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Why i’m bullish on Zilliqa (long read)

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

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

TIL Bitcoin is controlled by central bankers.

Digital Currency Group owns BlockStream which controls Bitcoin Core. The controllers of DCG are old school central bankers which is why Bitcoin is shit now. If you are a bitcoin holder please sell for Bitcoin Cash. Make these people lose all their money plz. (this is a cut and paste from another post on /BTC)
http://dcg.co/who-we-are/#board-members
  1. Glenn Hutchins: Former Advisor to President Clinton. Hutchins sits on the board of The Federal Reserve Bank of New York, where he was reelected as a Class B director for a three-year term ending December 31, 2018. Vice-Chairman of Brookings Institue. On advisory board with Ben Bernanke and Hank Paulson.
  2. Barry Silbert: CEO of Digital Currency Group, (funded by Mastercard) who is also an Ex investment Banker at Houlihan Lokey. This is the guy who thought SW2x was a good idea.
  3. Lawrence H. Summers: "Board Advisor" "Chief Economist at the World Bank from 1991 to 1993. In 1993, Summers was appointed Undersecretary for International Affairs of the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury. While working for the Clinton administration Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in the American advised privatization of the economies of the post-Soviet states [a massive FUD campaign that caused Russian citizens to sell their shares in public companies - these shares were purchased by Oligarch bankers with ties to Western Banks], and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act." https://en.wikipedia.org/wiki/Lawrence_Summers
  4. Blythe Masters: "Former executive at JPMorgan Chase.[1] She is currently the CEO of Digital Asset Holdings,[2] a financial technology firm developing distributed ledger technology for wholesale financial services.[3] Masters is widely credited as the creator of the credit default swap as a financial instrument. She is also Chairman of the Governing Board of the Linux Foundation’s open source Hyperledger Project, member of the International Advisory Board of Santander Group, and Advisory Board Member of the US Chamber of Digital Commerce." https://en.wikipedia.org/wiki/Blythe_Masters
thanks Scott_WWS: https://www.reddit.com/CryptoCurrency/comments/7cdg79/each_side_accuses_the_other_of_being_centralized/
EDIT: Their greed cost the US approx $22 Trillion. This is much bigger than Roger Ver & some miners in China vs Bitcoin Core. What is at stake is the future of the global economy.
EDIT 2:

TL;DR Bitcoin was created in response to the 2008/2009 Global Financial Crisis. Bitcoin (BTC) is now controlled by those who were instrumental in creating the crisis. (By "crisis" I mean theft of billions (trillions?!) of dollars)

submitted by outbackdude to conspiracy [link] [comments]

DD on Ripple's Board of Directors

With the appointment of Zoe Cruz, I did some research on the entirety of Ripple's board members and compiled in list form their employment history, accolades/awards, and other board relationships. I know most of this info is on Rippple's Board site, but having it in list form is sometimes easier for me to read and process.
I put this together for my own research, hoping this will be helpful to others. Seeing the many accomplishments and powerful connections Ripple's board has made me even more confident of my investment in XRP. To me, XRP is an investment in people, not just a currency or a technology. If I can trust the people running the show, it gives me more faith in XRP's future.
Most interesting person to research was Susan Athey. She is also on the Board at Expedia.com, who owns HomeAway, an AirBNB competitor. I know people have been guessing what those two household names are, and I've seen AirBNB including in the discussion. If people are speculating that AirBNB is one of the names, I think it makes sense that a competitor like HomeAway/Expedia should be considered as well. But this is just pure speculation.
If you're interested, Susan Athey also held a Quora session back in Jan 2016. She answered a couple questions on the future of Bitcoin and Ripple.
Anyways, here's the list:
Gene Sperling
*President, Sperling Economic Strategies (Present) *Director of the National Economic Council (2011-2014) *Counselor to Treasury Secretary Timothy Geithner (2009-2011) *Chief Economic Adviser for Hillary Clinton's 2008 Presidential Campaign *Director of the National Economic Council for the Clinton Administration (1996-2001) *Deputy Director of the National Economic Council for the Clinton Administration (1993-1996)
Founder and Director of the Center for Universal Education at the Council on Foreign Relations and the Brookings Institution.
Named one of the 100 Most Powerful People in Finance worldwide in 2013 by Worth Magazine. Named one of the 50 Most Powerful People in Washington by GQ in 2012.
Takashi Okita
*CEO, SBI Ripple Asia (2016-Present) *Co-founder and CEO, econtext Asia, leading provider of online payment services and e-Commerce solutions (2012-2015) *Co-CEO, SBI Research Co.,Ltd (2009-2015) *Co-founder and CEO, VeriTrans, leading online payment solution provider in Japan (2005-2015)
Non Executive Director of SOFTBRAIN Co,.Ltd. (2014-2017) Non Executive Director of Clara Online, Inc. (2015-2017) Council member for the Financial Agency of Japan (2014-2015)
Named one of the “100 People to Change Japan” in 2014 by Nikkei Business
Anja Manuel
*Co-founder and Managing Partner, RiceHadleyGates LLC (2009-Present) *Lecturer and Fellow, CISAC, Stanford University (2009-Present) *Counsel, WilmerHale (2007-2009) *Special Assistant to the Under Secretary for Political Affairs, Nicholas Burns, U.S. Department of State (2006-2007) *Associate, WilmerHale (2001-2005) *Investment Banker, Salomon Brothers International (1996-1997)
Board member:
Overseas Shipping Group, Inc. Flexport Inc. Center for a New American Security The Crown Prince of Bahrain The American Ditchley Foundation Governor Brown’s California Export Council
Benjamin Lawsky
*CEO, The Lawsky Group (2015-Present) *Superintendent of Financial Services, Department of Financial Services, New York (2011-2015) *Chief of Staff for Governor Andrew Cuomo, New York (2011) *Special Assistant to the Attorney General (2007-2010) *Assistant United States Attorney, US Attorney for the Southern District of New York (2001-2006) *Chief Counsel to Senator Charles Schumer, US Senate Judiciary Committee (1999-2001) *Trial Attorney, US Department of Justice (1997-1999)
Ken Kurson
*Senior Managing Director, Teneo Strategy (2017-Present) *Editor in Chief, Observer Media (2013-2017) *Columnist, Esquire Magazine (1996-2016) *Executive VP, Jamestown Associates (2008-2012) *COO, Rudy Giuliani Presidential Committee (2006-2008) *Deputy Communications Director , Giuliani Partners (2002-2006) *Editor at Large, Money Magazine (2000-2002) *Guest Analyst, CNN (1995-2000) *Editor of GreenMagazine.com, Bankrate, Inc. (1998-2000) *Staff Writer, Worth Magazine (1995-1997) *Associate Editor, United Media (1995-1996)
Named 2014's Journalist of the Year by Algemeiner magazine.
Brad Garlinghouse
*CEO, Ripple (2017-Present) *President and COO, Ripple (2015-2016) *CEO and Chairman, Hightail, formerly YouSendIt (2012-2014) *President, Applications and Commerce, AOL (2009-2011) *Sr. Adviser, SilverLake Partners (2009) *SVP Communications, Yahoo (2003-2008) *CEO, Dialpad Communications (2000-2001) *General Partner, @Ventures (1999-2000) *Bus Dev, @Home Network (1997-1999)
Board Member:
Ancestry.com (2013-2016) Tonic Health (2011-2016) Animoto (2012-Present)
Zoe Cruz
*Senior Advisor, Promontory Financial Group, LLC (2016-Present) *Independent Non-Executive Director, Old Mutual (2014-Present) *Founder and CEO, EOZ Global (2013-Present) *Founder and CEO, Voras Capital Management LP (2009-2012) *Co-President, Morgan Stanley (1982-2007)
On Forbes' Most Powerful Women list for three years, 2005 (#16), 2006 (#10) and 2007 (#34).
Susan Athey
*Professor, Stanford Graduate School of Business (2013-Present) *Professor, Harvard (2006-2012) *Professor, Stanford University (2001-2006)
Member, Board of Directors at Expedia, Inc. (2015-Present) Advisor, Nyca Partners (2014-Present) Consulting Economist, Microsoft (2007-Present) Advisor, XSeed Captial (2014) Member, President's Committee for the National Medal of Science (2011) Executive Committee Member, American Economics Association (2008-2010)
Numerous accolades, including:
John Bates Clark Medal (2007) Elaine Bennett Research Prize (2000) Elected to National Academy of Science (2012)
Chris Larsen
*CEO and Co-Founder, Ripple (2012-Present) *CEO and Co-Founder, Prosper.com (2005-2012) *CEO and Co-Founder, E-LOAN (1992-2005)
Advisor, Distilled Analytics, Inc. (2016)
Links used:
https://ripple.com/ripple_press/former-chief-white-house-advisor-gene-sperling-joins-ripple-labs-board-of-directors/ https://en.wikipedia.org/wiki/Gene_Sperling http://www.econtext.asia/ https://www.bloomberg.com/research/stocks/people/person.asp?personId=65309669&privcapId=7713659 https://www.linkedin.com/in/takashi-okita-ba03822b/ https://www.linkedin.com/in/anja-manuel-26805023/ http://anjamanuel.com/anjamanuelbio/ http://ricehadleygates.com/ https://en.wikipedia.org/wiki/Benjamin_Lawsky https://www.linkedin.com/in/ben-lawsky-6aa97014/ https://www.linkedin.com/in/ken-kurson-919a7a8/ http://www.teneoholdings.com/leaders/ken_kurson https://www.linkedin.com/in/bradgarlinghouse/ https://ripple.com/company/board-of-directors/ https://www.linkedin.com/in/zoecruz/ https://ripple.com/insights/zoe-cruz-joins-ripples-board-directors/ https://www.oldmutualplc.com/people/zoe-cruz.jsp https://www.forbes.com/lists/2007/11/biz-07women_The-100-Most-Powerful-Women_Rank_2.html https://en.wikipedia.org/wiki/Forbes_list_of_The_World%27s_100_Most_Powerful_Women https://www.forbes.com/lists/2005/11/Name_2.html http://www.expediainc.com/about/leadership/ https://www.linkedin.com/in/susanathey/ https://en.wikipedia.org/wiki/Susan_Athey https://www.linkedin.com/in/chris-larsen-7721772/ https://en.wikipedia.org/wiki/Chris_Larsen
[edited to deal with some spacing issues]
submitted by koodlemind to Ripple [link] [comments]

