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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]

Default English word list

Alright so, I took the default database from there https://skribbliohints.github.io/ and with the help of html, I extracted the words to a list separated by commas. It's useful when you want to translate those words into your native language.
Word of advice, when using google translate, do not put all words at once there, it can rapidly worsen the translation.
(And there is a last thing. Their algorithm of picking only custom words is not working really good, at least for me. Meaning that I often get duplicates, despite having a list this big and without duplicates. I'm still trying to find some solution to this, so if somebody is experiencing this as well, share the knowledge please, I will do the same.)
SOLUTION: Thanks for the reply from PepegaWR who identified the cause. I also tested it and there seems to be a custom words limit of 5000 characters. The easiest way in my opinion is to shuffle the words before each session to minimize the impact. Also thanks to the flynger who had the same idea before me :)
Finally, here it is, enjoy the scribbling ^^ :

ABBA, AC/DC, Abraham Lincoln, Adidas, Africa, Aladdin, America, Amsterdam, Android, Angelina Jolie, Angry Birds, Antarctica, Anubis, Apple, Argentina, Asia, Asterix, Atlantis, Audi, Australia, BMW, BMX, Bambi, Band-Aid, Barack Obama, Bart Simpson, Batman, Beethoven, Bible, Big Ben, Bill Gates, Bitcoin, Black Friday, Bomberman, Brazil, Bruce Lee, Bugs Bunny, Canada, Capricorn, Captain America, Cat Woman, Cerberus, Charlie Chaplin, Chewbacca, China, Chinatown, Christmas, Chrome, Chuck Norris, Colosseum, Cookie Monster, Crash Bandicoot, Creeper, Croatia, Cuba, Cupid, DNA, Daffy Duck, Darwin, Darwin Watterson, Deadpool, Dexter, Discord, Donald Duck, Donald Trump, Dora, Doritos, Dracula, Dumbo, Earth, Easter, Easter Bunny, Egypt, Eiffel tower, Einstein, Elmo, Elon Musk, Elsa, Eminem, England, Europe, Excalibur, Facebook, Family Guy, Fanta, Ferrari, Finn, Finn and Jake, Flash, Florida, France, Frankenstein, Fred Flintstone, Gandalf, Gandhi, Garfield, Germany, God, Goofy, Google, Great Wall, Greece, Green Lantern, Grinch, Gru, Gumball, Happy Meal, Harry Potter, Hawaii, Hello Kitty, Hercules, Hollywood, Home Alone, Homer Simpson, Hula Hoop, Hulk, Ikea, India, Intel, Ireland, Iron Giant, Iron Man, Israel, Italy, Jack-o-lantern, Jackie Chan, James Bond, Japan, JayZ, Jenga, Jesus Christ, Jimmy Neutron, John Cena, Johnny Bravo, KFC, Katy Perry, Kermit, Kim Jong-un, King Kong, Kirby, Kung Fu, Lady Gaga, Las Vegas, Lasagna, Lego, Leonardo DiCaprio, Leonardo da Vinci, Lion King, London, London Eye, Luigi, MTV, Madagascar, Mario, Mark Zuckerberg, Mars, McDonalds, Medusa, Mercedes, Mercury, Mexico, Michael Jackson, Mickey Mouse, Microsoft, Milky Way, Minecraft, Miniclip, Minion, Minotaur, Mona Lisa, Monday, Monster, Mont Blanc, Morgan Freeman, Morse code, Morty, Mount Everest, Mount Rushmore, Mozart, Mr. Bean, Mr. Meeseeks, Mr Bean, Mr Meeseeks, Mummy, NASCAR, Nasa, Nemo, Neptune, Netherlands, New Zealand, Nike, Nintendo Switch, North Korea, Northern Lights, Norway, Notch, Nutella, Obelix, Olaf, Oreo, Pac-Man, Paris, Patrick, Paypal, Peppa Pig, Pepsi, Phineas and Ferb, Photoshop, Picasso, Pikachu, Pink Panther, Pinocchio, Playstation, Pluto, Pokemon, Popeye, Popsicle, Porky Pig, Portugal, Poseidon, Pringles, Pumba, Reddit, Rick, Robbie Rotten, Robin Hood, Romania, Rome, Russia, Samsung, Santa, Saturn, Scooby Doo, Scotland, Segway, Sherlock Holmes, Shrek, Singapore, Skittles, Skrillex, Skype, Slinky, Solar System, Sonic, Spain, Spartacus, Spiderman, SpongeBob, Squidward, Star Wars, Statue of Liberty, Steam, Stegosaurus, Steve Jobs, Stone Age, Sudoku, Suez Canal, Superman, Susan Wojcicki, Sydney Opera House, T-rex, Tails, Tarzan, Teletubby, Terminator, Tetris, The Beatles, Thor, Titanic, Tooth Fairy, Tower Bridge, Tower of Pisa, Tweety, Twitter, UFO, USB, Uranus, Usain Bolt, Vatican, Vault boy, Velociraptor, Venus, Vin Diesel, W-LAN, Wall-e, WhatsApp, William Shakespeare, William Wallace, Winnie the Pooh, Wolverine, Wonder Woman, Xbox, Xerox, Yin and Yang, Yoda, Yoshi, Youtube, Zelda, Zeus, Zorro, Zuma, abstract, abyss, accident, accordion, ace, acid, acne, acorn, action, actor, addiction, addition, adorable, adult, advertisement, afro, afterlife, air conditioner, airbag, aircraft, airplane, airport, alarm, albatross, alcohol, alien, allergy, alley, alligator, almond, alpaca, ambulance, anaconda, anchor, angel, anglerfish, angry, animation, anime, ant, anteater, antelope, antenna, anthill, antivirus, anvil, apartment, apocalypse, applause, apple, apple pie, apple seed, apricot, aquarium, arch, archaeologist, archer, architect, aristocrat, arm, armadillo, armor, armpit, arrow, ash, assassin, assault, asteroid, astronaut, asymmetry, athlete, atom, attic, audience, autograph, avocado, axe, baboon, baby, back pain, backbone, backflip, backpack, bacon, bad, badger, bag, bagel, bagpipes, baguette, bait, bakery, baklava, balance, balcony, bald, ball, ballerina, ballet, balloon, bamboo, banana, bandage, bandana, banjo, bank, banker, bar, barbarian, barbecue, barbed wire, barber, barcode, bark, barn, barrel, bartender, base, basement, basket, basketball, bat, bathroom, bathtub, battery, battle, battleship, bayonet, bazooka, beach, beak, bean, bean bag, beanie, beanstalk, bear, bear trap, beatbox, beaver, bed, bed bug, bed sheet, bedtime, bee, beef, beer, beet, beetle, bell, bell pepper, bellow, belly, belly button, below, belt, bench, betray, bicycle, bill, billiards, bingo, binoculars, biology, birch, bird, bird bath, birthday, biscuit, bite, black, black hole, blackberry, blacksmith, blanket, bleach, blender, blimp, blind, blindfold, blizzard, blood, blowfish, blue, blueberry, blush, boar, board, boat, bobsled, bodyguard, boil, bomb, booger, book, bookmark, bookshelf, boomerang, boots, border, bottle, bottle flip, bounce, bouncer, bow, bowl, bowling, box, boy, bracelet, braces, brain, brainwash, branch, brand, bread, breakfast, breath, brick, bricklayer, bride, bridge, broadcast, broccoli, broken heart, bronze, broom, 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puddle, puffin, puma, pumpkin, punishment, punk, puppet, purity, purse, puzzle, pyramid, quarter, queen, queue, quicksand, quill, quilt, quokka, raccoon, race, racecar, radar, radiation, radio, radish, raft, rail, rain, rainbow, raincoat, raindrop, rainforest, raisin, rake, ram, ramp, rapper, raspberry, rat, ravioli, razor, razorblade, read, reality, reception, receptionist, record, rectangle, recycling, red, red carpet, reeds, referee, reflection, reindeer, relationship, religion, remote, repeat, reptile, rest, restaurant, retail, revolver, rewind, rhinoceros, rib, ribbon, rice, ring, ringtone, risk, river, roadblock, robber, robin, robot, rock, rocket, rockstar, roll, roof, room, rooster, root, rose, royal, rubber, ruby, rug, ruler, run, rune, sad, saddle, safari, safe, sailboat, salad, sale, saliva, salmon, salt, saltwater, sand, sand castle, sandbox, sandstorm, sandwich, satellite, sauce, sauna, sausage, saxophone, scar, scarecrow, scarf, scary, scent, school, science, scientist, 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wrestler, wrestling, wrinkle, wrist, writer, x-ray, xylophone, yacht, yardstick, yawn, yearbook, yellow, yeti, yo-yo, yogurt, yolk, young, youtuber, zebra, zeppelin, zigzag, zipline, zipper, zombie, zoo, zoom,
submitted by StaroSVK to skribbl [link] [comments]

