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Searching for the Unicorn Cryptocurrency

Searching for the Unicorn Cryptocurrency
For someone first starting out as a cryptocurrency investor, finding a trustworthy manual for screening a cryptocurrency’s merits is nonexistent as we are still in the early, Wild West days of the cryptocurrency market. One would need to become deeply familiar with the inner workings of blockchain to be able to perform the bare minimum due diligence.
One might believe, over time, that finding the perfect cryptocurrency may be nothing short of futile. If a cryptocurrency purports infinite scalability, then it is probably either lightweight with limited features or it is highly centralized among a limited number of nodes that perform consensus services especially Proof of Stake or Delegated Proof of Stake. Similarly, a cryptocurrency that purports comprehensive privacy may have technical obstacles to overcome if it aims to expand its applications such as in smart contracts. The bottom line is that it is extremely difficult for a cryptocurrency to have all important features jam-packed into itself.
The cryptocurrency space is stuck in the era of the “dial-up internet” in a manner of speaking. Currently blockchain can’t scale – not without certain tradeoffs – and it hasn’t fully resolved certain intractable issues such as user-unfriendly long addresses and how the blockchain size is forever increasing to name two.
In other words, we haven’t found the ultimate cryptocurrency. That is, we haven’t found the mystical unicorn cryptocurrency that ushers the era of decentralization while eschewing all the limitations of traditional blockchain systems.
“But wait – what about Ethereum once it implements sharding?”
“Wouldn’t IOTA be able to scale infinitely with smart contracts through its Qubic offering?”
“Isn’t Dash capable of having privacy, smart contracts, and instantaneous transactions?”
Those thoughts and comments may come from cryptocurrency investors who have done their research. It is natural for the informed investors to invest in projects that are believed to bring cutting edge technological transformation to blockchain. Sooner or later, the sinking realization will hit that any variation of the current blockchain technology will always likely have certain limitations.
Let us pretend that there indeed exists a unicorn cryptocurrency somewhere that may or may not be here yet. What would it look like, exactly? Let us set the 5 criteria of the unicorn cryptocurrency:
Unicorn Criteria
(1) Perfectly solves the blockchain trilemma:
o Infinite scalability
o Full security
o Full decentralization
(2) Zero or minimal transaction fee
(3) Full privacy
(4) Full smart contract capabilities
(5) Fair distribution and fair governance
For each of the above 5 criteria, there would not be any middle ground. For example, a cryptocurrency with just an in-protocol mixer would not be considered as having full privacy. As another example, an Initial Coin Offering (ICO) may possibly violate criterion (5) since with an ICO the distribution and governance are often heavily favored towards an oligarchy – this in turn would defy the spirit of decentralization that Bitcoin was found on.
There is no cryptocurrency currently that fits the above profile of the unicorn cryptocurrency. Let us examine an arbitrary list of highly hyped cryptocurrencies that meet the above list at least partially. The following list is by no means comprehensive but may be a sufficient sampling of various blockchain implementations:
Bitcoin (BTC)
Bitcoin is the very first and the best known cryptocurrency that started it all. While Bitcoin is generally considered extremely secure, it suffers from mining centralization to a degree. Bitcoin is not anonymous, lacks smart contracts, and most worrisomely, can only do about 7 transactions per seconds (TPS). Bitcoin is not the unicorn notwithstanding all the Bitcoin maximalists.
Ethereum (ETH)
Ethereum is widely considered the gold standard of smart contracts aside from its scalability problem. Sharding as part of Casper’s release is generally considered to be the solution to Ethereum’s scalability problem.
The goal of sharding is to split up validating responsibilities among various groups or shards. Ethereum’s sharding comes down to duplicating the existing blockchain architecture and sharing a token. This does not solve the core issue and simply kicks the can further down the road. After all, full nodes still need to exist one way or another.
Ethereum’s blockchain size problem is also an issue as will be explained more later in this article.
As a result, Ethereum is not the unicorn due to its incomplete approach to scalability and, to a degree, security.
Dash
Dash’s masternodes are widely considered to be centralized due to their high funding requirements, and there are accounts of a pre-mine in the beginning. Dash is not the unicorn due to its questionable decentralization.
Nano
Nano boasts rightfully for its instant, free transactions. But it lacks smart contracts and privacy, and it may be exposed to well orchestrated DDOS attacks. Therefore, it goes without saying that Nano is not the unicorn.
EOS
While EOS claims to execute millions of transactions per seconds, a quick glance reveals centralized parameters with 21 nodes and a questionable governance system. Therefore, EOS fails to achieve the unicorn status.
Monero (XMR)
One of the best known and respected privacy coins, Monero lacks smart contracts and may fall short of infinite scalability due to CryptoNote’s design. The unicorn rank is out of Monero’s reach.
IOTA
IOTA’s scalability is based on the number of transactions the network processes, and so its supposedly infinite scalability would fluctuate and is subject to the whims of the underlying transactions. While IOTA’s scalability approach is innovative and may work in the long term, it should be reminded that the unicorn cryptocurrency has no middle ground. The unicorn cryptocurrency would be expected to scale infinitely on a consistent basis from the beginning.
In addition, IOTA’s Masked Authenticated Messaging (MAM) feature does not bring privacy to the masses in a highly convenient manner. Consequently, the unicorn is not found with IOTA.

PascalCoin as a Candidate for the Unicorn Cryptocurrency
Please allow me to present a candidate for the cryptocurrency unicorn: PascalCoin.
According to the website, PascalCoin claims the following:
“PascalCoin is an instant, zero-fee, infinitely scalable, and decentralized cryptocurrency with advanced privacy and smart contract capabilities. Enabled by the SafeBox technology to become the world’s first blockchain independent of historical operations, PascalCoin possesses unlimited potential.”
The above summary is a mouthful to be sure, but let’s take a deep dive on how PascalCoin innovates with the SafeBox and more. Before we do this, I encourage you to first become acquainted with PascalCoin by watching the following video introduction:
https://www.youtube.com/watch?time_continue=4&v=F25UU-0W9Dk
The rest of this section will be split into 10 parts in order to illustrate most of the notable features of PascalCoin. Naturally, let’s start off with the SafeBox.
Part #1: The SafeBox
Unlike traditional UTXO-based cryptocurrencies in which the blockchain records the specifics of each transaction (address, sender address, amount of funds transferred, etc.), the blockchain in PascalCoin is only used to mutate the SafeBox. The SafeBox is a separate but equivalent cryptographic data structure that snapshots account balances. PascalCoin’s blockchain is comparable to a machine that feeds the most important data – namely, the state of an account – into the SafeBox. Any node can still independently compute and verify the cumulative Proof-of-Work required to construct the SafeBox.
The PascalCoin whitepaper elegantly highlights the unique historical independence that the SafeBox possesses:
“While there are approaches that cryptocurrencies could use such as pruning, warp-sync, "finality checkpoints", UTXO-snapshotting, etc, there is a fundamental difference with PascalCoin. Their new nodes can only prove they are on most-work-chain using the infinite history whereas in PascalCoin, new nodes can prove they are on the most-work chain without the infinite history.”
Some cryptocurrency old-timers might instinctively balk at the idea of full nodes eschewing the entire history for security, but such a reaction would showcase a lack of understanding on what the SafeBox really does.
A concrete example would go a long way to best illustrate what the SafeBox does. Let’s say I input the following operations in my calculator:
5 * 5 – 10 / 2 + 5
It does not take a genius to calculate the answer, 25. Now, the expression “5 \ 5 – 10 / 2 + 5”* would be forever imbued on a traditional blockchain’s history. But the SafeBox begs to differ. It says that the expression “5 \ 5 – 10 / 2 + 5”* should instead be simply “25” so as preserve simplicity, time, and space. In other words, the SafeBox simply preserves the account balance.
But some might still be unsatisfied and claim that if one cannot trace the series of operations (transactions) that lead to the final number (balance) of 25, the blockchain is inherently insecure.
Here are four important security aspects of the SafeBox that some people fail to realize:
(1) SafeBox Follows the Longest Chain of Proof-of-Work
The SafeBox mutates itself per 100 blocks. Each new SafeBox mutation must reference both to the previous SafeBox mutation and the preceding 100 blocks in order to be valid, and the resultant hash of the new mutated SafeBox must then be referenced by each of the new subsequent blocks, and the process repeats itself forever.
The fact that each new SafeBox mutation must reference to the previous SafeBox mutation is comparable to relying on the entire history. This is because the previous SafeBox mutation encapsulates the result of cumulative entire history except for the 100 blocks which is why each new SafeBox mutation requires both the previous SafeBox mutation and the preceding 100 blocks.
So in a sense, there is a single interconnected chain of inflows and outflows, supported by Byzantine Proof-of-Work consensus, instead of the entire history of transactions.
More concretely, the SafeBox follows the path of the longest chain of Proof-of-Work simply by design, and is thus cryptographically equivalent to the entire history even without tracing specific operations in the past. If the chain is rolled back with a 51% attack, only the attacker’s own account(s) in the SafeBox can be manipulated as is explained in the next part.
(2) A 51% Attack on PascalCoin Functions the Same as Others
A 51% attack on PascalCoin would work in a similar way as with other Proof-of-Work cryptocurrencies. An attacker cannot modify a transaction in the past without affecting the current SafeBox hash which is accepted by all honest nodes.
Someone might claim that if you roll back all the current blocks plus the 100 blocks prior to the SafeBox’s mutation, one could create a forged SafeBox with different balances for all accounts. This would be incorrect as one would be able to manipulate only his or her own account(s) in the SafeBox with a 51% attack – just as is the case with other UTXO cryptocurrencies. The SafeBox stores the balances of all accounts which are in turn irreversibly linked only to their respective owners’ private keys.
(3) One Could Preserve the Entire History of the PascalCoin Blockchain
No blockchain data in PascalCoin is ever deleted even in the presence of the SafeBox. Since the SafeBox is cryptographically equivalent to a full node with the entire history as explained above, PascalCoin full nodes are not expected to contain infinite history. But for whatever reason(s) one may have, one could still keep all the PascalCoin blockchain history as well along with the SafeBox as an option even though it would be redundant.
Without storing the entire history of the PascalCoin blockchain, you can still trace the specific operations of the 100 blocks prior to when the SafeBox absorbs and reflects the net result (a single balance for each account) from those 100 blocks. But if you’re interested in tracing operations over a longer period in the past – as redundant as that may be – you’d have the option to do so by storing the entire history of the PascalCoin blockchain.
(4) The SafeBox is Equivalent to the Entire Blockchain History
Some skeptics may ask this question: “What if the SafeBox is forever lost? How would you be able to verify your accounts?” Asking this question is tantamount to asking to what would happen to Bitcoin if all of its entire history was erased. The result would be chaos, of course, but the SafeBox is still in line with the general security model of a traditional blockchain with respect to black swans.
Now that we know the security of the SafeBox is not compromised, what are the implications of this new blockchain paradigm? A colorful illustration as follows still wouldn’t do justice to the subtle revolution that the SafeBox ushers. The automobiles we see on the street are the cookie-and-butter representation of traditional blockchain systems. The SafeBox, on the other hand, supercharges those traditional cars to become the Transformers from Michael Bay’s films.
The SafeBox is an entirely different blockchain architecture that is impressive in its simplicity and ingenuity. The SafeBox’s design is only the opening act for PascalCoin’s vast nuclear arsenal. If the above was all that PascalCoin offers, it still wouldn’t come close to achieving the unicorn status but luckily, we have just scratched the surface. Please keep on reading on if you want to learn how PascalCoin is going to shatter the cryptocurrency industry into pieces. Buckle down as this is going to be a long read as we explore further about the SafeBox’s implications.
Part #2: 0-Confirmation Transactions
To begin, 0-confirmation transactions are secure in PascalCoin thanks to the SafeBox.
The following paraphrases an explanation of PascalCoin’s 0-confirmations from the whitepaper:
“Since PascalCoin is not a UTXO-based currency but rather a State-based currency thanks to the SafeBox, the security guarantee of 0-confirmation transactions are much stronger than in UTXO-based currencies. For example, in Bitcoin if a merchant accepts a 0-confirmation transaction for a coffee, the buyer can simply roll that transaction back after receiving the coffee but before the transaction is confirmed in a block. The way the buyer does this is by re-spending those UTXOs to himself in a new transaction (with a higher fee) thus invalidating them for the merchant. In PascalCoin, this is virtually impossible since the buyer's transaction to the merchant is simply a delta-operation to debit/credit a quantity from/to accounts respectively. The buyer is unable to erase or pre-empt this two-sided, debit/credit-based transaction from the network’s pending pool until it either enters a block for confirmation or is discarded with respect to both sender and receiver ends. If the buyer tries to double-spend the coffee funds after receiving the coffee but before they clear, the double-spend transaction will not propagate the network since nodes cannot propagate a double-spending transaction thanks to the debit/credit nature of the transaction. A UTXO-based transaction is initially one-sided before confirmation and therefore is more exposed to one-sided malicious schemes of double spending.”
Phew, that explanation was technical but it had to be done. In summary, PascalCoin possesses the only secure 0-confirmation transactions in the cryptocurrency industry, and it goes without saying that this means PascalCoin is extremely fast. In fact, PascalCoin is capable of 72,000 TPS even prior to any additional extensive optimizations down the road. In other words, PascalCoin is as instant as it gets and gives Nano a run for its money.
Part #3: Zero Fee
Let’s circle back to our discussion of PascalCoin’s 0-confirmation capability. Here’s a little fun magical twist to PascalCoin’s 0-confirmation magic: 0-confirmation transactions are zero-fee. As in you don’t pay a single cent in fee for each 0-confirmation! There is just a tiny downside: if you create a second transaction in a 5-minute block window then you’d need to pay a minimal fee. Imagine using Nano but with a significantly stronger anti-DDOS protection for spam! But there shouldn’t be any complaint as this fee would amount to 0.0001 Pascal or $0.00002 based on the current price of a Pascal at the time of this writing.
So, how come the fee for blazingly fast transactions is nonexistent? This is where the magic of the SafeBox arises in three ways:
(1) PascalCoin possesses the secure 0-confirmation feature as discussed above that enables this speed.
(2) There is no fee bidding competition of transaction priority typical in UTXO cryptocurrencies since, once again, PascalCoin operates on secure 0-confirmations.
(3) There is no fee incentive needed to run full nodes on behalf of the network’s security beyond the consensus rewards.
Part #4: Blockchain Size
Let’s expand more on the third point above, using Ethereum as an example. Since Ethereum’s launch in 2015, its full blockchain size is currently around 2 TB, give or take, but let’s just say its blockchain size is 100 GB for now to avoid offending the Ethereum elitists who insist there are different types of full nodes that are lighter. Whoever runs Ethereum’s full nodes would expect storage fees on top of the typical consensus fees as it takes significant resources to shoulder Ethereum’s full blockchain size and in turn secure the network. What if I told you that PascalCoin’s full blockchain size will never exceed few GBs after thousands of years? That is just what the SafeBox enables PascalCoin to do so. It is estimated that by 2072, PascalCoin’s full nodes will only be 6 GB which is low enough not to warrant any fee incentives for hosting full nodes. Remember, the SafeBox is an ultra-light cryptographic data structure that is cryptographically equivalent to a blockchain with the entire transaction history. In other words, the SafeBox is a compact spreadsheet of all account balances that functions as PascalCoin’s full node!
Not only does the SafeBox’s infinitesimal memory size helps to reduce transaction fees by phasing out any storage fees, but it also paves the way for true decentralization. It would be trivial for every PascalCoin user to opt a full node in the form of a wallet. This is extreme decentralization at its finest since the majority of users of other cryptocurrencies ditch full nodes due to their burdensome sizes. It is naïve to believe that storage costs would reduce enough to the point where hosting full nodes are trivial. Take a look at the following chart outlining the trend of storage cost.

