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Why i’m bullish on Zilliqa (long read)

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

Blockchain has taken the world by storm. The tech may have been envisioned to power decentralized finance in Bitcoin, it's potential and use case had far exceeded such identity.
It has opened the possibility to develop trust and openness in a way that has never been expressed before.
However, like any new development, blockchain has many challenges that need to be addressed.
Firstly, existing protocols that power the initial set of blockchains are too slow to garner advanced real-world usage.
Their architectural build also implies they are unable to scale accordingly to meet application and usage demand.
Blockchains are renowned for their strong security and immutability, nonetheless, these factors rely solely on the type of protocol or consensus adopted, and in many cases, the consensus of a particular blockchain may fail to establish a secured environment that could be relied upon under factual circumstances.
On the developer end, developing and building blockchain applications is a nightmare many wanted to escape because most integrated blockchain programming languages are new with an unestablished root. This means programmers have to learn a new language from basics before they can start building on a blockchain network.
The hardest part is that almost each of every type and brand of blockchain has its unique programming language which as a result contributes to non-interoperability that led to a status quo of blockchains being called an "island of self-isolation".
An obvious solution to most of the aforementioned downsides is to start restructuring how blockchains are made by design and code.
The good news is that a blockchain project with a new root has already achieved the feat of addressing most of these problems by building a relational blockchain system governed by a management system termed "Postchain".
I am talking about Chromia blockchain network built by the ChromaWay development team.
Chromia
Chromia is a public blockchain with a relational database system build and design. What this means is that data can be structured and defined in any way by the builder of the system. This flexibility of data management allows for different usage scenarios.
This is a sweet pot for developers but what is more interesting is the ability to code and deploy applications in a seamless manner.
Chroma uses Postchain to oversee the operation of its blockchain network in conjunction with a flexible and easy-to-code programming language called RELL (Relational Language).
Great protocol design? Thumb up! Nice programming language... Interesting! But what about other challenges mentioned in the opening part of the post?
Hell yeah! A blockchain system cannot be duly considered if it can't scale and operate at a good speed.
Chromia takes this factor to heart and ensures its network is able to process transactions at a block rate of 2 seconds, which is more than enough to support most applications and commercial usage.
Blockchain Of Blockchains: Chromia Modular Configuration
One method spam is avoided on blockchain networks is through integrated fee structure, most times, this is charged directly from users. However, Chromia thinks this idea should be rewritten by instead charging Dapps directly for the operation they perform.
Consequently, and since most application usage differs from one type to another. This and many other implementations led to a modular blockchain design where each Dapp can reside on its own chain, dictate its own rule and usage and intended fee structure.
The Dapps in this case acts like side chains that are attached to the governing Chromia infrastructure. Each Dapp or side chain is independent but benefits from the security and laid facilities of the network.
Chromia adopted PBFT consensus to ensure consensus can be achieved under certain rules even if some node in the network cannot be relied upon at a time, thus, eliminating incidents such as 'one point of failure'.
An Infrastructure For A Wide Range Of Usage Scenario
Chromia launched its main net in Dec 2019, and moved from an experimental position to prove their dedication towards achieving their vision not just on paper but as a practical and working process.
Ever since their main net launch. The chain has seen different types of apps deploy on its network.
The network relational design also means Dapps with huge computational demand can work efficiently and seamlessly with any cause to worry.
Let's look at some of these Dapps.
Chromunity
A decentralized social media platform that leverages the advantage of the relational computational build of Chromia to bring about fantastic social and community user experience.
The advantages of Chromunity as a decentralized social platform is how users can control their data and interactions, vote for representatives that implement the will and voice of the community.
Chromunity features a Reddit-like design and interface with the ability to post short/long meaningful content to a wide range of community categories or specific ones.
These screenshots give a sneak peek into how the interactive user interface looks like.
Green Asset Wallet
This is the first enterprise Dapp to launch on the Chromia chain after its main net release.
Using the quote of how the project defines itself.
"Green Assets Wallet is the world’s first blockchain-based platform for easy validation and impact reporting of green bonds".
The product has many features that are designed to suit investor's needs. From real-time collaboration to ensuring optimum trust and transparency to security. The Dapp is ideal for green bonds operations that look to make issuer and investors' lives an easier one.
Investors have direct access to trusted green bond information, metrics, and data.
Green asset wallet at allows investors to make new investment discoveries through search criteria, compare, benchmark, and follow up on investment opportunities".
Issuers are able to operate with an independent, cost-efficient, and structured system, and provide investors with impact investment opportunities and report on achievements.
Mines Of Dalarnia
Is "an action-adventure platform-mining game where the player controls a character and guides them through various blocks of earth, to discover and collect minerals of multiple rarities. Includes a blockchain based real-estate market".
Chromia transaction speed and computational efficiency make it an ideal platform to build decentralized or blockchain games of different kinds.
Play Mines Of Dalarnia
Conclusion
Chromia combines many groundbreaking features that purport it as a new generation blockchain and set it out among the crowd.
It's easy to code programming language, Postchain consortium, relational database system express qualities that fit different needs of decentralized applications and their operations. All of which state the chain strength and confidence of usage.
Under the governance of ChromaWay - an organization of tech experts and geeks. Chromia is expected to continue on an upward positive momentum.
Learn more about the project from it's official website
Their Telegram group chat is a good place to start interacting with the community.
Chromia has a Twitter presence and their Whitepaper is a good reference and tool to have a good overview of the project mission and vision at large.
submitted by Sidonpee to Teamchromia [link] [comments]