Twitter's altcoin mentions drop to a minimum

Twitter users now write about main altcoins less often - the number of mentions per day has dropped to a three-year low.
The number of posts about XRP has decreased by 60% in two months to 2,542. Ethereum was talked about slightly less — the number of tweets with the hashtag #ETH fell to 2,500, which has become the lowest engagement levels since February 2017. For comparison: in December 2017, when the altcoin set a maximum price, the number of tweets about it exceeded 51,000.
Bitcoin’s “little brother” LTC has been completely forgotten —Twitter users mentioned the coin only 350 times a day. The popularity of BTC, on the contrary, has grown, its mentions have doubled since the end of January.
submitted by bestchange_pr to bestchange [link] [comments]

Decred, Hyper-secure and Unforgeably Scarce

Decred, Hyper-secure and Unforgeably Scarce
I'm pleased to present my paper quantifying Decred's Scarcity, Security and Transaction Finality.
TL:DR - Decred is justifiably one of the top 3 most secure and censorship-resistant distributed ledgers, competing directly with Bitcoin and Ethereum, even though it is 750x and 80x smaller in Market Cap Size. https://medium.com/@_Checkmatey_/decred-hypersecure-unforgeably-scarce-e076b91a2be
Overview
In this study I critically review the essential components of a fairly-launched, unforgeably scarce and reliably secure sound money protocol. For Decred, the hybrid PoW/PoS security mechanism has several unique characteristics that affect the relative cost to create a competing minority chain and forge DCR coins. Production of a competing Decred block requires a trade-off between a share of the PoS ticket pool and a corresponding share of the PoW hash-rate market.
The share of PoW/PoS required and cost to attack has been documented by Zubair Zia (2018), Fiach_Dubh (2019), Haon and Collins (2018) and an invaluable paper by Stafford (2019) which forms part-basis for this analysis.
Decred’s Hybrid security mechanism maintains the core value proposition of the pure PoW system employed by Bitcoin and overlays PoS validation akin to two-factor authentication. This enhances the actual security by orders of magnitude in the most probable scenarios whilst simultaneously mitigating the risk of the inevitable centralisation of miners.
The Decred Security Curve
Unforgeable Costliness
Under marginal cost = marginal reward framework of incentives, I analyse the cumulative Cost of Security over both protocol's lifetime. It is notable that Decred currently carries relative a monetary premium 3.3x greater than Bitcoin did at 50% coins mined and 10x Bitcoin today when considering the extreme case of a 50% ticket attack vector as an analogue for pure PoW.
https://preview.redd.it/avdadlaw1a241.png?width=1480&format=png&auto=webp&s=ccf4f18b9d9382b8180b984a04254526d6747ef4
Cumulative Security Cost to attack Decred and Bitcoin vs Coin-age (circ supply/21M)
Settlement Finality
Finality represents how resistant a blockchain is to being re-organised during an attack that is intended to censor or roll-back transactions. A blockchain with a significant security budget implies each transaction is settled by significant honest costliness which acts as a deterrent that an attacker must overcome (Carter, 2019, Permabull Nino,2018).
The table and chart below present the 24hr security costliness for the Bitcoin and Decred ledgers, which an attacker must overcome to initiate a re-organisation. Note that this assumes the MC = MR framework and does not account for the actions of miners and stakeholders who would likely operate at a short term loss in defensive action under a genuine attack scenario.
Daily cost to attack Decred and Bitcoin ledgers vs coin-age
In the upper bound condition of 5% of tickets owned, Decred boasts a superior daily security cost and finality relative to Bitcoin, making the Decred protocol the most secure blockchain known to the author. In the extreme lower bound case of 75% tickets (level of PoS consensus), Decred matches Bitcoin in security cost on a per unit of market cap basis.
The Decred Finality Ratio is thus defined as the real-time ratio between the 24hr security cost of Decred compared to Bitcoin. This ratio compares the actual, present-day settlement finality of the Decred protocol using Bitcoin as a benchmark.
Decred finality ratio compared to PoW Ledger ranks on howmanyconfs.com
Decred is a cryptocurrency that is 750x smaller than Bitcoin. If we theorise a similarly sized, pure PoW protocol that issues an equivalent number of coins to Bitcoin per unit of time (a mini-Bitcoin), we would expect settlement equivalent to 1 Bitcoin block to take around 5.34 days.
In every ticket share scenario considered, Decred’s security cost outperforms this theoretical Proof of work security system by at least 2x.
