedom from having to pay for each transaction. With Chromia, you have the flexibility to decide how to set fees for your dapp
And when it comes to “proven base layer protocols”: they are just a few years at max. Chromia is built on top of Postgresql, that has been used in enterprises for decades, a really proven technology. And the Java virtual machine on top of that. This is proven tech, at core.
Moh (Binance Angel)🇳🇬, Question No 4 :
What is Postchain?
Henrik Hjelte,
Postchain is an open-source product of ChromaWay for enterprise clients and it’s the core technology on which Chromia is built.
Postchain is a replicated blockchain and database that offers highly resilient distributed database management with distributed control.
Postchain is the only product on the market that combines the immutable consensus of a blockchain and the properties of a real database management system (You know, the tech that built SAP, Facebook, Banks…) …
Postchain allows you to share information between companies and/or individuals in a secure and transparent way.
That is the low-level base of Chromia you can say
Moh (Binance Angel)🇳🇬,
Can you please name some of your clients that are using this service already?
Serge,
You mean products built on Postchain? Also, Stockholm Green Digital Finance, Green Assets Wallet that’s now functioning on Chromia Bootstrap Mainnet.
Big financial institutions
It’s only a beginning of course, but very promising one. https://greenassetswallet.org/news/2019/12/12/launch-of-the-green-assets-wallet
Henrik Hjelte,
We got a lot of attention with the Swedish Land registry; we did a joint project between them and banks and a telco etc on postchain as base.
Then, right now we do a large project with the Inter-American Development bank also about land-registration (processes) in South America.
We had a client, Stockholm Green Digital Finance, that did a system for green bonds (tracking environmental impact. Yes, as Sege says, it was later moved to Chromia…
Which is cool. Also, another external development company did that phase of the project, proving that other can build on our tech,4irelabs from Ukraine is their name. Some companies using the GAW: Blackrock. SEB Bank etc…
Also, we have done more projects, in Australia, asia etc. Oh Daimler too (the Mercedes company) …
Moh (Binance Angel)🇳🇬,
Lots of enterprise clients you’ve got. No wonder I do see the meme “CHR=ETH KILLER”
Serge,
It’s a meme from our supporters. But we believe we can coexist:)
For some niche things eth is good :)
So, no killing :D
Henrik Hjelte,
We want to work with partners too for this, we can’t do all projects ourselves. Also, for Chromia projects, ChromaWay company can help do support maintenance etc. So, it is not competing, it adds value to the ecosystem.
Yeah ETH is good too, for some applications. We are friends with them from colored-coin times.
And colored-coins inspired ETH, and ETH inspires us.
Moh (Binance Angel)🇳🇬, Question No 5 :
Lastly, CHROMIA is already doing very well in terms of business. You just got listed on BINANCE JEX, you are on-boarding new clients and dishing out new features. But what’s next? Is there anything to be excited about?
Henrik Hjelte,
Plans for 2020 are to both release a series of dapps to showcase how fantastic Chromia is, as well as continue to develop the platform. And when it is secure and good enough, we will release the mainnet.
Dapps are now being made by us as well as others. We do a decentralized social network framework called Chromunity, now released to TestNet. It is really cool, users can vote over moderators, and in the future users might even govern the complete application, how it can be updated. This is a great showcase for Chromia and why we use the slogan Power to the Public.
https://testnet.chromunity.com/
Games coming are:
Mines of Dalarnia (by Workinman Interactive). An action game in a mine with blockchain rental of plots and stuff. Already on TestNet and you can take a peek on it at https://www.minesofdalarnia.com
more coming…
Krystopia 2, novas journey. A puzzle game done by Antler Interactive. Could only find trailer though: https://www.youtube.com/watch?v=-G95-Dw3kI4
However, we have even larger ambitions with blockchain gaming…
We are doing A secret demo-project that we do together with Antler to showcase the technical potential of Chromia platform.
Another exciting relase is an indie game Chain of Alliance, done by two external developers. It is a strategy game with full-logic on blockchain. Public release on TestNet on May 22!
More coming in 2020: Other dapps from other companies, one in impact-tech.
