What is Bitcoin Mining and How Does it Work? (2020 Updated)
What Is Bitcoin, and How Does it Work?
Lightning Network Explained – BitcoinWiki
Brain Wallet Challenges
**Bitcoin Brain Wallet Challenges** - Earn Bitcoin! Challenges provide a Bitcoin Bounty held in a Wallet secured by a guessable passphrase. Each challenge has a set category and a set number of hints. Hints must be purchased, but a portion of all hint fees are added to the Bounty!
Ethereum Classic is an open, decentralized, and permissionless public blockchain, that aims to fulfill the original promise of Ethereum, as a platform where smart contracts are free from third-party interference. ETC prioritizes trust-minimization, network security, and integrity. All network upgrades are non-contentious with the aim to fix critical issues or to add value with newly proposed features; never to create new tokens, or to bail out flawed smart contracts and their interest groups.
Putting $400M of Bitcoin on your company balance sheet
Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots. A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC). Today we'll discuss in excrutiating detail why this is not a good idea. When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust. However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:
Is Bitcoin money?
No. Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves: 1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own. As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get. You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there? 2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile. If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point: 3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away. For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast. On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC While the dollar loses value at a predictible rate, BTC is all over the place, which is bad. One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy. If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due. Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.
BTC has a fixed supply, so these problems are built in
Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense. Having control over supply of your currency is a good thing, as long as it's well run. See here Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well. Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money. Let's look at a classic poorly drawn econ101 graph The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand. Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control. It's also a national security risk... The story of the guy who crashed gold prices in North Africa In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca. He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade. This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.
Currencies are based on trust
Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged? The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president. People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all. It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board. For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government." The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.
BTC is not gold
Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value. How do we know that? Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan. Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well. Some people are puzzled at this: we don't even use gold for much! But it has great properties: First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment. Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials. Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans. It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods. To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that. On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Means of Exchange: if people seriously start using BTC to buy pizzas, then this creates a real demand for the currency to accomplish the short-term exchanges. As we saw previously, I'm not personally sold on this one and it's currently a negligible fraction of overall demand.
Criminal uses: Probably the largest inbuilt advantage of BTC is that it's anonymous, and so a great way to launder money. Hacker gangs use BTC to demand ransom on cryptolocker type attacks because it's a shared way for an honest company to pay and for the criminals to receive money without going to jail.
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.
BTC is really risky
One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds. But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:
A critical software vulnerability is found in the BTC codebase, leading to a possible exploitation.
Xi Jinping decides he's had enough of rich people in China hiding their assets from him and bans BTC.
Some form of bank run takes hold for whatever reason. Because BTC wallets are uninsured, unlike regular banks, this compounds into a Black Tuesday style crash.
Blockchain solutions are fundamentally inefficient
Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science. That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale. The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
BTC was estimated to use as much electricity as Belgium in 2019. It's hard to trace where the BTC mining comes from, but we can assume it has a huge carbon footprint.
A single transactions is necessarily expensive. A single transaction takes as much electricity as 800,000 VISA transactions, or watching 50,000 hours of youtube videos.
There is a large necessary tax on the transaction, since those checking the transaction extract a few BTC from it to be incentivized to do the work of checking it.
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
Bored? Looking for something to do? Start with this list of things to do in the Sacramento area.
(Credit for the below list has to be given to u/BurritoFueled, who created the original list in 2014 and updated it a year later. Almost two-thirds of the items below are still from that original list. All I’ve done with the list is revive it a little bit by updating dead links and making little tweaks when necessary. Also, thanks to those that submitted new additions to the list last week. Over a third of the below items are new and a lot of the original items have had newer information added onto them.) People are always looking for something to do around here. Maybe you’re a transplant, unaware of what this area has to offer, or maybe you’re a lifelong resident, tired of the same old thing. Well friend, if you fall into the latter category, do not despair. There’s actually plenty of things to do in the Sacramento area – things of interest to almost any lifestyle, personality, or budget. So, whether you’re an athlete, geek, eccentric, hipster, weirdo, sexual deviant or just a normal person looking for a new activity, below is a list of activities for you to try. Please note that it includes only activities that take place at least a few times a year – no one-off events or festivals here. Enjoy this list. If you have any suggestions of your own to add, comment below in this thread. I'll try to keep this as up to date as possible. Away we go. UPDATED 10-6-20 (Note: Due to the current pandemic, some of these activities may be curtailed or not offered at all.)
Become the next Tiger Woods (the golf part, not the cheating, getting your windshield smashed by your wife with one of your golf clubs part). Start by hitting up a driving range at Top Golf or Haggin Oaks.
Purchase the sweetest sweet corn in all the land at the Davis Ranch in Sloughhouse.
When you're done in Sloughhouse, head a little further up the Jackson Highway (just past Rancho Murieta), hang a left on Michigan Bar Road, and cross the bridge (it's safe, trust me!) for one of the most historic, beautiful, and adventurous road trips in the entire area. Make sure you bring a hearty vehicle and avoid during winter and spring.
Check out – or offer your services – at the Oak Park Fix-it Café, a community-powered gathering for repairing and maintaining bicycles, clothing, household items, and the ties that bind a healthy community.
Buy some tricks, attend magic workshops, and become the next David Blaine at Grand Illusions.
Go watch some horseracing at Cal Expo. It’s harness racing from November through April and then traditional horseracing during the state fair. Want to end up with small fortune at the end of your day at the track? It’s easy. Just start your day there with a large fortune.
Watch some high school football! The Sacramento region boasts some of the best high school programs in the state. Check out top notch teams like Grant, Elk Grove, Folsom, and Del Oro to see potential NCAA Division 1 and NFL players of the future.
Watch some college football! Sac State had a huge resurgence in 2019 and UC Davis has always had a solid program. You can also check out the JC teams such as ARC and Sac City.
If Live-Action Role Play (LARP) floats your boat, Sacramento Valley Amtgard has the battles, weapons workshops, and skills classes you've been looking for.
Take a ride on the Sacramento River Train. You can ride the train or power along the tracks yourself with railbikes. They have different train excursions, including beer tasting and wine tasting trips. If you want to book a trip on a weekend, book early.
Want to learn how to fish? Try Fishing in the City from the California Department of Fish and Wildlife. After you’ve learned, check out the blog from FishingBooker on where and when to go fishing and what to expect. For some recent local recommendations, check here, here, here or here.
If fishing tours are more your style, catch your lunch on a guided fishing tour of local waterways.
Take in a play at one of Sacramento's smaller, edgier, more contemporary community theatre companies, like the Big Idea Theatre.
Do you like beer and visiting breweries, but don’t like driving between them? Midtown Sacramento has got you covered! Make a day of it by visiting these breweries, all within easy walking distance of each other: At Ease, Sacrament, Big Stump, Golden Road, Fieldwork, and Alaro. If you don’t mind walking a few extra blocks, you can add Device and Urban Roots to the list.
Ever wanted to learn to sail, kayak or row? You’re in luck! The Sac State Aquatic Center offers lessons for those activities and more.
Antiquing never gets old, right? Visit Midway Antique Mall in Citrus Heights (focusing almost solely on midcentury wares), Antique Trove in Roseville, or the Antique Fair that happens every second Sunday on X Street, under the freeway.
Want to become the next Picasso? You gotta start somewhere, so take a paint and sip class at The Painted Cork in Midtown Sacramento or Historic Folsom.
It’s well known that you can play miniature golf at Scandia, but did you know that there are indoor mini golf courses in the area as well? Try SacMiniGolf in Old Sacramento, Flatstick Pub in DoCo downtown, or even glow-in-the-dark indoor mini golf at Monster Mini Golf in Rancho Cordova or at CaliGlo in Elk Grove.