  • For attacks with <10% ticket share, Decred matches to outperforms Bitcoin for transaction finality, making it the most secure ledger the author is aware of.
  • For attacks with <30% ticket share, Decred outpaces Ethereum and Bcash for spots in the top 3 most secure ledgers.
  • In the most adverse scenarios with 50% to 75% offensive tickets, Decred finality still places it firmly in the top 10 most secure ledgers.
Conclusions
This study concludes that Decred boasts a settlement finality under the most adverse conditions that rank it, at a minimum, in the top 10 most secure blockchains.
Given the conservatism built into this analysis, under realistic attack conditions, Decred performs as one of the top 3 most secure blockchains, competing directly with Ethereum and Bitcoin for settlement finality.

Appreciate any comments, feedback.
Honest questions will get honest answers.
submitted by __checkmatey__ to decred [link] [comments]

B One Payment bonus on IEO

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submitted by redditonz to Crypto_ICO_Investing [link] [comments]

B One Payment bonus on IEO

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submitted by redditonz to IcoInvestor [link] [comments]

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submitted by smitty4popcon to BetTronLive [link] [comments]

The Best Cryptocurrency Trading Software

The Best Cryptocurrency Trading Software
The blockchain network is designed to make double-spending very difficult, though breaches have occurred in the past. Now it functions much like a public ledger, accounting for economic transactions and providing some verification that all bitcoin users are equipped with the same information. #bestcryptocurrencytradingsoftware
https://preview.redd.it/7gwkbmnafuz31.jpg?width=800&format=pjpg&auto=webp&s=4229f964fee8edf8f6cdf260b0d331e33e5698a4
submitted by bdtaskltd to u/bdtaskltd [link] [comments]

Will China buy all the bitcoins?

Will China buy all the bitcoins?
Xi Jinping, General Secretary of the People’s Republic of China, called for more efforts to
advance development in the field of blockchain technologies, which lead to a frenzy in the world of cryptocurrency. For instance, after Xi’s speech, the search volume in the app WeChat for hashtags “Blockchain” and “Bitcoin” increased 12 and 2 fold correspondingly, and Chinese cryptocoins saw a dramatic price boost during the last weekend. For instance, TRX surged by 50%, and Neo almost doubled its value, having fixed it at a little over $11 for a coin.
Against the background of this frenzy, some people saw China's growing interest in cryptocurrencies as a threat. One of them is Anthony Pompiliano, who tweeted: “Someone tell President Donald Trump that there are only 21 million Bitcoin and China is planning to buy them all. This is going to be the real US – China competition. That should get him to pay attention. The guy hates losing and will try to buy them all.”
However, despite this tweet was supported by many people, the majority favor a different opinion on forums dedicated to cryptocurrencies: “If China buys all bitcoins in free circulations, it will acquire nothing more than a large number of empty “candy wrappers”, because, as cryptocurrency owners think “in this outcome the interest to bitcoin will evaporate, and the demand for it will drop to zero”.

https://preview.redd.it/w41giayg8bv31.jpg?width=1280&format=pjpg&auto=webp&s=76fdf20071ffb27bcdd39c93afadaf17e7bce9a2
submitted by bestchange_pr to bestchange [link] [comments]

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  2. Visit our website: https://bettronlive.io/
  3. Enter your Tron address on the box provided and click REGISTER.

https://preview.redd.it/2mpuh2scno831.png?width=1500&format=png&auto=webp&s=f8dea7e17d2fd606bc30a4b9c7d97dd3c9dc5f0c
Join our community: https://t.me/BetTronLive
Keep updated on announcements: https://t.me/BetTronLiveANN
Visit our Website: https://bettronlive.io/
Whitepapers & Summaries (Multilingual): https://bettronlive.io/documents.php
Follow us in our social media: Twitter: https://twitter.com/bettronlive Reddit: https://www.reddit.com/BetTronLive Facebook: https://www.facebook.com/bettronlive/ Instagram: https://www.instagram.com/bettronlive/ Medium: https://medium.com/@bettronlive Youtube: https://www.youtube.com/channel/UCxNpc_WniZ7iFYSTW1ppJ7g Watch our video: https://youtu.be/9Za9n81h8C8 BTT Ann: https://bitcointalk.org/index.php?topic=5155822 BTT Bounty: https://bitcointalk.org/index.php…
#BetTronLive #RAKE #bounty #trondapp #TRON #trx #Trondapps #casino#onlinecasino #gaming #onlinegaming #onlinebetting #sportsbetting #dice#slotmachine #baccarat #bingo #FOMO #jackpot #mining #wager #btc #alts#bitcoin #altcoins #cryptocurrency #blockchain #livedealers #dealers#players #winner #model #dividends #earn #2M #3.5M #prize
submitted by QSMarketingCorp to BetTronLive [link] [comments]