TIL Blockstream is controlled by ex-JP Morgan, Federal Reserve, Mastercard Banksters. Spread the word.

http://dcg.co/who-we-are/#board-members
  1. Glenn Hutchins: Former Advisor to President Clinton. Hutchins sits on the board of The Federal Reserve Bank of New York, where he was reelected as a Class B director for a three-year term ending December 31, 2018. Vice-Chairman of Brookings Institue. On advisory board with Ben Bernanke and Hank Paulson.
  2. Barry Silbert: CEO of Digital Currency Group, (funded by Mastercard) who is also an Ex investment Banker at Houlihan Lokey. This is the guy who thought SW2x was a good idea.
  3. Lawrence H. Summers: "Board Advisor" "Chief Economist at the World Bank from 1991 to 1993. In 1993, Summers was appointed Undersecretary for International Affairs of the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury. While working for the Clinton administration Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in the American advised privatization of the economies of the post-Soviet states [a massive FUD campaign that caused Russian citizens to sell their shares in public companies - these shares were purchased by Oligarch bankers with ties to Western Banks], and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act." https://en.wikipedia.org/wiki/Lawrence_Summers
  4. Blythe Masters: "Former executive at JPMorgan Chase.[1] She is currently the CEO of Digital Asset Holdings,[2] a financial technology firm developing distributed ledger technology for wholesale financial services.[3] Masters is widely credited as the creator of the credit default swap as a financial instrument. She is also Chairman of the Governing Board of the Linux Foundation’s open source Hyperledger Project, member of the International Advisory Board of Santander Group, and Advisory Board Member of the US Chamber of Digital Commerce." https://en.wikipedia.org/wiki/Blythe_Masters
thanks Scott_WWS: https://www.reddit.com/CryptoCurrency/comments/7cdg79/each_side_accuses_the_other_of_being_centralized/
EDIT: Their greed cost the US approx $22 Trillion. This is much bigger than Roger Ver & some miners in China vs Bitcoin Core. What is at stake is the future of the global economy.
EDIT 2:

TL;DR Bitcoin was created in response to the 2008/2009 Global Financial Crisis. Bitcoin (BTC) is now controlled by those who were instrumental in creating the crisis. (By "crisis" I mean theft of billions (trillions?!) of dollars)

submitted by outbackdude to btc [link] [comments]

Subreddit Stats: Drama top posts from 2018-08-11 to 2019-08-10 20:29 PDT

Period: 364.37 days
Submissions Comments
Total 993 175972
Rate (per day) 2.73 479.44
Unique Redditors 502 14271
Combined Score 524087 3258754