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

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

MiniSwap -- A New Hybrid Incentive Model in DeFi

Cryptocurrency exchanges process over $20 billion in trade volume per day. Most of the transactions are going through centralized exchanges, where the users need to fully trust them for managing their assests and transactions. However, the risk of trusting these centralized exchanges has also been seen. For example, QuadrigaCX, which was the largest cryptocurrency exchange in Canada, lost $19 million of their customers' assets [1].
Decentralized Exchanges (DEXes) have been introduced to address this problem -- they allow traders to purchase and sell cryptocurrencies in a peer-to-peer manner, so no involvement of any trusted party is required. Atomic Swap is one of the promising technology for implementing a DEX. While it enables pure peer to peer trading, it also introduces problems such as unfairness and long confirmation latency. While existing work [2] has provided a solution towards a fair atomic swap protocol, the issue of long confirmation latency is inherent.
Another promising direction is leveraging liquidity pools. With liquidity pools, pairs of assets are reserved for trading. For any pair of assets supported by the liquidity pool, traders can exchange their assets without any third party. As traders can only perform the transactions if there are reserved assets, one core problem is how to attract liquidity providers to provide liquidity by reserving assets. It is not difficult to see that incentive [3,4], which has been a key component of all permissionless blockchains, can be equipped to incentivize liqudity providers. However, flawed incentive designs will lead to attacks and other concerns [5-13].
There are two main types of incentive designs, namely "trans-fee mining" and "liquidity mining". They are different from the Proof-of-X mining in blockchains for reaching consensus (a detailed analysis can be found in the survey [14]). Rather, they are used to incentivise users to join the ecosystem.
"Trans-fee mining" was proposed by FCoin in 2018 [15]. With FCoin, each time a transaction is created, 100% of its transaction fee will be returned in FCoin token to the payer as a reward. This is one incentive design to encourage traders to join the system. However, as FCoin may have no value to the trader, FCoin also introduces extra reward to all coin holders -- 80% of the transaction fee in its native currency (such as ETH) will be distributed to all coin holders. So, traders are incentivized to join the system, becoming a holder of FCoin token, and obtaining a share of the transaction fee of every transaction in the FCoin ecosystem.
While this had successful attracted traders, it is not sustainable. Rather than charging a trader to perform transactions, FCoin rewards traders. Profit-driven traders will create transactions at full speed to earn FCoin token and the share as a token holder. Indeed, the trading volume of FCoin was the top one among all exchange services, and the daily reward can be as high as 6000 BTC [16]. However, once all coins are minted, then the system would lose liveness as there is not enough supply to be distributed.
"Liquidity mining" aims at giving reward to the liquidity providers rather than the traders. There are different ways to implement liquidity mining. Compound [17] is a famous example of protocols deploying liquidity mining. With Compound, users become a liquidity provider by supply assets to a pool and obtain interests for its contribution (similar to depositing money into a bank). Liquidity providers first reserve some assets in the pool and obtain "cToken" of Compound which entitles the owner to an increasing quantity of the underlying asset. Users can use their "cToken" to borrow different assets available on the Compound and pay some interests to Compund. The borrowers may have some quick gains through the financial games [18]. Both borrowers and liquidity providers can withdraw their asset by trading them back with "cToken". Oners of "cToken" can also manage the business direction and decisions of Compound through weighted voting. The potential concern here is that rich users might be able to take over the control of the system.
Uniswap [19] is another popular DEX deploying liquidity mining. Uniswap incentivizes liquidity providers by giving them a share of the earned transaction fees. In particular, Uniswap changes each transaction a 0.3% fee, where 0.25% will be distributed to the liquidity providers, and 0.05% will go to the Uniswap account. One issue is how to incentivize traders. With Uniswap, traders are incentivized by the potential profit it can gain through the price difference between Uniswap and other exchanges. Uniswap price oracle is based on a constant function market makers [20,21], where the product of the number of reserved tokens is a constant. For example, if Uniswap has a pair of X token A and Y token B, then when a user using X' token A to buy Y' token B, the product of the reserved number of tokens should remain the same, i.e., XY = (X+X')(Y-Y'). The price of Uniswap (V1) is also defined in this way. This allows traders to speculate in the exchange market as the asset price on Uniswap is changed dynamically and is different from other exchanges. This, on the other hand, may have a security risk as the price can be easily manipulated. Uniswap (V2) fixed this problem by taking an accumulated price over a period of time [22]. However, as speculation/manipulation becomes harder, the trading volume may decrease.