That is a serious app, Chromia also works outside gaming and social media for enterprises and startups
And I hope some of you will do something, we want to support dapps on the platform so reach out to us…
Moh (Binance Angel)🇳🇬,
When can we be expecting the mainnet? Any approximate time? I’m sure the community will really excited to have that info
Serge,
It’s now in Bootstap phase, so it’s technically already functioning. MVP will be very soon
Stay tuned;)
Twitter questions Vs answers
Ellkayy,
What’s the unique thing in Chromia that no other blockchain has, that makes you the better option?
Henrik Hjelte,
Unique: Chromia is the only blockchain that also has a real, proper database built-in. And blockchain is about managing data in a shared context. How to best managed data was solved in computer science already. So far, it is the relational algebra model that is used in 100% of all enterprises, and has an 85% market share. Chromia is the only blockchain that use that model and that power.
Ellkayy,
Why Chromia use RELL and not SQL or JavaScript? Can developers with other language knowledge use Chromia?
Serge,
Rell is the only language on the blockchain side. You can combine with anything on client-side, although now client only exists for JS/TS, C# and Java/Kotlin. Rell is a language for relational blockchain programming. It combines the following features:
1 Relational data modeling and queries similar to SQL. People familiar with SQL should feel at home once they learn the new syntax.
2 Normal programming constructs: variables, loops, functions, collections, etc.
3 Constructs which specifically target application backends and, in particular, blockchain-style programming including request routing, authorization, etc.
Rell aims to make programming as convenient and simple as possible. It minimizes boilerplate and repetition. At the same time, as a static type system it can detect and prevent many kinds of defects prior to run-time.
Roshan DV,
I have been monitoring your project for a while but some concerns about it: Your project will build your own core network, so you have more visibility than Ethereum and NEO. These are projects that were born before and which also have a very large community. And what can assure you that your project will guarantee the functionalities that you have defined?
Henrik Hjelte,
What came first? I want to remind that Vitalik was in the colored-coins project, led by our CTO and we had blockchain in production before ETH and NEO etc existed. We are the old dogs…
Large community: We are part of the same community. When developers are fustrated and want to try new tech, they go to us from other blockchains.
Also, we have a large potential: SQL (close to Rell and our tech) is the world top 3 language. Bigger than Java. Bigger than PHP. Only beaten bny HTML and javascript. Soliditiy is not on top 20 list. THere are millions of developers that know SQL. That is potential for community… (source is Stackoverflow annual programming survey).
Paul (Via Manage),
What are the utilities of Chromia and what purpose does the Chromia coin serve?
Serge,
Chromia meta-token called Chroma (CHR). It is used in Chromia to compensate block-producing nodes by fees. In Chromia, fees are paid by dapps, which can in their turn collect fees from users. Chromia provides mechanisms which balance the interests of developers and users. Dapp tokens can be automatically backed with Chroma, providing liquidity and value which is independent of investment into the dapp. Dapp investors can be compensated in Chroma through a profit-sharing contract. For developers, Chromia offers the opportunity to derive income from dapps. This incentivises the creation and maintenance of high quality dapps because better dapps generate more income and create more demand for tokens owned by the developer. The Chromia model is designed to support sustainable circular economies and foster a mutually beneficial relationship between developers, users, and investors.
Idemudia Isaac,
Thank you very much u/henrik_hjelte u/sergelubkin
You stated your plans for 2020 is to release series of dApps. What kind of large scale, mainstream decentralized application and $Chromia products do you think is suitable for the Nigerian environment?
Henrik Hjelte,
Actually, this is why we want to work with partners. We cannot know everything, For African market we have seen of course payments/remittances (but it has fallen out of trend). We would love to do real-estate /land-registration but we understand we need a strong local partner (more than a single person, a real company or organization driving).
●CC● | Elrond 🇵🇭,
What plans do you have to building a vibrant global community around Rell? And how would you go about encouraging/incentivising such ‘Rellists’ around the world to build dApps on Chromia? u/henrik_hjelte u/sergelubkin
Henrik Hjelte,
For developers (I am one too, or used to be) you normally need to prove a few things:
\ That the tech is productive (can I do apps faster?)*
\ That it is better (less bugs, more maintainable?)*
Then the community will come. We see that all the time. Look at web development. React.js came, and developers flooded to it. Not because of marketing on Superbowl, but because it was BETTER. Fewer bugs and easier to do complex webapps.