Top Submitters' Top Submissions

  1. 9206 points, 13 submissions: Kellere31
    1. Smug post 3000: Magathots (1474 points, 98 comments)
    2. Smug post 13 😍Pibbls😍 (1302 points, 246 comments)
    3. Centrist smugpost 4 (1170 points, 187 comments)
    4. Smug post 15: conservative edition (802 points, 151 comments)
    5. Drama meta smug post 6 (676 points, 406 comments)
    6. Smug post 10 BasicallyADoctor fan edition (642 points, 63 comments)
    7. By the way I am totally an Anarchist sweaty! (574 points, 72 comments)
    8. In response to recent (((migration))) on this sub. (548 points, 49 comments)
    9. Smug post 8. The reminder that this applies to Magatards too. (502 points, 175 comments)
    10. Centrist smug post 9: shitty reddit humor (432 points, 97 comments)
  2. 8910 points, 2 submissions: Barrack-HusseinObama
    1. Rotten Tomatoes pulls “Want to see” percentage score from site after Captain Marvel interest dips below 25%. (8615 points, 1865 comments)
    2. Jeffrey Epstein Found Injured in NYC Jail Cell After Possible Suicide Attempt (295 points, 156 comments)
  3. 5735 points, 9 submissions: rsrfy
    1. >powermods (1746 points, 153 comments)
    2. look how they massacred my boy (974 points, 122 comments)
    3. never forget the innocence the fugees took from us (545 points, 56 comments)
    4. Ben Garrison puts down the syringe long enough to make his holiday gift guide (507 points, 205 comments)
    5. mfw centroid jannie (484 points, 26 comments)
    6. Shitting on your floor to own Drumpf (405 points, 230 comments)
    7. new Lawlz sticky? lemme save you a click (375 points, 71 comments)
    8. the real weapon they don't want you to have (361 points, 61 comments)
    9. had to do it to em (338 points, 31 comments)
  4. 4701 points, 11 submissions: BIknkbtKitNwniS
    1. Vice: Not believing in astrology is toxic masculinity. "Women and queer people are drawn to astrology because it offers community and refuge. In a heterosexual patriarchy, cis-het men arguably have less to seek refuge from" (603 points, 222 comments)
    2. Is Poland /ourcountry/ ? (515 points, 177 comments)
    3. Imagine being so unbearable that being replaced by a plastic doll is a real concern for you. (486 points, 442 comments)
    4. When rightoids call leftoids NPCs and vice versa (484 points, 143 comments)
    5. They targeted readers. Readers. (449 points, 302 comments)
    6. Obama isn't woke because he attended McCain's funeral instead of Aretha Franklin's because all black people are friends or something. (441 points, 98 comments)
    7. Bernie Sanders can't contain his (((inner Jew))) when he's asked about his favourite book. (400 points, 171 comments)
    8. The left really can't meme (394 points, 232 comments)
    9. Menslibber can't handle playful flirting from half naked Halloween thots. "I feel sexually harassed". (352 points, 275 comments)
    10. WatchRedditDies is literally filing a lawsuit against blackpeopletwitter for not letting mayos post lmao (293 points, 184 comments)
  5. 4569 points, 11 submissions: Ghdust2
    1. Another male feminist gets accused of sexual assault. The kicker? he was the founder of Study of Men and Masculinities at Stony Brook. The university that was recommended to braincels after the quarantine. (653 points, 283 comments)
    2. Brie “All Mayos Need To Get K.O.” Larson gets angry at Thor for comparing her to Tom Cruise. (501 points, 360 comments)
    3. Imagine being this upset at a capehsit movie. (427 points, 214 comments)
    4. This is certifiably the worst thing Ben “The Fentanyl Man” Garrison has drawn. (415 points, 93 comments)
    5. So he totally jerks it to this, right? (411 points, 61 comments)
    6. Ben “Gotta Gas Em All” Garrison shares his thoughts on the Jessie Smollett controversy. (401 points, 66 comments)
    7. Mod of liberal_irl goes on a pinging spree. (400 points, 184 comments)
    8. Horseshoe theory proven right yet again as Chapo celebrates terrorist attacks on Jews. (376 points, 275 comments)
    9. ScarJo says actors should be allowed to do their jobs, the femcels over at gamerghazi react with terror. (344 points, 97 comments)
    10. The soyboys of menslib discuss how the thought of physical strength makes them uncomfortable. (334 points, 150 comments)
  6. 4390 points, 3 submissions: GeauxHouston22
    1. this is literally every one of you dweebs (2098 points, 191 comments)
    2. Jussie Smollett up for NAACP Award and I'm now fully convinced that our lizard overlords monitor this subreddit and manipulate reality to benefit it (1303 points, 335 comments)
    3. a tale as old as time (989 points, 189 comments)
  7. 4113 points, 7 submissions: Oh_hamburgers_
    1. T_D sent 3 tons of salt to the CNN headquarters (1760 points, 735 comments)
    2. Had fun at the meetup today drama, thanks for coming (571 points, 207 comments)
    3. Woke Twitter erupts into hysterics when a Jewish Mexican casually rests her arm during the Kavanaugh hearings (401 points, 345 comments)
    4. oh jeez (360 points, 296 comments)
    5. Blackfellas struggle to cope with the "white supremacist shooter" narrative getting BLACKED (359 points, 87 comments)
    6. Bitcoin boys may be out nearly $200m after boomer forgets to write down password and then dies (343 points, 145 comments)
    7. 300lb braphog crackhead crushes her 120lb crackhead manlet to death with a yokozuna finishing move (319 points, 92 comments)
  8. 4084 points, 8 submissions: dootwthesickness_II
    1. This image makes the CAfugees cry (864 points, 151 comments)
    2. The great CAnimal purge does NOT mean that Chapocels are welcome here. Defend /Drama's sovereignty. Post things that upset them. (756 points, 300 comments)
    3. In light of the recent spergfest involving /butchlesbians, let's remember to keep ourselves safe (550 points, 146 comments)
    4. /pol/ baits a new hook. Will the blue checkmarks bite again? (514 points, 111 comments)
    5. “Russians have changed tactics to try to drive a wedge between feminists and Muslims. You will be seeing a lot of these contentious posts on the front page for the coming year.” (431 points, 282 comments)
    6. "I am NOT an incel! I'm just involuntarily unable to get laid!" t. /ChapoTraphouse (331 points, 159 comments)
    7. Art museum discovers that museumgoers want to see art, not blank spaces on the walls that "encourage thought about how women's bodies are shown." (326 points, 187 comments)
    8. Build a wall and make /conservative pay for it (312 points, 137 comments)
  9. 4035 points, 9 submissions: Strictlybutters
    1. YEpost: 🌊 Drama’s Patron Saint wears a MAGA hat and Colin Kaepernick t shirt while reading quotations from chairman Mao (832 points, 132 comments)
    2. Kanye announces his yexit from the right (470 points, 213 comments)
    3. Zyklon Ben’s latest fentanyl laced fever dream (466 points, 157 comments)
    4. When I said that Hillary Clinton got schlonged by Obama, it meant got beaten badly. The media knows this. Often used word in politics! (460 points, 97 comments)
    5. GQ writer can’t believe people have the audacity to wish her a Merry Christmas and likens it to being told as a female to smile more😤😤 (439 points, 145 comments)
    6. Strong 💪 big boy 👦 president DESTROYS small soychild libshit with facts and logic! (408 points, 138 comments)
    7. Chris Pratt fills his closet with 🇺🇸 🐍tee shirts 🐍 🇺🇸from goodwill like a poor🤢🤢🤮🤮 and therefore as logic obviously dictates is white supremacist trash and is from here on out CANCELLED! (343 points, 293 comments)
    8. Are female AI voices causing toxic masculinity or is this the most retarded hot take ever (319 points, 81 comments)
    9. Broke people are usually very low class, have extremely bad manners, have zero etiquette and no class at all whatsoever. THREAD (298 points, 93 comments)
  10. 3998 points, 9 submissions: Coonass_alt
    1. Jussie literally walked out of his apartment to go stage the hate crime with the noose ALREADY around his neck. His own apartment cameras captured it. (672 points, 136 comments)
    2. the NYT finally breaks the bad news that most people actually got a tax cut from blumpf and /politics is SEETHING. Currently 18% upvoted. (554 points, 360 comments)
    3. How much C O P E does it take to make a graph like this? Found in /datingoverthirty (547 points, 224 comments)
    4. Scientists say that drinking alcohol during pregnancy is unsafe. /Science white-knights melt the fuck down. (442 points, 222 comments)
    5. Multiple people have tried to remove references to Epstien's Jewish heritage from his Wikipedia article today, fight between people who want to keep that information there and those who want to scrub it. (384 points, 221 comments)
    6. College calls the police, sends out campus wide e-mails, after cartoon frog is posted on bulletin board (379 points, 181 comments)
    7. For the second day in a row, literally the top 50 posts on reddit.com were removed by mods. SMH y'all really can't behave. Be better. (363 points, 59 comments)
    8. Teens attack random people in Philadelphia (352 points, 293 comments)
    9. Reddit Gamers get scammed by marketing and overhype for like the 10th time in the past 3 years and now the subreddit for the newest pile of shit is in open revolt. Remember these retards fell for an EA game. (305 points, 142 comments)