MiniSwap [23] introduces a hybrid model (a mixture of "trans-fee mining" and "liquidity mining") to address the above issues. MiniSwap provides three types of rewards. For each trade with transaction fee f ETH in MiniSwap, a number of MiniSwap tokens (called MINI) worth 2f ETH will be minted. A (parameterized) portion of the tokens are given to the trader, and the rest are distribued to the liqudity providers. The transaction fee (f ETH) is used to exchange MINI in the liquidity pool. 50% of the obtained MINI will be distributed to all MINI holders, and the other 50% will be destroyed. In this way, both traders and liquidity providers are incentivized to join the ecosystem.
Recall that with FCoin, there is a problem when all coins are minted. MiniSwap has an upper bound (of 500,000 tokens) on the number of tokens can be created every day, and this limit reduces every month until a point where the limit (18,000 tokens) remains unchanged. This guarantees the sustainability of the system as the mining process can last for 100 years. The parameterized ratio of tokens as the reward to the trader and liquidity provider can also strengthen sustainability. It enables the system to dynamically balance the incentive of different parties in the system to make it more sustainable.
Overall, the MiniSwap hybrid model has taken the benefit of both "trans-fee mining" model and "liquidity mining" model, while eliminated the potential concerns. Formally defining and analyzing these models, e.g. through the game-theoretic approach [24], would be an interesting direction.
Reference
[1] The Guardian, Cryptocurrency investors locked out of $190m after exchange founder dies, 2019.
[2] Runchao Han, Haoyu Lin, Jiangshan Yu. On the optionality and fairness of Atomic Swaps, ACM Conference on Advances in Financial Technologies, 2019.
[3] Satoshi Nakamoto. 2008. Bitcoin: a peer-to-peer electronic cash system
[4] Jiangshan Yu, David Kozhaya, Jeremie Decouchant, and Paulo Verissimo. Repucoin: your reputation is your power. IEEE Transactions on Computers, 2019.
[5] Joseph Bonneau. Why Buy When You Can Rent? - Bribery Attacks on Bitcoin-Style Consensus. Financial Cryptography and Data Security - International Workshops on BITCOIN, VOTING, and WAHC, 2016.
[6] Yujin Kwon, Hyoungshick Kim, Jinwoo Shin, and Yongdae Kim. Bitcoin vs. Bitcoin Cash: Coexistence or Downfall of Bitcoin Cash, IEEE Symposium on Security and Privacy (SP), 2019.
[7] Kevin Liao and Jonathan Katz. Incentivizing blockchain forks via whale transactions. International Conference on Financial Cryptography and Data Security, 2017.
[8] Ayelet Sapirshtein, Yonatan Sompolinsky, and Aviv Zohar. Optimal Selfish Mining Strategies in Bitcoin. Financial Cryptography and Data Security, 2016.
[9] Ittay Eyal and Emin Gün Sirer. Majority Is Not Enough: Bitcoin Mining Is Vulnerable. Financial Cryptography and Data Security, 2014.
[10] Ittay Eyal. The Miner’s Dilemma. IEEE Symposium on Security and Privacy, 2015.
[11] Miles Carlsten, Harry A. Kalodner, S. Matthew Weinberg, and Arvind Narayanan. On the Instability of Bitcoin Without the Block Reward. ACM SIGSAC Conference on Computer and Communications Security, 2016.
[12] Kartik Nayak, Srijan Kumar, Andrew Miller, and Elaine Shi. Stubborn mining: generalizing selfish mining and combining with an eclipse attack. IEEE European Symposium on Security and Privacy, 2016.
[13] Runchao Han, Zhimei Sui, Jiangshan Yu, Joseph K. Liu, Shiping Chen. Sucker punch makes you richer: Rethinking Proof-of-Work security model, IACR Cryptol. ePrint Arch, 2019.
[14] Christopher Natoli, Jiangshan Yu, Vincent Gramoli, Paulo Jorge Esteves Veríssimo.
Deconstructing Blockchains: A Comprehensive Survey on Consensus, Membership and Structure. CoRR abs/1908.08316, 2019.
[15] FCoin, https://www.fcoin.pro
[16] The Block Crypto. Cryptocurrency exchange Fcoin expects to default on as much as $125M of users' bitcoin, 2020.
[17] Compound, https://compound.finance.
[18] Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, Ari Juels. Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges. IEEE Symposium on Security and Privacy, 2020.
[19] Uniswap. https://uniswap.org
[20] Bowen Liu, Pawel Szalachowski. A First Look into DeFi Oracles. CoRR abs/2005.04377, 2020.
[21] Guillermo Angeris, Tarun Chitra. Improved Price Oracles: Constant Function Market Makers, CoRR abs/ 2003.10001, 2020.
[22] Uniswap V2.0 whitepaper. https://uniswap.org/whitepaper.pdf
[23] MiniSwap. https://www.miniswap.org
[24] Ziyao Liu, Nguyen Cong Luong, Wenbo Wang, Dusit Niyato, Ping Wang, Ying-Chang Liang, Dong In Kim. A Survey on Blockchain: A Game Theoretical Perspective. IEEE Access, 2019.
submitted by MINISWAP to u/MINISWAP [link] [comments]