The Sacramento Cactus and Succulent Society meets, and hosts a talk, at the Shepard Garden and Arts Center in McKinley Park monthly and welcomes guests. They also do field trips and their Annual Show and Sale is a must-see event for plant lovers.
Not to diminish the concert series at Fair Oaks Village Park, but when you hear "concerts in the park", everyone knows that is the Concerts in the Park series in downtown Sacramento. Live local and national acts perform on Friday evenings in the summer, and it’s totally free. If you’re not good with crowds you may want to give this a miss because it is packed!
Vacation or day trip so close, yet feel so far away, along the Delta. Rent a boat, jet skis, a cabin or camping spot, buy some bait and tackle, and/or eat out at various locations on the river.
Take a drive around the world’s smallest mountain range: the Sutter Buttes. You can actually drive around and hike the Sutter Buttes in the same day, however hiking is not free, you must do it as part of a guided group and you have to reserve a spot in advance.
If you are new to investing into Cryptocurrencies this summary might help you.
Knowing basic terms:
You'll stumble across a lot of terms and expressions some are of technical & some of financial nature, for example:
What actually is the blockchain, how does Bitcoin work under the hood, what is proof of stake...?
It's also important to know what are some basic terms concerning investing in general:
marketcap, volume, liquidity, dollar cost average...
Following Crypto News:
May it be our beloved cc, twitter, big new-sites like cointelegraph - stay up to date. Knowing what is going on in the sphere can give you an edge but also mind the saying "buy the rumor, sell the news"!
Having an investment strategy:
Strategies will help you to control your emotions - act as rational as possible.
Define goals at what pricepoint you want to buy and when to sell an asset (entrance/exit strategies).
Don't buy or sell all your coins at once - do it in smaller steps because you never know when the price is right (use methods like Dollar cost averaging).
Patience: in this fast reacting market everybody chases quick money but if you wait for a strategy to pay off, or that a price recovers to recoup losses it can take weeks, months, years.
Don't chase pumps - it's often already over if a coin has pumped and you'll end up as "bagholder" buying in at high prices.
Don't invest more than you are willing to lose (it even hurts to lose small portions of money so be careful and responsible)
Diversify - don't put all eggs in one basket. Split your investments up into Coins that already are etablished, like BTC, ETH, add some promising Altcoins and only a small portion of moonshots for gambling...
Be prepared & don't get scammed:
Use apps like blockfolio or coinstats to track prices on your mobile device or visit webpages like coingecko and coinmarketcap.
Use Hardware wallets like Ledger & Trezor to store your assets safely - remember not your keys not your coins...
Don't leave too much money on exchanges.
Write always down your passwords, passphrases and seed words (best on paper away from your computer). You'll regret if you don't.
Never ever send someone those private information, don't reply to uninitiated chats or open suspicious mails.
Watch out for "Crypto gurus" promoting their pump and dump schemes.
d down, k up, everybody's a game theorist, titcoin, build wiki on Cardano, (e-)voting, competitive marketing analysis, Goguen product update, Alexa likes Charles, David hates all, Adam in and bros in arms with the scientific counterparts of the major cryptocurrency groups, the latest AMA for all!
Decreasing d parameter Just signed the latest change management document, I was the last in the chain so I signed it today for changing the d parameter from 0.52 to 0.5. That means we are just about to cross the threshold here in a little bit for d to fall below 0.5 which means more than half of all the blocks will be made by the community and not the OBFT nodes. That's a major milestone and at this current rate of velocity it looks like d will decrement to zero around March so lots to do, lots to talk about. Product update, two days from now, we'll go ahead and talk about that but it crossed my desk today and I was really happy and excited about that and it seemed like yesterday that d was equal to one and people were complaining that we delayed it by an epoch and now we're almost at 50 percent. For those of you who want parameter-level changes, k-level changes, they are coming and there's an enormous internal conversation about it and we've written up a powerpoint presentation and a philosophy document about why things were designed the way that they're designed. Increasing k parameter and upcoming security video and everybody's a game theorist My chief scientist has put an enormous amount of time into this. Aggelos is very passionate about this particular topic and what I'm going to do is similar to the security video that I did where I did an hour and a half discussion about a best practice for security. I'm going to actually do a screencasted video where I talk about this philosophy document and I'm going to read the entire document with annotations with you guys and kind of talk through it. It might end up being quite a long video. It could be several hours long but I think it's really important to talk around the design philosophy of this. It's kind of funny, everybody, when they see a cryptographic paper or math paper, they tend to just say okay you guys figure that out. No one's an expert in cryptography or math and you don't really get strong opinions about it but game theory despite the fact that the topics as complex and in some cases more complex you tend to get a lot of opinions and everybody's a game theorist. So, there was enormous amount of thought that went into the design of the system, the parameters of system, everything from the reward functions to other things and it's very important that we explain that thought process in as detailed of a way as possible. At least the philosophy behind it then I feel that the community is in a really good position to start working on the change management. It is my position that I'd love to see k largely increased. I do think that the software needs some improvements to get there especially partial delegation delegation portfolios and some enhancements into the operation of staking especially. E-voting I'd love to see the existence of hybrid wallets where you have a cold part a hot part and we've had a lot of conversations about that and we will present some of the progress in that matter at the product updates. If not this October certainly in November. A lot of commercialization going along, a lot of things going on and flowing around and you know, commercial teams working hard. As I mentioned we have a lot of deals in the pipeline. The Wyoming event was half political, half sales. We were really looking into e-voting and we had very productive conversations along those lines. It is my goal that Cardano e-voting software is used in political primaries and my hope is for eventually to be used in municipal and state and eventually federal elections and then in national elections for countries like Ethiopia, Mongolia and other places. Now there is a long road, long, long road to get there and many little victories that have to begin but this event. Wyoming was kind of the opener into that conversation there were seven independent parties at the independent national convention and we had a chance to talk to the leadership of many of them. We will also engage in conversation with the libertarian party leadership as well and at the very least we could talk about e-voting and also blockchain-based voting for primaries that would be great start and we'll also look into the state of Wyoming for that as well. We'll you know, tell you guys about that in time. We've already gotten a lot of inquiries about e-voting software. We tend to get them along with the (Atala) Prism inquiries. It's actually quite easy to start conversations but there are a lot of security properties that are very important like end-to-end verifiability hybrid ballots where you have both a digital and a paper ballot delegation mechanics as well as privacy mechanics that are interesting on a case-by-case basis. Goguen, voting, future fund3, competitive marketing analysis of Ouroboros vs. EOS, Tezos, Algorand, ETH2 and Polkadot, new creative director We'll keep chipping away at that, a lot of Goguen stuff to talk about but I'm going to reserve all of that for two days from now for the product update. We're right in the middle, Goguen metadata was the very first part of it. We already have some commercialization platform as a result of metadata, more to come and then obviously lots of smart contract stuff to come. This update and the November update are going to be very Goguen focused and also a lot of alternatives as well. We're still on schedule for an HFC event in I think November or December. I can't remember but that's going to be carrying a lot of things related