So, at core: people will come when we showcase the productivity gains, and that is what we need to focus on.
●CC● | Elrond 🇵🇭,
Why do you choose to build Chromia token on ERC20 instead of other blockchain such as BEP2, TRC20…or your own chain while ERC20 platform is very slow and have a case of fee? u/henrik_hjelte u/sergelubkin
Serge,
So far Ethereum has the best infrastructure, it’s the oldest and most reliable network for tokens. It also became the industry standard which exchanges utilize. We will transfer 80% of all erc20 tokens to our Chromia blockchain when it’s ready for that.
Koh,
In your whitepaper it says in the upcoming version of ChromiaWallet that it will be able to function as a Dapp browser for public use. Q) Will it be similar to the Dapp browser on Trust Wallet?
Serge,
It’s live already try it http://vault-testnet.chromia.com/
It’s the wallet and a dapp browser
CHROMIA is SOLID,
Your metamorphosis is a laudable one,surviving different FUD, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period!
Henrik Hjelte,
You need to know we started a company before ETH existed. There was 0 money in blockchain when we started. I did it becuase it was fun, exciting tech and MAYBE someone would be interested in the thing we made “Tokens”…
We were never in the crazy bull-market, manly observed the crazies from the side. We fundraised for CHR in a dip (they called it bear market). ChromaWay the company also make money from enterprises.
Алекс,
What is SSO?
What makes it important for chromias ecosystem?
Why should we users be attracted to it?’
Serge,
Chromia SSO is perhaps the most important UX improvement that Chromia offers the decentralized world. It revolutionizes the way users interact with dapps. Any dapp requires users to sign transactions, that means they need a private key. Control of the private key is control of any and all dapps or assets associated with it. This means that private keys have an especially stringent set of security requirements in a blockchain context — they control real value, and there is no recourse if they are compromised or lost. https://blog.chromia.com/chromia-sso-the-whys-and-the-whats/
Olufemi Joel,
How do you see the Chromia project developing in 3 to 5 years, both on the commercial level and on the evolution of the company? What are the plans for expansion in different regions? Are you going to outsource the team/skills or keep it centralized and set up offices?
Henrik Hjelte,
I take part of the question. On outsource: we were a distributed team from day one, with co-founders from 3 countries (still living there). We are distributed now, Ukraine, Sweden, Vietnam, Croatia, China are “hubs” then we have individuals too. No big plan, just where we found great developers…
Park Lee, u/henrik_hjelte
You claim CHOROMIA have fast support, useful features with an affordable service cost. That fast and the fees are cheap but can you guarantee stability?
What’s the Algorithms which are used by CHROMIA for that fast? And Can you explain it?
Serge,
We use PBFT protocol with some features of DPOS, this plus sidechains parallelism offers almost unlimited speed and scalability. We also use the feature called anchoring to secure all transactions in batches on Bitcoin blockchain.
Mario Boy,
What are you guys trying to achieve as an end goal? The next Ethereum? Or the next enterprise version of Ethereum? Or something different?
Henrik Hjelte,
The end goal… good question. When we started in 2014 there were no other blockchain companies, so we wanted to do the best blockchain technology in order to enable a decentralized world with more fair applications. And that is what we still do. Technology/software that can enable people to make a fairer world
Erven James Sato,
“STAKING” is one of the STRATEGIES to ATTRACT USERS and ACHIEVE MASS ADOPTION
Does your GREAT PROJECT have plan about Staking?
Serge,
Yes, we announced our staking plans couple of months ago https://blog.chromia.com/on-providers-and-stakes/
We are working with our current partners to make it accessible for general public.
Chizoba,
I often see Chromia and ChromaWay being used interchangeably, what is the relationship between the two?
Henrik Hjelte,
ChromaWay the company started Chromia from code done as postchain. This is normal in open-source development, a company that leads development. But Chromia will be a decentalized network, so ChromaWay will not make direct money out of it more than if we have a role as a Provider (and get payed for hosting). ChromaWay can indirectly make money from optional support and maintenance etc. Also, this, perfectly normal in open-source world.
And it also benefits Chromia that there is a market for support.
A market open for competition.