* https://www.backblaze.com/blog/hard-drive-cost-per-gigabyte/
As we can see, storage costs continue to decrease but the descent is slowing down as is the norm with technological improvements. In the meantime, blockchain sizes of other cryptocurrencies are increasing linearly or, in the case of smart contract engines like Ethereum, parabolically. Imagine a cryptocurrency smart contract engine like Ethereum garnering worldwide adoption; how do you think Ethereum’s size would look like in the far future based on the following chart?


https://i.redd.it/k57nimdjmo621.png

Ethereum’s future blockchain size is not looking pretty in terms of sustainable security. Sharding is not a fix for this issue since there still needs to be full nodes but that is a different topic for another time.
It is astonishing that the cryptocurrency community as a whole has passively accepted this forever-expanding-blockchain-size problem as an inescapable fate.
PascalCoin is the only cryptocurrency that has fully escaped the death vortex of forever expanding blockchain size. Its blockchain size wouldn’t exceed 10 GB even after many hundreds of years of worldwide adoption. Ethereum’s blockchain size after hundreds of years of worldwide adoption would make fine comedy.
Part #5: Simple, Short, and Ordinal Addresses
Remember how the SafeBox works by snapshotting all account balances? As it turns out, the account address system is almost as cool as the SafeBox itself.
Imagine yourself in this situation: on a very hot and sunny day, you’re wandering down the street across from your house and ran into a lemonade stand – the old-fashioned kind without any QR code or credit card terminal. The kid across you is selling a lemonade cup for 1 Pascal with a poster outlining the payment address as 5471-55. You flip out your phone and click “Send” with 1 Pascal to the address 5471-55; viola, exactly one second later you’re drinking your lemonade without paying a cent for the transaction fee!
The last thing one wants to do is to figure out how to copy/paste to, say, the following address 1BoatSLRHtKNngkdXEeobR76b53LETtpyT on the spot wouldn’t it? Gone are the obnoxiously long addresses that plague all cryptocurrencies. The days of those unreadable addresses will be long gone – it has to be if blockchain is to innovate itself for the general public. EOS has a similar feature for readable addresses but in a very limited manner in comparison, and nicknames attached to addresses in GUIs don’t count since blockchain-wide compatibility wouldn’t hold.
Not only does PascalCoin has the neat feature of having addresses (called PASAs) that amount to up to 6 or 7 digits, but PascalCoin can also incorporate in-protocol address naming as opposed to GUI address nicknames. Suppose I want to order something from Amazon using Pascal; I simply search the word “Amazon” then the corresponding account number shows up. Pretty neat, right?
The astute reader may gather that PascalCoin’s address system makes it necessary to commoditize addresses, and he/she would be correct. Some view this as a weakness; part #10 later in this segment addresses this incorrect perception.
Part #6: Privacy
As if the above wasn’t enough, here’s another secret that PascalCoin has: it is a full-blown privacy coin. It uses two separate foundations to achieve comprehensive anonymity: in-protocol mixer for transfer amounts and zn-SNARKs for private balances. The former has been implemented and the latter is on the roadmap. Both the 0-confirmation transaction and the negligible transaction fee would make PascalCoin the most scalable privacy coin of any other cryptocurrencies pending the zk-SNARKs implementation.
Part #7: Smart Contracts
Next, PascalCoin will take smart contracts to the next level with a layer-2 overlay consensus system that pioneers sidechains and other smart contract implementations.
In formal terms, this layer-2 architecture will facilitate the transfer of data between PASAs which in turn allows clean enveloping of layer-2 protocols inside layer-1 much in the same way that HTTP lives inside TCP.
To summarize:
· The layer-2 consensus method is separate from the layer-1 Proof-of-Work. This layer-2 consensus method is independent and flexible. A sidechain – based on a single encompassing PASA – could apply Proof-of-Stake (POS), Delegated Proof-of-Stake (DPOS), or Directed Acyclic Graph (DAG) as the consensus system of its choice.
· Such a layer-2 smart contract platform can be written in any languages.
· Layer-2 sidechains will also provide very strong anonymity since funds are all pooled and keys are not used to unlock them.
· This layer-2 architecture is ingenious in which the computation is separate from layer-2 consensus, in effect removing any bottleneck.
· Horizontal scaling exists in this paradigm as there is no interdependence between smart contracts and states are not managed by slow sidechains.
· Speed and scalability are fully independent of PascalCoin.
One would be able to run the entire global financial system on PascalCoin’s infinitely scalable smart contract platform and it would still scale infinitely. In fact, this layer-2 architecture would be exponentially faster than Ethereum even after its sharding is implemented.
All this is the main focus of PascalCoin’s upcoming version 5 in 2019. A whitepaper add-on for this major upgrade will be released in early 2019.
Part #8: RandomHash Algorithm
Surely there must be some tradeoffs to PascalCoin’s impressive capabilities, you might be asking yourself. One might bring up the fact that PascalCoin’s layer-1 is based on Proof-of-Work and is thus susceptible to mining centralization. This would be a fallacy as PascalCoin has pioneered the very first true ASIC, GPU, and dual-mining resistant algorithm known as RandomHash that obliterates anything that is not CPU based and gives all the power back to solo miners.
Here is the official description of RandomHash:
“RandomHash is a high-level cryptographic hash algorithm that combines other well-known hash primitives in a highly serial manner. The distinguishing feature is that calculations for a nonce are dependent on partial calculations of other nonces, selected at random. This allows a serial hasher (CPU) to re-use these partial calculations in subsequent mining saving 50% or more of the work-load. Parallel hashers (GPU) cannot benefit from this optimization since the optimal nonce-set cannot be pre-calculated as it is determined on-the-fly. As a result, parallel hashers (GPU) are required to perform the full workload for every nonce. Also, the algorithm results in 10x memory bloat for a parallel implementation. In addition to its serial nature, it is branch-heavy and recursive making in optimal for CPU-only mining.”
One might be understandably skeptical of any Proof-of-Work algorithm that solves ASIC and GPU centralization once for all because there have been countless proposals being thrown around for various algorithms since the dawn of Bitcoin. Is RandomHash truly the ASIC & GPU killer that it claims to be?
Herman Schoenfeld, the inventor behind RandomHash, described his algorithm in the following:
“RandomHash offers endless ASIC-design breaking surface due to its use of recursion, hash algo selection, memory hardness and random number generation.
For example, changing how round hash selection is made and/or random number generator algo and/or checksum algo and/or their sequencing will totally break an ASIC design. Conceptually if you can significantly change the structure of the output assembly whilst keeping the high-level algorithm as invariant as possible, the ASIC design will necessarily require proportional restructuring. This results from the fact that ASIC designs mirror the ASM of the algorithm rather than the algorithm itself.”
Polyminer1 (pseudonym), one of the members of the PascalCoin core team who developed RHMiner (official software for mining RandomHash), claimed as follows:
“The design of RandomHash is, to my experience, a genuine innovation. I’ve been 30 years in the field. I’ve rarely been surprised by anything. RandomHash was one of my rare surprises. It’s elegant, simple, and achieves resistance in all fronts.”
PascalCoin may have been the first party to achieve the race of what could possibly be described as the “God algorithm” for Proof-of-Work cryptocurrencies. Look no further than one of Monero’s core developers since 2015, Howard Chu. In September 2018, Howard declared that he has found a solution, called RandomJS, to permanently keep ASICs off the network without repetitive algorithm changes. This solution actually closely mirrors RandomHash’s algorithm. Discussing about his algorithm, Howard asserted that “RandomJS is coming at the problem from a direction that nobody else is.”
Link to Howard Chu’s article on RandomJS:
https://www.coindesk.com/one-musicians-creative-solution-to-drive-asics-off-monero
Yet when Herman was asked about Howard’s approach, he responded:
“Yes, looks like it may work although using Javascript was a bit much. They should’ve just used an assembly subset and generated random ASM programs. In a way, RandomHash does this with its repeated use of random mem-transforms during expansion phase.”
In the end, PascalCoin may have successfully implemented the most revolutionary Proof-of-Work algorithm, one that eclipses Howard’s burgeoning vision, to date that almost nobody knows about. To learn more about RandomHash, refer to the following resources:
RandomHash whitepaper:
https://www.pascalcoin.org/storage/whitepapers/RandomHash_Whitepaper.pdf
Technical proposal for RandomHash:
https://github.com/PascalCoin/PascalCoin/blob/mastePIP/PIP-0009.md
Someone might claim that PascalCoin still suffers from mining centralization after RandomHash, and this is somewhat misleading as will be explained in part #10.
Part #9: Fair Distribution and Governance
Not only does PascalCoin rest on superior technology, but it also has its roots in the correct philosophy of decentralized distribution and governance. There was no ICO or pre-mine, and the developer fund exists as a percentage of mining rewards as voted by the community. This developer fund is 100% governed by a decentralized autonomous organization – currently facilitated by the PascalCoin Foundation – that will eventually be transformed into an autonomous smart contract platform. Not only is the developer fund voted upon by the community, but PascalCoin’s development roadmap is also voted upon the community via the Protocol Improvement Proposals (PIPs).
This decentralized governance also serves an important benefit as a powerful deterrent to unseemly fork wars that befall many cryptocurrencies.
Part #10: Common Misconceptions of PascalCoin
“The branding is terrible”
PascalCoin is currently working very hard on its image and is preparing for several branding and marketing initiatives in the short term. For example, two of the core developers of the PascalCoin recently interviewed with the Fox Business Network. A YouTube replay of this interview will be heavily promoted.
Some people object to the name PascalCoin. First, it’s worth noting that PascalCoin is the name of the project while Pascal is the name of the underlying currency. Secondly, Google and YouTube received excessive criticisms back then in the beginning with their name choices. Look at where those companies are nowadays – surely a somewhat similar situation faces PascalCoin until the name’s familiarity percolates into the public.
“The wallet GUI is terrible”
As the team is run by a small yet extremely dedicated developers, multiple priorities can be challenging to juggle. The lack of funding through an ICO or a pre-mine also makes it challenging to accelerate development. The top priority of the core developers is to continue developing full-time on the groundbreaking technology that PascalCoin offers. In the meantime, an updated and user-friendly wallet GUI has been worked upon for some time and will be released in due time. Rome wasn’t built in one day.
“One would need to purchase a PASA in the first place”
This is a complicated topic since PASAs need to be commoditized by the SafeBox’s design, meaning that PASAs cannot be obtained at no charge to prevent systematic abuse. This raises two seemingly valid concerns:
· As a chicken and egg problem, how would one purchase a PASA using Pascal in the first place if one cannot obtain Pascal without a PASA?
· How would the price of PASAs stay low and affordable in the face of significant demand?
With regards to the chicken and egg problem, there are many ways – some finished and some unfinished – to obtain your first PASA as explained on the “Get Started” page on the PascalCoin website:
https://www.pascalcoin.org/get_started
More importantly, however, is the fact that there are few methods that can get your first PASA for free. The team will also release another method soon in which you could obtain your first PASA for free via a single SMS message. This would probably become by far the simplest and the easiest way to obtain your first PASA for free. There will be more new ways to easily obtain your first PASA for free down the road.
What about ensuring the PASA market at large remains inexpensive and affordable following your first (and probably free) PASA acquisition? This would be achieved in two ways:
· Decentralized governance of the PASA economics per the explanation in the FAQ section on the bottom of the PascalCoin website (https://www.pascalcoin.org/)
· Unlimited and free pseudo-PASAs based on layer-2 in the next version release.
“PascalCoin is still centralized after the release of RandomHash”
Did the implementation of RandomHash from version 4 live up to its promise?
The official goals of RandomHash were as follow:
(1) Implement a GPU & ASIC resistant hash algorithm
(2) Eliminate dual mining
The two goals above were achieved by every possible measure.
Yet a mining pool, Nanopool, was able to regain its hash majority after a significant but a temporary dip.
The official conclusion is that, from a probabilistic viewpoint, solo miners are more profitable than pool miners. However, pool mining is enticing for solo miners who 1) have limited hardware as it ensures a steady income instead of highly profitable but probabilistic income via solo mining, and 2) who prefer convenient software and/or GUI.
What is the next step, then? While the barrier of entry for solo miners has successfully been put down, additional work needs to be done. The PascalCoin team and the community are earnestly investigating additional steps to improve mining decentralization with respect to pool mining specifically to add on top of RandomHash’s successful elimination of GPU, ASIC, and dual-mining dominance.
It is likely that the PascalCoin community will promote the following two initiatives in the near future:
(1) Establish a community-driven, nonprofit mining pool with attractive incentives.
(2) Optimize RHMiner, PascalCoin’s official solo mining software, for performance upgrades.
A single pool dominance is likely short lived once more options emerge for individual CPU miners who want to avoid solo mining for whatever reason(s).
Let us use Bitcoin as an example. Bitcoin mining is dominated by ASICs and mining pools but no single pool is – at the time of this writing – even close on obtaining the hash majority. With CPU solo mining being a feasible option in conjunction with ASIC and GPU mining eradication with RandomHash, the future hash rate distribution of PascalCoin would be far more promising than Bitcoin’s hash rate distribution.
PascalCoin is the Unicorn Cryptocurrency
If you’ve read this far, let’s cut straight to the point: PascalCoin IS the unicorn cryptocurrency.
It is worth noting that PascalCoin is still a young cryptocurrency as it was launched at the end of 2016. This means that many features are still work in progress such as zn-SNARKs, smart contracts, and pool decentralization to name few. However, it appears that all of the unicorn criteria are within PascalCoin’s reach once PascalCoin’s technical roadmap is mostly completed.
Based on this expository on PascalCoin’s technology, there is every reason to believe that PascalCoin is the unicorn cryptocurrency. PascalCoin also solves two fundamental blockchain problems beyond the unicorn criteria that were previously considered unsolvable: blockchain size and simple address system. The SafeBox pushes PascalCoin to the forefront of cryptocurrency zeitgeist since it is a superior solution compared to UTXO, Directed Acyclic Graph (DAG), Block Lattice, Tangle, and any other blockchain innovations.