multisig token locking. There's some ledger rule changes so it has to be an HFC event and that opens up a lot of the windows for Goguen foundations as well as voting on chain so fund3 will benefit very heavily from that. We're right in the guts of Daedalus right now building the voting center, the identity center, QR-code work. All this stuff, it's a lot of stuff, you know, the cell phone app was released last week. Kind of an early beta, it'll go through a lot of rapid iterations every few weeks. We'll update it, google play is a great foundation to launch things on because it's so easy to push updates to people automatically so you can rapidly iterate and be very agile in that framework and you know we've already had 3500 people involved heavily in the innovation management platform ideascale and we've got numerous bids from everything. From John Buck and the sociocracy movement to others. A lot of people want to help us improve that and we're going to see steady and systematic growth there. We're still chipping away at product marketing. Liza (Horowitz) is doing a good job, meet with her two three-times a week and right now it's Ouroboros, Ouroboros, Ouroboros... We're doing competitive analysis of Ouroboros versus EOS, Tezos, Algorand, ETH2 and Polkadot. We think that's a good set. We think we have a really good way of explaining it. David (David Likes Crypto now at IOHK) has already made some great content. We're going to release that soon alongside some other content and we'll keep chipping away at that. We also just hired a creative director for IO Global. His name's Adam, incredibly experienced creative director, he's worked for Mercedes-Benz and dozens of other companies. He does very good work and he's been doing this for well over 20 years and so the very first set of things he's going to do is work with commercial and marketing on product marketing. In addition to building great content where hope is make that content as pretty as possible and we have Rod heavily involved in that as well to talk about distribution channels and see if we can amplify the distribution message and really get a lot of stuff done. Last thing to mention, oh yeah, iOS for catalyst. We're working on that, we submitted it to the apple store, the iOS store, but it takes a little longer to get approval for that than it does with google play but that's been submitted and it's whenever apple approves it or not. Takes a little longer for cryptocurrency stuff. Wiki shizzle and battle for crypto, make crypto articles on wiki great again, Alexa knows Charles, Everpedia meets Charles podcast, holy-grail land of Cardano, wiki on Cardano, titcoin Wikipedia... kind of rattled the cage a little bit. Through an intermediary we got contact with Jimmy Wales. Larry Sanger, the other co-founder also reached out to me and the everpedia guys reached out to me. Here's where we stand, we have an article, it has solidified, it's currently labeled as unreliable and you should not believe the things that are said in it which is David Gerard's work if you look at the edits. We will work with the community and try to get that article to a fair and balanced representation of Cardano and especially after the product marketing comes through. We clearly explain the product I think the Cardano article can be massively strengthened. I've told Rod to work with some specialized people to try to get that done but we are going to work very hard at a systematic approval campaign for all of the scientific articles related to blockchain technology in the cryptocurrency space. They're just terrible, if you go to the proof of work article, the proof of stake or all these things, they're just terrible. They're not well written, they're out of date and they don't reflect an adequate sampling of the science. I did talk to my chief scientist Aggelos and what we're gonna do is reach out to the scientific counterparts that most of the major cryptocurrency groups that are doing research and see if they want to work with us at an industry-wide effort to systematically improve the scientific articles in our industry so that there are a fair and balanced representation of what the current state of the art are, the criticisms, the trade-offs as well as the reference space and of course obviously we'll do quite well in that respect because we've done the science. We're the inheritor of it but it's a shame because when people search proof of stake on google usually wikipedia results are highly biased. We care about wikipedia because google cares about wikipedia, amazon cares about wikipedia. If you ask Alexa who is Charles Hoskinson, the reason why Alexa knows is because it's reading directly from the wikipedia page. If I didn't have a wikipedia page Alexa would know that so if somebody says Alexa what is Cardano it's going to read directly from the wikipedia page and you know and we can either just pretend that reality doesn't exist or we can accept it and we as a community working with partners in the broader cryptocurrency community can universally improve the quality of cryptocurrency pages. There's been a pattern of commercial censorship on wikipedia for cryptocurrencies in general since bitcoin itself. In fact I think the bitcoin article is actually taken down once back in, might have been, 2010 or 2009 but basically wikipedia has not been a friend of cryptocurrencies. That's why everpedia exists and actually their founders reached out to me and I talked to them over twitter through PMs and we agreed to actually do a podcast. I'm going to do a streamyard, stream with these guys and they'll come on talk all about everpedia and what they do and how they are and we'll kind of go through the challenges that they've encountered. How their platform works and so forth and obviously if they want to ever leave that terrible ecosystem EOS and come to the holy-grail land of Cardano we'd be there to help them out. At least they can tell the world how amazing their product is and also the challenges they're having to overcome. We've also been in great contact with Larry Sanger. He's going to do an internal seminar at some point with with us and talk about some protocols he's been developing since he left wikipedia specifically to decentralize knowledge management and have a truly decentralized encyclopedia. I'm really looking forward to that and I hope that presentation gives us some inspiration as an ecosystem of things we can do. That's a great piece of infrastructure regardless and after we learn a lot more about it and we talk to a lot of people in ecosystem. If we can't get people to move on over, it would be really good to see through ideascale in the innovation management platform for people to utilize the dc fund to build their own variant of wikipedia on Cardano. In the coming months there will certainly be funding available. If you guys are so passionate about this particular problem that you want to go solve it then I'd be happy to play Elon Musk with the hyperloop and write a white paper on a protocol design and really give a good first start and then you guys can go and try to commercialize that technology as Cardano native assets and Plutus smart contracts in addition to other pieces of technology that have to be brought in to make it practical. Right now we're just, let's talk to everybody phase, and we'll talk to the everpedia guys, we're going to talk to Larry and we're going to see whoever else is in this game and of course we have to accept the incumbency as it is. So, we're working with obviously the wikipedia side to improve the quality of not only our article but all of the articles and the scientific side of things so that there's a fair and accurate representation of information. One of the reasons why I'm so concerned about this is that I am very worried that Cardano projects will get commercially censored like we were commercially censored. So, yes we do have a page but it took five years to get there and we're a multi-billion dollar project with hundreds of thousands of people. If you guys are doing cutting-edge novel interesting stuff I don't want your experience to be the same as ours where you have to wait five years for your project to get a page even after government's adopted. That's absurd, no one should be censored ever. This is very well a fight for the entire ecosystem, the entire community, not just Cardano but all cryptocurrencies: bitcoin, ethereum and Cardano have all faced commercial censorship and article deletions during their tenure so I don't want you guys to go through that. I'm hoping we can prove that situation but you know you don't put all your eggs in one basket and frankly the time has come for wikipedia to be fully decentralized and liberated from a centralized organization and massively variable quality in the editor base. If legends of valor has a page but Cardano didn't have one until recently titcoin, a pornography coin from 2015, that's deprecated, no one uses it, has a page but Cardano couldn't get one there's something seriously wrong with the quality control mechanism and we need to improve that so it'll get done.