SODL. It's been swell, but the swelling's gone down.

Those familiar with this username already know that I've been involved with Bitcoin since 2012. I purchased my first satoshi before $1k/BTC had ever been seen. I spent years creating developer solutions and electronic products designed to leverage Bitcoin's capability to facilitate frictionless Internet payments and that same time explaining Bitcoin to family, friends, internet buddies, fellow gamers, and anyone else that would listen.
Over time, that capability for frictionless payment dried up. First lack of space in blocks rendered the primary consumer solution I'd been developing as totally useless. There is no point in developing a risk assessment system when the thing being assessed is too risky to justify instant commerce. I feared Bitcoin had met an untimely end at the hands of self-important developers and lazy entitled miners, but was relieved to know that the BTCFORK project was alive and ready to continue the Bitcoin experiment in the form of what would later be called Bitcoin Cash (BCH).
When the fork hit, I was all in from day one. I traded out everything, forked my coins and recovered every satoshi of BCH I could muster. At one lofty point in my life, I had the rare claim to have actually possessed 21 BCH in the same wallet at the same time. I continued developing and introducing people to BCH. I explained to my family and friends the schism and the thought processes that lead me to use BCH instead of BTC. I spent countless hours justifying its existence to a general public that is uninterested in technical details or freedom from potential government seizures and simply want money that works.
Unfortunately, no crypto has never seemed to hold this goal in high esteem. As time has marched onward and progress has continued to be stymied by drama between more self-important developers and lazy entitled miners, I have finally realized why the Bitcoin experiment failed, and how we got here.
Bitcoin's design relies on one very important aspect: that miners behave as rational, long-term-invested economic actors. This would infer that over time, mining organizations will dedicate resources to developing in-house mining solutions and manage them with the same level of interest as a big box store manages their inventory. In short, it would make sense for miners to invest in their own closed-source development, based on the open-source reference client. This would create competition between compatible implementations maintained by groups that are self-invested in their interoperability and suitability for consumer use.
This did not happen, of course. Miners took the lazy, short-term-interested approach of "just run the software, don't care how it works or how well" and left the actual work of looking out for and maintaining the security of the chain to the unpaid open-source developers. This was a recipe for failure years ago and is the same recipe BCH has chosen to follow today. The IFP is simply a physical manifestation of this problem: since devs are not miners, Amaury et. al. are now expecting pay for their work in keeping those miners afloat, and rightly so. But they never should have been doing it in the first place; that was the miners' responsibility the whole time. If you're in an emergent industry running emergent software, you kind of have a responsibility to maintain that software out of pocket. This applies double for high-security software such as financial software. Lazy miners that can't even invest in their own software infrastructure are not trustworthy enough to be relied upon for the security of my funds.
Bitcoin has already failed; and with that clearly observable failure I have sold the remainder of my cryptocurrency, unsubscribed from this and other subreddits, removed various forum accounts, and ceased usage of any remaining services built to work with Bitcoin-style digital signatures. It's been a wild ride. I even made a nice chunk of money along the way. It was fun and fascinating and eye-opening and educational and profitable; but for me, it's over. The success of global peer-to-peer digital cash has already been thwarted, and that's all I ever came for.
Greg Maxwell didn't do this. Amaury Sechet didn't do this. Jihan Wu didn't do this. Roger Ver didn't do this. Theymos didn't do this. All those miners, all those mining pools, all those people that have been actively profiting off the system by running freely provided software and giving back only blocks in return: they are at fault for this failure. It is too late to turn back; the IFP is effectively a cork in a crumbling dam, a half-assed solution to a double-donkey problem. The dream is over, at least for me, and so I'll be moving on now.
The transition to crypto was troublesome and full of problems. I was on a 100% crypto budget for years and even found myself paying a premium for the "convenience". Funnily enough, the transition back to fiat was amazingly smooth and I actually made money on the way back. Sorry, guys - at the end of the day, fiat does what crypto doesn't.
I see the writing on the wall - and now I add my final scrawl. Goodbye, everyone.
submitted by chernobyl169 to btc [link] [comments]

Why i’m bullish on Zilliqa (long read)

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

Anyone still under the illusion of Microsoft having been transformed into a kinder, more mutually beneficial partner, please read this patent.