Top Commenters

  1. SnapshillBot (28652 points, 937 comments)
  2. Ed_ButteredToast (17519 points, 956 comments)
  3. AnnoysTheGoys (16293 points, 642 comments)
  4. Starship_Litterbox_C (16083 points, 492 comments)
  5. BIknkbtKitNwniS (15442 points, 152 comments)
  6. snallygaster (15259 points, 699 comments)
  7. The_Reason_Trump_Won (15096 points, 124 comments)
  8. Tzar-Romulus (14084 points, 578 comments)
  9. Corporal-Hicks (13887 points, 360 comments)
  10. TaysSecondGussy (13505 points, 430 comments)

Top Submissions

  1. Rotten Tomatoes pulls “Want to see” percentage score from site after Captain Marvel interest dips below 25%. by Barrack-HusseinObama (8615 points, 1865 comments)
  2. SEETHING white femcel by deleted (4884 points, 983 comments)
  3. Gillette made an ad telling their customers that they are sexist pieces of shit. by deleted (4867 points, 2995 comments)
  4. A New Zealander literally said "Subscribe to PewDiePie" before shooting up a mosque by ObsessiveMuso (3968 points, 2093 comments)
  5. Unstoppable force meets immovable object by Mat_The_49th (2944 points, 544 comments)
  6. The_Donald just got quarantined by EddingtonDidNothingW (2280 points, 927 comments)
  7. this is literally every one of you dweebs by GeauxHouston22 (2098 points, 191 comments)
  8. drama by DannedFromBrama (2006 points, 96 comments)
  9. Thots on suicide watch as it turns out they have to pay taxes too by deleted (1948 points, 772 comments)
  10. You’re welcome by deleted (1784 points, 190 comments)

Top Comments

  1. 2701 points: deleted's comment in Gillette made an ad telling their customers that they are sexist pieces of shit.
  2. 1778 points: RobertSpringer's comment in Gillette made an ad telling their customers that they are sexist pieces of shit.
  3. 1617 points: a_cute_grill's comment in A pre-HRT, pre surgery Transwoman who also happens to be a lesbian wins a major women's cycling competition. cycling is pissed.
  4. 1474 points: Destirigon's comment in A pre-HRT, pre surgery Transwoman who also happens to be a lesbian wins a major women's cycling competition. cycling is pissed.
  5. 1461 points: HardIsLife's comment in Gillette made an ad telling their customers that they are sexist pieces of shit.
  6. 1275 points: RandolphCox's comment in Thots on suicide watch as it turns out they have to pay taxes too
  7. 1209 points: keeeeshawn's comment in Gillette made an ad telling their customers that they are sexist pieces of shit.
  8. 1090 points: CirqueDuFuder's comment in Gillette made an ad telling their customers that they are sexist pieces of shit.
  9. 1030 points: stalejokesunlimited's comment in Thots on suicide watch as it turns out they have to pay taxes too
  10. 985 points: melokobeai's comment in Autist furry somehow gets job at NASA, proceeds to insult a member of the National Space Council, loses internship
Generated with BBoe's Subreddit Stats
submitted by subreddit_stats to subreddit_stats [link] [comments]