There is a constant war being fought between goldbugs, like Peter Schiff, and Bitcoin enthusiasts so I decided to make an outline, with links, comparing and contrasting gold and Bitcoin. I made this in November of 2019 (thus the information therein is based on figures from that time) but, being scatter brained, neglected to post this for the Bitcoin community to see. The yardsticks I used to compare the two assets included the following: shipping/transactions costs, storage costs, censorship factor, settlement time, stock to flow, blockchain vs clearing house, validation, etc. I will also touch on Roosevelt's gold confiscation executive order in 1933, transporting gold during the Spanish Civil War in 1936, and the hypothetical cost for Venezuela to repatriate its gold more recently. I will provide a brief summary first then follow that with the outline I made. This information can be used as a tool for the Bitcoin community to combat some of the silly rhetoric coming from goldbugs such as Peter Schiff and James Rickards. I would like to make it clear, however, that I am not against gold and think that it performed its role as money very well in a technologically inferior era, namely Victorian times but I think Bitcoin performs the functions of money better than gold does in the current environment. I have been looking to make a contribution to the Bitcoin community and I hope this is a useful and educational tool for everyone who reads this. Summary: Shipping/transaction costs: 100 ounces of gold could be shipped for 315 dollars; the comparable dollar value in Bitcoin could be sent for 35 dollars using a non-segwit address. Using historical precendent, it would cost an estimated $32,997,989 to transport $1 billion in gold using the 3.3% fee that the Soviets charged the Spaniards in 1936; a $1 billion Bitcoin transaction moved for $690 last year by comparison. Please note that the only historic example we can provide for moving enormous sums of gold was when the government of Spain transported gold to Moscow during the Spanish Civil War in 1936. More information on this topic will be found in the notes section. Storage costs: 100 ounces of gold would require $451 per year to custody while the equivalent value of Bitcoin in dollar terms could be stored for the cost of a Ledger Nano S, $59.99. $1 billion USD value of gold would cost $2,900,000 per year while an Armory set up that is more secure would run you the cost of a laptop, $200-300. Censorship factor: Gold must pass through a 3rd party whenever it is shipped, whether for a transaction or for personal transportation. Gold will typically have to be declared and a customs duty may be imposed when crossing international borders. The key take-away is gatekeepers (customs) can halt movement of gold thus making transactions difficult. $46,000 of gold was seized in India despite the smugglers hiding it in their rectums. Settlement time: Shipping gold based on 100 ounces takes anywhere from 3-10 days while Bitcoin transactions clear in roughly 10 minutes depending on network congestion and fee size. Historic confiscation: Franklin Roosevelt confiscated and debased the paper value of gold in 1933 with Executive Order 6102. Since gold is physical in nature and value dense, it is often stored in custodial vaults like banks and so forth which act as a honeypot for rapacious governments. Stock to flow: Plan B's stock to flow model has become a favorite on twitter. Stock to flow measures the relationship between the total stock of an asset against the amount that is produced in a given year. Currently gold still has the highest value at 62 while Bitcoin sits at 50 in 2nd place. Bitcoin will overtake gold in 2024 after the next halving. Blockchain vs clearing house: gold payments historically passed through a 3rd party (clearinghouse) in order to be validated while Bitcoin transactions can be self validated through the use of a node. Key Takeaway from above- Bitcoin is vastly superior to gold in terms of cost, speed, and censorship resistance. One could theoretically carry around an enormous sum of Bitcoin on a cold card while the equivalent dollar value of gold would require a wheelbarrow...and create an enormous target on the back of the transporter. With the exception of the stock to flow ratio (which will flip in Bitcoin's favor soon), Bitcoin is superior to gold by all metrics covered. Notes: Shipping/transaction costs Gold 100 oz = 155,500. 45 x 7 = $315 to ship 100 oz gold. https://seekingalpha.com/instablog/839735-katchum/2547831-how-much-does-it-cost-to-ship-silver-and-gold https://www.coininvest.com/en/shipping-prices/ 211 tonnes Venezuela; 3.3% of $10.5 billion = 346,478,880 or 32,997,989/billion usd http://blogs.reuters.com/felix-salmon/2011/08/23/how-to-get-12-billion-of-gold-to-venezuela/ (counter party risk; maduro; quotes from article) Bitcoin 18 bitcoin equivalent value; 35 USD with legacy address https://blockexplorer.com/ https://bitcoinfees.info/ 1 billion; $690 dollars https://arstechnica.com/tech-policy/2019/09/someone-moved-1-billion-in-a-single-bitcoin-transaction/ Storage costs Gold .29% annually; https://sdbullion.com/gold-silver-storage 100 oz – $451/year $1 billion USD value – $2,900,000/year Bitcoin Ledger Nano S - $59.00 (for less bitcoin) https://shop.ledger.com/products/ledger-nano-s/transparent?flow_country=USA&gclid=EAIaIQobChMI3ILV5O-Z5wIVTtbACh1zTAwqEAQYASABEgJ5SPD_BwE Armory - $200-300 cost of laptop for setup https://www.bitcoinarmory.com/ Censorship factor (must pass through 3rd party) Varies by country Gold will typically have to be declared and a customs duty may be imposed Key take-away is gatekeepers (customs) can halt movement of gold thus making transactions difficult $46,000 seized in India https://www.foxnews.com/travel/indian-airport-stops-29-passengers-smuggling-gold-in-their-rectums Settlement time Gold For 100 oz transaction by USPS 3-10 days (must pass through 3rd party) Bitcoin Roughly 10 minutes to be included in next block Historic confiscation-roosevelt 1933 Executive Order 6102 (forced spending, fed could ban cash, go through and get quotes) https://en.wikipedia.org/wiki/Executive_Order_6102 “The stated reason for the order was that hard times had caused "hoarding" of gold, stalling economic growth and making the depression worse” Stock to flow; https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 (explain what it is and use charts in article) Gold; SF of 62 Bitcoin; SF of 25 but will double to 50 after May (and to 100 in four years) Blockchain vs clearing house Transactions can be validated by running a full node vs. third party settlement Validation Gold; https://www.goldismoney2.com/threads/cost-to-assay.6732/ (Read some responses) Bitcoin Cost of electricity to run a full node Breaking down Venezuela conundrum; http://blogs.reuters.com/felix-salmon/2011/08/23/how-to-get-12-billion-of-gold-to-venezuela/ “The last (and only) known case of this kind of quantity of gold being transported across state lines took place almost exactly 75 years ago, in 1936, when the government of Spain removed 560 tons of gold from Madrid to Moscow as the armies of Francisco Franco approached. Most of the gold was exchanged for Russian weaponry, with the Soviet Union keeping 2.1% of the funds in the form of commissions and brokerage, and an additional 1.2% in the form of transport, deposit, melting, and refining expenses.” “Venezuela would need to transport the gold in several trips, traders said, since the high value of gold means it would be impossible to insure a single aircraft carrying 211 tonnes. It could take about 40 shipments to move the gold back to Caracas, traders estimated. “It’s going to be quite a task. Logistically, I’m not sure if the central bank realises the magnitude of the task ahead of them,” said one senior gold banker.” “So maybe Chávez intends to take matters into his own hands, and just sail the booty back to Venezuela on one of his own naval ships. Again, the theft risk is obvious — seamen can be greedy too — and this time there would be no insurance. Chávez is pretty crazy, but I don’t think he’d risk $12 billion that way.” “Which leaves one final alternative. Gold is fungible, and people are actually willing to pay a premium to buy gold which is sitting in the Bank of England’s ultra-secure vaults. So why bother transporting that gold at all? Venezuela could enter into an intercontinental repo transaction, where it sells its gold in the Bank of England to some counterparty, and then promises to buy it all back at a modest discount, on condition that it’s physically delivered to the Venezuelan central bank in Caracas. It would then be up to the counterparty to work out how to get 211 tons of gold to Caracas by a certain date. That gold could be sourced anywhere in the world, and transported in any conceivable manner — being much less predictable and transparent, those shipments would also be much harder to hijack. How much of a discount would a counterparty require to enter into this kind of transaction? Much more than 3.3%, is my guess. And again, it’s not entirely clear who would even be willing to entertain the idea. Glencore, perhaps?” “But here’s one last idea: why doesn’t Chávez crowdsource the problem? He could simply open a gold window at the Banco Central de Venezuela, where anybody at all could deliver standard gold bars. In return, the central bank would transfer to that person an equal number of gold bars in the custody of the Bank of England, plus a modest bounty of say 2% — that’s over $15,000 per 400-ounce bar, at current rates. It would take a little while, but eventually the gold would start trickling in: if you’re willing to pay a constant premium of 2% over the market price for a good, you can be sure that the good in question will ultimately find its way to your door. And the 2% cost of acquiring all that gold would surely be much lower than the cost of insuring and shipping it from England. It would be an elegant market-based solution to an artificial and ideologically-driven problem; I daresay Chávez might even chuckle at the irony of it. He’d just need to watch out for a rise in Andean banditry, as thieves tried to steal the bars on their disparate journeys into Venezuela.”
Dragonchain Great Reddit Scaling Bake-Off Public Proposal
Dragonchain Public Proposal TL;DR:
Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and postsper Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625. Watch Joe walk through the entire proposal and answer questions onYouTube. This proposal is also available on the Dragonchain blog.