THE UNICORN

Author: Tyler Swob
submitted by Kosass to CryptoCurrency [link] [comments]

Parachains & governance

Some confusion exists about the nature of @polkadotnetwork parachains and how governance fits into the leasing model.
This thread explains some of this away. Additionally, a @web3foundation blog post is being edited by projects in the space and will be released soon.
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First, some general points that everyone can expect at Polkadot’s genesis:
____
Parachains bond DOTs to secure a parachain slot. The number of DOTs bonded is calculated by market forces, which is difficult to estimate at this point. Future posts will attempt to calculate this.
It’s worth nothing that the annual cost of mining for Ethereum is approximately USD 1 billion and approximately USD 2.7 billion for Bitcoin. We expect the cost of security in Polkadot to be a full 4 orders of magnitude less than either Bitcoin or Ethereum’s security cost.
____
To acquire a slot parachains can obtain DOTs in a variety of ways, including:
Governance can do most anything in Polkadot, including brick the chain! However just because governance can do something, doesn’t mean it should or will.
Governance will probably only be used in extreme cases and assuming they don’t renew their slot they will get their DOTs back at the end.
If a parachains is malicious or defective, validators will deactivate it and the governance function will then probably choose to remove the defective parachain.
It’s important that there is a way for parachains to migrate off the platform and become a solo chain. If a parachain decides to do this, they get their DOTs back and will need to start provisioning their own security.
______
Polkadot’s ability to scale could be faster than folks can deploy useful parachains.
It’s not yet clear whether or not there will be more demand than supply of parachain slots in the months/years after Polkadot’s launch. It will be interesting to see how quickly Polkadot can scale thru increasing the number of parachains and developing light-weight bridges to solo chains.
Remember parachains are quite different than smart contracts. It will take more work to develop your own runtime than it does to code a smart contract, and the benefits are also much greater (scalability, shared security, interoperability, more control, governance, ability to upgrade, no gas etc.).
_____
There's a general migration in philosophy in crypto right now to paying for things. I'd put storage rent and parachain slots (paid thru dilution) as examples of this.
Because deploying isn't the expensive and hard thing in blockchains, it's maintaining.
We can see this by lack of incentives to develop tooling and the ETH 2.0 protocol in the Ehereum community
Polkadot governance is a step to guaranteeing this stagnation will never occur.
submitted by web3jp to dot [link] [comments]

Working of Cryptocurrency Mining pool

Working of Cryptocurrency Mining pool
Source - https://coinscapture.com/blog/working-of-cryptocurrency-mining-pool

Working of Cryptocurrency Mining pool
Cryptocurrency is the most discussed and trending topic on various internet forums, communities, and social media. Many individuals are keen to enter the cryptoworld and unfold all the profits within it. Cryptocurrency can be bought from an exchange or mined through the mining pools. In this guide, we’ll understand the working of the cryptocurrency mining pool.
What is Mining Pool?
Cryptocurrency mining is the same as mining the metals from the earth. The individual or company that digs out the metal from the earth becomes the owner similarly the individual who discovers first the valid hash using the computational power becomes the owner and earns a block reward. The crypto mining can either be done solo using his/her own mining devices or through a mining pool.
As more and more enthusiasts participated in mining to earn a block reward became equally difficult and it would take centuries for a miner to generate a block because the probability of finding the hash value first and generating a block is directly proportional to the computing power in the network. The smaller the computational power the smaller is the chance of generating the next block. Hence a solution, to this problem mining pools were formed.
A mining pool is a group of miners pooling/combining their computational power together in order to mine a cryptocurrency quickly and earn a block reward consistently. Each contributing miner earns reward according to their investment in processing power. The working of mining pools depends on certain algorithms that are designed to check the authenticity and validity of the transactions. Miners are required to solve a complex math problem that requires millions of calculations with the help of High computational power. When the miners combined their computational power the block generation process happens at a much faster rate as compared to a single mining rig. For more understanding of mining please refer our previous blog (What is Bitcoin mining?)
Types of Mining Pools
  • Single mining pools: This type of mining pool mine only single cryptocurrency
  • Multi-currency pools: This type of mining pool mine different cryptocurrencies and gives the miner a chance to choose the cryptocurrency for mining timely depending rewards points offered.
  • Cloud mining pools: Cloud-based mining can be combined with mining pools by making an online contract. This type of mining pool allows individuals to participate in mining activity without even buying specialized equipment.
How rewards are shared on mining pools?
The rewards shared after successfully adding the new block to the blockchain vary from currency to currency. The reward sharings also depend on the factors like mining difficulty, the exchange rate between different coins, the hash rate and the block generation time. Some of the followed reward structures are as follows:
  1. Pay-per-share (PPS): This method offers instant payout depending on the miner’s contribution to finding the block. The payment is done using the pool's existing balance and can be withdrawn immediately.
  2. Shared Maximum Pay Per Share (SMPPS): It is the same as Pay-per-share (PPS) but limits the payout to the maximum that the pool has earned.
  3. Equalized Shared Maximum Pay Per Share (ESMPPS): This method is similar to (SMPPS) but the rewards are distributed equally among all miners in the pool.
  4. Proportional (PROP): The miner is rewarded the share that is proportional to the number of shares he has in the pool with respect to the pool’s total shares
Advantages of mining pools
  • Mining pools offer a more stable income
  • Mining pools lower costs of mining
  • Mining pools helps in generating a higher income
Disadvantages of Mining pools
  • There may be some interruptions in the Mining pools
  • There is a sharing of block rewards
  • There may be sometimes unfavorable pool reward structure
Widely-Used Mining Pools
  • Antpool: The largest pool available on the web offering mining of cryptocurrencies like BTC, BCH, LTC, ETH, ETC, ZEC, DASH, SCC, XMC, BTM
  • Minergate.com: A public mining pool mining of cryptocurrencies like ETH, ETC, ZEC, BTG, BCN, XMR, XMO, FCN, XDN, AEON
  • Btc.com: The most popular mining pool among miners offering cryptocurrencies BTC, BCH, ETH, ETC, LTC, UBTC, DCR to mine
  • BTCC: The largest Chinese pool in the world mining 7% of all existing blocks.
  • Slush: The most trusted mining pools on internet mining 7% of all available blocks.
Mining pools can definitely be a change to the entire mining process offering the highest and the real income without spending years depending on the computational powers. Hence, investing in a mining pool can be beneficial but always choose the mining pool that fits your personal needs and facilities.
submitted by coinscapturecom to u/coinscapturecom [link] [comments]

So you’ve got your miner working, busy hashing away … but what is it really doing?

Posted for eternity @ https://vertcoin.easymine.online/articles/mining
Your miner is repeatedly hashing (see below for detail about a hash) a block of data, looking for a resulting output that is lower than a predetermined target. Each time this calculation is performed, one of the fields in the input data is changed, and this results in a different output. The output is not able to be determined until the work is completed – otherwise why would we bother doing the work in the first place?
Each hash takes a block header (see more below, but basically this is a 80-byte block of data). It runs this through the hashing function, and what comes out is a 32-byte output. For each, we usually represent that output in hexadecimal format, so it looks something like:
5da4bcb997a90bec188542365365d8b913af3f1eb7deaf55038cfcd04f0b11a0 
(that’s 64 hexadecimal characters – each character represents 4-bits. 64 x 4 bits = 256bit = 32 bytes)
The maximum value for our hash is:
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 
And the lowest is:
0000000000000000000000000000000000000000000000000000000000000000 
The goal in Proof-of-Work systems is to look for a hash that is lower than a specific target, i.e. starts with a specific number of leading zeros. This target is what determines the difficulty.
As the output of the hash is indeterminate, we look to statistics and probability to estimate how much work (i.e. attempts at hashing) we need to complete to find a hash that is lower than a specific target. So, we can therefore assume that to find a hash that starts with a leading zero will take, on average, 16 hashes. To find one that will start with two leading zeros (00), we’re looking at 256 hashes. Four leading zeros (0000) will take 65,536 hashes. Eight leading zeros (00000000) takes 4,294,967,296 hashes. So on and so on, until we realize that it will take 2 ^ 256 (a number too big for me to show here) attempts at hitting our minimum hash value.
Remember – this number of hashes is just an estimate. Think of it like rolling a dice. A 16-sided dice. And then rolling it 64 times in a row. And hoping to strike a specific number of leading zeros. Sometimes it will take far less than the estimate, sometimes it will take far more. Over a long enough time period though (with our dice it may take many billions of years), the averages hold true.
Difficulty is a measure used in cryptocurrencies to simply show how much work is needed to find a specific block. A block of difficulty 1 must have a hash smaller than:
00000000FFFF0000000000000000000000000000000000000000000000000000 
A block of difficulty 1/256 (0.00390625) must have a hash lower than:
000000FFFF000000000000000000000000000000000000000000000000000000 
And a block of difficulty 256 must have a hash lower than:
0000000000FFFF00000000000000000000000000000000000000000000000000 
So the higher the difficulty, the lower the hash must be; therefore more work must be completed to find the block.
Take a recent Vertcoin block – block # 852545, difficulty 41878.60056944499. This required a hash lower than:
000000000001909c000000000000000000000000000000000000000000000000 
The achieve finding this, a single miner would need to have completed, on average 179,867,219,848,013 hashes (calculated by taking the number of hashes needed for a difficulty 1 block - 4,294,967,296 or 2 ^ 32 or 16 ^ 8 – and multiplied by the difficulty). Of course, our single miner may have found this sooner – or later – than predicted.
Cryptocurrencies alter the required difficulty on a regular basis (some like Vertcoin do it after every block, others like Bitcoin or Litecoin do it every 2016 blocks), to ensure the correct number of blocks are found per day. As the hash rate of miners increases, so does the difficulty to ensure this average time between blocks remains the same. Likewise, as hash rate decreases, the difficulty decreases.
With difficulties as high as the above example, solo-mining (mining by yourself, not in a pool) becomes a very difficult task. Assume our miner can produce 100 MH/s. Plugging in this into the numbers above, we can see it’s going to take him (on average) 1,798,673 seconds of hashing to find a hash lower than the target – that’s just short of 21 days. But, if his luck is down, it could easily take twice that long. Or, if he’s lucky, half that time.
So, assuming he hit’s the average, for his 21 days mining he has earned 25 VTC.
Lets take another look at the same miner, but this time he’s going to join a pool, where he is working with a stack of other miners looking for that elusive hash. Assume the pool he has joined does 50 GH/s – in that case he has 0.1 / 50 or 0.2% of the pool’s hash rate. So for any blocks the pool finds he should earn 0.2% of 25 VTC = 0.05 VTC. At 50 GH/s, the pool should expect to spend 3,597 seconds between finding blocks (2 ^ 32 * difficulty / hashrate). So about every hour, our miner can expect to earn 0.05 VTC. This works out to be about 1.2 VTC per day, and when we extrapolate over the estimated 21 days of solo mining above, we’re back to 25 VTC.
The beauty of pooled-mining over solo-mining is that the time between blocks, whilst they can vary, should be closer to the predicted / estimated times over a shorter time period. The same applies when comparing pools – pools with a smaller hash rate will experience a greater variance in time between blocks than a pool with a greater hash rate. But in the end, looking back over a longer period of time, earnings will be the same.
Hashes
A Hash is a cryptographic function that can take an arbitrary sized block of data and maps it to a fixed sized output. It is a one-way function – only knowing the input data can one calculate the output; the reverse action is impossible. Also, small changes to the input data usually result in significant changes to the output value.
For example, take the following string:
“the quick brown fox jumps over the lazy dog” 
If we perform a SHA256 hash of this, it results in:
05c6e08f1d9fdafa03147fcb8f82f124c76d2f70e3d989dc8aadb5e7d7450bec 
If we change a single character in the input string (in this case we will replace the ‘o’ in ‘over’ to a zero), the resulting hash becomes:
de492f861d6bb8438f65b2beb2e98ae96a8519f19c24042b171d02ff4dfecc82 
Blocks
A block is made up of a header, and at least one transaction. The first transaction in the block is called the Coinbase transaction – it is the transactions that creates new coins, and it specifies the addresses that those coins go to. The Coinbase transaction is always the first transaction in a block, and there can only be one. All other transactions included in a block are transactions that send coins from one wallet address to another.
The block header is an 80-byte block of data that is made up of the following information in this order:
  • Version – a 32-bit/4-byte integer
  • Previous Block’s SHA256d Hash – 32 bytes
  • Merkle Hash of the Transactions – 32 bytes
  • Timestamp - a 32-bit/4-byte integer the represents the time of the block in seconds past 1st January 1970 00:00 UTC
  • nBits - a 32-bit/4-byte integer that represents the maximum value of the hash of the block
  • Nonce - a 32-bit/4-byte integer
The Version of a block remains relatively static through a coin’s lifetime – most blocks will have the same version. Typically only used to introduce new features or enforce new rules – for instance Segwit adoption is enforced by encoding information into the Version field.
The Previous Blocks’ Hash is simple a doubled SHA256 hash of the last valid blocks header.
The Merkle Hash is a hash generated by chaining all of the transactions together in a hash tree – thus ensuring that once a transaction is included in a block, it cannot be changed. It becomes a permanent record in the blockchain.
Timestamp loosely represents the time the block was generated – it does not have to be exact, anywhere within an hour each way of the real time will be accepted.
nBits – this is the maximum hash that this block must have in order to be considered valid. Bitcoin encodes the maximum hash into a 4-byte value as this is more efficient and provides sufficient accuracy.
Nonce – a simple 4-byte integer value that is incremented by a miner in order to find a resulting hash that is lower than that specified by nBits.
submitted by nzsquirrell to VertcoinMining [link] [comments]

Bitcoin Tax Attorney here. I am around for discussion or questions related to Bitcoin Tax treatment, including tax planning opportunities for businesses and individuals.