A Look at DCG & Bitfury's Incestuous Ties With the U.S. Government

Peter Todd Tweet in 2014: https://archive.is/vKZ9C
[email protected] I gotta say, looks really bad legally how Austin Hill's been negotiating deals w/ pools/etc. to get control of hashing power.
Board of Digital Currency Group
Glenn Hutchins
Advisory Board
Larry Summers
DCG of course is an investor in both Blockstream and BTCC.
DCG's money comes from:
DCG also owns Coindesk.
BTCC and Bitfury are the only two large mining pools who are outspoken in their support of Bitcoin Core.
The Bitfury Group Leadership to Present at Clinton Global Initiative (https://archive.is/MWKee)
Full Video (Begins at 32:00)
“The Bitfury Group is proud to be the world’s leading full service Blockchain technology company, we are deeply honored to represent this innovation to an audience of extremely dedicated game-changers, and we look forward to highlighting our company’s groundbreaking ‘Blockchain for global good’ work at such an important event, said Smith. “From the White House to the Blockchain, I know this technology has the power to deliver inclusion and opportunity to millions, if not billions, of people around the world and I am so grateful to work for a company focused on such a principled vision.”
Bitfury Lightning Implementation
  • In partnership with a French firm called ACINQ (http://acinq.co)
  • ACINQ is a subsidiary of the larger ACINQ Financial Services
  • CoinTelegraph: Bitfury Lightning Network Successfully Tested With French Bitcoin Company
  • TEAM: https://archive.is/Q5CNU
  • ACINQ’s US Headquarters is in Vienna, Virginia, a small town of only 16,000. Why would a global financial firm choose to locate here? -- Feeder community into Washington, D.C. Has an orange line metro stop. -- Located in Fairfax County, VA. -- The US Federal Government is the #2 largest employer -- Booz Allen Hamilton (NSA front company) is #6 largest employer -- In fact, most of the top employers in Fairfax County are either US Federal Gov’t or companies that provide services to Federal Government -- The county is home to the headquarters of intelligence agencies such as the Central Intelligence Agency, National Geospatial-Intelligence Agency, and National Reconnaissance Office, as well as the National Counterterrorism Center and Office of the Director of National Intelligence.
Chairman: Avinash Vashistha
CEO: Chaman Baid
CSO: Nandan Setlur
  • https://www.linkedin.com/in/nandansetlur https://archive.is/wp3L0
  • From 1986-1993 he worked for Information Management Consultants (imc) Ltd as a Technical Consultant with various federal government agencies. McLean, Virginia
  • 1993-2000 Technical Consultant for Freddie Mac, in McLean Virginia
  • From 2000-2007, President of InterPro Global in Maryland
  • From 2011-2012, Director of VibbleTV in Columbia, Maryland
  • From 2008-Present has been Executive Director at ACINQ and Managing Partner at Vine Management, both in Vienna, Virginia.
BitFury Enhances Its Advisory Board by Adding Former CFTC Chairman Dr. James Newsome and Renowned Global Thought Leader and President of the Institute for Liberty and Democracy Hernando de Soto (Businesswire)
Bitfury Board of Directors
Robert R Dykes
The other board members include two Bitfury founders, and an investor.
Bitfury Advisory Board
James Newsome
  • Ex-chairman of CFTC
  • Dr. Newsome was nominated by President Clinton and confirmed by the Senate to be at first a Commissioner and later a Chairman of CFTC. As Chairman, Newsome guided the regulation of the nation’s futures markets. Additionally, Newsome led the CFTC’s regulatory implementation of the Commodity Futures Modernization Act of 2000 (CFMA). He also served as one of four members of the President’s Working Group for Financial Markets, along with the Secretary of the Treasury and the Chairmen of the Federal Reserve and the SEC. In 2004, Newsome assumed the role of President and Chief Executive Officer of the New York Mercantile Exchange (NYMEX) where he managed daily operations of the largest physical derivatives exchange in the world. Dr. Newsome is presently a founding partner of Delta Strategy Group, a full-service government affairs firm based in Washington, DC.
Hernando de Soto
  • Hernando de Soto heads the Institute for Liberty and Democracy, named by The Economist one of the two most important think tanks in the world. In the last 30 years, he and his colleagues at the ILD have been involved in designing and implementing legal reform programs to empower the poor in Africa, Asia, Latin America, the Middle East, and former Soviet nations by granting them access to the same property and business rights that the majority of people in developed countries have through the institutions and tools needed to exercise those rights and freedoms. Mr. de Soto also co-chaired with former US Secretary of State Madeleine Albright the Commission on Legal Empowerment of the Poor, and currently serves as honorary co-chair on various boards and organizations, including the World Justice Project. He is the author of “The Other Path: the Economic Answer to Terrorism”, and his seminal work “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else.”
  • Frequent attendee at Davos World Economic Forum
  • Frequent Speaker @ Clinton Global Initiative http://www.dailymotion.com/video/x2ytfrs https://archive.is/MWKee
  • Criticisms: -- In his 'Planet of Slums'[104] Mike Davis argues that de Soto, who Davis calls 'the global guru of neo-liberal populism', is essentially promoting what the statist left in South America and India has always promoted—individual land titling. Davis argues that titling is the incorporation into the formal economy of cities, which benefits more wealthy squatters but is disastrous for poorer squatters, and especially tenants who simply cannot afford incorporation into the fully commodified formal economy. -- An article by Madeleine Bunting for The Guardian (UK) claimed that de Soto's suggestions would in some circumstances cause more harm than benefit, and referred to The Mystery of Capital as "an elaborate smokescreen" used to obscure the issue of the power of the globalized elite. She cited de Soto's employment history as evidence of his bias in favor of the powerful. https://www.theguardian.com/business/2000/sep/11/imf.comment http://www.slate.com/articles/news_and_politics/hey_wait_a_minute/2005/01/the_de_soto_delusion.html
Tomicah Tilleman
  • https://en.wikipedia.org/wiki/Tomicah_Tillemann
  • Dr. Tomicah Tillemann is Director of the Bretton Woods II initiative. The initiative brings together a variety of long-term investors, with the goal of committing 1% of their assets to social impact investment and using investments as leverage to encourage global good governance. Tillemann served at the U.S. State Department in 2010 as the Senior Advisor on Civil Society and Emerging Democracies to Secretary Hillary Clinton and Secretary John Kerry. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Tillemann received his B.A. magna cum laude from Yale University. He holds a Ph.D. with distinction from the School for Advanced International Studies at Johns Hopkins University (SAIS) where he also served as a graduate level instructor in American foreign policy. http://live.worldbank.org/node/8468 https://archive.is/raDHA
  • Secretary Clinton appointed Tomicah Tillemann, Ph.D. as the State Department’s Senior Advisor for Civil Society and Emerging Democracies in October 2010. He continues his service under Secretary Kerry.
  • Mr. Tillemann and his team operate like venture capitalists, identifying ideas that can strengthen new democracies and civil society, and then bring together the talent, technology and resources needed to translate promising concepts into successful diplomacy. He and his team have developed over 20 major initiatives on behalf of the President and Secretary of State.
  • Mr. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009 and collaborated with her on over 200 speeches. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Mr. Tillemann’s other professional experience includes work with the White House Office of Media Affairs and five U.S. Senate and Congressional campaigns. He was a reporter with Reuters New Media and hosted a commercial radio program in Denver, Colorado. http://m.state.gov/md160354.htm https://www.newamerica.org/our-people/tomicah-tillemann/ https://archive.is/u2yF0
  • Director of “Bretton Woods II” initiative at New America Foundation Bretton Woods was an international summit that led to the creation of the IMF and the IBRD, one of five members of The World Bank
Jamie Smith
Jason Weinstein
Paul Brody (no longer appears on site, and his LinkedIn has no mention of Bitfury, but he is mentioned in a Press Release
  • https://www.linkedin.com/in/pbrody
  • Ernst & Young since 2015 as “Americas Strategy Leader”, “Global Innovation Leader”, and “Solution Leader”
  • Prior to E&Y, he was an executive at IBM since 2002
New America Foundation
Muskoka Group
[note: this is worthy of much more research]
  • https://www.bloomberg.com/news/articles/2016-08-29/blockchain-s-backers-embark-on-campaign-to-improve-its-image
  • Don Tapscott, co-author of the book “Blockchain Revolution,” hosted the meeting with his son and co-author Alex Tapscott at his family’s summer compound in Lake of Bays, Ontario. The group included some of blockchain’s biggest backers, including people with ties to IBM and JPMorgan. They considered ways to improve the governance and oversight of the technology behind the digital currency bitcoin as a way to fuel the industry’s growth. They included Jim Zemlin, executive director of the Linux Foundation; Brian Behlendorf, executive director of the Hyperledger Project, a blockchain supporter group that includes International Business Machines Corp., Airbus Group SE and JPMorgan Chase & Co.; and Ana Lopes, board member of the World Wide Web Foundation. Participants with blockchain industry ties include former deputy White House press secretary Jamie Smith, now chief global communications officer of BitFury Group Ltd., and Joseph Lubin, founder of startup Consensus Systems.
Blockchain Delegation Attends Democratic National Convention https://archive.is/k16Nu
Attendees:
Jamie Smith — The Bitfury Group & Blockchain Trust Accelerator Tomicah Tillemann— New America Foundation & Blockchain Trust Accelerator Alex Tapscott— co-author: Blockchain Revolution Brian Forde — MIT, Digital Currency Initiative
Brian Forde
  • Was the founding director of the MIT Digital Currency Initiative -Left his 4 year post as White House Senior Advisor for Mobile and Data Innovation to go directly to the MIT DCI
  • Brian Forde has spent more than a decade at the nexus of technology, entrepreneurship, and public policy. He is currently the Director of Digital Currency at the MIT Media Lab where he leads efforts to mainstream digital currencies like Bitcoin through research, and incubation of high-impact applications of the emerging technology. Most recently he was the Senior Advisor for Mobile and Data Innovation at the White House where he spearheaded efforts to leverage emerging technologies to address the President’s most critical national priorities. Prior to his work at the White House, Brian founded one of the largest phone companies in Nicaragua after serving as a business and technology volunteer in the Peace Corps. In recognition of his work, Brian was named a Young Global Leader by the World Economic Forum and one of the ten most influential people in bitcoin and blockchain. https://www.linkedin.com/in/brianforde https://archive.is/WjEGU
Alex Tapscott
World Economic Forum
  • Strategic Partners: https://www.weforum.org/about/strategic-partners
  • Includes Accenture (See Avinash Vashistha), Allianz, Deloitte (Scaling Bitcoin platinum sponsor, Blockstream Partner), Citigroup, Bain & Company (parent of Bain Capital, DCG investor), Dalian Wanda Group (working on blockchain technology), Ernst & Young (see Paul Brody), HSBC (Li-Ka Shing, Blockstream investor, used to be Deputy Chairman of HSBC), IBM, KPMG International, Mastercard (DCG Investor), PwC (Blockstream partner, also sponsor of Scaling Bitcoin)
  • Future of Financial Services Report [PDF] The word “blockchain” is mentioned once in this document, on page 23 (http://i.imgur.com/1SxyneJ.png): We have identified three major challenge areas related to innovation in financial services that will require multi-stakeholder collaboration to be addressed effectively. We are launching a project stream related to each area, with the goal of enabling tangible impact.... Decentralised systems, such as the blockchain protocol, threaten to disintermediate almost every process in financial services
  • The Steering Group who authored the report is a who’s who of the global financial elite. (Pages 4 & 5) http://i.imgur.com/fmYc1bO.png http://i.imgur.com/331FaX6.png
Bitfury Washington DC Office
Washington DC Office 600 Pennsylvania Avenue Suite 300 Washington, D.C. 20003
http://bitfury.com/contacts https://archive.is/ugvII
Bitfury Chosen for Ernst & Young Blockchain Startup Challenge
Deloitte Unveils Plan to Build Blockchain-Based Digital Bank http://www.consultancy.uk/news/12237/deloitte-unveils-plan-to-build-blockchain-based-digital-bank https://archive.is/UJ8Q5
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Bobtail: A Proof-of-Work Target that Minimizes Blockchain Mining Variance