Hello Reddit and Ethereum community!
I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale. For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube. We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.
Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.
Response and PoC
In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.
A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks. 24 hours in 4 minutes (YouTube): 24 hours in 4 minutes The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period. Tooling to reproduce our demo is available here: https://github.com/dragonchain/spirit-bomb
Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.
Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired. Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.
An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity. TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block. TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.
Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain. With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times. We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment. Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.
Flexibility in Scaling
Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems. We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
LBRY - To allow users to deploy content natively to LBRY
MakerDAO to allow users to lend small amounts backed by their Reddit community points.
STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.
Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction. Dragonchain Fees Table
How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node. Getting started is easy...
Download Dragonchain’s dctl
Input three commands into a terminal
Build an image
More information can be found in our Get started documents.
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain. Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain. After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks. Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.
Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.
Costs and resources
Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD. For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments. Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.
This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users. Over a 5 day period, your scaling PoC should be able to handle: *100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes. Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum. Reddit Scaling on Ethereum
Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
Operational on-premises capabilities
Operational deployment to any datacenter
Over 700 independent Community Verification Nodes with proof of ownership
Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)
Usability Scaling solutions should have a simple end user experience.
Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node. Examples:
Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.
Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users. All of Reddit's Transactions on Blockchain (month) Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees. Reddit Internal Token Transaction Fees Reddit Ethereum Token Transaction Fees When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
In a combination of the above, customers could cover aggregated fees.
Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.
Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here. Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here. In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here. A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.
Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.
Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.
Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible APIs should be well documented and stable
Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected. Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.
Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.
Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR. Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.
Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.
Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.
Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw
Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.
A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.
Bonus points Public, third-party implementation review available or in progress
Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.
Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.
One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).
Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).
Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!
Disney Releases Blockchain Platform as Open Source
The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group. https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html
In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney. Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
Obtain VP support and approval for the release
Verify ownership of the software to be released
Verify that no proprietary content would be released
Convince the organization that there was a value to the open source community
Convince the organization that there was a value to Disney
Offer the plan for ongoing maintenance of the project outside of Disney
Itemize competing projects
Verify no conflict of interest
Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
Obtain legal approval
Approval from corporate, parks, and other business units
Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
Trademark searches conducted for the selected name Dragonchain
Obtain IT security approval
Manual review of OSS components conducted
OWASP Dependency and Vulnerability Check Conducted
Obtain technical (software) approval
Offer management, process, and financial plans for the maintenance of the project.
Meet list of items to be addressed before release
Remove all Disney project references and scripts
Create a public distribution list for email communications
Remove Roets’ direct and internal contact information
Create public Slack channel and move from Disney slack channels
Create proper labels for issue tracking
Rename internal private Github repository
Add informative description to Github page
Expand README.md with more specific information
Add information beyond current “Blockchains are Magic”
Add getting started sections and info on cloning/forking the project
Add installation details
Add uninstall process
Add unit, functional, and integration test information
Detail how to contribute and get involved
Describe the git workflow that the project will use
Move to public, non-Disney git repository (Github or Bitbucket)
Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney. The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release. Original OSSRELASE-10 document
I've been sharing conspiracies on reddit longer than this sub has been around. I have a story to tell.
This story is mostly crafted from my own experiences, my conversations with some of the people involved, and the rest is my own guesswork as I try to fill in the gaps...so bear with me! That's why I wanted to share with this community, which I've watched grow over the years. I remember posting about the death of Barry Jennings (who witnessed explosions in the WTC on 9/11) the day after it happened. This was before /conspiracy (or right around when it was formed), and I remember thinking "we really need a sub for conspiracies on reddit!" And here we are, 12 years later and over 1.3 million subscribers...incredible! So... My story starts with a young man. We'll call him Andrew. Andrew grew up in the 90's in a coastal US town and quickly blossomed into a tech whiz at a young age. He began building his own computers, and after a brief stint using Windows, he decided that Bill Gates was everything wrong with technology (and the world), and he made it his mission to make sure folks like Gates were NOT the future of computers. He really believed that the use of technology was a fundamental human right, and that charging people for "proprietary" OS's that hid their source code was a violation of these rights. He saw a possible Deus Ex-like future, with a technocracy literally around the corner if we didn't act now. Andrew soon joined the Free Software Foundation and began rubbing elbows with the likes of Richard Stallman. He begun exclusively using GNU/Linux and was the type to correct you if you called it just "Linux". He also began visiting tech-savvy forums like slashdot and started networking in earnest. By 2006 (his senior year of high school) Andrew was completely over his "education" and decided to just drop out completely. Shockingly, a college accepted him anyway. A small East Coast school had been actively courting Andrew, and when they learned he had failed to get his HS diploma, they accepted him anyway! Now sometime during this period Andrew went to Iceland and stayed in Reykjavik for several months. This trip may have happened during the summer, fall, or early winter of 2006. The reason for his trip had something to do with his efforts in the FSF or similar group. The possible significance of this trip will become clear as we go on. What is clear is that Andrew started college in the fall of 2006, and that the circumstances were unusual. Andrew soon met several like-minded individuals and began building a social and technological network at his school. Two individuals in particular would become key players in his life (one more prominently in this story, but the other was significant as well), and eventually the 3 would live together in town for several years. But for now let's stick with Andrew. Andrew had an idea to build a social network for his college. Except, it wasn't just a network, it was a wiki for information about the school...and beyond. Soon, it began to morph into something much bigger in Andrew's mind. He saw his project as being one of many data "hubs" for leaks of important documents and otherwise sensitive information. So yeah, he saw the opportunity for a wiki for leaks (see where this is going yet...?). As his ambitions grew, his behavior started to become increasingly erratic. He was caught with drugs and arrested. Strangely, the charges were pretty much dropped and he was given a slap on the wrist. Eventually he decided to leave the school, but still lived in town and had access to the servers on campus. By 2010 Andrew was still living in the small town with his two "hacker" buddies, who were still enrolled at the school. This house was in some ways legendary. It appears that many "interesting" people spent time at or visited the residence. Indeed, some of the early movers and shakers of /conspiracy itself passed through. There was usually a full NO2 tank for anyone who was into that kinda thing, and they were stocked with every hallucinogen and research chemical known to man. It was also likely under surveillance by multiple intelligence agencies (NSA/Mossad/etc). Over time, the mental state of Andrew was slowly starting to deteriorate, which wasn't helped by his abuse of drugs. Still, Andrew decided to move his base of operations to Europe, spending time in Belgium, the Czech Republic and elsewhere. One of his housemates was soon to join him on his adventures in Europe and elsewhere abroad. We'll call him "Aaron." Aaron had a very similar story and upbringing as Andrew. Aaron was also from a coastal US town and was born into privilege. He was also, supposedly, born into a family with some