Anyone have issues with their tax returns due to lots of Bitcoin usage or from the sale and disposition of Bitcoin? Anyone looking for any tax favorable planning opportunities? Either as an individual who sold a bunch for profit or for a business who has begun accepting Bitcoin for the first time.
My practice has focused on helping both individuals and businesses for Bitcoin tax related matters for much of this year. I am available for discussion here in the comments, and for more specific matters, please PM me.
I'm a tax attorney based in Los Angeles and big bitcoin fan and miner going way back. I've been lurking hear on bitcoin for years. I was a miner back in 2011-2013, build my own custom rigs with 6 Radeon 7970s.
Then I was among the first to receive a couple of BFL's 5 gh/s cubes and then one of the first 50 Gh/s. (I knew that was a lawsuit waiting to happen against BFL. Scoundrels) Good memories all around. I still have my spreadsheets keeping track of what I mined. Altogether, with the pools, I mined over 100 bitcoin. Alas, I sold many of them when the price was $300 or less.
All this time I was focusing on tax law, finishing Tax LLM courses in Los Angeles. So, it was inevitable that the two interests would merge. I ended up writing a proposal to treat Bitcoin as currency as opposed to property.
Here is a link to my paper on this which Tax Notes published as their cover story a few months back, which was completely unexpected but kinda cool to see this niche interest rewarded.
Paper: "Bitcoin: Property or Currency?" http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2708188
Got to go on a State Bar Delegation to DC to enlighten folks with the power to actually do something about it. Delegation met with IRS Chief Counsel, including people who drafted the Notice treating Bitcoin as property. Also folks from Treasury Dept, Senate Finance Committee, House Ways & Means, etc.
I urged for currency treatment (as opposed to property treatment) of Bitcoin and other cryptocurrencies, in fact anything built on the basis of the Blockchain meant as a mode to transact money.
If any of you guys had to do your taxes this year, and have bought and spent a lot of Bitcoin, or even just mined and sold, you probably know some of the difficulties I'm alluding to without even mentioning.
Should we really have to calculate capital gains/loss on the purchase of a cup of coffee at your neighborhood cryptocurrency friendly coffee shop, for example? Even with purchases at Overstock.com or Dell, you were technically supposed to calculate capital gains and losses and provide supporting backup on your tax returns this year.
What a practical and administrative nightmare for both taxpayers and for the IRS who has to wade through this. I feel like some of what I wrote got through to them. As we all know, government lags far behind emerging technologies. But they did seem genuinely interested, and I do not believe my paper and proposal fell upon deaf ears.
I have my own law office these days and work with or for many attorneys on various matters, just as I have a number of attorneys assist me. No such thing as a pure solo practitioner these days. No man can afford to be an island.
This tax year has been very rewarding and helped a great many tax clients with Bitcoin issues from anything to bookkeeping to strategic planning for the short-term as well as long-term.
Any accountant knows the terms LIFO and FIFO, but there's seemingly no hard and fast rules for measurement for when a particular bitcoin was bought and sold for purposes of calculating gains/losses. Also, no hard and fast rules as to where the particular market price of Bitcoin is found on a particular day.
Everything is loose, open to interpretation by the tax payer, and with strategic guidance, can prove incredibly tax favorable ultimately. It is wise for a business to accept Bitcoin for many reasons, including that broad opportunity for interpretation while staying true to the property guidance.
So, it is ultimately very taxpayer friendly due to this broad leeway. More than that, treating bitcoin and cryptocurrencies as property rather than currency is also taxpayer friendly by definition. Your bitcoin gains will only be taxed at your capital gains rate instead of as ordinary income, a higher rate.
I assisted a lot of individuals and even businesses who accepted bitcoin for the first time this year. I intended to post on /bitcoin before to offer my services and to also just allow people to send me questions, which I am happy to discuss in private for free.
I got pretty slammed up to tax day, but I'm free now. Just hit me up by private message or shoot me an email at thebitcoinlawyer at g mail.
Any questions or thoughts, I'll be around. I'm often around /bitcoin anyway. Love this community. And if I can serve as help for any of you, all the better. Thanks.
TL;DR Bitcoin Tax Attorney available for discussion on tax issues here in comments, or for more personalized issues, hit me up by PM
submitted by BitcoinTaxAttorney to Bitcoin [link] [comments]

Latest block updates

They're coming in fast! Seems light a fight between ViaBTC and the anonymous mineminer pool ("MCPool") so far. The ticker name seems to be BCH - BitCoinCash. I'm updating this thread both on /BTC and /BitCoin.
Reply below if you want me to add more stats to each block!

Block difficulty

The more miners there are on the network with more power collectively behind them in pools, the harder blocks have to be to solve, so difficulty increases over time. BitCoin has a built in mechanism where difficulty will drop if no blocks are mined in a certain (long) amount of time. This BCC fork has been modified so that if less than 6 blocks have been mined in the past 12 hours, difficulty drops (or if hash rates drop to 1/12th of their former rate - toinewx).
This means at the current rate, we will not see a difficulty drop. This could be good or bad depending on the groups mining them motives are - do they want to lock everyone else out difficulty wise as they are pushing nowhere near as much power or are they enthusiasts supporting the new chain? Time will tell.

Links

I have compiled here various useful links, resources and threads to do with the split and BCH.
Reddit links are np (non participation) but should you go over to the other sub (/btc /bitcoin or vice versa) please be civil. There is no need for the war that is seemingly going on. Keep your cool!

Stats

  • 25% first mined by ViaBTC as of block 12
  • 75% first mined by "Other" (MCPool/Solo Miner?) as of block 12
  • Largest (and first block): 6985 transactions, 1915175B size (1.82MB, over 1MB almost 2MB!!) as of block 12
  • First block was mined 5 hours 52 min 41 sec after fork at 7:12:41 PM (1st Aug 2017. It contained 6985 transactions, and was 1915175B in size (1.82MB, over 1MB). It was mined by ViaBTC
  • Second block took 24 min 38 sec after first block to mine by ViaBTC
  • Quickest block after last: Block 8, + 3 min 37 sec after block 7 as of block 12
  • First ViaBTC block was mined on Aug 1, 2017 7:12:41 PM
  • First "MCPool" block was mined on Aug 1, 2017 7:37:19 PM
  • VitaBTC mined the first two blocks
  • BCH is 103 blocks behind BTC as of block 12
  • Armchair math has BCH as somewhere between 10 and 15% the hash rate of BTC
  • The fork began at 13:20:00 UK time and kicked off shortly after when 7 blocks had been mined on the BTC chain at 14:26:14 UK time. This is because the 6th block after the timestamp 12:20 UTC is the last block the two chains share in common before the split off at the 7th.
  • MTP (described above) is actually the median point of the last 11 blocks but it is essentially the same.
  • This means the fork kicked off at block #478558 and started with block #478553

Latest updates

  • Added blocks 11 & 12
  • Added block 10
  • Cleaned out updates list

Blocks

Block 12
Aug 2, 2017 4:15:01 AM (+ 23 min 12 sec from last block, 8 hours 53 min 20 sec since first block, 14 hours 55 min 1 sec since fork) / Block #478570 / Size: 85032B, 83KB, 0.08MB / Transactions: 142
jMCY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/E!
Block 11
Aug 2, 2017 3:51:49 AM (+ 1 hour 44 min 48 sec from last block, 8 hours 30 min 8 sec since first block, 14 hours 31 min 49 sec since fork) / Block #478569 / Size: 375414B, 366KB, 0.35MB / Transactions: 563
iME>Y/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/L۳7
Block 10
Aug 2, 2017 2:07:01 AM (+ 1 hour 28 min 32 sec from last block, 6 hours 45 min 20 sec since first block, 12 hours 47 min 1 sec since fork) / Block #478568 / Size: 376371B, 367KB, 0.35MB / Transactions: 790
hMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y%w;
Block 9
Aug 2, 2017 12:38:29 AM (+ 1 hour 38 min 29 sec from last block, 5 hours 16 minutes 48 sec since first block, 11 hours 18 min 29 sec since fork) / Block #478567 / Size: 420294B, 410KB, 0.4MB / Transactions: 105
gMY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/
Block 8
Aug 1, 2017 10:39:21 PM (+ 3 min 37 sec from last block, 3 hours 17 minutes 40 sec since first block, 9 hours 19 min 21 sec since fork) / Block #478566 / [thread] / Size: 9327B, 9KB, 0.00889MB / Transactions: 21
fM Y/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/ 6
Block 7
Aug 1, 2017 10:35:44 PM (+ 30 min 29 sec from last block, 3 hours 14 minutes 3 sec since first block, 9 hours 15 min 44 sec since fork) / Block #478565 / Size: 107160B, 104KB, 0.1MB / Transactions: 165 / [thread]
ViaBTC eM/ViaBTC/Hello World!/g
Block 6
Aug 1, 2017 10:05:15 PM (+ 1 hour 27 min 31 sec from last block, 2 hours 43 minutes 34 sec since first block, 8 hours 45 min 15 sec since fork) / Block #478564 / Size: 462505B, 451KB, 0.44MB / Transactions: 570 / [[thread]
dMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y
Block 5
Aug 1, 2017 8:37:44 PM (+ 44 min 46 sec from last block, 1 hours 16 minutes 3 sec since first block, 7 hours 17 min 44 sec since fork) / Block #478563 5 / Size: 407906B, 398KB, 0.38MB / Transactions: 520 / [[thread]
cMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y؈% L
Block 4
Aug 1, 2017 7:52:58 PM (+ 15 min 39 sec from last block, 31 minutes 17 sec since first block, 6 hours 32 min 58 sec since fork) / Block #4785625 / Size: 89038B, 86KB, 0.084MB / Transactions: 502 / [ [thread]
bMCPool 1 Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong Y S)
Block 3
Aug 1, 2017 7:37:19 PM (+ 4 min 13 sec from last block, 15 minutes 38 sec since first block, 6 hours 17 min 19 sec since fork) / Block #4785615 / Size: 20241B, 19KB, 0.019MB / Transactions: 26 / [ [thread]
aM_ʀY/Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong/E"
Block 2
Aug 1, 2017 7:33:06 PM (+ 24 min 38 sec from last block, 11 minutes 25 sec since first block, 6 hours 13 min 6 sec since fork) / Block #478560 5 / Size: 43055B, 42KB, 0.04MB / Transactions: 75 / [[thread]
ViaBTC `M/ViaBTC/Hello World!/4s"~
Block 1
Aug 1, 2017 7:12:41 PM (+ 4 hour 56 min 27 sec after last block before fork, 5 hours 5 min 52 sec since fork) / Block #478559 5 / Size: 1915175B, 1870KB, 1.82MB (OVER 1MB - ALMOST 2MB!!) / Transactions: 6985 / [[thread]
ViaBTC _M*/ViaBTC/Welcome to the world, Shuya Yang!/q30c
I'll probably be asleep at the next block - I will update when I wake and try and keep it going to +24 or +36 hours from fork! :)
submitted by Inthewirelain to btc [link] [comments]

RPi3 Mining [UPDATE]

I made a post yesterday about mining with the RPI3 [Here], I stated that it was getting 20 H/s. While at the time this was true. It must have been because it was new. I plugged it in for 5 minutes to get the numbers again just now and it's around 6 H/s.
Here is the proof: https://imgur.com/a/zRhDp
I used raspbian stretch for the OS and xmrig to mine monero. After a little bit, the RPi3 got very hot, you can see that in the image in the grey square where it says 100%. It's the CPU usage monitor, which I usually see mine running at around 1%-10% between idle and normal usage.
It's a simple install to get it up and running. The only problem I found was remembering to sudo -i and cd into the proper folder (build) and then I could run xmrig without getting an error. I still don't know how to change the config folder so I can just have 1 rather than 4 threads running.
Based on this and plugging this into Cryptocompare , (I have free electricity) I would be making 0.001560 XMR a day, roughly 50 cents a month, and 5.70 USD a year. Not much.
I next want to take on making a raspberry pi mircocluster. With my RPi3 as the controller and 4 RPi0's as the nodes. I am currently downloading the software to make it and flashing the sd cards, just waiting for the RPi0's to come in the mail, along with the cluster hat.
I was also thinking of making a RPi3 miner that can mine in a pool and if your feeling lucky, you flip a switch and the RPi3 solo mines for that current block.
A short bit about me, I know nothing about computers, I know nothing about cryptocurrency(and I still understand that I'm not going to make a profit!). If you ran into me on the street, this stuff would be the last thing I would talk about, I'm more into the gym/fitness. I figured I would expand my mind into something I probably wouldn't like. But I am enjoying all of this! I have bought into XMR,BTC, and Raiblocks.
What got me into this was reading about bitcoin a few years ago, I messed around with faucets and got 30$, I heard about bitcoin on the news again and I was able to get back into my wallet which was then 200$. I used that money to buy into XMR,BTC, and Raiblocks.
Ill keep posting my findings and projects I'm looking into next! I would like to see more people posting projects, I enjoy seeing people helping each other on here and what others are doing.
Thanks!
submitted by Boatsmhoes to CryptoCurrency [link] [comments]

The Strange Birth & History of Monero, Part IV: Monero "as it is now"