No special treatment for “ChromaWay”
Enajite,
How to start coding on Chromia?
Henrik Hjelte,
Go to https://rell.chromia.com and follow the tutorial. Enjoy the free time you get compared to other blockchain languages…
●CC● | Elrond 🇵🇭,
Chromia process 500 TPS, these is slow compare to other Blockchains, where we can see now 60K TPS if more capacity require, how can that be? u/henrik_hjelte u/sergelubkin
Serge,
Yes, if you need faster speed you can use parallelism by having multiple blockchains for your dapp. Also, by optimization and better architecture sky is the limit.
Delphino.eth ⟠,
Can we consider Chromia an hybrid? For its mixing of Blockchain and a Database?
Henrik Hjelte,
Yes and no. I want to stress that Chromia is a FULL blockchain. It is not only “inspired”. It is a blockchain AND a database.
I tend to think about Hybrid more in the usecases that you might have as a customer. For example, a bank might want to have some data/transactions private (as a private blockchain) and have another half of the application with public data (on Chromia). So that is a hybrid solution, and Chromia ROCKS in that segment since it is the only blockchain that is complete relational database (what the normal world uses anyway for 85% of all applications)
Example area: “open banking”
Steve bush,
How will Chromia I have any empower Investors, Companies, Developers, Platform Users to
deliver impactful solutions and bring value to people all over the world?
Henrik Hjelte,
In order to make blockchain go big, we need to have users. Users need to be able to use apps with ease. Chromia have features like single-sign on (ease of use), but importantly do not require owning tokens to USE apps.
Also, it needs to be easy to make applications. For example, if you are a student in US and came up with an idea, you want to make an application for your school. Let’s call it “thefacebook”. You code something in PHP and MySQL. DID YOU SEE THAT. SQL. SQL.SQL. It is the same tech that Chromia has but no one else in the blockchain business. SQL rules the world if you look outside the crypto bubble. Google the Oracle head-office… 100% of all enterprises use it… Because it is easy and powerful.
And we even improve on SQL with Rell….
So, compare that with a hacky virtual machine that have a few years…. 😊
August,
“Mines of Dalarnia” is a game that has caught my attention a lot, due to its simplicity and quality. But in the time that I have used it I have not been able to differentiate between the Chromia blockchain of this game and that of the competition? What other games do you have next to develop? I would like to give ideas in those games like a Gamers!
Henrik Hjelte,
We thought about in corona time sports club might want to engage more with their fans digitally. And of course, E-Sports is getting a real momentum as the young generation grows up. Now a bit sad that all games are centralized. My daughter will be sad when (at some day?) they will close down roblox… it happens to all centralized apps eventually… that is what we fix. Power to the Public to control apps and their future. I’ll repost again Alex post. Sorry I like it a lot… https://blog.chromia.com/towards-publicly-hosted-applications/
Bisolar,
Good day Chromia team from a Chromia fan
Can you tell us Chromia’s geographical focus at the moment and the proces it follows for it BUSINESS DEVELOPMENT?
What factors do you consider before identifying NEW MARKETS to enter?
Serge,
Chromia will initially focus on community building in China, Korea, US and Europe. The focus of community growth will gradually expand to other markets as the project gains popularity.
Current community growth strategies of Chromia include:
Chromia blockchain incubator creation to welcome more projects to the Chromia blockchain
Host blockchain gaming conferences, workshops, and meetups to engage with potential users.
Provide online and face-to-face tutorials to engage with dapps developers.
Attract blockchain developers through direct and indirect approach via specialized platforms and communities.
Develop our relations with existing and previous corporate clients, and their partnership networks to participate in their blockchain ventures
Launch Node program to encourage system providers to run nodes on the Chromia blockchain.
Staking program for Chroma (CHR) tokens
Active community engagement via social channels.
Future community growth strategies of Chromia after Mainnet launch include:
Partner with more gaming studios, startups and enterprises
Build local communities with Ambassador Programs.
Partner with external incubator and accelerators to provide blockchain expertise and introduce projects to Chromia ecosystem
Continue organizing hackathons around the world to attract more developers.
Emmanuel,
I want to know the current structure of your roadmap? What is the future roadmap of CHROMIA? Is there any key milestone coming???