WO2020060606 - CRYPTOCURRENCY SYSTEM USING BODY ACTIVITY DATA
https://patentscope.wipo.int/search/en/detail.jsf?docId=WO2020060606&tab=PCTDESCRIPTION
Before reading the following excerpts, keep this sequence of events in mind:
Master Slave (and we're not referring to HDDs here)
Step one: patent technology
Step two: sell slave IoT devices to consumers who readily purchase them especially after being promised that they'll be rewarded in cryotocurrency for their data.
Step three: collect data via Azure on unsuspecting human subjects' fMRI, EEG, body temperatures, EKG, sleep data, digitized health care information, consumer purchasing habits, reading and viewing preferences, social media activity and correlate with activities performed (tasks).
Step four: Use data to refine AI to profile human behavior, predict behavior and refine mind reading capabilities.
This article is actually incorporated in the patent!
https://news.berkeley.edu/2011/09/22/brain-movies/ Scientists use brain imaging to reveal the movies in our mind
Step five: Institute centralized global cryptocurrency financial system with no other alternatives in which to transact legally.
https://www.reddit.com/Bitcoin/comments/4nag4b/1988_economist_cover_predicting_a_world_currency/
https://www.economist.com/finance-and-economics/1998/09/24/one-world-one-money
Step six: To understand step six, Read George Orwell's "1984" or review the concept of an individual's freedoms being based not on the concept of natural rights but on their social credit scores.
Thank you Microsoft, Google, Apple, Amazon, Facebook.
Now the patent excerpts:
CRYPTOCURRENCY SYSTEM USING BODY ACTIVITY DATA
BACKGROUND [0001] A virtual currency (also known as a digital currency) is a medium of exchange implemented through the Internet generally, not tied to a specific government-backed “flat” (printed) currency such as the U.S. dollar or the Euro, and typically designed to allow instantaneous transactions and borderless transfer of ownership. One example of virtual currency is cryptocurrency, wherein cryptography is used to secure transactions and to control the creation of new units. [0002] Several cryptocurrencies exist. Among these, the most well known is a blockchain-based cryptocurrency. Most blockchain-based cryptocurrency is decentralized in the sense that it has no central point of control.
However, blockchain-based cryptocurrency can also be implemented in a centralized system having a central point of control over the cryptocurrency.
Bitcoin is one of the examples of blockchain-based cryptocurrency. It is described in a 2008 article by Satoshi Nakamoto, named“Bitcoin: A peer-to-Peer Electronic Cash System”.
[0003] A blockchain is a data structure that stores a list of transactions and can be thought of as a distributed electronic ledger that records transactions between source identifier(s) and destination identifier(s). The transactions are bundled into blocks and every block (except for the first block) refers back to or is linked to a prior block in the blockchain. Computer resources (or nodes, etc.) maintain the blockchain and cryptographically validate each new block and the transactions contained in the corresponding block. This validation process includes computationally solving a difficult problem that is also easy to verify and is sometimes called a“proof-of-work”. This process is referred to as“mining”. The mining may be a random process with low probability so that a lot of trial and error is required to solve a computationally difficult problem. Accordingly, the mining may require enormous amounts of computational energy. [0004] It is with respect to these and other general considerations that the following embodiments have been described. Also, although relatively specific problems have been discussed, it should be understood that the embodiments should not be limited to solving the specific problems identified in the background.
SUMMARY
[0005] Some exemplary embodiments of the present disclosure may use human body activity associated with a task provided to a user as a solution to“mining” challenges in cryptocurrency systems. For example, a brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing advertisement or using certain internet services, can be used in the mining process. Instead of massive computation work required by some conventional cryptocurrency systems, data generated based on the body activity of the user can be a proof-of-work, and therefore, a user can solve the computationally difficult problem unconsciously. Accordingly, certain exemplary embodiments of the present disclosure may reduce computational energy for the mining process as well as make the mining process faster.
[0006] Systems, methods, and hardware aspects of computer readable storage media are provided herein for a cryptocurrency system using human body activity data. According to various embodiments of the present disclosure, a server may provide a task to a device of a user which is communicatively coupled to the server. A sensor communicatively coupled to or comprised in the device of the user may sense body activity of the user. Body activity data may be generated based on the sensed body activity of the user. A cryptocurrency system communicatively coupled to the device of the user may verify whether or not the body activity data satisfies one or more conditions set by the cryptocurrency system, and award cryptocurrency to the user whose body activity data is verified.
[0007] Examples are implemented as a computer process, a computing system, or as an article of manufacture such as a device, computer program product, or computer readable medium. According to one aspect, the computer program product is a computer storage medium readable by a computer system and encoding a computer program comprising instructions for executing a computer process. [0008] This summary is provided to introduce a selection of concepts in a simplified form that are further described below in the Detailed Description. This summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used to limit the scope of the claimed subject matter.
decentralized cryptocurrency networks or databases.
[0021] FIG. 1 illustrates an example environment 100 in which some exemplary embodiments of the present disclosure may be practiced. The example environment 100 includes, but is not limited to, at least one of task server 110, communication network 120, user device 130, sensor 140, and cryptocurrency system 150. [0022] Task server 110 may provide one or more tasks to user device 130 over communication network 120. For example, task server 110 may be at least one of a web server delivering or serving up web pages, an application server handling application operations between users and applications or databases, a cloud server, a database server, a file server, a service server, a game server implementing games or services for a game, and a media server delivering media such as streaming video or audio. The tasks provided by task server 110 will be discussed in more detail below.