You can read here part III.
You can read this whole story translated into Spanish here
This is part IV, the last but not least.
Monero - A secure, private, untreceable cryptocurrency
https://bitcointalk.org/index.php?topic=583449.0
Notable comments in this thread:
-201: “I would like to offer 1000 MRO to the first person who creates a pool”
(https://bitcointalk.org/index.php?topic=583449.msg6422665#msg6422665)
[tacotime offers bounty to potential pool developer. Bytecoin devs haven’t released any code for pools, and the only existent pool, minergate (in the future related to BCN interests) was closed source]
-256: “Adam back seems to like CryptoNote the better than Zerocash https://twitter.com/adam3us/status/453493394472697856”
(https://bitcointalk.org/index.php?topic=583449.msg6440769#msg6440769)
-264: “update on pools: The NOMP guy (zone117x) is looking to fork his open source software and get a pool going, so one should hopefully be up soon.”
(https://bitcointalk.org/index.php?topic=583449.msg6441302#msg6441302)
-273: “Update on GUI: othe from VertCoin has notified me that he is working on it.”
(https://bitcointalk.org/index.php?topic=583449.msg6442606#msg6442606)
-356: “Everyone wanting a pool, please help raise a bounty with me here:
https://bitcointalk.org/index.php?topic=589533.0
And for the GUI:
https://bitcointalk.org/index.php?topic=589561.0”
(https://bitcointalk.org/index.php?topic=583449.msg6461533#msg6461533)
[5439 MRO + 0.685 BTC + 5728555.555 BCN raised for pool and 1652 XMR, 121345.46695471 BCN for the GUI wallet. Though this wallet was "rejected" as official GUI because wallet still has to be polished before building a GUI]
-437: “Yes, most Windows users should see a higher hashrate with the new build. You can thank NoodleDoodle. ”
(https://bitcointalk.org/index.php?topic=583449.msg6481202#msg6481202)
-446: “Even faster Windows binaries have just been uploaded. Install for more hash power! Once again, it was NoodleDoodle.”
(https://bitcointalk.org/index.php?topic=583449.msg6483680#msg6483680)
-448: “that almost doubled my hashrate again! GREAT STUFF !!!”
(https://bitcointalk.org/index.php?topic=583449.msg6484109#msg6484109)
-461: “Noodle only started optimization today so there may be gains for your CPU in the future.”
(https://bitcointalk.org/index.php?topic=583449.msg6485247#msg6485247)
[First day of miner optimization by NoodleDoodle, it is only May 1st]
-706: “The unstoppable NoodleDoodle has optimized the Windows build again. Hashrate should more than double. Windows is now faster than Linux. :O”
(https://bitcointalk.org/index.php?topic=583449.msg6549444#msg6549444)
-753: “i here tft is no longer part of the project. so is he forking or relaunching bytecoin under new name and new parameters (merged mining with flatter emission curve.) also. what is the end consensus for the emission curve for monero. will it be adjusted."
(https://bitcointalk.org/index.php?topic=583449.msg6561345#msg6561345)
[May, 5th 2014. TFT is launching FANTOMCOIN, a clone coin which its "only" feature was merged mining]
-761: (https://bitcointalk.org/index.php?topic=583449.msg6561941#msg6561941) [May, 5th 2014 – eizh on emission curve and tail emission]
-791: “As promised, I did Russian translation of main topic.”
(https://bitcointalk.org/index.php?topic=583449.msg6565521#msg6565521)
[one among dozens of decentralized and “altruist” collaborators of Monero in minor tasks]
-827: image
(https://bitcointalk.org/index.php?topic=583449.msg6571652#msg6571652)
-853: (https://bitcointalk.org/index.php?topic=583449.msg6575033#msg6575033)
[some are not happy that NoodleDoodle had only released the built binaries, but not the source code]
-950: (https://bitcointalk.org/index.php?topic=583449.msg6593768#msg6593768)
[Rias, an account suspected to be related to the Bytecoin scam, dares to tag Monero as “instamine”]
-957: “It's rather bizarre that you're calling this an "instamine" scam when you're so fervently supporting BCN, which was mined 80% before entering the clearnet. Difficulty adjustments are per block, so there is no possibility of an instamine unless you don't publish your blockchain (emission is regular at the preset interval, and scales adequately with the network hash rate). What you're accusing monero of is exactly what ByteCoin did.”
https://bitcointalk.org/index.php?topic=583449.msg6594025#msg6594025
[Discussion with rias drags on for SEVERAL posts]
-1016: “There is no "dev team". There is a community of people working on various aspects of the coin.
I've been keeping the repo up to date. NoodleDoodle likes to optimise his miner. TFT started the fork and also assists when things break. othe's been working on a GUI. zone117x has been working on a pool.
It's a decentralized effort to maintain the fork, not a strawman team of leet hackers who dwell in the underbellies of the internet and conspire for instamines.”
(https://bitcointalk.org/index.php?topic=583449.msg6596828#msg6596828)
-1023: “Like I stated in IRC, I am not part of the "dev team", I never was. Just so happens I took a look at the code and changed some extremely easy to spot "errors". I then decided to release the binary because I thought MRO would benefit from it. I made this decision individually and nobody else should be culpable”
(https://bitcointalk.org/index.php?topic=583449.msg6597057#msg6597057)
[Noodledoodle gets rid of the instaminer accusations]
-1029: “I decided to relaunch Monero so it will suit all your wishes that you had: flatter emission curve, open source optimized miner for everybody from the start, no MM with BCN/BMR and the name. New Monero will be ready tomorrow”
(https://bitcointalk.org/index.php?topic=583449.msg6597252#msg6597252)
[people trying to capitalize mistakes is always there.]
-1030: "Pull request has been submitted and merged to update miner speed
It appears from the simplicity of the fix that there may have been deliberate crippling of the hashing algorithm from introduction with ByteCoin."
https://bitcointalk.org/index.php?topic=583449.msg6597460#msg6597460
[tacotime “officially” raises suspects of possible voluntarily crippled miner]
-1053: "I don't mind the 'relaunch' or the merge-mining fork or any other new coin at all. It's inevitable that the CryptoNote progresses like scrypt into a giant mess of coins. It's not undesirable or 'wrong'. Clones fighting out among themselves is actually beneficial for Monero. Although one of them is clearly unserious and trolling by choosing the same name.
Anyway, this sudden solidarity with BCN or TFT sure is strange when none of these accounts were around for the discussions that took place 3 weeks ago. Such vested interests with no prior indications. Hmm...? "
https://bitcointalk.org/index.php?topic=583449.msg6599013#msg6599013
[eizh points out the apparent organized fudding]
-1061: "There was no takeover. The original developer (who himself did a fork of bytecoin and around a dozen lines of code changes) was non-responsive and had disappeared. The original name had been cybersquatted all over the place (since the original developer did not even register any domain name much less create a web site), making it impossible to even create a suitably named web site. A bunch of us who didn't want to see the coin die who represented a huge share of the hash power and ownership of the coin decided to adopt it. We reached out to the original developer to participate in this community effort and he still didn't respond over 24 hours, so we decided to act to save the coin from neglect and actively work toward building the coin."
(https://bitcointalk.org/index.php?topic=583449.msg6599798#msg6599798)
[smooth defends legitimacy of current “dev team” and decisions taken]
-1074: “Zerocash will be announced soon (May 18 in Oakland? but open source may not be ready then?).
Here is a synopsis of the tradeoffs compared to CyptoNote: […]"
(https://bitcointalk.org/index.php?topic=583449.msg6602891#msg6602891)
[comparison among Zerocash y Cryptonote]
-1083: "Altcoin history shows that except in the case of premine (Tenebrix), the first implementation stays the largest by a wide margin. We're repeating that here by outpacing Bytecoin (thanks to its 80% mine prior to surfacing). No other CN coin has anywhere near the hashrate or trading volume. Go check diff in Fantom for example or the lack of activity in BCN trading.
The only CN coin out there doing something valuable is HoneyPenny, and they're open source too. If HP develops something useful, MRO can incorporate it as well. Open source gives confidence. No need for any further edge."
(https://bitcointalk.org/index.php?topic=583449.msg6603452#msg6603452)
[eizh reminds everyone the “first mover” advantage is a real advantage]
-1132: "I decided to tidy up bitmonero GitHub rep tonight, so now there is all valuable things from latest BCN commits & Win32. Faster hash from quazarcoin is also there. So BMR rep is the freshest one.
I'm working on another good feature now, so stay tuned."
(https://bitcointalk.org/index.php?topic=583449.msg6619738#msg6619738)
[first TFT apparition in weeks, he somehow pretends to still be the "lead dev"]
-1139: "This is not the github or website used by Monero. This github is outdated even with these updates. Only trust binaries from the first post."
(https://bitcointalk.org/index.php?topic=583449.msg6619971#msg6619971)
[eizh tries to clarify the community, after tft interference, which are the official downloads]
-1140: “The faster hash is from NoodleDoodle and is already submitted to the moner-project github (https://github.com/monero-project/bitmonero) and included in the binaries here.
[trying to bring TFT back on board] It would be all easier if you just work together with the other guys, whats the problem? Come to irc and talk like everyone else?
[on future monero exchangers] I got confirmation from one."
(https://bitcointalk.org/index.php?topic=583449.msg6619997#msg6619997)
[8th may 2014, othe announces NoodleDoodle optimized miner is now open source, asks TFT to collaborate and communicates an exchanger is coming]
-1146: "I'll be impressed if they [BCN/TFT shills] manage to come up with an account registered before January, but then again they could buy those.”
(https://bitcointalk.org/index.php?topic=583449.msg6620257#msg6620257)
[smooth]
-1150: “Ring signatures mean that when you sign a transaction to spend an output (coins), no one looking at the block chain can tell whether you signed it or one of the other outputs you choose to mix in with yours. With a mixing factor of 5 or 10 after several transactions there are millions of possible coins all mixed together. You get "anonymity" and mixing without having to use a third party mixer.”
(https://bitcointalk.org/index.php?topic=583449.msg6620433#msg6620433)
[smooth answering to “what are ring signatures” in layman terms]
-1170: "Someone (C++ skilled) did private optimized miner a few days ago, he got 74H/s for i5 haswell. He pointed that mining code was very un-optimized and he did essential improvements for yourself. So, high H/S is possible yet. Can the dev's core review code for that?"
(https://bitcointalk.org/index.php?topic=583449.msg6623136#msg6623136)
[forums are talking about an individual or group of individuals with optimized miners - may 9th 2014]
-1230: "Good progress on the pool reported by NOMP dev zone117x. Stay tuned, everyone.
And remember to email your favorite exchanges about adding MRO."
(https://bitcointalk.org/index.php?topic=583449.msg6640190#msg6640190)
-1258: "This is actually as confusing to us as you. At one point, thankful_for_today said he was okay with name change: https://bitcointalk.org/index.php?topic=563821.msg6368600#msg6368600
Then he disappeared for more than a week after the merge mining vote failed.”
(https://bitcointalk.org/index.php?topic=583449.msg6645981#msg6645981)
[eizh on the TFT-issue]
-1358: “Jadehorse: registered on 2014-03-06 and two pages of one line posts:
https://bitcointalk.org/index.php?action=profile;u=263597
https://bitcointalk.org/index.php?action=profile;u=263597;sa=showPosts
Trustnobody: registered on 2014-03-06 and two pages of one line posts:
https://bitcointalk.org/index.php?action=profile;u=264292
https://bitcointalk.org/index.php?action=profile;u=264292;sa=showPosts
You guys should really just stop trying. It is quite transparent what you are doing. Or if you want to do it, do it somewhere else. Everyone else: ignore them please."
(https://bitcointalk.org/index.php?topic=583449.msg6666844#msg6666844)
[FUD campaign still ongoing, smooth battles it]
-1387: "The world’s first exchange for Monero just opened! cryptonote.exchange.to"
(https://bitcointalk.org/index.php?topic=583449.msg6675902#msg6675902)
[David Latapie announces an important milestone: exchanger is here]
-1467: "image"
(https://bitcointalk.org/index.php?topic=583449.msg6686125#msg6686125)
[it is weird, but tft appears again, apparently as if he were in a parallel reality]
-1495: “http://monero.cc/blog/monero-price-0-002-passed/”
(https://bitcointalk.org/index.php?topic=583449.msg6691706#msg6691706)
[“trading” milestone reached: monero surpassed for first time 0.002 btc price]
-1513: "There is one and only one coin, formerly called Bitmonero, now called Monero. There was a community vote in favor (despite likely ballot stuffing against). All of the major stakeholders at the time agreed with the rename, including TFT.
The code base is still called bitmonero. There is no reason to rename it, though we certainly could have if we really wanted to.
TFT said he he is sentimental about the Bitmonero name, which I can understand, so I don't think there is any malice or harm in him continuing to use it. He just posted the nice hash rate chart on here using the old name. Obviously he understands that they are one and the same coin."
(https://bitcointalk.org/index.php?topic=583449.msg6693615#msg6693615)
[Smooth clears up again the relation with TFT and BMR. Every time he appears it seems to generate confusion on newbies]
-1543: "Pool software is in testing now. You can follow the progress on the pool bounty thread (see original post on this thread for link)."
(https://bitcointalk.org/index.php?topic=583449.msg6698097#msg6698097)
-1545: "[on the tail emission debate] I've been trying to raise awareness of this issue. The typical response seems to be, "when Bitcoin addresses the problem, so will we." To me this means it will never be addressed. The obvious solution is to perpetually increase the money supply, always rewarding miners with new coins.
Tacotime mentioned a hard fork proposal to never let the block reward drop below 1 coin:
Code: if (blockReward < 1){ blockReward = 1; }
I assume this is merely delaying the problem, however. I proposed a fixed annual debasement (say 2%) with a tx fee cap of like 0.001% of the current block reward (or whatever sounds reasonable). That way we still get the spam protection without worrying about fee escalation down the road."
(https://bitcointalk.org/index.php?topic=583449.msg6698879#msg6698879)
[Johnny Mnemonic wants to debate tail emission. Debate is moved to the “Monero Economy” thread]
-1603: “My GOD,the wallet is very very wierd and too complicated to operate, Why dont release a wallet-qt as Bitcoin?”
(https://bitcointalk.org/index.php?topic=583449.msg6707857#msg6707857)
[Newbies have hard times with monero]
-1605: "because this coin is not a bitcoin clone and so there isnt a wallet-qt to just copy and release. There is a bounty for a GUI wallet and there is already an experimental windows wallet..."
(https://bitcointalk.org/index.php?topic=583449.msg6708250#msg6708250)
-1611: "I like this about Monero, but it seems it was written by cryptographers, not programmers. The damned thing doesn't even compile on Arch, and there are several bugs, like command history not working on Linux. The crypto ideas are top-notch, but the implementation is not."
(https://bitcointalk.org/index.php?topic=583449.msg6709002#msg6709002)
[Wolf0, a miner developer, little by little joining the community]
-1888: "http://198.199.79.100 (aka moneropool.org) successfully submitted a block. Miners will be paid for their work once payments start working.
P.S. This is actually our second block today. The first was orphaned. :/"
(https://bitcointalk.org/index.php?topic=583449.msg6753836#msg6753836)
[May 16th: first pool block]
-1927: "Botnets aren't problem now. The main problem is a private hi-performance miner"
(https://bitcointalk.org/index.php?topic=583449.msg6759622#msg6759622)
-1927: "Evidence?"
(https://bitcointalk.org/index.php?topic=583449.msg6759661#msg6759661)
[smooth about the private optimized miner]
-1937: “[reference needed: smooth battling the weak evidence of optimized miner] Yes, I remember that. Some person on the Internet saying that some other unnamed person said he did something hardly constitutes evidence.
I'm not even doubting that optimized asm code could make a big difference. Just not sure how to know whether this is real or not. Rumors and FUD are rampant, so it is just hard to tell."
(https://bitcointalk.org/index.php?topic=583449.msg6760040#msg6760040)
[smooth does not take the "proof" seriously]
-1949: "image
One i5 and One e5 connected to local pool:
image"
(https://bitcointalk.org/index.php?topic=583449.msg6760624#msg6760624)
[proof of optimized miner]
-1953: "lazybear are you interested in a bounty to release the source code (maybe cleaned up a bit?) your optimized miner? If not, I'll probably play around with the code myself tomorrow and see if I can come up with something, or maybe Noodle Doodle will take an interest."
(https://bitcointalk.org/index.php?topic=583449.msg6760699#msg6760699)
[smooth tries to bring lazybear and his optimized miner on board]
-1957: "smooth, NoodleDoodle just said on IRC his latest optimizations are 4x faster on Windows. Untested on Linux so far but he'll push the source to the git repo soon. We'll be at 1 million network hashrate pretty soon."
(https://bitcointalk.org/index.php?topic=583449.msg6760814#msg6760814)
[eizh makes publics NoodleDoodle also has more miner optimizations ready]
-1985: “Someone (not me) created a Monero block explorer and announced it yesterday in a separate thread:
https://bitcointalk.org/index.php?topic=611561.0”
(https://bitcointalk.org/index.php?topic=583449.msg6766206#msg6766206)
[May 16th, 2014: a functional block explorer]