Henrik Hjelte,
It is easy to do a roadmap; anyone can make a pape plan. But I think they are used in the wrong way. Software is hard, blockchain is even harder because it NEEDS TO BE SECURE. No MVP releases. We cannot even have roadmap deadlines and skimp on quality. Where we are now though is: Rell language finished so much that developers can write apps and see its magic. We have external devs doing dapps. We have the first phase of mainnet. We have a series of releases coming up. We will release mainnet when it is secure enough, and gradual roll out. I think quite soon, development is going great at the moment, a bit quicker than we though.
Ellkayy,
Why doesn’t Chromia transactions use gas? How do you power transactions then?
Serge,
Main feature of gas in Ethereum is to pay for transactions for miners get rewards. In our scenario Providers get rewards from dapp owners. So dapp owner pays for storing their dapp. It’s like Amazon Web Service model. Then dapp owner can monetize it in its own way.
Ellkayy,
Many developers don’t know RELL, just Solidity and SQL. Is this a barrier or threat to Chromia? Why RELL is better?
Henrik Hjelte,
Very few developers know Solidity. Do a search on github. I referred previously to stackoverflow programming language survey results. https://insights.stackoverflow.com/survey/2019#technology
If you know SQL, you learn Rell in a day.
SQL is the top 3 language here. I’d say there are millions that can easily jump to Rell.
Soldity or other blockchains, not on top 20 list even.
Rell is a hipper, nicer version of SQL that is also a “normal” programming language.
Developers like to learn new things, new languages. Otherwise we would be stuck with PHP, the DOMINANT language. Well, is it still? Seems javascript and react.js and node etc is taking over…
Moh (Binance Angel)🇳🇬,
This brings us to the end of the AMA. It’s been a pleasure being with all of you, THANK YOU. Special shout out to u/sergelubkin and u/henrik_hjelte for honouring us with their presence today❤️
Kindly follow CHROMIA on twitter and join the conversation with their community on Telegram
Twitter: https://twitter.com/Chromia
Telegram: https://t.me/hellochromia
Official Chromia Nigeria Community Channel 🇳🇬 : https://t.me/ChromiaNigeria
Website: www.chromia.com
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Binance Customer Care Number +(𝟣) 𝟪𝟦𝟦-𝟫𝟣𝟪-𝟢𝟧𝟪𝟣 Call Now and Talk To Rep

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Binance support number 1844-918-0581 CEO Changpeng "CZ" Zhao really doesn't want to tell you where his firm's headquarters is located.
To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance support number 1844-918-0581 brand.
Scheduled for 45 minutes, Zhao spent most of it explaining how libra and China's digital yuan were unlikely to be competitors to existing stablecoin providers; how Binance support number 1844-918-0581's smart chain wouldn't tread on Ethereum's toes – "that depends on the definition of competing," he said – and how Binance support number 1844-918-0581 had an incentive to keep its newly acquired CoinMarketCap independent from the exchange.
There were only five minutes left on the clock. Zhao was looking confident; he had just batted away a thorny question about an ongoing lawsuit. It was looking like the home stretch.
Then it hit. Shin asked the one question Zhao really didn't want to have to answer, but many want to know: Where is Binance support number 1844-918-0581's headquarters?
This seemingly simple question is actually more complex. Until February, Binance support number 1844-918-0581 was considered to be based in Malta. That changed when the island European nation announced that, no, Binance support number 1844-918-0581 is not under its jurisdiction. Since then Binance support number 1844-918-0581 has not said just where, exactly, it is now headquartered.
Little wonder that when asked Zhao reddened; he stammered. He looked off-camera, possibly to an aide. "Well, I think what this is is the beauty of the blockchain, right, so you don't have to ... like where's the Bitcoin office, because Bitcoin doesn't have an office," he said.
The line trailed off, then inspiration hit. "What kind of horse is a car?" Zhao asked. Binance support number 1844-918-0581 has loads of offices, he continued, with staff in 50 countries. It was a new type of organization that doesn't need registered bank accounts and postal addresses.
"Wherever I sit, is going to be the Binance support number 1844-918-0581 office. Wherever I need somebody, is going to be the Binance support number 1844-918-0581 office," he said.