BetTronLive on Tron Blockchain Network

BetTronLive on Tron Blockchain Network submitted by QSMarketingCorp to BetTronLive [link] [comments]

DOUBLE RAKE MINING

DOUBLE RAKE MINING

#RAKE-IN AND #ROLL-IN. Experience the thrill and the adrenaline. #Play#BetTronLive BetTronLive Lambo Dice and double your RAKE #Miningfor ONLY 48 HOURS AFTER LAUNCH.

Players, start your engines, #Lambo #Dice will soon be zooming!


https://preview.redd.it/rjsgbc9qr0c31.png?width=680&format=png&auto=webp&s=bb593f21d49c141588fec76c3a33aced995d24f9
Join our community:
https://t.me/BetTronLive

Keep updated on announcements:
https://t.me/BetTronLiveANN

Visit our Website:
https://bettronlive.io/

Whitepapers & Summaries (Multilingual):
https://bettronlive.io/documents.php

Follow us in our social media:
Twitter: https://twitter.com/bettronlive
Reddit: https://www.reddit.com/BetTronLive
Facebook: https://www.facebook.com/bettronlive/
Pinterest: https://www.pinterest.co.uk/bettronlive/
Instagram: https://www.instagram.com/bettronlive/
Medium: https://medium.com/@bettronlive
Steemit: https://steemit.com/@bettronlive/
Youtube: https://www.youtube.com/channel/UCxNpc_WniZ7iFYSTW1ppJ7g
BTT Ann: https://bitcointalk.org/index.php?topic=5155822
BTT Bounty: https://bitcointalk.org/index.php?topic=5159675.msg51639765#msg51639765

#BetTronLive #RAKE #trondapp #TRON #trx #Trondapps #casino #onlinecasino #gaming #onlinegaming #onlinebetting #sportsbetting #dice #slotmachine #baccarat #bingo #btc #alts #bitcoin #altcoins #cryptocurrency #blockchain #livedealers #dealers #players #winner #model #dividends #earn
submitted by smitty4popcon to BetTronLive [link] [comments]

Overall Data of The Cryptocurrency Market Is In Favor of The Bull Market

Overall Data of The Cryptocurrency Market Is In Favor of The Bull Market

https://preview.redd.it/2kgw6fcjxtt21.jpg?width=990&format=pjpg&auto=webp&s=06623ffa0cc6832d45565bbb57f7250afd038a6b
The stock to flow ratio has been the highest for Gold so far in 62 years. A well-known crypto analyst stated, it is not possible for regular commodities to provide for higher S/F ratio as any commodity with market attention surges in value and the production rises, and the prices go down again.
Bitcoin is reported to have a stock of 17.5 million coins. The supply is at 0.7 million per year. This is a notable equivalent to the 25 S/F ratio. Considering these parameters, there are a few crypto analysts who are of the opinion that the stock to flow ratio of Bitcoin might overtake Gold with respect to valuation.
While the overall data of the cryptocurrency market is in favor of the bull market, cryptoanalysts add to the confidence by stating that the worse is over for BTC.
Willy Woo, a technical analyst, opines, “I’m swimming in data and you kind of get intuition concerning things. I would say a one-in-20 to one-in-40 chance that this floor falls through. So that is 95%-97.5% that the bottom is in. I would consider if we drop below $4,300, they [bears] would be very lucky.”
The analyst backs his opinion by looking through the matters that are considered in looking at the adoption curve of BTC and further states: “We see a doubling in user base every year pretty consistently over 10 years.
So what we see is the mapping of the world coming in and in this case the world coming in with capital that’s injecting into Bitcoin.”
There are contradictory bearish arguments against Bitcoin as well.
Tone Vays stated, “Lot of the big institutional holders have not capitulated. The Novogratz’s and the Tim Drapers who have been holding these coins for a long time. I believe bitcoin finds ways to crush people’s souls. I believe the market will find a way to separate them from those coins somehow. And these are the big holders I’m actually waiting to capitulate.”
However, for those who are looking to place their bets considering where Bitcoin is heading next, then the data might be overwhelmingly in favor of the bull market.
The 4-hours MACD for BTC/USD is placed in the bearish zone. 4 hours RSI (Relative Strength Index) is moving towards the 50 levels. The major support level is seen at $5.160, and the Major resistance level is seen at $5.400.
If Bitcoin would replace gold completely, then BTC would be valued at $350000.

#currencyanalytics #dailynews #tcatnews #readallaboutit
submitted by iLuvPugs_xo to Phoneum [link] [comments]

LondonBlockExchange

LBXINSIGHTS📷 we are minning crypto currency, we are the safest to trade with talk to us we will help you double your profits #lbxpay #lbxtokensale #lbxpeg #LBXu $LBXu #bitcoin bitcoin, Qtum, icocrypto, cryptocurrency
submitted by sajith2018 to LondonBlockExchange [link] [comments]

[No Regrets] I helped my friend steal and launder over $20,000.