-2018: “Noodle is doing some final tests on Windows and will begin testing on Linux. He expects hashrate should increase across all architectures. I can confirm a 5x increase on an i7 quad-core + Windows 7 64-bit.
Please be patient. These are actual changes to the program, not just a switch that gets flicked on. It needs testing.”
(https://bitcointalk.org/index.php?topic=583449.msg6770093#msg6770093)
[eizh has more info on last miner optimization]
-2023: “Monero marketcap is around $300,000 as of now”
(https://bitcointalk.org/index.php?topic=583449.msg6770365#msg6770365)
-2059: I was skeptical of this conspiracy theory at first but after thinking about the numbers and looking back at the code again, I'm starting to believe it.
These are not deep optimizations, just cleaning up the code to work as intended.
At 100 H/s, with 500k iterations, 70 cycles per L3 memory access, we're now at 3.5 GHz which is reasonably close. So the algorithm is finally memory-bound, as it was originally intended to be. But as delivered by the bytecode developers not even close.
I know this is going to sound like tooting our own horn but this is another example of the kind of dirty tricks you can expect from the 80% premine crowd and the good work being done in the name of the community by the Monero developers.
Assuming they had the reasonable, and not deoptimized, implementation of the algorithm as designed all along (which is likely), the alleged "two year history" of bytecoin was mined on 4-8 PCs. It's really one of the shadiest and sleaziest premines scams yet, though this shouldn't be surprising because in every type of scam, the scams always get sneakier and more deceptive over time (the simple ones no longer work)."
(https://bitcointalk.org/index.php?topic=583449.msg6773168#msg6773168)
[smooth blowing the lid: if miner was so de-optimized, then BCN adoption was even lower than initially thought]
-2123: (https://bitcointalk.org/index.php?topic=583449.msg6781481#msg6781481)
[fluffypony first public post in Monero threads]
-2131: "moneropool.org is up to 2KHs, (average of 26Hs per user). But that's still only 0.3% of the reported network rate of 575Khs.
So either a large botnet is mining, or someone's sitting quietly on a much more efficient miner and raking in MRO."
(https://bitcointalk.org/index.php?topic=583449.msg6782192#msg6782192)
[with pools users start to notice that “avg” users account for a very small % of the network hashrate, either botnets or a super-optimized miner is mining monero]
-2137: “I figure its either:
(https://bitcointalk.org/index.php?topic=583449.msg6782852#msg6782852)
-2192: “New source (0.8.8.1) is up with optimizations in the hashing. Hashrate should go up ~4x or so, but may have CPU architecture dependence. Windows binaries are up as well for both 64-bit and 32-bit."
(https://bitcointalk.org/index.php?topic=583449.msg6788812#msg6788812)
[eizh makes official announce of last miner optimization, it is may 17th]
-2219: (https://bitcointalk.org/index.php?topic=583449.msg6792038#msg6792038)
[wolf0 is part of the monero community for a while, discussing several topics as botnet mining and miner optimizations. Now spots security flaws in the just launched pools]
-2301: "5x optimized miner released, network hashrate decreases by 10% Make your own conclusions. :|"
(https://bitcointalk.org/index.php?topic=583449.msg6806946#msg6806946)
-2323: "Monero is on Poloniex https://poloniex.com/exchange/btc_mro"
(https://bitcointalk.org/index.php?topic=583449.msg6808548#msg6808548)
-2747: "Monero is holding a $500 logo contest on 99designs.com now: https://99designs.com/logo-design/contests/monero-mro-cryptocurrency-logo-design-contest-382486"
(https://bitcointalk.org/index.php?topic=583449.msg6829109#msg6829109)
-2756: “So... ALL Pools have 50KH/s COMBINED.
Yet, network hash is 20x more. Am i the only one who thinks that some people are insta mining with prepared faster miners?”
(https://bitcointalk.org/index.php?topic=583449.msg6829977#msg6829977)
-2757: “Pools aren't stable yet. They are more inefficient than solo mining at the moment. They were just released. 10x optimizations have already been released since launch, I doubt there is much more optimization left.”
(https://bitcointalk.org/index.php?topic=583449.msg6830012#msg6830012)
-2765: “Penalty for too large block size is disastrous in the long run.
Once MRO value increases a lot, block penalties will become more critical of an issue. Pools will fix this issue by placing a limit on number and size of transactions. Transaction fees will go up, because the pools will naturally accept the most profitable transactions. It will become very expensive to send with more than 0 mixin. Anonymity benefits of ring signatures are lost, and the currency becomes unusable for normal transactions.”
(https://bitcointalk.org/index.php?topic=583449.msg6830475#msg6830475)
-2773: "The CryptoNote developers didn't want blocks getting very large without genuine need for it because it permits a malicious attack. So miners out of self-interest would deliberately restrict the size, forcing the network to operate at the edge of the penalty-free size limit but not exceed it. The maximum block size is a moving average so over time it would grow to accommodate organic volume increase and the issue goes away. This system is most broken when volume suddenly spikes."
(https://bitcointalk.org/index.php?topic=583449.msg6830710#msg6830710)
-3035: "We've contributed a massive amount to the infrastructure of the coin so far, enough to get recognition from cryptonote, including optimizing their hashing algorithm by an order of magnitude, creating open source pool software, and pushing several commits correcting issues with the coin that eventually were merged into the ByteCoin master. We also assisted some exchange operators in helping to support the coin.
To say that has no value is a bit silly... We've been working alongside the ByteCoin devs to improve both coins substantially."
(https://bitcointalk.org/index.php?topic=583449.msg6845545#msg6845545)
[tacotime defends the Monero team and community of accusations of just “ripping-off” others hard-work and “steal” their project]
-3044: "image"
(https://bitcointalk.org/index.php?topic=583449.msg6845986#msg6845986)
[Monero added to coinmarketcap may 21st 2014]
-3059: "You have no idea how influential you have been to the success of this coin. You are a great ambassador for MRO and one of the reasons why I chose to mine MRO during the early days (and I still do, but alas no soup for about 5 days now)."
(https://bitcointalk.org/index.php?topic=583449.msg6846509#msg6846509)
[random user thanks smooth CONSTANT presence, and collaboration. It is not all FUD ;)]
-3068: "You are a little too caught up in the mindset of altcoin marketing wars about "unique features" and "the team" behind the latest pump and dump scam.
In fact this coin is really little more than BCN without the premine. "The team" is anyone who contributes code, which includes anyone contributing code to the BCN repository, because that will get merged as well (and vice-versa).
Focus on the technology (by all accounts amazing) and the fact that it was launched in a clean way without 80% of the total world supply of the coin getting hidden away "somewhere." That is the unique proposition here. There also happens to be a very good team behind the coin, but anyone trying too hard to market on the basis of some "special" features, team, or developer is selling you something. Hold on to your wallet."
(https://bitcointalk.org/index.php?topic=583449.msg6846638#msg6846638)
[An answer to those trolls saying Monero has no innovation/unique feature]
-3070: "Personally I found it refreshing that Monero took off WITHOUT a logo or a gui wallet, it means the team wasn't hyping a slick marketing package and is concentrating on the coin/note itself."
(https://bitcointalk.org/index.php?topic=583449.msg6846676#msg6846676)
-3119: “image
[included for the lulz]
-3101: "[…]The main developers are tacotime, smooth, NoodleDoodle. Some needs are being contracted out, including zone117x, LucasJones, and archit for the pool, another person for a Qt GUI, and another person independently looking at the code for bugs."
(https://bitcointalk.org/index.php?topic=583449.msg6848006#msg6848006)
[the initial "core team" so far, eizh post]
-3123: (https://bitcointalk.org/index.php?topic=583449.msg6850085#msg6850085)
[fluffy steps-in with an interesting dense post. Don’t dare to skip it, worthwhile reading]
-3127: (https://bitcointalk.org/index.php?topic=583449.msg6850526#msg6850526)
[fluffy again, worth to read it too, so follow link, don’t be lazy]
-3194: "Hi guys - thanks to lots of hard work we have added AES-NI support to the slow_hash function. If you're using an AES-NI processor you should see a speed-up of about 30%.”
(https://bitcointalk.org/index.php?topic=583449.msg6857197#msg6857197)
[flufflypony is now pretty active in the xmr topic and announces a new optimization to the crippled miner]
-3202: "Whether using pools or not, this coin has a lot of orphaned blocks. When the original fork was done, several of us advised against 60 second blocks, but the warnings were not heeded.
I'm hopeful we can eventually make a change to more sane 2- or 2.5-minute blocks which should drastically reduce orphans, but that will require a hard fork, so not that easy."
(https://bitcointalk.org/index.php?topic=583449.msg6857796#msg6857796)
[smooth takes the opportunity to remember the need of bigger target block]
-3227: “Okay, optimized miner seems to be working: https://bitcointalk.org/index.php?topic=619373”
[wolf0 makes public his open source optimized miner]
-3235: "Smooth, I agree block time needs to go back to 2 minutes or higher. I think this and other changes discussed (https://bitcointalk.org/index.php?topic=597878.msg6701490#msg6701490) should be rolled into a single hard fork and bundled with a beautiful GUI wallet and mining tools."
(https://bitcointalk.org/index.php?topic=583449.msg6861193#msg6861193)
[tail emission, block target and block size are discussed in the next few messages among smooth, johnny and others. If you want to know further about their opinions/reasonings go and read it]
-3268: (https://bitcointalk.org/index.php?topic=583449.msg6862693#msg6862693)
[fluffy dares another user to bet 5 btc that in one year monero will be over dash in market cap. A bet that he would have lost as you can see here https://coinmarketcap.com/historical/20150524/ even excluding the 2M “instamined” coins]
-3283: "Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one.
I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw).
Everyone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar.
The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended) [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized.
That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have."
(https://bitcointalk.org/index.php?topic=583449.msg6863720#msg6863720)
[smooth vision of a true p2p currency]
-3318: "I have a screen shot that was PMed to me by someone who paid a lot of money for a lot of servers to mine this coin. He won't be outed by me ever but he does in fact exist. Truth."
(https://bitcointalk.org/index.php?topic=583449.msg6865061#msg6865061)
[smooth somehow implies it is not botnets but an individual or a group of them renting huge cloud instances]
-3442: "I'm happy to report we've successfully cracked Darkcoin's network with our new quantum computers that just arrived from BFL, a mere two weeks after we ordered them."
[fluffy-troll]
-3481: “Their slogan is, "Orphaned Blocks, Bloated Blockchain, that's how we do""
(https://bitcointalk.org/index.php?topic=583449.msg6878244#msg6878244)
[Major FUD troll in the topic. One of the hardest I’ve ever seen]
-3571: "Tacotime wanted the thread name and OP to use the word privacy instead of anonymity, but I made the change for marketing reasons. Other coins do use the word anonymous improperly, so we too have to play the marketing game. Most users will not bother looking at details to see which actually has more privacy; they'll assume anonymity > privacy. In a world with finite population, there's no such thing as anonymity. You're always "1 of N" possible participants.
Zero knowledge gives N -> everyone using the currency, ring signatures give N -> your choice, and CoinJoin gives N -> people who happen to be spending around the same amount of money as you at around the same time. This is actually the critical weakness of CoinJoin: the anonymity set is small and it's fairly susceptible to blockchain analysis. Its main advantage is that you can stick to Bitcoin without hard forking.
Another calculated marketing decision: I made most of the OP about ring signatures. In reality, stealth addressing (i.e. one-time public keys) already provides you with 90% of the privacy you need. Ring signatures are more of a trump card that cannot be broken. But Bitcoin already has manual stealth addressing so the distinguishing technological factor in CryptoNote is the use of ring signatures.
This is why I think having a coin based on CoinJoin is silly: Bitcoin already has some privacy if you care enough. A separate currency needs to go way beyond mediocre privacy improvements and provide true indistinguishably. This is true thanks to ring signatures: you can never break the 1/N probability of guessing correctly. There's no additional circumstantial evidence like with CoinJoin (save for IP addresses, but that's a problem independent of cryptocurrencies)."
(https://bitcointalk.org/index.php?topic=583449.msg6883525#msg6883525)
[Anonymity discussions, specially comparing Monero with Darkcoin and its coinjoin-based solution, keep going on]
-3593: "Transaction fees should be a fixed percentage of the block reward, or at the very least not be controllable by the payer. If payers can optionally pay more then it opens the door for miner discrimination and tx fee bidding wars."
(https://bitcointalk.org/index.php?topic=583449.msg6886770#msg6886770)
[Johnny Mnemonic is a firm defender of fixed fees and tail emission: he see the “fee market” as big danger to the usability of cryptocurrencies]
-3986: (https://bitcointalk.org/index.php?topic=583449.msg6930412#msg6930412)
[partnership with i2p]
-4373: “Way, way faster version of cpuminer: https://bitcointalk.org/index.php?topic=619373”
(https://bitcointalk.org/index.php?topic=583449.msg6993812#msg6993812)
[super-optimized miner is finally leaked to the public. Now the hashrate is 100 times bigger than originally with crippled miner. The next hedge for "cloud farmers" is GPU mining]
-4877: “1. We have a logo! If you use Monero in any of your projects, you can grab a branding pack here. You can also see it in all its glory right here:
logo […] 4. In order to maintain ISO 4217 compliance, we are changing our ticker symbol from MRO to XMR effective immediately."
(https://bitcointalk.org/index.php?topic=583449.msg7098497#msg7098497)
[Jun 2nd 2014]
-5079: “First GPU miner: https://bitcointalk.org/index.php?topic=638915.0”
(https://bitcointalk.org/index.php?topic=583449.msg7130160#msg7130160)
[4th June: Claymore has developed the first CryptoNight open source and publicly available GPU miner]
-5454: "New update to my miner - up to 25% hash increase. Comment and tell me how much of an increase you got from it: https://bitcointalk.org/index.php?topic=632724"
(https://bitcointalk.org/index.php?topic=583449.msg7198061#msg7198061)
[miner optimization is an endless task]
-5464: "I have posted a proposal for fixed subsidy:
https://bitcointalk.org/index.php?topic=597878.msg7202538#msg7202538"
(https://bitcointalk.org/index.php?topic=583449.msg7202776#msg7202776)
[Nice charts and discussion proposed by tacotime, worth reading it]
-5658: "- New seed nodes added. - Electrum-style deterministic wallets have been added to help in the recovery of your wallet should you ever need to. It is enabled by default."
(https://bitcointalk.org/index.php?topic=583449.msg7234475#msg7234475)
[Now you can recover your wallet with a 24 word seed]
-5726: (https://bitcointalk.org/index.php?topic=583449.msg7240623#msg7240623)
[Bitcoin Pizza in monero version: a 2500 XMR picture sale (today worth ~$20k)]
-6905: (https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715)
[Monero missives: CryptoNote peer review starts whitepaper reviewed)]
-7328: (https://bitcointalk.org/index.php?topic=583449.msg7438333#msg7438333)
[android monero widget built]
This is a dense digest of the first several thousand messages on the definitive Monero thread.
A lot of things happened in this stressful days and most are recorded here. It can be summarized in this:
  • 28th April: Othe and zone117x assume the GUI wallet and CN pools tasks.
  • 30th April: First NoodleDoodle's miner optimization.
  • 11th May: First Monero exchanger
  • 13th May: Open source pool code is ready.
  • 16th May: First pool mined block.
  • 19th May: Monero in poloniex
  • 20th May: Monero +1100 bitcoin 24h trading volume in Poloniex.
  • 21st May: New official miner optimization x4 speed (accumulated optimization x12-x16). Open source wolf0's CPU miner released.
  • 25th May: partnership with i2p
  • 28th May: The legendary super-optimized miner is leaked. Currently running x90 original speed. Hedge of the "cloud farmers" is over in the cpu mining.
  • 2nd June: Monero at last has a logo. Ticker symbol changes to the definitive XMR (former MRO)
  • 4th June: Claymore's open source GPU miner.
  • 10th June: Monero's "10,000 bitcoin pizza" (2500 XMR paintig). Deterministic seed-based wallets (recover wallet with a 24 word seed)
  • March 2015 – tail emission added to code
  • March 2016 – monero hard forks to 2 min block and doubles block reward
There basically two things in here that can be used to attack Monero:
  • Crippled miner Gave unfair advantage to those brave enough to risk money and time to optimize and mine Monero.
  • Fast curve emission non-bitcoin-like curve as initially advertised and as it was widely accepted as suitable
Though we have to say two things to support current Monero community and devs:
  • The crippled miner was coded either by Bytecoin or CryptoNote, and 100% solved within a month by Monero community
  • The fast curve emission was a TFT miscalculation. He forgot to consider that as he was halving the block target he was unintentionally doubling the emission rate.
submitted by el_hispano to Monero [link] [comments]