arXiv:1709.08750
Date: 2017-10-19
Author(s): George Bissias, Brian Neil Levine

Link to Paper


Abstract
Blockchain systems are designed to produce blocks at a constant average rate. The most popular systems currently employ a Proof of Work (PoW) algorithm as a means of creating these blocks. Bitcoin produces, on average, one block every 10 minutes. An unfortunate limitation of all deployed PoW blockchain systems is that the time between blocks has high variance. For example, 5% of the time, Bitcoin's inter-block time is at least 40 minutes. This variance impedes the consistent flow of validated transactions through the system. We propose an alternative process for PoW-based block discovery that results in an inter-block time with significantly lower variance. Our algorithm, called Bobtail, generalizes the current algorithm by comparing the mean of the k lowest order statistics to a target. We show that the variance of inter-block times decreases as k increases. If our approach were applied to Bitcoin, about 80% of blocks would be found within 7 to 12 minutes, and nearly every block would be found within 5 to 18 minutes; the average inter-block time would remain at 10 minutes. Further, we show that low-variance mining significantly thwarts doublespend and selfish mining attacks. For Bitcoin and Ethereum currently (k=1), an attacker with 40% of the mining power will succeed with 30% probability when the merchant sets up an embargo of 8 blocks; however, when k>=20, the probability of success falls to less than 1%. Similarly, for Bitcoin and Ethereum currently, a selfish miner with 40% of the mining power will claim about 66% of blocks; however, when k>=5, the same miner will find that selfish mining is less successful than honest mining. The cost of our approach is a larger block header.

References
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[5] Tuomas Aura, Pekka Nikander, and Jussipekka Leiwo. Dos-resistant authentication with client puzzles. In Revised Papers from the 8th International Workshop on Security Protocols, pages 170–177, 2001.
[6] Adam Back. Hashcash - Amortizable Publicly Auditable CostFunctions, 2002.
[7] Iddo Bentov, Ariel Gabizon, and Alex Mizrahi. Cryptocurrencies without proof of work. In International Conference on Financial Cryptography and Data Security, pages 142–157. Springer, 2016.
[8] Iddo Bentov, Charles Lee, Alex Mizrahi, and Meni Rosenfeld. Proof of Activity: Extending Bitcoin’s Proof of Work via Proof of Stake [Extended Abstract] y. ACM SIGMETRICS Performance Evaluation Review, 42(3):34–37, 2014.
[9] Bobtails. https://en.wikipedia.org/wiki/Natural_bobtail.
[10] Xavier Boyen, Christopher Carr, and Thomas Haines. BlockchainFree Cryptocurrencies: A Framework for Truly Decentralised Fast Transactions. Cryptology ePrint Archive, Report 2016/871, Sept 2016. http://eprint.iacr.org/2016/871.
[11] George Casella and Roger L. Berger. Statistical inference. Brooks Cole, Pacific Grove, CA, 2002.
[12] Liqun Chen and Wenbo Mao. An auditable metering scheme for web advertisement applications. Information Security, pages 475–485, 2001.
[13] F. Coelho. An (Almost) Constant-Effort Solution- Verification Proofof-Work Protocol Based on Merkle Trees. In Progress in Cryptology – AFRICACRYPT, pages 80–93, June 2008.
[14] Drew Dean and Adam Stubblefield. Using client puzzles to protect tls. In Proceedings of the 10th Conference on USENIX Security Symposium - Volume 10, SSYM’01, Berkeley, CA, USA, 2001. USENIX Association.
[15] J. Douceur. The Sybil Attack. In Proc. Intl Wkshp on Peer-to-Peer Systems (IPTPS), March 2002.
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[17] Ethereum Homestead Documentation. http://ethdocs.org/en/latest/.
[18] Ittay Eyal, Adem Efe Gencer, Emin Gun Sirer, and Robbert Van Renesse. Bitcoin-ng: A scalable blockchain protocol. In 13th USENIX Symposium on Networked Systems Design and Implementation (NSDI 16), pages 45–59, Santa Clara, CA, 2016. USENIX Association.
[19] Ittay Eyal and Emin Gün Sirer. Majority is not enough: Bitcoin mining is vulnerable. In International conference on financial cryptography and data security, pages 436–454. Springer, 2014.
[20] M. Franklin and D. Malkhi. Auditable metering with ligthweigth security. In Proc. Financial Cryptography, pages 151–160, 1997.
[21] Arthur Gervais, Ghassan O. Karame, Karl Wust, Vasileios Glykantzis, Hubert Ritzdorf, and Srdjan Capkun. On the Security and Performance of Proof of Work Blockchains. https://eprint.iacr.org/2016/555, 2016.
[22] Bogdan Groza and Bogdan Warinschi. Cryptographic puzzles and dos resilience, revisited. Des. Codes Cryptography, 73(1):177–207, October 2014.
[23] Markus Jakobsson and Ari Juels. Proofs of Work and Bread Pudding Protocols. In Proc. Conference on Secure Information Networks: Communications and Multimedia Security, pages 258–272, 1999.
[24] A. Juels and J. Brainard. Client puzzles: A cryptographic countermeasure against connection depletion attacks. In Proc. Networks and Distributed Security Systems, pages 151–165, 1999.
[25] Ben Laurie and Richard Clayton. “Proof-of-work" proves not to work; version 0.2. In Proc. Workshop on Economics and Information Security, 2004.
[26] Andrew Miller, Ari Juels, Elaine Shi, Bryan Parno, and Jonathan Katz. Permacoin: Repurposing bitcoin work for data preservation. In Proc. IEEE Security and Privacy, pages 475–490, 2014.
[27] Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System, May 2009.
[28] A. Pinar Ozisik and Brian Neil Levine. An Explanation of Nakamoto’s Analysis of Double-spend Attacks. Technical Report arXiv:1701.03977, University of Massachusetts, Amherst, MA, January 2017.
[29] Ayelet Sapirshtein, Yonatan Sompolinsky, and Aviv Zohar. Optimal Selfish Mining Strategies in Bitcoin. https://arxiv.org/pdf/1507.06183.pdf, July 2015.
[30] XiaoFeng Wang and Michael K. Reiter. Defending against denial-ofservice attacks with puzzle auctions. In Proceedings of the 2003 IEEE Symposium on Security and Privacy, SP ’03, pages 78–, Washington, DC, USA, 2003. IEEE Computer Society
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Estimation of Miner Hash Rates and Consensus on Blockchains

arXiv:1707.00082
Date: 2017-07-01
Author(s): A. Pinar Ozisik, George Bissias, Brian Levine

Link to Paper


Abstract
We make several contributions that quantify the real-time hash rate and therefore the consensus of a blockchain. We show that by using only the hash value of blocks, we can estimate and measure the hash rate of all miners or individual miners, with quanti able accuracy. We apply our techniques to the Ethereum and Bitcoin blockchains; our solution applies to any proof-of-work-based blockchain that relies on a numeric target for the validation of blocks. We also show that if miners regularly broadcast status reports of their partial proof-of- work, the hash rate estimates are signi cantly more accurate at a cost of slightly higher bandwidth. Whether using only the blockchain, or the additional information in status reports, merchants can use our techniques to quantify in real-time the threat of double-spend attacks.