Forgot to add a flair last time so AutoMod removed my post, and I ain’t gonna waste an hour of my time.
Throwaway because 1) This is pretty illegal and 2) my friend and family knows my main reddit account
Backstory: My friend and I are both 14. We met at this program thing that lets us get to college early but both of us didn’t get in so we had to go back to 8th grade which is the worst.
This starts around 6-7 weeks back. Classes have started up again, which makes me wanna die. I don’t really like anyone at school so I can’t really enjoy it even at the breaks. The day goes bye and I’m sitting at some random lunch table during break. I get a notification from my friend, lets call him Jeff. Jeff hits me up on IG and says he has an idea. I don’t really trust “ideas”. I respond “What’s your grand idea?” He take a few minutes to respond, and when he does I’m shocked this idea actually makes sense. He says, “We open up fake animal accounts. Get a bunch of followers and then say we’re announcing a sale on expensive dogs and if they are interested DM us. After we get some offers say we require a security deposit. If they go forward charge the full thing, block them, change the profile pic and name then delete all messages we had with them. If things go south we can delete the account and make a new one.” After I looked up the price of expensive cats and dogs I was onboard. We made the account that night.
The workload was split like this: Jeff gets cute animal photos and creates tons of “drafts” and spam follows. I then finish the drafts up by putting a ton of hashtags and a caption. And whenever we got an offer the first person to respond got 60% of the cut and the other person got 40%. After that we “clean” them by turning them to bitcoin and using online bitcoin casinos. Sometimes I would get a bit extra from the casinos 😏. Then from there we would take our clean bitcoin and buy something from a marketplace, ship it somewhere near us then sell it for cash. Although we lost around 10-20 percent each time, better safe than sorry. Of course we haven’t done it a lot but for the 3-4 times we have done it it’s been pretty successful. Of course for the first week or two we had to grow our page before getting any offers. Towards the middle of week 2 we had around 1.5k followers. Jeff sent me a photo of this cat that was supposed to be worth 2k or something and I posted it saying we were putting him up for adoption for over 300 dollars less than regular price. After a day we got about 4 offers for 1.2k-1.5k. It was insane. I said we need a security deposit which would also double as the “transportation fee”. 3 of them payed for it and went forward. After the transaction for the full 1.5k went through I immediately blocked them all and sent my friend his cut. I then spent hours trying to “clean” my cash. I gambled it and then and got about 200$ more which is cool. I then bought a brand new MacBook Pro and immediately sold it for about 1900$. I still had about 1.4k in bitcoin and am still saving it there. I had done my job and I think I did it well. Since then we have had 3-4 things like that and now have around 10k in savings and a brand new Alienware laptop, ipad and iphone! So I mean, I guess that’s cool. My friend is also doing pretty well. He upgraded his PC and bought an oculus rift.
Have I told my parents? No. I’ve sort of disguised all this new stuff as old stuff I’ve had, for example I say my new phone just has a different case and that the iPad is the schools. The computer is a bit harder but managed to pull it off. I said that my old laptop was not working so I was going to go to this shop that’s fixed computers. In reality I sold my old laptop and bought the Alienware and opened it there. When I came back I said “I bought a body kit for it” (my parents don’t know much about computers). I plan on telling them after I saved up enough to where I’m satisfied.
Do I regret it? Somewhat. I get i stole thousands of dollars but what were these people thinking? Did they really expect that someone was going to sell them a dog on Instagram? And not even check credibility? It just sort of baffles me. Also I regret it because I think I’m developing a gambling addiction. So yeah, that’s not very good. One other thing is I’m sort of desensitized to this kind of money now. When I first got that 3.5k I was in awe but now, it really isn’t insane especially since I’ve sort have been getting it weekly.
So yea that’s my story. I’m not going link my account because I still have money to make. Feel free to ask questions. Imma go to sleep now so I’ll be able to awnser questions im the morning. Bye.
tldr: Stole $20,000 after following my friends plan to scam people on Instagram.
Edit: a word Edit 2: tldr
submitted by ScamConfession to confession [link] [comments]

WeLocal Bounty Campaign - Earn for Participating

Welocal Bounty Campaign General overview of WeLocal bounty campaign

Below is the general overview of what you can do to participate in the WeLocal bounty campaign and receive your rewards. Most of the campaign revolves around sharing of information about WLC through social media channels. It involves users using their accounts on the most popular social media platforms and their posts, comments, repostings containing links to official WLC resources may entitle them to rewards; some of the activity that could get you rewards
The WeLocal bounty campaign will begin on March 26th and will run for 10 weeks.
The total bounty bonus to be paid to all participants will be 2% of the total amount of coins distributed during that time.
Base requirements for all participants
1. User must register at network.welocal.com
2. Create WLC account

Introductory Campaign (FaceBook, Twitter, YouTube, Reddit, SteemIt, Medium, Telegram)

Qualifications and requirements
  1. Join official groups and like our recent posts
  2. Download your wallet and create your WLC account (using online wallet is acceptable but not recommended)
  3. Register your account at network.welocal.com
What would you get?
50 WLC
How to claim your reward
Submit your claim through internal messaging on network.welocal.com with your Manager
Report form

Social media campaign (FaceBook, Twitter, YouTube, Reddit, SteemIt, Medium)