[0023] Alternatively, cryptocurrency system 150 may provide one or more tasks to user device 130. For example, in a decentralized cryptocurrency network, the tasks may be proposed to user device 130 by miners (e.g. compute resources or nodes 210 of FIG. 2). In another example, in a centralized cryptocurrency system, a cryptocurrency server may send the tasks to user device 130.
[0024] Communication network 120 may include any wired or wireless connection, the internet, or any other form of communication. Although one network 120 is identified in FIG. 1, communication network 120 may include any number of different communication networks between any of the server, devices, resource and system shown in FIGS. 1 and 2 and/or other servers, devices, resources and systems described herein. Communication network 120 may enable communication between various computing resources or devices, servers, and systems. Various implementations of communication network 120 may employ different types of networks, for example, but not limited to, computer networks, telecommunications networks (e.g., cellular), mobile wireless data networks, and any combination of these and/or other networks. [0025] User device 130 may include any device capable of processing and storing data/information and communicating over communication network 120. For example, user device 130 may include personal computers, servers, cell phones, tablets, laptops, smart devices (e.g. smart watches or smart televisions). An exemplary embodiment of user device 130 is illustrated in FIG. 6.
[0026] Sensor 140 may be configured to sense the body activity of user 145. As illustrated in FIG. 1, sensor 140 may be a separate component from user device 130 and be operably and/or communicatively connected to user device 130. Alternatively, sensor 140 may be included and integrated in user device 130. For example, user device 130 may be a wearable device having sensor 140 therein. The sensor 140 may transmit information/data to user device 130. Sensor 140 may include, for example, but not limited to, functional magnetic resonance imaging (fMRI) scanners or sensors, electroencephalography (EEG) sensors, near infrared spectroscopy (NIRS) sensors, heart rate monitors, thermal sensors, optical sensors, radio frequency (RF) sensors, ultrasonic sensors, cameras, or any other sensor or scanner that can measure or sense body activity or scan human body. For instance, the fMRI may measure body activity by detecting changes associated with blood flow. The fMRI may use a magnetic field and radio waves to create detailed images of the body (e.g. blood flow in the brain to detect areas of activity). The material (http://news.berkely.edu/20l l/09/22/brain-movies/) shows one example of how the fMRI can measure brain activity associated with visual information and generate image data.
[0027] Cryptocurrency system 150 may include one or more processors for processing commands and one or more memories storing information in one or more cryptocurrency data structures. In some embodiments, cryptocurrency system 150 may be a centralized cryptocurrency system or network, for example, but not limited to, a server which may be privately run by a third party entity or the same entity that is running the task server 110. In other embodiments, cryptocurrency system 150 may be a publically accessible network system (e.g., a distributed decentralized computing system).
https://news.berkeley.edu/2011/09/22/brain-movies/ Scientists use brain imaging to reveal the movies in our mind
WO2020060606 - CRYPTOCURRENCY SYSTEM USING BODY ACTIVITY DATA
https://patentscope.wipo.int/search/en/detail.jsf?docId=WO2020060606&tab=PCTDESCRIPTION
Applicants * MICROSOFT TECHNOLOGY LICENSING, LLC[US/US]; One Microsoft Way Redmond, Washington 98052-6399, US
CRYPTOCURRENCY SYSTEM USING BODY ACTIVITY DATA
BACKGROUND [0001] A virtual currency (also known as a digital currency) is a medium of exchange implemented through the Internet generally, not tied to a specific government-backed “flat” (printed) currency such as the U.S. dollar or the Euro, and typically designed to allow instantaneous transactions and borderless transfer of ownership. One example of virtual currency is cryptocurrency, wherein cryptography is used to secure transactions and to control the creation of new units. [0002] Several cryptocurrencies exist. Among these, the most well known is a blockchain-based cryptocurrency. Most blockchain-based cryptocurrency is decentralized in the sense that it has no central point of control.
However, blockchain-based cryptocurrency can also be implemented in a centralized system having a central point of control over the cryptocurrency.
Bitcoin is one of the examples of blockchain-based cryptocurrency. It is described in a 2008 article by Satoshi Nakamoto, named“Bitcoin: A peer-to-Peer Electronic Cash System”.
[0003] A blockchain is a data structure that stores a list of transactions and can be thought of as a distributed electronic ledger that records transactions between source identifier(s) and destination identifier(s). The transactions are bundled into blocks and every block (except for the first block) refers back to or is linked to a prior block in the blockchain. Computer resources (or nodes, etc.) maintain the blockchain and cryptographically validate each new block and the transactions contained in the corresponding block. This validation process includes computationally solving a difficult problem that is also easy to verify and is sometimes called a“proof-of-work”. This process is referred to as“mining”. The mining may be a random process with low probability so that a lot of trial and error is required to solve a computationally difficult problem. Accordingly, the mining may require enormous amounts of computational energy.
[0004] It is with respect to these and other general considerations that the following embodiments have been described. Also, although relatively specific problems have been discussed, it should be understood that the embodiments should not be limited to solving the specific problems identified in the background.
SUMMARY