References
[1] 2015. The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments. https://lightning.network/lightning-network-paper.pdf. (July 2015).
[2] 2016. Gnosis. https://www.gnosis.pm. (November 2016).
[3] Asaph Azaria, Ariel Ekblaw, Thiago Vieira, and Andrew Lippman. 2016. "MedRec: Using Blockchain for Medical Data Access and Permission Management. In Proc. Intl. Conf. on Open and Big Data. 25–30.
[4] Adam Back, Matt Corallo, Luke Dashjr, Mark Friedenbach, Gregory Maxwell, Andrew Miller, Andrew Poelstra, Jorge Timón, and Pieter Wuille. 2014. Enabling Blockchain Innovations with Pegged Sidechains. Technical report. (Oct 22 2014).
[5] Simon Barber, Xavier Boyen, Elaine Shi, and Ersin Uzun. 2012. Bitter to better—how to make bitcoin a better currency. In International Conference on Financial Cryptography and Data Security. Springer, 399–414.
[6] Bryan Bishop. 2015. bitcoin-dev mailling list: Weak block thoughts... https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-Septembe011158.html. (Sep 2015).
[7] bitcoin 2015. Confirmation. https://en.bitcoin.it/wiki/Confirmation. (February 2015).
[8] Joseph Bonneau. 2015. How long does it take for a Bitcoin transaction to be confirmed? https://coincenter.org/2015/11/what-does-it-meanfor-a-bitcoin-transaction-to-be-confirmed/. (November 2015).
[9] J. Bonneau, A. Miller, J. Clark, A. Narayanan, J.A. Kroll, and E.W. Felten. 2015. SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies. In IEEE S&P. 104–121. http://doi.org/10.1109/ SP.2015.14
[10] George Casella and Roger L. Berger. 2002. Statistical inference. Brooks Cole, Pacific Grove, CA. http://opac.inria.frecord=b1134456
[11] Kyle Croman et al. 2016. On Scaling Decentralized Blockchains . In Workshop on Bitcoin and Blockchain Research.
[12] Digix. 2017. https://www.dgx.io/. (Last retrieved June 2017).
[13] DigixDAO. 2017. https://www.dgx.io/dgd/. (Last retrieved June 2017).
[14] J. Douceur. 2002. The Sybil Attack. In Proc. Intl Wkshp on Peer-to-Peer Systems (IPTPS).
[15] Bradley Efron. 1982. The jackknife, the bootstrap and other resampling plans. Society for industrial and applied mathematics (SIAM).
[16] Ethash. 2017. https://github.com/ethereum/wiki/wiki/Ethash. (Last retrieved June 2017).
[17] ethereum. Ethereum Homestead Documentation. http://ethdocs.org/en/latest/. (????).
[18] Etheria. 2017. http://etheria.world. (Last retrieved June 2017).
[19] Ittay Eyal and Emin Gün Sirer. 2014. Majority is not enough: Bitcoin mining is vulnerable. Financial Cryptography (2014), 436–454. http://doi.org/10.1007/978-3-662-45472-5_28
[20] William Feller. 1968. An Introduction to Probability Theory and its Applications: Volume I. Vol. 3. John Wiley & Sons London-New YorkSydney-Toronto.
[21] Juan Garay, Aggelos Kiayias, and Nikos Leonardos. 2015. The bitcoin backbone protocol: Analysis and applications. In Annual International Conference on the Theory and Applications of Cryptographic Techniques. Springer, 281–310.
[22] Arthur Gervais, Ghassan O. Karame, Karl Wust, Vasileios Glykantzis, Hubert Ritzdorf, and Srdjan Capkun. 2016. On the Security and Performance of Proof of Work Blockchains. https://eprint.iacr.org/2016/555. (2016).
[23] Hashcash. 2017. https://en.bitcoin.it/wiki/Hashcash. (Last retrieved June 2017).
[24] Ethan Heilman, Leen Alshenibr, Foteini Baldimtsi, Alessandra Scafuro, and Sharon Goldberg. 2017. TumbleBit: An untrusted Bitcoincompatible anonymous payment hub. In Proc. ISOC Network and Distributed System Security Symposium (NDSS).
[25] Svante Janson. 2014. Tail Bounds for Sums of Geometric and Exponential Variable. Technical Report. Uppsala University.
[26] Litecoin. 2017. https://litecoin.org. (Last retrieved June 2017).
[27] Satoshi Nakamoto. 2009. Bitcoin: A Peer-to-Peer Electronic Cash System. https://bitcoin.org/bitcoin.pdf. (May 2009).
[28] A. Pinar Ozisik, Gavin Andresen, George Bissias, Amir Houmansadr, and Brian Neil Levine. 2016. A Secure, Efficient, and Transparent Network Architecture for Bitcoin. Technical Report UM-CS-2016-006. University of Massachusetts, Amherst, MA. https://web.cs.umass.edu/publication/details.php?id=2417
[29] Meni Rosenfeld. 2012. Analysis of hashrate-based double-spending. https://bitcoil.co.il/Doublespend.pdf. (December 2012).
[30] Ayelet Sapirshtein, Yonatan Sompolinsky, and Aviv Zohar. 2015. Optimal Selfish Mining Strategies in Bitcoin. https://arxiv.org/pdf/1507.06183.pdf. (July 2015).
[31] Eli Ben Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, and Madars Virza. 2014. Zerocash: Decentralized Anonymous Payments from Bitcoin. In IEEE S&P. 459–474. http://dx.doi.org/10.1109/SP.2014.36
[32] Yonatan Sompolinsky and Aviv Zohar. 2015. Secure high-rate transaction processing in Bitcoin. Financial Cryptography and Data Security (2015). http://doi.org/10.1007/978-3-662-47854-7_32
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[34] F. Tschorsch and B. Scheuermann. 2016. Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies. IEEE Communications Surveys Tutorials PP, 99 (2016), 1–1. https://doi.org/10.1109/COMST. 2016.2535718
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Endless Hack Stories