Account requirements, stakes and rules
Facebook
Must be your real, original page, with avatar and actual information about you. Fake, dead, inactive and bot accounts will not be accepted. Should have at least 100 real friends/followers.
Budget - 15% of the total budget of the campaign.
  1. Minimum 3 but not more than 21 shares per week.
  2. Maximum 1 share within 2 hours and not more than 4 shares within 24 hours.
  3. Participants must like WeLocal’s page and share/like posts.
  4. Shares/posts must have a link to the WeLocal.com, WeLocal registration page or telegram group and at least 3 of the following hashtags: #WeLocal #StableCoin #Blockchain #BitCoin #Ethereum #Crowdfunding #Decentralized #Cryptocurrency #Crypto #WLC #ICO #invest #tokensale
  5. All shared articles must also be liked.
  6. Anything shared that is older than 3 days, will not be counted.
  7. Any post containing nonsense will not be counted and may disqualify you from participation.
  8. If you can't find any new posts from our official Facebook account, kindly make a short post about WeLocal and use all of our official hashtags + our website link.
  9. Do not quote or edit a previous post.
  10. Terms and Condition can be changed or added.
100-499 Followers/Friends: 1 stake per share+like
500-1499 Followers/Friends: 2 stakes per share+like
1500-2999 Followers/Friends: 4 stakes per share+like
3000-4999 Followers/Friends: 6 stakes per share+like
5000+ Followers/Friends: 8 stakes per share+like
Double the stakes for a thoughtful original post related to WeLocal
Twitter
Must be your original, real Twitter account. Fake, dead, inactive and bot accounts will not be accepted. Should have at least 200 followers. Your twitter audit (https://www.twitteraudit.com/) score must be equal to at least 85% and only real followers will count.
Budget - 15% of the total budget of the campaign.
1. Minimum 3 tweets/retweets per week. with no more than 21 per week.
2. Maximum 1 tweet/retweet within 2 hours and no more than 4 tweets/retweets within 24 hours.
3. Must follow official Welocal Twitter account.
4. Tweets/retweets must have at least 3 of these hashtags: #Welocal #Stablecoin #Blockchain #Bitcoin #Ethereum #Crowdfunding #Decentralized #Cryptocurrency #Crypto #WLC #ICO #invest #tokensale and have a link to the WeLocal.com, WeLocal registration page or telegram group
5. You can retweet WeLocal’s tweets or create your own content by using YouTube channel, blog, etc., with links to anything related to Welocal.
6. All retweeted tweets must also be liked.
7. Retweeting anything older than 3 days will NOT be counted.
8. Do not quote or edit previous posts. It will not be counted.
9. Terms and Condition can be changed or added.
200-749 followers: 1 stake per tweet/retweet
750-1499 followers: 2 stakes per tweet/retweet
1500-4999 followers: 4 stakes per tweet/retweet
5000-9999 followers: 6 stakes per tweet/retweet
10000+ followers: 8 stakes per tweet/retweet
Double the stakes for a thoughtful original Tweet related to WeLocal
YouTube
Must be real account with avatar and subscribed to our YouTube channel. Must upvote and comment our videos.
Budget - 5% of the total budget of the campaign.
1 upvote = 1 stake (One per video)
1 comment = 2 stakes (One per video)
1 helpful answer to a comment = 2 stakes (up to 5)
Reddit
Real account with avatar, to comment official WLC threads. Your account should be at least 20 days old and have at least 30 posts or comments karma. To create new threads - 50+ post karma (thread/post must contain links to WLC site and official thread)
Budget - 10% of the total budget of the campaign.
  1. Must befriend user: WeLocal
  2. Must subscribe to subreddit: WeLocal
  3. External posts should link to either WeLocal.com Website, registration page or telegram group.
  4. Any kind of spam will not be rewarded.
  5. For a post to be counted, it needs to be posted in the official subreddit, or cryptocurrency related subreddits like bitcoin, ethereum, ethtrader, icocrypto, cryptocurrency
  6. UpVote WeLocal related posts
  7. Must have at least 3 upvotes per week, but no more than 1 within 1 hour will be counted, no more than 4 per 24 hours or 21 per week
  8. Must have at least 3 posts or comments per week, but not more than 3 within 24 hours will be counted and not more than 1 per hour and no more than 21 per week
1 upvote = 1 stake
1 comment = 2 stakes
1 post/share = 10 stakes
Submitting Welocal related story to other subreddits with 100 to 500 readers = 20 stakes
Submitting Welocal related story to other subreddits with 501 to 1500 readers = 30 stakes
Submitting Welocal related story to other subreddits with 1501 to 3000 readers = 40 stakes
Submitting Welocal related story to other subreddits with 3001 + readers = 50 stakes
Bonus stakes will be awarded if comment or post receives at least 50 upvotes +10%
Bonus stakes will be awarded if comment or post receives at least 250 upvotes +25%
Bonus stakes will be awarded if comment or post receives at least 500 upvotes +50%
Bonus stakes will be awarded if comment or post receives at least 1000 upvotes +100%
Bonus stakes will be awarded based on users Karama at least 100 +10%
Bonus stakes will be awarded based on users Karama at least 500 +20%
Bonus stakes will be awarded based on users Karama at least 1000 +25%
Bonus stakes will be awarded based on users Karama at least 2500 +35%
Bonus stakes will be awarded based on users Karama at least 10000 +50%
Bonus stakes will be awarded to users with minimum of 100 posts in Crypto related subreddits +25%
SteemIt
Must be real account with avatar, to comment and like official WLC posts. Accounts with fake followers will not be paid. Your account should be at least 20 days old. have at least 5 followers and 5 posts.
Budget - 7% of the total budget of the campaign.
1. Participants must follow and stay on WeLocal's steemit account until the end of campaign.
2. Participants must share and upvote WeLocal posts to relevant social media outlets
3. Participants can add helpful comments
4. Should not share any posts that are more than 3 days old.
5. If participant has nothing to repost can create his own original post.
Reward will depend on followers.
Following WeLocal official account = 1 stake/week
resteemit to 25-100 followers: 1 stake + upvote.
resteemit to 101-500 followers: 2 stakes + upvote.
resteemit to 501-1500 followers: 3 stakes + upvote.
resteemit to 1501-3000 followers: 4 stakes + upvote.
resteemit to 3001 - 5000 followers: 6 stakes + upvote.
resteemit to 5001 - 10000 followers: 8 stakes + upvote.
resteemit to 10001 + followers: 10 stakes + upvote.
Minimum 3 shares/upvotes per week
Maximum 4 shares/upvotes per day, but not more than 1 per hour and not more than 21 shares/upvotes per week
1 comment = 2 stakes (One per article)
1 helpful answer to a comment = 2 stakes (up to 5)
1 helpful original post about WeLocal = 20 stakes
Bonus stakes will be awarded if comment or post receives at least 10 upvotes +5%
Bonus stakes will be awarded if comment or post receives at least 50 upvotes +10%
Bonus stakes will be awarded if comment or post receives at least 100 upvotes +25%
Bonus stakes will be awarded if comment or post receives at least 250 upvotes +50%
Bonus stakes will be awarded if comment or post receives at least 500 upvotes +100%
Bonus stakes will be awarded if comment or post receives at least 1000 upvotes +200%
***Medium*** 
Must be real account with avatar, to comment and like official WLC posts. Your account should have at least 5 followers and 5 claps.
Budget - 3% of the total budget of the campaign.
1 upvote = 1 stake (One per article)
1 comment = 2 stakes (One per article)
1 helpful answer to a comment = 2 stakes (up to 5)
1 share WeLocal and relevant posts = 3 stakes
Performance Tracking
Need to submit the form with user ID; links to all your accounts that participated in bounty campaign; links to all shares you did - posts, comments, threads, videos; your WLC wallet number *