[0005] Some exemplary embodiments of the present disclosure may use human body activity associated with a task provided to a user as a solution to“mining” challenges in cryptocurrency systems. For example, a brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing advertisement or using certain internet services, can be used in the mining process. Instead of massive computation work required by some conventional cryptocurrency systems, data generated based on the body activity of the user can be a proof-of-work, and therefore, a user can solve the computationally difficult problem unconsciously. Accordingly, certain exemplary embodiments of the present disclosure may reduce computational energy for the mining process as well as make the mining process faster.
[0006] Systems, methods, and hardware aspects of computer readable storage media are provided herein for a cryptocurrency system using human body activity data. According to various embodiments of the present disclosure, a server may provide a task to a device of a user which is communicatively coupled to the server. A sensor communicatively coupled to or comprised in the device of the user may sense body activity of the user. Body activity data may be generated based on the sensed body activity of the user. A cryptocurrency system communicatively coupled to the device of the user may verify whether or not the body activity data satisfies one or more conditions set by the cryptocurrency system, and award cryptocurrency to the user whose body activity data is verified.
[0007] Examples are implemented as a computer process, a computing system, or as an article of manufacture such as a device, computer program product, or computer readable medium. According to one aspect, the computer program product is a computer storage medium readable by a computer system and encoding a computer program comprising instructions for executing a computer process.
[0008] This summary is provided to introduce a selection of concepts in a simplified form that are further described below in the Detailed Description. This summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used to limit the scope of the claimed subject matter.
decentralized cryptocurrency networks or databases. [0021] FIG. 1 illustrates an example environment 100 in which some exemplary embodiments of the present disclosure may be practiced. The example environment 100 includes, but is not limited to, at least one of task server 110, communication network 120, user device 130, sensor 140, and cryptocurrency system 150.
[0022] Task server 110 may provide one or more tasks to user device 130 over communication network 120. For example, task server 110 may be at least one of a web server delivering or serving up web pages, an application server handling application operations between users and applications or databases, a cloud server, a database server, a file server, a service server, a game server implementing games or services for a game, and a media server delivering media such as streaming video or audio. The tasks provided by task server 110 will be discussed in more detail below.
[0023] Alternatively, cryptocurrency system 150 may provide one or more tasks to user device 130. For example, in a decentralized cryptocurrency network, the tasks may be proposed to user device 130 by miners (e.g. compute resources or nodes 210 of FIG. 2). In another example, in a centralized cryptocurrency system, a cryptocurrency server may send the tasks to user device 130.
[0024] Communication network 120 may include any wired or wireless connection, the internet, or any other form of communication. Although one network 120 is identified in FIG. 1, communication network 120 may include any number of different communication networks between any of the server, devices, resource and system shown in FIGS. 1 and 2 and/or other servers, devices, resources and systems described herein. Communication network 120 may enable communication between various computing resources or devices, servers, and systems. Various implementations of communication network 120 may employ different types of networks, for example, but not limited to, computer networks, telecommunications networks (e.g., cellular), mobile wireless data networks, and any combination of these and/or other networks.
[0025] User device 130 may include any device capable of processing and storing data/information and communicating over communication network 120. For example, user device 130 may include personal computers, servers, cell phones, tablets, laptops, smart devices (e.g. smart watches or smart televisions).
An exemplary embodiment of user device 130 is illustrated in FIG. 6.
[0026] Sensor 140 may be configured to sense the body activity of user 145. As illustrated in FIG. 1, sensor 140 may be a separate component from user device 130 and be operably and/or communicatively connected to user device 130. Alternatively, sensor 140 may be included and integrated in user device 130. For example, user device 130 may be a wearable device having sensor 140 therein. The sensor 140 may transmit information/data to user device 130. Sensor 140 may include, for example, but not limited to, functional magnetic resonance imaging (fMRI) scanners or sensors, electroencephalography (EEG) sensors, near infrared spectroscopy (NIRS) sensors, heart rate monitors, thermal sensors, optical sensors, radio frequency (RF) sensors, ultrasonic sensors, cameras, or any other sensor or scanner that can measure or sense body activity or scan human body. For instance, the fMRI may measure body activity by detecting changes associated with blood flow. The fMRI may use a magnetic field and radio waves to create detailed images of the body (e.g. blood flow in the brain to detect areas of activity). The material (http://news.berkely.edu/20l l/09/22/brain-movies/) shows one example of how the fMRI can measure brain activity associated with visual information and generate image data.
[0027] Cryptocurrency system 150 may include one or more processors for processing commands and one or more memories storing information in one or more cryptocurrency data structures. In some embodiments, cryptocurrency system 150 may be a centralized cryptocurrency system or network, for example, but not limited to, a server which may be privately run by a third party entity or the same entity that is running the task server 110. In other embodiments, cryptocurrency system 150 may be a publically accessible network system (e.g., a distributed decentralized computing system).
https://news.berkeley.edu/2011/09/22/brain-movies/ Scientists use brain imaging to reveal the movies in our mind
submitted by snowboardnirvana to MVIS [link] [comments]