serious connections to intelligence agencies, including an uncle with ties to the NSA, and both parents connected to military brass. By 2015, Andrew and Aaron were living together in the Czech Republic. During this time they were working directly and/or indirectly for the NSA (via Cisco and other companies). You see, the "college" they met at was actually a front for the recruitment of kids into the IC. Apparently, many "schools" in the US function that way. Go figure. Their intelligence and valuable skill set (hacking etc) made them valuable assets. They were also possibly involved with the distribution of certain "research chemicals" (of the 2C* variety) to dignitaries and their entourages (in one example, they provided 2CB to a group with David Cameron). In addition, Andrew was allegedly involved with, or stumbled upon, an NSA-linked surveillance project directed at the entire country of Malaysia, while Aaron was involved with Cisco. Aaron himself had gotten into hot water for releasing damaging information about the NSA, and even claimed to be an NSA whistleblower, and was also possibly the individual who leaked the 2014 (or 2015) Bilderberg meeting list. And then things went bad. Andrew quit the Malaysia project and Aaron left Cisco. It seems Andrew and Aaron were "set up" during a fiery false flag event in the Czech Republic in 2015. It may have happened at an embassy, but it's unclear which. There is no information on the web about anything like this (afaik). Aaron was immediately targeted and spent several years on the run. Allegedly, he was added to the list of victims in the so-called "Great Game". The Great Game is the term used for an international assassination program where intelligence agencies share a list of targets to be neutralized. The German BND and Mossad are heavily involved, as other networks. Individuals targeted by the Great Game may be offed by actual assassins, or by NPC-like humans whose minds will be influenced by mind control tech (a la Matrix...say influencing someone to ram your car unwittingly ie). As Aaron went on the lam, Andrew soon returned to the US, shell-shocked by his experience. Both Andrew and Aaron continue to suffer from some sort of PTSD from these series of events, rendering Andrew largely incapacitated and Aaron scattered and discombobulated. The Meat of the Matter OK...where does that leave us? Why am I sharing all of this? I think there's much more to this story. So let's start speculating! Everything I'm about to say is stuff that was told to me personally. I can't vouch for any of this information, though obviously I thought it was compelling enough to share. Here's the gist: The so-called whistleblowers you see in the media are almost all fake. This includes: Edward Snowden, Julian Assange, Thomas Drake and William Binney (hey look, his AMA is pinned on this sub right now...no comment!). These individuals, and others, are controlled opposition. The real whistleblowers are severely punished. For example, Bradley Manning was punished with chemical castration in jail. His "transformation" was chemically induced torture. Andrew was not alone in his passion. There were lots of other young visionaries like him who dreamed of a freer and more transparent world. In this story, Julian Assange was an intelligence asset...a psyop meant to steal the thunder from real activists like Andrew. In this story, a small college-based "wiki" for government leaks was used as the model for an intelligence operation known as "wikileaks". In this story, Andrew traveled to Iceland at some point in 2006. When was Wikileaks founded? Wikileaks was founded by Julian Assange in December 2006, in Iceland. Aaron discovered (legally, like Manning who had clearance to access all the data he leaked) damning information about surveillance happening by the NSA, specifically against recruits entering the US army and elsewhere. In this story, the "Andrew" identity was co-opted and turned into "Julian Assange", and "Aaron" became "Edward Snowden". Granted, there were probably other people that these whistleblower imposters were modeled after, but Andrew and Aaron seem like very strong contenders for some of this inspiration. Now, much of the following may be gobbledygook (lol I spelled that right first try!) for all I know, but since I'm having a really hard time making sense of it all, I'll just include everything I can and let you guys run with it. Here are some phrases, ideas, terms and people of note that may be involved with this story...MODS: None of this is doxing! All of the links of people are wikipedia pages or published interviews/articles. So yeah. Not dox!
Rootkit: These are currency and the weapons of the intelligence agencies that allow access to any computer or OS on the planet.
"schizo-affective disorder" doesn't exist, it's cover for EM warfare. For those they can't attack chemically (like Manning), they punish via EM. This technology has been used for decades. Both Andrew and Aaron were likely subjected to this punishment after they stopped playing ball. It likely continues for them both as well.
IN CONCLUSION I don't know how these terms, theories and individuals fit into this story, but that they may be somehow related. Hopefully there are enough bread crumbs in here to keep some of you busy! Any help/insight would be appreciated. I confess I'm not so tech-minded so I can't offer any more explanation about some of the more techy terms. Anyway, thanks for reading, and thanks for continuing to stimulate after all these years! It's really nice to see this place continuing to thrive after all of this time!
Why Osana takes so long? (Programmer's point of view on current situation)
I decided to write a comment about «Why Osana takes so long?» somewhere and what can be done to shorten this time. It turned into a long essay. Here's TL;DR of it:
The cost of never paying down this technical debt is clear; eventually the cost to deliver functionality will become so slow that it is easy for a well-designed competitive software product to overtake the badly-designed software in terms of features. In my experience, badly designed software can also lead to a more stressed engineering workforce, in turn leading higher staff churn (which in turn affects costs and productivity when delivering features). Additionally, due to the complexity in a given codebase, the ability to accurately estimate work will also disappear. Junade Ali, Mastering PHP Design Patterns (2016)
Longer version: I am not sure if people here wanted an explanation from a real developer who works with C and with relatively large projects, but I am going to do it nonetheless. I am not much interested in Yandere Simulator nor in this genre in general, but this particular development has a lot to learn from for any fellow programmers and software engineers to ensure that they'll never end up in Alex's situation, especially considering that he is definitely not the first one to got himself knee-deep in the development hell (do you remember Star Citizen?) and he is definitely not the last one. On the one hand, people see that Alex works incredibly slowly, equivalent of, like, one hour per day, comparing it with, say, Papers, Please, the game that was developed in nine months from start to finish by one guy. On the other hand, Alex himself most likely thinks that he works until complete exhaustion each day. In fact, I highly suspect that both those sentences are correct! Because of the mistakes made during early development stages, which are highly unlikely to be fixed due to the pressure put on the developer right now and due to his overall approach to coding, cost to add any relatively large feature (e.g. Osana) can be pretty much comparable to the cost of creating a fan game from start to finish. Trust me, I've seen his leaked source code (don't tell anybody about that) and I know what I am talking about. The largest problem in Yandere Simulator right now is its super slow development. So, without further ado, let's talk about how «implementing the low hanging fruit» crippled the development and, more importantly, what would have been an ideal course of action from my point of view to get out. I'll try to explain things in the easiest terms possible.
else if's and lack any sort of refactoring in general
Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away. Antoine de Saint-Exupéry
This is why refactoring — activity of rewriting your old code so it does the same thing, but does it quicker, in a more generic way, in less lines or simpler — is so powerful. In my experience, you can only keep one module/class/whatever in your brain if it does not exceed ~1000 lines, maybe ~1500. Splitting 17000-line-long class into smaller classes probably won't improve performance at all, but it will make working with parts of this class way easier. Is it too late now to start refactoring? Of course NO: better late than never.
If you think that you wrote this code, so you'll always easily remember it, I have some bad news for you: you won't. In my experience, one week and that's it. That's why comments are so crucial. It is not necessary to put a ton of comments everywhere, but just a general idea will help you out in the future. Even if you think that It Just Works™ and you'll never ever need to fix it. Time spent to write and debug one line of code almost always exceeds time to write one comment in large-scale projects. Moreover, the best code is the code that is self-evident. In the example above, what the hell does (float) 6 mean? Why not wrap it around into the constant with a good, self-descriptive name? Again, it won't affect performance, since C# compiler is smart enough to silently remove this constant from the real code and place its value into the method invocation directly. Such constants are here for you. I rewrote my code above a little bit to illustrate this. With those comments, you don't have to remember your code at all, since its functionality is outlined in two tiny lines of comments above it. Moreover, even a person with zero knowledge in programming will figure out the purpose of this code. It took me less than half a minute to write those comments, but it'll probably save me quite a lot of time of figuring out «what was I thinking back then» one day. Is it too late now to start adding comments? Again, of course NO. Don't be lazy and redirect all your typing from «debunk» page (which pretty much does the opposite of debunking, but who am I to judge you here?) into some useful comments.
This is often neglected, but consider the following. You wrote some code, you ran your game, you saw a new bug. Was it introduced right now? Is it a problem in your older code which has shown up just because you have never actually used it until now? Where should you search for it? You have no idea, and you have one painful debugging session ahead. Just imagine how easier it would be if you've had some routines which automatically execute after each build and check that environment is still sane and nothing broke on a fundamental level. This is called unit testing, and yes, unit tests won't be able to catch all your bugs, but even getting 20% of bugs identified at the earlier stage is a huge boon to development speed. Is it too late now to start adding unit tests? Kinda YES and NO at the same time. Unit testing works best if it covers the majority of project's code. On the other side, a journey of a thousand miles begins with a single step. If you decide to start refactoring your code, writing a unit test before refactoring will help you to prove to yourself that you have not broken anything without the need of running the game at all.