*your WLC wallet number (you can find it in your WLC wallet after you login into your account)

Report form

Telegram & Skype campaign

Qualifications and requirements Must be your real account, with avatar, to comment and help moderate the official channel.
  1. Join the official group: Telegram, Skype
  2. Use our avatar + welocal.com name extension.
  3. Nick | WeLocal.com|
  4. Enter status “It pays to use WeLocal!”.
  5. Provide helpful information to new users.
Budget - 7% of the total budget of the campaign.
Join the Telegram: 1 Stake per week
1 Stake per 5 messages in the chat by regular participant.
Be promoted to moderator: 25 Stakes
1 Stake per 2 messages in the chat by moderator.
Minimum 5 but no more than 20 messages per week for each regular participant.
Maximum 1 messages within 1 hour and no more than 5 within 24 hours for each regular participant.
Minimum 5 but no more than 40 messages per week for each moderator.
Maximum 3 messages within 1 hour and no more than 15 within 24 hours for each moderator.
Messages should be relevant and helpful to the discussion of the topic.
Performance Tracking
Need to submit the form with user ID and link to profile. Have correct avatar, name extention and status. Time and copy of the message (if any) and WeLocal account number *
*your WLC wallet number (you can find it in your WLC wallet after you login into your account)
Report form

Signature, Avatar and personal text (BitCoinTalk campaign)

Qualifications and requirements
Reward will depends on the user level, but must be at least Jr. Member.
1. Signature, avatar and personal text must be kept until the stakes have been calculated after the end of the campaign plus about a week for these calculations to be finished and spreadsheet was updated with your final post count. Removing a signature before the end of the post count will simply disqualify you.
2. A minimum of 15 meaningful posts per week must be made during this period. Off-topic, spam and meaningless posts will not be counted.
3. Posts in the off-topic threads will not get counted and spamming and trolling of all kinds will simply get the participant disqualified. Posts should be made in “Alternate cryptocurrencies” or “Trading Discussion” sections of the forum (but NOT the bounties sections).
4. Eligible posts must be 85 Character Long.
5. The content of the signatures maybe be modified up to two times during the campaign and updating it is a required for all participants. Thus, it is required to provide a valid email address with your registration form so the updates can be provided to you.
6. Terms and Condition can be changed or added if necessary.
Bounty
15% of the total budget, will be distributed among all participants of “Signature, Avatar and personal text Bounty”
  • Jr. Member: 1 stake/week
  • Member: 2 stakes/week
  • Full Member: 3 stake/week
  • Sr. Member: 5 stake/week
  • Hero/Legendary: 7 stake/week
Bonus: Each member can receive additional 20% stake (up to 100%) for 3 additional messages (above 15) specifically in WeLocal thread by providing helpful comments, information and answers about WeLocal.
Performance Tracking
  1. Add avatar with logo and signature, personal message.link to avatar
  2. Add avatar, signature and description of WeLocal to profile.
  3. Needs to apply and submit report (fill in this form) and declare user ID, Time, BTT UserName, URL, Member Rank, WLC account*

*your WLC wallet number (you can find it in your WLC wallet after you login into your account)

Report form

Content creation campaign (Video, Blogging, Articles)

Content created must be original. It must be about WeLocal. As an example it may include the following topics that explain the idea of WeLocal, it's advantages, how people can use it, why people should participate in it etc.
Bounty
20% of the total budget will be distributed among all participants of “Content creation campaign”
Qualifications and requirements
  1. All the videos or articles must be published online and accessible by everyone.
  2. You can use official images, logos, graphics posted on welocal website, official Facebook and Twitter accounts.
  3. To prove ownership of your blog or media you must add your WeLocal userID or Bitcointalk profile link in your blog or video description.
  4. The blog/forum you post it in must be focused on a relevant topic.
  5. Blogs/forums/videos in languages other than English may also be accepted
  6. Compensation will depend on the quality of content and amount of viewers.
  7. Video should have minimum length of 2 minutes or text should be longer than 500 words.
  8. At a minimum it must have 2 links to the site, WP, registration page and official telegram channel.
  9. Material presented must be original.
  10. It should fulfil the goal of educating the public about WeLocal
  11. Reposting to one more relevant site will give an extra 50% of stakes. Only one repost per article is allowed. Articles of superb quality may be reposted to official site, youtube channel and will bring in additional stakes.
  12. Special bonuses for video/text that would reach 5K views goes viral
OK content is 1 stake
Good content is 2 stakes
High quality is 3 stakes
500 views - will give you 1 more stake
1 500 - will give you 2 more stakes
3 000 - will give you 3 more stakes
5 000 - will give you 5 more stakes
10 000 - will give you 7 more stakes
Performance Tracking
Need to submit the form with user ID and profile link, number of followers, and link to the post, blog, article or video and WeLocal account number *
*your WLC wallet number (you can find it in your WLC wallet after you login into your account)
Report form

Bounty Referral Campaign (AnyWhere)