Vertcoin's Recent Decisions. The damage hasn't been done yet, please join me in stopping the madness!

Foreword
Alright, I’ve been sitting on the sidelines about most of the dealings with Vertcoin because I felt like a lot of the sensible voices were loud enough on their own. Many people have stepped up to the plate and developed amazing products that benefit Vertcoin at no addition expense to the original development team. I’ve seen and helped test/brainstorm some incredible projects. Vert.geek.nz was a great example: a project that promoted p2pool mining while still allowing miners to reap the benefit of merged mining. Before nzsquirrell brought us this product we were all forced to either solo mine or to switch to a mining pool that support merged coins (namely SimpleVert at the time). V2p was another amazing product. There's the One Click Miner that's being developed right now... There are a lot more, but my point is that people were able to see a need for a new service, and build that service without any voting or public funding or whatever. And they did an amazing job because they thought things through. With input from multiple sources, and a slow, steady brainstorming session, they were able to develop something that really couldn’t have been made better.
Democracy in Action
Alternatively, Vertcoin itself is being left to an absolutely ridiculous voting process right now that WILL destroy the coin, and here’s why: The democratic process doesn’t work. If you build a system by which the majority can make these kinds of decisions, you create an environment based purely on mob mentality. If I can convince a large enough group of people that a certain idea is better than another, I win. This is extremely bad if you’re trying to gather interest from investors as well because it creates too much variance in coin value and feature sets (the idea of changing the also they would probably like, since that’s something Vertcoin has been about since the beginning, changing the inner workings of the coin simply to combat a single “problem” is VERY BAD if you want to attract investors because they see these moves as signs of weakness).
Development
Now, I’ll come back to the VertVote process later, because I think the most important thing to talk about right now is the decision-making process on the part of our developers.
The VTC dev team has done numerous things that don’t make sense to a number of users lately, and they need to be addressed. First, the website update. We’ve beat this horse to a pulp, and I understand that, but I think people still need to keep this in mind. When the new site was released, there wasn’t any input from the community. There wasn’t any play-testing or public brainstorming done to help promote discussion that might have found issues with this site. For example, the “Mining” page still doesn’t have a single mining pool listed, which leaves a user to go out and find a solid pool on their own. This isn’t easy, especially for someone who doesn’t even know how cryptocurrencies work (the primary audience for a site like this should be users with no crypto experience). The same goes for the “Details” page. There’s plenty of technical information, but that doesn’t mean anything to a regular person. They don’t know what an algorithm is, or what block times/rewards are… It even mentioned merged-mining, without any information on what that is. It’s just confusing for a newbie.
Management
Second, and similarly, the marketing fund got thrown into a pit of uselessness. Vertcoin.org was advertised to miners on a site where people go to see the profitability and mining calculations for a number of coins. Let’s just say that the ad actually catches a miners eye and they click on it. It would lead them to a site that has no information on which mining pools they can/should connect to, aside from p2pool. So the most common frequenter of that site can’t access the most important information he would want from the Vertcoin website. I want to know how that seemed like a good idea.
Alternatively, a group of dedicated Vertans (including one miner that has somewhere in the ballpark of 40 rigs, so he’s pretty damn dedicated), built an entire site from scratch that addressed a number of things for regular folks who we should be attracting to Vertcoin, and presented it to the community and the development team. I realize that there’s a sort of pride in work mentality that might have made the devs prefer their own site, but in this case the new presentation was, in my opinion, better. Furthermore, the devs could have taken this new site and moved it over straight away with almost no other changes, besides a couple small fixes and integration to include mobile browsers. Instead, all they got was a 'thanks for the suggestions, I’ll use some of your stuff if it seems fitting’. If you want to check out the alternative site that a few dedicated Vertans built, check it out here.
VertVote
Now, I promised to come back to VertVote. VertVote says on their front page: "You may vote once on any active poll. Make your voice heard Vertan!”, yet there’s literally nothing stopping a member from voting multiple times. So now we’re making decisions about the life of the coin based on how many possible mis-informed people vote for something, with the honest folks losing out more than anyone else (since the honest ones are the ones less likely to cheat)… Probably the most important factor for VertVote would be the fact that it's in the hands of such a knee-jerk crew right now. I didn't even realize that the vote for block maturation was actually a decision-making vote. I assumed it was simply a poll that the dev team wanted to conduct to get a gauge of how strongly the miners feel on the subject. Instead, they took one of the most poorly worded/conducted votes and turned it into the final decision on the continuation of the coin. That was the wrong decision.
Not only that, but it appears that the dev team has decided to interpret the voting results however they see fit, without letting anyone know the conditions of the vote in advance. The example of this being that fact that they completely disregarded the winning vote and instead gave the vote to the second-highest result. To me, this would be like throwing the clear presidential winner out because he only had 49% of the vote (so 51% didn’t want him) and instead picking the candidate who had 30% of the vote simply because he was among the majority… It makes no sense, and if you were going to start a vote with such a senseless base to it, you should have stated as much and given voters more time to decide before they cast their vote(s).
As for the VertVote manipulation, for those who don’t believe me. It’s incredibly easy, and ridiculous. To test things out, I used 100 VTC, spread it out across 10 VTC addresses and cast a vote from each. Nothing in the site, not even a browser cookie, stopped me from casting multiple votes. But then I thought a bit more. Why limit myself by how much VTC I have? All I need is 10 VTC in an address at the moment I cast my vote. So really, I just need 10 VTC plus [number of votes I want to cast] times [transaction fee to send 10 VTC]. I could just keep creating wallets, sending the 10 VTC to the new wallet, and vote again… On the other hand, one of the measures to fight against this behavior is a block on IP addresses submitting multiple votes. This doesn't seem all that logical, considering multiple people could reside at one location / share an internet connection and not be able to voice their opinion as well as a single person / internet user.
Economically, These are Bad Decisions
As for the block subsidy change proposal: This is getting out of hand. Cryptocurrencies’ values need to stay in line with regular products and fiat currency. A very successful cryptocurrency should have about a 1:1 ratio with things normal people are used to. What this means is that we want Vertcoin to settle in value somewhere between $0.50 and $3 each, so that normal people can easily convert the value and go from there. Artificially halting/slowing the production of Vertcoin may result in a slight pump in value, but ultimately it will detract investors because it causes more variance (who knows what the devs/community will want to do next) and it makes Vertcoin less easy to calculate compared to what they’re used to (i.e. the dollar, euro, etc).
Think of it, literally, as a coin. If Vertcoin were an actual coin and each coin were worth over $100, people won’t exactly want to carry it around. For this reason, Bitcoin community members have been discussing creating a denomination of sorts, so they could refer to smaller increments of BTC as something like bits and have each bit worth $0.10-1.00. Your proposal would do the exact opposite and make Vertcoin even more difficult for the layman to comprehend.
Minor side-point
One last thing, and this is mostly unrelated (I noticed it during my experimentation): Vertcoin-Qt has an option to view a transaction on VertExplorer, even though VertExplorer isn’t even around anymore. Alternatively, there’s explorer.vertcoin.org, which works fine. Can the devs please change the wallet so that it can reference transactions without having to copy, browse to explorer.vertcoin.org and then paste/search for that transaction?
For Those Who Think We Need VertVote:
I ask you this, what did you come here for? Did you like Vertcoin, or did you like the idea of a coin that could be constantly changed on the whim of a couple hundred votes? We all bought into Vertcoin because we liked what it stood for (ASIC-resistance), and the economics of it were sound. Even now, the economics of it are only frowned upon because we see so many PoS coins taking over the market. Nobody's out there suggesting we switch to a PoS model, even though PoS is patently anti-ASIC, ASIC-proof for that matter. The whole point of cryptocurrencies is that they are void of any centralized control. If we leave this coin up to the decisions of those who hold it, we're still centralizing the currency's control to those people in particular. Instead, we should be basing the currency on a constitutional model (by that I mean that there should be absolutes that won't be changed, such as the block reward schedule, total VTC supply, time to block solve, etc). The technical details should only change out of absolute necessity to maintain the requirements laid out in the coin's "constitution". In this case, changing the algorithm makes sense, because it maintains the constitutional requirement of being ASIC-resistant. Changing the block reward is just an idea that people like because they see it as a way to increase the value and ROI of their current holdings, without regard to the fact that it'll scare off practically any conscious investor.
submitted by phishfi to vertcoin [link] [comments]

Mining and taxes - warning and discussion

As the end of the year gets closer, I'm wondering how people are handling their taxes? This wiki covers some of the basics at a high level. I have started researching this to make sure my records are precise and understand what kind of headache this adds to the mining equation.
I had a brief chat with my tax advisor (who loves me because every year I seem to come up with new and novel things for him to make money researching) and his conclusion was that LTC or BTC received from pool mining is taxable as income at the time of receipt. You are receiving compensation in the form of coins for the use of your property (mining rigs) which is just really no different than an equipment rental business.
Unfortunately for many of us, it appears it should be based on the compensation you received at the time of service. So last week when if you earned 1 BTC you would be taxed on $1000 in income. Further, if you hold the BTC and then sold it at $2000 you would owe additional taxes on the gain from $1000 -> $2000. You probably can deduct reasonable expenses against the gain (server cost, power use).
His recommendation for pool mining is to record the amount of coins received on a weekly basis and the average USD/coin rate during that week to use that as a basis for calculating what you owe "to make it simpler than tracking every day." Unfortunately when you are mining many different coins this sounds like it can turn into a complicated venture. The biggest bad news is that you are taxed on this "income" as it happens, but if the value of the coin falls your tax burden stays the same.
For solo mining, you would be taxed on the USD value of the coin when you solve a block and get the coin, so it's much simpler to track.
It's much clearer if you just BUY coins as an investments. Then it's treated just like buying an investment. But $10k of BTC at $100, sell $100k of BTC at $1000 and you owe taxes on $90k of gain.
I'm wondering if anyone else has talked taxes and concurs with this assessment. Or if someone has an alternative theory. My tax guy, of course, aims to make sure I am compliant but it is such a new area there isn't a firm guideline for handling it yet to his knowledge. So some well written/explained documentation might change his opinions.
So how do you handle this?
submitted by caseigl to litecoinmining [link] [comments]