Zhao may have been hoping the host would move onto something easier. But Shin wasn't finished: "But even to do things like to handle, you know, taxes for your employees, like, I think you need a registered business entity, so like why are you obfuscating it, why not just be open about it like, you know, the headquarters is registered in this place, why not just say that?"
Zhao glanced away again, possibly at the person behind the camera. Their program had less than two minutes remaining. "It's not that we don't want to admit it, it's not that we want to obfuscate it or we want to kind of hide it. We're not hiding, we're in the open," he said.
Shin interjected: "What are you saying that you're already some kind of DAO [decentralized autonomous organization]? I mean what are you saying? Because it's not the old way [having a headquarters], it's actually the current way ... I actually don't know what you are or what you're claiming to be."
Zhao said Binance support number 1844-918-0581 isn't a traditional company, more a large team of people "that works together for a common goal." He added: "To be honest, if we classified as a DAO, then there's going to be a lot of debate about why we're not a DAO. So I don't want to go there, either."
"I mean nobody would call you guys a DAO," Shin said, likely disappointed that this wasn't the interview where Zhao made his big reveal.
Time was up. For an easy question to close, Shin asked where Zhao was working from during the coronavirus pandemic.
"I'm in Asia," Zhao said. The blank white wall behind him didn't provide any clues about where in Asia he might be. Shin asked if he could say which country – after all, it's the Earth's largest continent.
"I prefer not to disclose that. I think that's my own privacy," he cut in, ending the interview.
It was a provocative way to start the biggest cryptocurrency and blockchain event of the year.
In the opening session of Consensus: Distributed this week, Lawrence Summers was asked by my co-host Naomi Brockwell about protecting people’s privacy once currencies go digital. His answer: “I think the problems we have now with money involve too much privacy.”
President Clinton’s former Treasury secretary, now President Emeritus at Harvard, referenced the 500-euro note, which bore the nickname “The Bin Laden,” to argue the un-traceability of cash empowers wealthy criminals to finance themselves. “Of all the important freedoms,” he continued, “the ability to possess, transfer and do business with multi-million dollar sums of money anonymously seems to me to be one of the least important.” Summers ended the segment by saying that “if I have provoked others, I will have served my purpose.”
You’re reading Money Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here.
That he did. Among the more than 20,000 registered for the weeklong virtual experience was a large contingent of libertarian-minded folks who see state-backed monitoring of their money as an affront to their property rights.
But with due respect to a man who has had prodigious influence on international economic policymaking, it’s not wealthy bitcoiners for whom privacy matters. It matters for all humanity and, most importantly, for the poor.
Now, as the world grapples with how to collect and disseminate public health information in a way that both saves lives and preserves civil liberties, the principle of privacy deserves to be elevated in importance.
Just this week, the U.S. Senate voted to extend the 9/11-era Patriot Act and failed to pass a proposed amendment to prevent the Federal Bureau of Investigation from monitoring our online browsing without a warrant. Meanwhile, our heightened dependence on online social connections during COVID-19 isolation has further empowered a handful of internet platforms that are incorporating troves of our personal data into sophisticated predictive behavior models. This process of hidden control is happening right now, not in some future "Westworld"-like existence.
Digital currencies will only worsen this situation. If they are added to this comprehensive surveillance infrastructure, it could well spell the end of the civil liberties that underpin Western civilization.
Yes, freedom matters
Please don’t read this, Secretary Summers, as some privileged anti-taxation take or a self-interested what’s-mine-is-mine demand that “the government stay away from my money.”
Money is just the instrument here. What matters is whether our transactions, our exchanges of goods and services and the source of our economic and social value, should be monitored and manipulated by government and corporate owners of centralized databases. It’s why critics of China’s digital currency plans rightly worry about a “panopticon” and why, in the wake of the Cambridge Analytica scandal, there was an initial backlash against Facebook launching its libra currency.
Writers such as Shoshana Zuboff and Jared Lanier have passionately argued that our subservience to the hidden algorithms of what I like to call “GoogAzonBook” is diminishing our free will. Resisting that is important, not just to preserve the ideal of “the self” but also to protect the very functioning of society.