This is basically pretty self-explanatory. You set this thing once, you forget about it. Static code analyzer is another «free estate» to speed up the development process by finding tiny little errors, mostly silly typos (do you think that you are good enough in finding them? Well, good luck catching x << 4; in place of x <<= 4; buried deep in C code by eye!). Again, this is not a silver bullet, it is another tool which will help you out with debugging a little bit along with the debugger, unit tests and other things. You need every little bit of help here. Is it too late now to hook up static code analyzer? Obviously NO.
Say, you want to build Osana, but then you decided to implement some feature, e.g. Snap Mode. By doing this you have maybe made your game a little bit better, but what you have just essentially done is complicated your life, because now you should also write Osana code for Snap Mode. The way game architecture is done right now, easter eggs code is deeply interleaved with game logic, which leads to code «spaghettifying», which in turn slows down the addition of new features, because one has to consider how this feature would work alongside each and every old feature and easter egg. Even if it is just gazing over one line per easter egg, it adds up to the mess, slowly but surely. A lot of people mention that developer should have been doing it in object-oritented way. However, there is no silver bullet in programming. It does not matter that much if you are doing it object-oriented way or usual procedural way; you can theoretically write, say, AI routines on functional (e.g. LISP)) or even logical language if you are brave enough (e.g. Prolog). You can even invent your own tiny programming language! The only thing that matters is code quality and avoiding the so-called shotgun surgery situation, which plagues Yandere Simulator from top to bottom right now. Is there a way of adding a new feature without interfering with your older code (e.g. by creating a child class which will encapsulate all the things you need, for example)? Go for it, this feature is basically «free» for you. Otherwise you'd better think twice before doing this, because you are going into the «technical debt» territory, borrowing your time from the future by saying «I'll maybe optimize it later» and «a thousand more lines probably won't slow me down in the future that much, right?». Technical debt will incur interest on its own that you'll have to pay. Basically, the entire situation around Osana right now is just a huge tale about how just «interest» incurred by technical debt can control the entire project, like the tail wiggling the dog. I won't elaborate here further, since it'll take me an even larger post to fully describe what's wrong about Yandere Simulator's code architecture. Is it too late to rebuild code architecture? Sadly, YES, although it should be possible to split Student class into descendants by using hooks for individual students. However, code architecture can be improved by a vast margin if you start removing easter eggs and features like Snap Mode that currently bloat Yandere Simulator. I know it is going to be painful, but it is the only way to improve code quality here and now. This will simplify the code, and this will make it easier for you to add the «real» features, like Osana or whatever you'd like to accomplish. If you'll ever want them back, you can track them down in Git history and re-implement them one by one, hopefully without performing the shotgun surgery this time.
Again, I won't be talking about the performance, since you can debug your game on 20 FPS as well as on 60 FPS, but this is a very different story. Yandere Simulator is huge. Once you fixed a bug, you want to test it, right? And your workflow right now probably looks like this:
Fix the code (unavoidable time loss)
Rebuild the project (can take a loooong time)
Load your game (can take a loooong time)
Test it (unavoidable time loss, unless another bug has popped up via unit testing, code analyzer etc.)
And you can fix it. For instance, I know that Yandere Simulator makes all the students' photos during loading. Why should that be done there? Why not either move it to project building stage by adding build hook so Unity does that for you during full project rebuild, or, even better, why not disable it completely or replace with «PLACEHOLDER» text for debug builds? Each second spent watching the loading screen will be rightfully interpreted as «son is not coding» by the community. Is it too late to reduce loading times? Hell NO.
Or any other continuous integration tool. «Rebuild a project» can take a long time too, and what can we do about that? Let me give you an idea. Buy a new PC. Get a 32-core Threadripper, 32 GB of fastest RAM you can afford and a cool motherboard which would support all of that (of course, Ryzen/i5/Celeron/i386/Raspberry Pi is fine too, but the faster, the better). The rest is not necessary, e.g. a barely functional second hand video card burned out by bitcoin mining is fine. You set up another PC in your room. You connect it to your network. You set up ramdisk to speed things up even more. You properly set up Jenkins) on this PC. From now on, Jenkins cares about the rest: tracking your Git repository, (re)building process, large and time-consuming unit tests, invoking static code analyzer, profiling, generating reports and whatever else you can and want to hook up. More importantly, you can fix another bug while Jenkins is rebuilding the project for the previous one et cetera. In general, continuous integration is a great technology to quickly track down errors that were introduced in previous versions, attempting to avoid those kinds of bug hunting sessions. I am highly unsure if continuous integration is needed for 10000-20000 source lines long projects, but things can be different as soon as we step into the 100k+ territory, and Yandere Simulator by now has approximately 150k+ source lines of code. I think that probably continuous integration might be well worth it for Yandere Simulator. Is it too late to add continuous integration?NO, albeit it is going to take some time and skills to set up.
Stop caring about the criticism
Stop comparing Alex to Scott Cawton. IMO Alex is very similar to the person known as SgtMarkIV, the developer of Brutal Doom, who is also a notorious edgelord who, for example, also once told somebody to kill himself, just like… However, being a horrible person, SgtMarkIV does his job. He simply does not care much about public opinion. That's the difference.