Interesting Questions and Answers from Slack (shortened)

dr10
What can be done with Javark in the future? you can outline some short & interesting scenarios for me?
boldninja
In the future? More like now - you can build app that utilitizes Ark blockchain. How someone uses it is up to them - example : mobile gaming (payment method or using ARK tokens in-game to purchase from game shop), enterprise level stuff, verifications on blockchain, ... basically now its more in developers hands on how they want to implement and use it. fix developed easy to use Java lite client to work with ark blockchain so you just need to incorporate this in the app that you want blockchain used in.
dafty
a good example is that tipbot (written in Java) currently has to make an OS call to start up Python, run some Arky scripts, and then capture the output via a status code and returning JSON in order to check a balance, send a transaction, or whatever else it does. (edited) Javark means I can create transactions directly within tipbot within the same process, and no longer have to install Python or Arky on any of its nodes (edited)
dr10
so basically not the ark developers create all this new scenarios, but they give the language and power to all who want to embed a cryptocurrency in whatever system they have?
dafty
exactly it provides another way of interacting within the Ark network
dr10
and there is no other crypto that can do that? by now ark was the first as i read
boldninja
first DPoS blockchain ethereum or bitcoin also has Java libraries
dr10
okay
dafty
Python and Java are probably the two most important, most IoT devices run one or the other
boldninja
the advantage that ark has is speed - who will wait 10 minutes for confirmation of bitcoin to I don't know unlock some file or door?
dr10
exactly thats why i bought in xD speed is so important (.)\* Regarding Delegates and the Voting System. What could Delegates do bad or wrong that somebody unvotes them? And what doey need to be good at to get votes? i know its about forging coins, but isnt it just a program running? i dont know much about nodes yet.
jarunik
Install wrong fork.... Majority of delegates decides on the protocol of the network
dr10
so if he does some bad coding/programming which does harm to the network?
jarunik
Lets say someone codes ark unlimited
dr10
yes
jarunik
Delegate will decide for ark or ark unlimited Majority will win....
dr10
so its 51 delegates (like in a congress) who are voted by the ark users and these decide for the paths ark will go through... if its a fork or some new applications being embedded etc?
jarunik
Yes
dr10
i get that. but i dont know why i should unvote somebody for example. i dont know any delegate personally
jarunik
To vote someone else
dr10
yeah but why? why should i care? i dont know them
jarunik
If a decision comes up delegates will take sides
dr10
i dont know what they stand for
jarunik
You will vote for one to represent you Currently not much conflict and politics yet
dr10
for example i only know cryptolanka, because i watch his videos, but i dont know any other delegate. so i dont know what they have on their agenda. how can i get information about that? ok i see so later i will know them by twitter, youtube etc and know their opinions
jarunik
Delegate proposal in the forum
dr10
have to check that out
jarunik
Has current positions. Mostly how to use profit for now
dr10
can normal people make suggestions? Scenario: Ark Fee is 0.1 ARK. If Ark is worth 100$ it is 10$ Fee... People think its too much, they create a movement or something to change this.... or are only delegates able to bring in ideas?
boldninja
one of the features for future is dynamic fee structure so that will be possible :slightly_smiling_face:
dr10
yeah lets pretend there would be no dynamic fee structure... just focussing on the aspect of making proposals which direction ark should shift could I make this proposal? or only one of the 51 delegates?
boldninja
you can make proposals :slightly_smiling_face: - there is a section on github for AIPs https://github.com/ArkEcosystem/AIPs GitHub ArkEcosystem/AIPs AIPs - :mortar_board: Ark Improvement Proposals
dr10
thanks! :slightly_smiling_face:
boldninja
but yeah first step would be to reduce fee if dynamic fee structure wouldn't be implemented yet and if ark would be of such value no one would pay 10$ for fees anyway so it would need to be changed much prior to that
dr10
In bitcoin, litecoin, etc. the biggest miners are those who decide, right? like mining companies etc
boldninja
yeah
dafty
I think dynamic fees should be looked at fairly early on, force it in an update before the delegates really get established
boldninja
I agree
dafty
should be introduced in this year imo
dafty
if Ark does take off, delegates will be unlikely to want to update if it means they'll get less fees only way out would be a hard fork, which would be fine long term
boldninja
dafty
you'll update c'mon ?
dr10
I dont know much about this political systems, but it feels to me, that there is a natural danger - like with politicians - that some people get too powerful and they campaign for themselves, but they devide totally different. is there a danger like this? or what kind of things prevent this?
dr10
like if we have hillary clinton as one of the delegates or whoever xD
dr10
you still need majority consensus so 1-2 bad actors won't change much when we talking about 20+ that would be something
jarunik
problem currently are all the self funded delegates :wink:
dr10
why is this a problem?
jarunik
they don't need votes
dr10
because they have the most coins?
jarunik
they have enough coin to sponsor a seat for themselves economics says they will act in their own intereste
dafty
they are heavily staked in the project, so it's likely they'll go way of general concencus. but, we haven't really seen a split in dpos so far to know what would happen
jarunik
but that might not be in the interest of smaller bag holders
boldninja
I have
dafty
's address we can send someone to update if he won't comply :trollbounce:
jarunik
hehe :slightly_smiling_face:
jarunik
like for example the none forging delegates can't be unvoted i know it does not really hurt currently :slightly_smiling_face:
dafty
brb, need to start my 4 minute walking commute from work :ermygerd: :trollbounce:
dr10
ok i see if there will be a whole new "proof of whatever" system, can people vote to go another route, with a fork or within this current fork? is this even possible? lets say there is "proof of artificial intelligence" XD like changing from a democracy into a technocracy or whatever
jarunik
if majority would vote for that then ark could switch yes
dr10
ok
jarunik
delegate basically downloads the node code and runs it by doing so he chooses which code to run if majority chooses some code ... this codes rules are valid that's at least how I understood it
dr10
if there is a delegate who runs a different code just because he wants to, people just unvote him and so he has no power anymore?
boldninja
if he runs different code he won't forge if he is active
jarunik
he can't make blocks valid
boldninja
he needs consensus enough delegates with same code
dafty
it can be seen with pow & bitcoin right now. 30% running unlimited nodes, 30% running segwit. fortunately, they have agreed to play nicely with bitcoin core until a fixed concencus is reached, in which case either version will start pumping out blocks that are invalid with the other version
jarunik
so one alone does not do any harm If we talk about nodes anyway how do you make sure to not muss forging like some do? do you know when your time for forging is?
boldninja
run ark node on dependable server
dafty
monitoring scripts, auto-failover
boldninja
sending
dafty
coins also helps to better forge
dafty
:this: ddos mitigation
dr10
those who are no delegates can't stake their coins? as i understood only the delegates stake it?
boldninja
you "stake" it by voting for profit sharing pool / delegate anyone can "stake"
dr10
yes thats what i read, but can I see where I stake how much? how much I earn? for example in the POSW online wallet, you see how much you stake every few minutes/hours its easy to read pivx hasnt that feature, i needed to ask the developers
jarunik
you "stake" all ark of a wallet with one vote but it is not really "staked"
dr10
and how much do i earn? where can i see that?
jarunik
you earn nothing at all all goes to delegate delegate decides what to do with it the profit sharing once will pay out a part of it !calculate slackbot Custom Response https://docs.google.com/spreadsheets/d/1FGo3FkC3uSWXGHatPQyny2brMWjAIJsHFCR-Lhkl_m0/edit#gid=0
jarunik
it is basically mutual agreement between you and the delegate you vote dependable server and failover .... is there a guide how to set it up? I guess I would need 2 VPS and some CRON job or something ... or how do you do it?
dr10
so basically i could keep 1 ark in my wallet to vote and the rest on an exchange? i still voted and thats all i can do, right? sorry for these stupid questions, i just want to go through different scenarios
jarunik
then you only vote with 1 ark
dr10
ok
jarunik
ark has to be in the wallet you vote with you only vote for one delegate with the entire ark of that wallet ark on exchange does not vote (as exchanges do not vote (currently))
dr10
ok, so if you have 5000 ark, i have 3000 and
boldninja
has 10.000 but only 1000 in his wallet and we all vote one person, that means 9000 ark will be staked for this one delegate?
jarunik
sorry ... dinner ... can help explain more I found out so far later if you want
dr10
sure, np
boldninja
that is correct and biggest share would go to
jarunik
in this case
dr10
you mean his vote weighs more than ours, right?
boldninja
more ark you have more voting power you have
dr10
ok
boldninja
yes cause he is voting with 5k you with 3k and I with 1k
dr10
but he doesnt earn, like people do with pivx or other coins i see
boldninja
nope delegate pays out according to his proposals and you choose which is best suit for you
dr10
someone who wants to be a delegate needs to lock in more than the 51st delegate, right? can he unlock at any time and sell all his coins or is it locked for a certain amount of time
dafty
Note that DPoS doesn't actually involve pools. It's a delegate's decision to profit share or not and sort out payout. Ark has fewer delegates, so there's more incentive required to vote for a delegate (plus 1 ARK=1 Vote). Take a look at Lisk, same concept, but only 3(?) pools at 98 solo delegates.
dr10
If i need to format my PC and reinstall ark wallet, how do I get back into my account? Do I need to save the adress too? or is the passphrase my account at the same time? when I click on import account it says to write in the passphrase, I dont need anythin else?
dafty
yeah it's a brain wallet passphrase produces your public address
dr10
okay
dafty
so long as you have the passphrase, you can access the account from anywhere (edited)
dr10
good Inside the wallet, what is the Register: Offchain good for? I can create folders there. What could I use this for? cannabanana have no idea
boldninja
you can better organize your account - but its local not on blockchain
dr10
watch only adress... to see what the remaining ark on my bittrex account are doing? or what could it be used for
boldninja
adding any address you want to have look out for bittrex hot wallet, your friends account, ...
dafty
ex gf
boldninja
:joy:
dafty
she what shops she's spending your ark on
jarunik
Second passphrase. If you create one when do u enter which one?
dr10
lol
dafty
I set one as soon as I make a test deposit test deposit > second passphrase > the amount I want to send
jarunik
I did not get it. Restoring wallet, sending ark When do u need which passphrase
dafty
when you send out or vote, it'll ask you for your first passphrase, then second
jarunik
Ah both
dafty
second passphrase is produced from first passphrase, I think can't remember
jarunik
So it is just a stonger key and nothing more? Or does it have other benefits?
dafty
it can be used for 2 key multisig, but for most cases it's just more security person A owns one passphrase, person B owns the second, neither can send out unless both provide their keys
dr10
Smartbridge needs to be implemented into other blockchains via a small code right? How could you realize that? Just asking developers to change their code? How can you involve bigger currencies into ark ecosystem, why should they care? :slightly_smiling_face: 4 replies Last reply about 21 hours ago View thread
jarunik
You could do it through some smart contract in ethereum most likely new currencies forked from ark will somewhen have it integrated directly (once it is in Ark code) we will most likely test it with some sidechain or friendly smaller chain first somewhen
dr10
how would you link together with NEM, Bitcoin, PIVX, Ripple?
jarunik
well then if it grows maybe some others get interested
dr10
you will contact the developers and ask them? I am not in the core team :smile:
dr10
:smile:
jarunik
you can join in developement of ark on github anyway
dr10
okay
jarunik
i think you might even get bounties if you do it will be more developement of "community features" I guess but we will see on what we will vote and what idea everyone has whatever helps the ark ecosystem
dr10
sure if a dev is here i will ask him again about linking to other blockchains thanks xD
jarunik
your welcome
dr10
An ARK gaming platform release. Codename: A... (Q2-Q3 2017) what kind of gaming platform? like valve's steam? Live same streaming, personality broadcasting platform (Q3-Q4 2017) (youtube/twitch?)
jarunik
where did you get that from?
dr10
whitepaper in this section: A​pollo​ - P2P Card Network Q2-Q4 2017 it says if there is at least 10.000 BTC raised during ARK-TEC (it wasnt i think?)... so probably it will take longer time... but what are these things?
jarunik
i think the roadmap on ark.io is more updated ....
dr10
steam, youtube, twitch? ok
jarunik
but not sure
dr10
what is NFC?
boldninja
Near Field Communication https://en.wikipedia.org/wiki/Near_field_communication Wikipedia Near field communication Near-field communication (NFC) is a set of communication protocols that enable two electronic devices, one of which is usually a portable device such as a smartphone, to establish communication by bringing them within 4 cm (1.6 in) of each other. NFC devices are used in contactless payment systems, similar to those used in credit cards and electronic ticket smartcards and allow mobile payment to replace/supplement these systems. NFC is used for social networking, for sharing contacts, photos, videos Show more… (Not automatically expanded because 8531x5344 is too large to display inline.)
dr10
like bluetooth for payment?
boldninja
yeah similiar remember that a lot of stuff in whitepaper was if we would reach higher funding goals than we did
dr10
yeah i heard that
boldninja
so a lot of this use cases will be postponed we are focusing on core first
dr10
the road map on ark.io is the most accurate roadmap now, right? the whitepaper is more like a very longtime vision
boldninja
we are not funded like some of those latest ICOs raising 10m+
dr10
i know
boldninja
yes most accurate on is on ark.io what we'll work on in the next 3-4 months
dr10
ok
dr10
InterPlanetary File System (IPFS) - you are CURRENTLY working on a decentralized dropbox, decentralized Twitch Streaming, decentralized Data Hosting? is that correct? and this is to be finished 2017 approx.?
boldninja
IPFS yes (which is kind of decentralized hosting) we are not working on Twitch that will require bigger funding at least not yet
dr10
okay so for now only decentralized dropbox... comparable to the concept of storjcoin i guess i didnt know ark has such huge ambitions. it will be a hard way, but i like huge ambitions. as soon as the first important features are realized this project will boom ----- Today May 4th, 2017 -----
dr10
I have a question regarding Proof of Work / Bitcoin (I know its not what this forum is about). Maybe somebody can answer me. What happens when all coins are mined, why should miners continue their work to confirm transactions etc?!
boldninja
fees
dr10
i have read it won't be enough to pay off the computer power? or fees needs to rise?
boldninja
they make quite a nice chunk on fees as it is
dr10
okay well doesnt matter xD i guess my question-session will continue today which points of your roadmap (besides mainnet) are already done and where is the main focus (i see your roadmap @ ark.io, but i guess you dont work on all silmutanously)?
boldninja
Main focus is currently deployable testnets for startups we want to become hub for upcoming projects to start with Ark as base and build upon
dr10
like these new ethereum projects, but just for ark?
boldninja
yeah, but they'll have more "in the own hands" not relaying on ARK network, but still able to communicate to it with SmartBridge if ETH fails all assets fail as they are bound on ETH single point of failure
dr10
hm in which scenario could eth fail what couldnt happen to ark / ark startups? (edited)
boldninja
its hypothetical but if eth would present some kind of flaw in design all assets could be in danger ark startups will have their own blockchains with their own set of rules / delegates, ...
dr10
if eth changes something to their system, all others need to adapt, but @ ark they dont need to adapt because they still can communicate?
boldninja
projects are running directly on ETH blockchain via smart contracts - Augur, Iconomi, TokenCard, ... so if something were to happen or some flaw was unravelled in ETH it could jeoparzide all this projects with Ark you start with codebase and build your own things around it or modify
dr10
ok, i cant imagine what could go wrong to be honest. but i think i understand what you try to say
boldninja
well look at DAO and ETH split to ETC, ... whole crypto is still in experimental phase this is just the start like internet in the 90s
dr10
yes so this: Making ARK clone-able with push button deployment and linked to ARK’s Main Chain via SmartBridge. and this: Deployment of testnet clones for start-ups. is the foundation of the ark ecosystem? and there is the main focus as for now
boldninja
yes currently in development and first to be presented to the public for test along with mobile wallets / wallet redisign - this is currently being worked on and partnership outside Ark as well, but I cannot get more into details on that
dr10
sure and what is already done? Mainnet launch and what else? wallet
boldninja
Java , Python implementation which is huge if you are more into dev scene
dr10
yeah i read into the possibilities of that yesterday
boldninja
more to come as well - we want Ark to be universally avail in most promising dev langauges so you could get in with language you are most comfy working in
dr10
i want to make my videos in english first, but HQ and then I talk about it in german lets say I want to create an ingame shop for Skins. How would I proceed (for dummies / beginner developers). I connect to the github? stupid question xD but well there are no stupid ones
boldninja
if you'd want to utilize Ark for ingame shop you'd probably develop game in Java for mobile so you'd look over Javark and how you make calls to execute transcations, verify payments on blockchain, save data on blockchain, ...
submitted by Jarunik to ArkEcosystem [link] [comments]

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