Endless Hack Stories
https://medium.com/@aegees.community/endless-hack-stories-737be488b714
https://preview.redd.it/g2sitto7s1221.jpg?width=5184&format=pjpg&auto=webp&s=de0927781bb9a37a91ce6e8598671b625f3a7bcd
Let’s face it, the internet has been buzzing with endless hack stories, one after the other — celebrities, politician, CEOs and even scientists have fallen victim in recent years. Vast swathes of sensitive and classified data have been leaked and exposed. We thought it would be a good idea to take a closer look at some of the higher-profile cases and ask; what happened, how, and what were the consequences?
Russia’s Alleged Election Hack
The 2016 US presidential election was the epicentre of a prolonged hacking scandal of a kind history had never seen before. As a candidate, Donald Trump was at first perceived by many as an unlikely contender because of his character, numerous eccentricities and patterns of behaviour that many thought to reveal downright buffoonery. Even so, in the end, he prevailed over the “perfect” Democratic candidate, former State Secretary, Hillary Clinton. The first scandal to rock the presidential race was the Democratic National Committee email leak. Almost 20 thousand emails to and from DNC staff members, including key officials, were allegedly stolen by Russian hackers and handed over to WikiLeaks. The publication was damaging, and the source was never disclosed.
The leaked content exploded like a bomb since it contained suggestions that the party leaders had worked to sabotage Bernie Sanders’ campaign for the Democratic Party’s nomination (as we all know, he ended his race on July 12, 2016, by formally endorsing Clinton to run against Trump). DNC chair, Debbie Wasserman Schultz resigned in the scandalous aftermath.
Needless to say, that didn’t exactly help the Democrats in the following stages of the race and might well have actually contributed to Donald Trump’s ultimate victory. On July 31, in an interview with Fox News, Hillary Clinton openly accused Russia’s intelligence services of hacking into Democratic National Committee computers. Allegations that Russia interfered have pretty much been the focus of attention for America’s political elite ever since and been the catalyst for ever-more scandals. In late December 2016, President Obama’s administration ordered the expulsion of 35 Russian diplomats from the US as a means of sanctioning Russia for “malicious cyber activity” referred to as ‘Grizzly Steppe’ in a new FBI report. The scandal expanded even further when the Director of National Intelligence released a joint intelligence report in early January 2017, followed by the US Department of Justice opening a Special Counsel investigation into the ‘Russian interference’.
Whether or not Russian intelligence services really did ‘hack’ the US election and tip the balance in Trump’s favour remains an open question to this day. What we can say for sure is that the hack contributed extensively to increasing tension between the two superpowers and no one can say for sure where it will all lead. If that doesn’t teach everyone a lesson about the importance of data security, we don’t know what will!
Sony Pictures Hack: Reputations in Tatters
Movie executives at Sony Pictures paid a heavy price in November 2014 for a massive data leak instigated by a hacker group calling itself “Guardians of Peace”. The hackers got their hands on personal information of about more than 47,000 current and former company employees; this included executive salaries, emails, copies of unreleased Sony films, and a whole host of other data. The attackers made threats and demands for payment without clearly specifying what they actually wanted, and while Sony tried to figure out the scale of the damage and how to respond, the bad guys started leaking the data.
What sparked the most public outrage were e-mail exchanges between Sony Pictures Chair, Amy Pascal and producer, Scott Rudin. First, it was revealed that Rudin had called actress Angelina Jolie “a minimally talented spoiled brat” in emails discussing her upcoming remake of the classic film Cleopatra (which, by the way, was never finished). To add insult to injury, there were further revelations of several racist jokes by Rudin and Pascal about none other than the then President of the United States, Barack Obama. The two had mockingly suggested they should mention films about African-Americans upon meeting the president at a forthcoming fundraising event. Both Pascal and Rudin were compelled to issue public apologies for their insensitive and insulting Jolie and Obama comments. We humbly suggest that no one would willingly trade places with those two.
Alonzo Knowles: Genius or Lousy Fence?
This curious story occurred in 2015; Alonzo Knowles, a 23-year-old Bahamian man, managed to develop a hacking scheme that allowed him to steal data concerning celebrities and famous athletes. His digital haul included unpublished film and TV show scripts, social security numbers, emails, passport details, unreleased music tracks and even sexually explicit videos. One script that’s known to have been hacked was, “All Eyez on Me”, a biopic about the legendary rapper, Tupac Shakur.
The hacker tried to profit from his theft by extorting money from some of his victims, their producers and show-runners. His actions came to official attention when “a popular radio host” contacted the executive producer of a TV show, saying scripts for the show had been offered for sale. The channel that broadcast the show contacted law enforcement authorities, and an undercover agent went to cut a deal with Knowles, who was operating under an alias, and the operation ultimately led to his arrest.
Knowles tried to sell a package of data and scripts for $80,000 but instead was sent to jail for 5 years. It seems he had a knack for grabbing the goodies but wasn’t very adept when it came to fencing them. In fact, he was very good at extracting information, he collected dossiers on as many as 130 stars!
Climategate: Global Warming, Huh?
This is a curious case because these hackers weren’t seeking to extort money or wield political influence, at least not directly. They behaved more like whistle-blowers. In November 2009, a server at the University of East Anglia (UEA) Climatic Research Unit (CRU) was hacked by an external attacker who copied and released thousands of computer files and emails attributed to prominent American and British climate researchers. This was just weeks before the Copenhagen Summit on climate change. The leak was following by an outcry from climate-change “sceptics” who argued that the documents conclusively showed how global warming was nothing more than a scientific conspiracy and that scientists had manipulated climate data.
Well, as many as eight committees investigated the allegations and leaked documents and found no evidence of fraud or scientific misconduct thus proving the theorists who denied climate change wrong. However, from the point of data security, this case demonstrates that even the world’s leading scientific institutions can be hacked. As for the “bad rep” after-effects, it must be acknowledged that, to this day, none of the official reports has succeeded in shaking off the sceptics; conspiracy theorists still refer to “Climategate” every now and then. Some things do tend to stick, don’t they?
Celebgate: Victims said it was “Equivalent to Sex Crime”
2014 saw a scandal in which hundreds of nude photos and videos of Jennifer Lawrence and other celebrities were stolen from their Apple iCloud accounts and posted online, known as Fappening or Celebgate. Among other victims were Kim Kardashian, Kate Upton, Kelly Brook, Kirsten Dunst, a total of 100 stars! The hackers released some photos for free and exchanged others for Bitcoin (which were worth around $500 a piece at the time).
The fallout was massive, the victims were enraged, and the FBI investigated the outrageous violation of privacy. One interesting detail is that Apple later reported that the victims’ iCloud account information had been obtained using targeted attacks on usernames, passwords and security questions, such as phishing and brute-force guessing. Essentially they said that the breach had been made possible because the celebrities were careless and used weak passwords.
Celebgate remains the most significant leak so far of personal celebrity photos and details, we hope it stays that way.
All of this tells us again how vital user device security is. No one can promise a totally trouble-free life, not even us, but if you can’t be hacked, data security and privacy won’t be among the troubles you have to worry about. Wouldn’t that be good?
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BITCOIN BREAKOUT IMMINENT!!!  $7,000,000,000,000 PRINTED BY THE FED!! BRRRRR THIS IS WHY BITCOIN DUMPED AGAIN!!! The Of Bitcoin - Wikipedia Wikileaks Mocking US Government Over Bitcoin Shows Why There Is No Stopping Bitcoin What Does Bitcoin Become?

Bitcoin has a new rival, that’s Ethereum. Although Ethreum Cryptocurrency was launched after Bitcoin it has the uniqueness of wider functionalities and features. Ethereum has too been in Crypto space for over 5 years and now presently is the second-largest Cryptocurrency in the world after Bitcoin. Image Source: www.brookings.edu Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. US Govt. lawmakers failed once again to comprehend the basics of cryptocurrencies as the hearing committee discussed questions regarding future of cryptocurrencies as money. On July 18th Lawmakers in the United States gathered to discuss cryptocurrencies in a hearing known as ‘Digital Currency: The Future of Money.’ And as the testimonies and questions progressed The Brookings Economic Studies program analyzes current and emerging economic issues facing the United States and the world, focusing on ideas to achieve broad-based economic growth, a strong labor market, sound fiscal and monetary pol- THE GAP BETWEEN BITCOIN'S PROMISE AND REALITY Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. And for proof, this morning I watched the Brookings Institute

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BITCOIN BREAKOUT IMMINENT!!! $7,000,000,000,000 PRINTED BY THE FED!! BRRRRR

Hi it's Leo from TechMaker and today we're going to talk about Bitcoin again, as well as the other crypto currencies in 2019! Subscribe to the channel, it's 100% free: https://www.youtube.com ... Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer or a group of programmers under the name Satoshi Nakamoto It was released as open source software in The s... Brookings Institution 37,584 views. ... The Difference Between Everipedia and Wikipedia - Duration: 10:22. TWiT Tech Podcast Network 1,728 views. 10:22. Bitcoin Q&A: The value of proof-of-work ... BITCOIN TODAY: In this video, I'll go through the Bitcoin news today & I'll make a Bitcoin price analysis. The BTC news & analysis can be inspiration for your own Bitcoin trading or investing, but ... Bitcoin Evolution My Real Reviews 💥results And side effects 👇👇 Does Bitcoin Evolution Really Work? Please visit the link for more details https://www.sociall...

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