Qualifications and requirements
If you know of any people who may be interested in participating in our bounty campaign and/or later participate in our ecosystem then this invitation is for you. You’ll make % of what they will bring to the system up to 4 levels deep. Plus receive 25 coins for each invited friend.
What would you get?
25 WLC
Performance Tracking
Need to submit the form with user ID and list of users who joined. Users who joined must have their profiles filled out with a minimum of social network accounts confirmed or minimum deposit made and your WeLocal account number*
*your WLC wallet number (you can find it in your WLC wallet after you login into your account)
Report form

Best Bounty Hunter Challenge (AnyWhere)

Qualifications and requirements
Are you one of the best or do you know one of the best? Than this challenge and REWARD is for you. If the group (that will grow based on your effort) were to become top 5%, 15% or 35% in that week you would be entitled to receive a part of additional referral bonus distribution based on the TOTAL growth of the system in that period.
What would you get?
1% of the total amount of WLC sold for the period will be distributed proportionally to 5% of the best producers of that period. (THAT’S LIKE MAKING UP TO 28% FROM EACH INDIVIDUAL PURCHASE)
1% of the total amount of WLC sold for the period will be distributed proportionally to next 10% of the best producers of the WeLocal ecosystem (15% of the best producers less 5% of the very best). (THAT’S LIKE MAKING UP TO 18% FROM EACH INDIVIDUAL PURCHASE)
1% of the total amount of WLC sold for the period will be distributed proportionally to the next 20% of the best producers of the WeLocal ecosystem (35% of the best producers less 15% of the very best). (THAT’S LIKE MAKING UP TO 13% FROM EACH INDIVIDUAL PURCHASE)
Performance Tracking
Internal calculations

Build your followers base (AnyWhere)

Qualifications and requirements
Do you want to participate in different bounty programs but you don't have enough followers? Than this invitation is for you. Join our franchise program and build your influencer network based on up to 750,000 active people FOR LIFE
What would you get?
By joining our franchise program and by inviting other people to join it too you would be able to build huge followers base (more than 750,000) in your choice of social networks like Facebook, Twitter, Reddit, LinkedIn, Instagram and any other. Can you imaging how influential your voice would like with such a big followers base.
Performance Tracking
Internal calculations
If you wish to organize local event or have other ideas how to promote WeLocal, get in touch with us and let us know ideas. Rewards will be negotiated on a case by case basis.
submitted by WeLocal to u/WeLocal [link] [comments]

"Crypt is-can't be" - it's like happiness

This year we have all witnessed an interesting phenomenon: first bitcoin cost $ 1000, and then soared to 20,000!!!!!
Now the total capitalization of all cryptocurrencies is more than 587 billion dollars! Can you imagine the volume?

And according to Blockchain CEO Peter Smith, in 2019, the market capitalization of cryptocurrencies will double to $1 trillion.
"Happy are those who previously invested in bitcoin, and now fixes profits."
And right now, right now there is a need for services that provide the interaction of the crypt between users. These are exchanges, trading platforms and much more. On the example of the best team and their marketplace project with the p2p platform exchanger, we can understand what prospects await us in the future. "Crypt is-can't be" - it's like happiness
#BitTeam #BTT #tokensale #P2P #exchange #Marketplace
https://preview.redd.it/50ic9wcysm321.png?width=936&format=png&auto=webp&s=2519fc977e5f7a63550b57d70fc4bb0db4bb2ce3
submitted by RomanYashin to u/RomanYashin [link] [comments]

Ofir Beigel - YouTube cryptonil ltd New Doubler sites daily 300% after 24 Hours How to Brute Force a Bitcoin Wallet with Hashcat Bitcoin Hash Rate Hits Record Average High Defying BTC Price Bears Binance Pool Poised to Grab More Bitcoin Hash Rate in Russia and Central Asia

Facebook bans pages related to far-right group the Proud Boys, the U.K. and Canada are jointly calling on Mark Zuckerberg to appear in their committees, and Bitcoin turned 10 years-old yesterday. Beware of these post office, bitcoin text scams. Welcome to Cyber Security Today. It’s Friday July 3rd. I’m Howard Solomon, contributing reporter on cybersecurity for ITWorldCanada.com. To our Bitcoin stores the nonce in the extraNonce field which is part of the coinbase transaction, which is stored as the left most leaf node in the merkle tree (the coinbase is the special first transaction in the block). The counter parameter is small at 32-bits so each time it wraps the extraNonce field must be incremented (or otherwise changed) to Of course, solving the hash for a bitcoin block – which at the time of writing must start with 18 zeros – requires an extremely large amount of computation (and so the combined processing Hello, dear! 🧡 Continue my hashtag #rocketbombquickidea for you🔥🔥 If you like such format of my quick analyzes, support idea with like. I'll try to find more opportunities for making 💰 Always in touch with you🧡 Sincerely Your Rocket Bomb🚀💣 PS Many alts just give wonderful profits.🔥🔥🔥 My previous work👇🏻👇🏻👇🏻

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Ofir Beigel - YouTube

How to Double Your Bitcoins For Free - Bitcoin Cash, LedgerX Derivative Exchange - CMTV Ep 11 ... Bitcoin Cash Hash Rate Plummets - CMTV Ep53 - Duration: 33:05. Coin Mastery 19,440 views. 33:05. This is 99 Bitcoins YouTube channel. The main videos that will be posted here are Bitcoin tutorials for beginners and other crypto currency information. 📥 min invest : ️ btc : 0.0001 btc ️ doge : 200 doge ️ ltc : 0.02 ltc ️ pm/ payeer : 1 usd Loading... Autoplay When autoplay is enabled, a suggested video will automatically play next. Bitcoin-Core: Import private key from old watch only address into non spendable wallet - Duration: 8:10. Bitcoin Daytrader 8,757 views. 8:10. ANS:- Our BTC Doubler gathers information from the blockchain transfers and cryptocurrency exchanges to study and predict the bitcoin price. Our servers open and close thousands of transactions ...

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