Markets, for one, are pointless without free will. In optimizing resource allocation, they presume autonomy among those who make up the market. Free will, which I’ll define as the ability to lawfully transact on my own terms without knowingly or unknowingly acting in someone else’s interests to my detriment, is a bedrock of market democracies. Without a sufficient right to privacy, it disintegrates – and in the digital age, that can happen very rapidly.
Also, as I’ve argued elsewhere, losing privacy undermines the fungibility of money. Each digital dollar should be substitutable for another. If our transactions carry a history and authorities can target specific notes or tokens for seizure because of their past involvement in illicit activity, then some dollars become less valuable than other dollars.
The excluded
But to fully comprehend the harm done by encroachments into financial privacy, look to the world’s poor.
An estimated 1.7 billion adults are denied a bank account because they can’t furnish the information that banks’ anti-money laundering (AML) officers need, either because their government’s identity infrastructure is untrusted or because of the danger to them of furnishing such information to kleptocratic regimes. Unable to let banks monitor them, they’re excluded from the global economy’s dominant payment and savings system – victims of a system that prioritizes surveillance over privacy.
Misplaced priorities also contribute to the “derisking” problem faced by Caribbean and Latin American countries, where investment inflows have slowed and financial costs have risen in the past decade. America’s gatekeeping correspondent banks, fearful of heavy fines like the one imposed on HSBC for its involvement in a money laundering scandal, have raised the bar on the kind of personal information that regional banks must obtain from their local clients.
And where’s the payoff? Despite this surveillance system, the U.N. Office on Drugs and Crime estimates that between $800 billion and $2 trillion, or 2%-5% of global gross domestic product, is laundered annually worldwide. The Panama Papers case shows how the rich and powerful easily use lawyers, shell companies, tax havens and transaction obfuscation to get around surveillance. The poor are just excluded from the system.
Caring about privacy
Solutions are coming that wouldn’t require abandoning law enforcement efforts. Self-sovereign identity models and zero-knowledge proofs, for example, grant control over data to the individuals who generate it, allowing them to provide sufficient proof of a clean record without revealing sensitive personal information. But such innovations aren’t getting nearly enough attention.
Few officials inside developed country regulatory agencies seem to acknowledge the cost of cutting off 1.7 billion poor from the financial system. Yet, their actions foster poverty and create fertile conditions for terrorism and drug-running, the very crimes they seek to contain. The reaction to evidence of persistent money laundering is nearly always to make bank secrecy laws even more demanding. Exhibit A: Europe’s new AML 5 directive.
To be sure, in the Consensus discussion that followed the Summers interview, it was pleasing to hear another former U.S. official take a more accommodative view of privacy. Former Commodities and Futures Trading Commission Chairman Christopher Giancarlo said that “getting the privacy balance right” is a “design imperative” for the digital dollar concept he is actively promoting.
But to hold both governments and corporations to account on that design, we need an aware, informed public that recognizes the risks of ceding their civil liberties to governments or to GoogAzonBook.
Let’s talk about this, people.
A missing asterisk
Control for all variables. At the end of the day, the dollar’s standing as the world’s reserve currency ultimately comes down to how much the rest of the world trusts the United States to continue its de facto leadership of the world economy. In the past, that assessment was based on how well the U.S. militarily or otherwise dealt with human- and state-led threats to international commerce such as Soviet expansionism or terrorism. But in the COVID-19 era only one thing matters: how well it is leading the fight against the pandemic.
So if you’ve already seen the charts below and you’re wondering what they’re doing in a newsletter about the battle for the future of money, that’s why. They were inspired by a staged White House lawn photo-op Tuesday, where President Trump was flanked by a huge banner that dealt quite literally with a question of American leadership. It read, “America Leads the World in Testing.” That’s a claim that’s technically correct, but one that surely demands a big red asterisk. When you’re the third-largest country by population – not to mention the richest – having the highest number of tests is not itself much of an achievement. The claim demands a per capita adjustment. Here’s how things look, first in absolute terms, then adjusted for tests per million inhabitants.
Binance support number 1844-918-0581 has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Binance support number 1844-918-0581 that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets.
Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Binance support number 1844-918-0581, announced that the exchange had frozen the funds. He also added that Binance support number 1844-918-0581 is getting in touch with Upbit to investigate the transaction. In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.
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