Frustrated with the slow development of Ethereum 2.0, Dr. Gavin Wood, co-founder of Ethereum and inventor of Solidity, left to begin work on Polkadot, a next generation scalable blockchain protocol that connects multiple specialised blockchains into one unified network. It achieves scalability through a sharding infrastructure with multiple blockchains running in parallel, called parachains, that connect to a central chain called the Relay Chain. Whilst it shares some similarities with Ethereum 2.0, one key differentiator is that it uses heterogeneous sharding, where each parachains can be customised through the Substrate development framework, enabling them to be optimised for a specific use case and running in parallel rather than same across all shards. This is important as when it comes to blockchain architecture, one size does not fit all and all blockchains make trade-offs to support different features and use cases. All parachains connect to the relay chain, which validates the state transition of connected parachains, providing shared state across the entire ecosystem. If the Relay Chain must revert for any reason, then all of the parachains would also revert. This is to ensure that the validity of the entire system can persist, and no individual part is corruptible. The shared state makes it so that the trust assumptions when using parachains are only those of the Relay Chain validator set, and no other. Since the validator set on the Relay Chain is expected to be secure with a large amount of stake put up to back it, it is desirable for parachains to benefit from this security. This enables seamless interoperability between all parachains and parathreads using the Cross-chain Message Passing (XCMP) protocol, allowing arbitrary data — not just tokens — to be transferred across blockchains. Interoperability is also possible to other ecosystems through bridges, which are specifically designed parachains or parathreads that are custom made to interact with another ecosystem such as Ethereum, Bitcoin and Cosmos for example, enabling interoperability. Because these other ecosystems don’t use the same shared state of Polkadot, finality is incredibly important, because whilst the relay chain can roll back all the parachains, it can’t roll back the Ethereum or Bitcoin blockchains for example. This is discussed further in part three. https://preview.redd.it/lmrz428je6m51.png?width=1000&format=png&auto=webp&s=237ad499f85e960ca50ca884234453ce283a60c0 The relay chain is responsible for the network’s shared security, consensus and cross-chain interoperability. It is secured by Validators and Nominators staking the native DOT tokens. Ultimately scalability for the ecosystem is determined by how scalable the relay chain can be. The number of parachains is determined by the number of validators on the relay chain. The hope is to reach 1000 validators, which would enable around 100 parachains. With each parachain being capable of around 1,000 transactions per second. Nominators stake their DOT tokens with validators they trust, with the validators likely charging a small commission to cover running costs. If a validator is found to have performed misconduct a percentage of the their stake but also the nominators stake will be slashed depending upon the severity. For Level 4 security threats such as collusion and including an invalid block then 100% of the stake will be slashed.What’s really important to understand is that both the validators own stake and the nominated stake will be slashed, so you could lose all your DOT that you have staked against a validator if they perform maliciously. Therefore, it’s very important not to just try and maximise rewards and being oblivious to the risk, not only can you lose all your DOT, but you are making the entire system less secure (addressed inpart three). There have already been several minor slashing incidents so far, so something to really consider. https://preview.redd.it/aj9v0azke6m51.png?width=700&format=png&auto=webp&s=86134eaef08d1ef50466d1d80ec5ce151327d702
Auction for Parachain Slots
Due to the limited number of parachain slots available, there needs to be a method to decide who gets a parachain slot. This is achieved through a candle-auction where participants bid with DOT to secure a lease on a parchain slot to secure a 6 — 24 month period, with the highest bidders winning. DOT isn’t spent, but rather locked for the duration of the lease and unable to participate in staking and earn rewards. In the event they are unsuccessful in securing a further slot, then the lease expires and the DOT will be returned. Of the 100 parachain slots that they hope to be able to accommodate, between 10 and 30 will be reserved for system parachains, with the remaining available for either auction slots or used for parathreads. Whilst the DOT is returned, due to the limited number of slots available this could result in significant amounts of DOT needing to be acquired to secure a slot. How the auction mechanics effect the price of DOT also remains to be seen, with potentially a rise from the start of the auction, followed by a fall before the lease ends and the DOT are returned. The plan is to continuously have a small amount of parachain auctions going throughout the year, to minimise any unwanted effects. How comfortable developers will be with locking significant amounts of funds in a highly volatile asset for an extended amount of time, also remains to be seen. They could also be in a position where they can no longer afford to keep their lease and have to downgrade to a parathread (providing the application will still function with the reduced performance or migrate to another platform). See this article for more details on the auction mechanism https://preview.redd.it/wp8rvxlme6m51.png?width=387&format=png&auto=webp&s=496320d627405362142210e1a4c17ebe43e1f8a1
For applications that don’t require the guaranteed performance of a parachain or don’t want to pay the large fees to secure a parachain slot, then parathreads can be used instead. Parathreads have a fixed fee for registration that would realistically be much lower than the cost of acquiring a parachain slot and compete with other parathreads in a per-block auction to have their transactions included in the next relay chain block. A portion of the parachain slots on the Relay Chain will be designated as part of the parathread pool. In the event that a parachain loses its slot then it can transition to a parathread (assuming the application can still function with the reduced and varied performance of sharing the slot between many). This also enables small projects to start out with a parathread and then upgrade to a parachain slot when required.
DOT is the native token of the Polkadot network and serves three key functions. (i) It is staked to provide security for the relay chain, (ii) to be bonded to connect a chain to Polkadot as a parachain and (iii) to be used for governance of the network. There is an initial total supply of 1 billion DOT with yearly inflation estimated to be around 10% providing the optimal 50% staking rate is achieved, resulting in rewards of 20% to those that stake (net 10% when take into account inflation). Those that don’t stake lose 10% through dilution. Should the amount staked exceed the optimal 50% then reward rates reduce as well as inflation to make staking less attractive. Likewise if its below 50% then rewards and inflation rate will be higher to encourage staking. Staking isn’t risk free though as mentioned before.
Polkadot employs an on-chain governance model where in order to make any changes to the network, DOT holders vote on a proposal to upgrade the network with the help of the Council. The council is an entity comprising a 23 seats each represented by an on-chain account. Its goals are to represent passive stakeholders, submit sensible and important proposals, and cancel dangerous or malicious proposals. All DOT holders are free to register their candidacy for the Council, and free to vote for any number of candidates, with a voting power proportional to their stake. Any stakeholder can submit a public proposal by depositing a fixed minimum amount of DOTs, which stays locked for a certain period. If someone agrees with the proposal, they may deposit the same amount of tokens to endorse it. Public proposals are stored in a priority queue, and at regular intervals the proposal with the most endorsements gets tabled for a referendum. The locked tokens are released once the proposal is tabled. Council proposals are submitted by the Council, and are stored in a separate priority queue where the priorities are set at the Council’s discretion. Every thirty days, a new proposal will be tabled, and a referendum will come up for a vote. The proposal to be tabled is the top proposal from either the public-proposal queue or the Council-proposal queue, alternating between the two queues. The Technical Committee is composed according to a single vote for each team that has successfully and independently implemented or formally specified the protocol in Polkadot, or in its canary network Kusama. The Technical Committee is the last line of defence for the system. Its sole purpose is detecting present or imminent issues in the system such as bugs in the code or security vulnerabilities, and proposing and fast-tracking emergency referenda.
Whilst parachains aren’t currently implemented at this stage, there is a rapidly growing ecosystem looking to build on Polkadot with substrate. Polkadot’s “cousin”, the canary network Kusama used for experimentation, was launched last year by the same team and contributes to the early growth of the overall ecosystem. See here for a list of the current projects looking to build on Polkadot and filter by Substrate based. https://preview.redd.it/rt8i0hqpe6m51.png?width=700&format=png&auto=webp&s=f6bcf26fa84463765f720c3074ee10157c2735f6 Now that we have covered the basics, in part two I will explain how the consensus mechanism in Polkadot works and covering more of the technical aspects.
How does bitcoin work? Bitcoin is a cryptocurrency that is conducted on a public ledger, the "blockchain." Digitally transferred, it exists only online. Much like gold, it can have monetary value ... Bitcoin, the digital currency, has been all over the news for years. But because it’s entirely digital and doesn’t necessarily correspond to any existing fiat currency, it’s not easy to understand for the newcomer. Let’s break down the basis of exactly what Bitcoin is, how it works, and its possible future in the global economy. Bitcoin is P2P electronic cash that is valuable over legacy systems because of the monetary autonomy it brings to its users. Bitcoin seeks to address the root problem with conventional currency: all the trust that's required to make it work -- Not that justified trust is a bad thing, but trust makes systems brittle, opaque, and costly to operate. How Does It Work? There is no clear information as to how the Bitcoin Trader works. Just a couple of references here and there on their website and nothing else. It is mentioned that the Bitcoin Trader software has been created with the most advanced programming the trading world has ever seen. Really? Have the scammers invented a whole new ... How Does Bitcoin Mining Work? This simplified illustration is helpful to explanation: 1) Spending. Let’s say the Green user wants to buy some goods from the Red user. Green sends 1 bitcoin to Red. 2) Announcement. Green’s wallet announces a 1 bitcoin payment to Red’s wallet. This information, known as transaction (and sometimes abbreviated as “ tx”) is broadcast to as many Full Nodes ...
(GETTING STARTED WITH BITCOIN) What is Bitcoin and How ...
TFP Talk has made this video about Bitcoin Crypto currency. How to buy bitcoin and how to install Zebpay application to transfer INR to buy Bitcoin. Facebook... If money is only valuable when we believe in it, how much is a BitCoin actually worth? Jonathan explains the virtual currency as well as how to mine it and t... Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X Bitcoin is the first decentralized digital currency. All Bitcoin transactions are docume... An estimated £3-4 billion is being laundered via cryptocurrencies in Europe every year, the director of Europol has told the BBC. It comes as the Shadow Trea... What is Bitcoin? Bitcoin is the first cryptocurrency that entered the scene in 2009. Well the next question would also be what are cryptocurrencies ? Lets st...