Reminder: Jews have real life time machines and want me to think that particle accelerators are time machines

Helloooooooo, it's me Satan/the devil again. Thought I would post another reminder about the jews having real life time machines which they have been showing off to me using their "media" (mostly).
Here's the documentary again, which I found on amazon primevideo after already coming to the conclusion that particle accelerators might actually be time machines.
https://www.imdb.com/title/tt0867212/
If particle accelerators are actually time machines, my mother may have actually received a tour of the large hadron collider, because she has been to both France and Switzerland during the same trip and my brother even lives in one of ze countries now. The official reason for her visit was to attend a "patent" conferance. 🤷‍♂️
Dialogue from the Ark Society level of Hitman 2 which mentions "patents" - https://streamable.com/chxs6p
"You see they are sitting on some patents that will knock your socks off."
"Weather control systems."
"Recycling pollution as fuel."
"Cold fusion. You name it."
Satan is naming their time machines too. 🤣
Anyway, she visited one of zose countries again (to visit my brother) and that too without telling me. I told her not to go because of the expensive plane tickets (she has been pretending to be "poor" all these years. well, not THAT poor. "middle class" poor. 🤣). I certainly considered the plane tickets expensive. It cost more than 1 lakh rupees (1,00,000) for a two way trip (which I considered to be a lot at that time). So if I would have gone too, it would have been more than 2 lakh rupees ( rupees are also jewish apparently ). Money that could have been spent on other things (jews have been emailing Satan recently with suggestions like "spend money on experiences, not things". 🤣). Of course, now I think money and the financial system is fake and designed exclusively for Satan but only YOU will know whether that is the case or not. 🤷‍♂️
Oh, and because she was planning on going without telling me, she even agreed to give me some "mummy money" (20,000 rupees) to buy some "pyramid scheme money" (bitcoin) which I then used to buy an antminer s1. Pretty neat pyramid scheme, huh? Has cool miners and everything. 🤣
Anyway because they have time machines, jews not only know what I am "sinking about" right now, but they also know what I will be "sinking about" in the future. 🤣 Check my previous posts and reminders about their mass surveillance tech if you don't know what I am talking about (once again assuming/pretending that everyone in the world doesn't already know who I am and already know about the existence of time machines and other advanced tech). 🤷‍♂️

Moar Satanic Rambling

I mentioned amazon above. They recently VERY actively participated in the "Q psyop" by showing the following riddle to Satan/me in a "riddle quiz" (or whatever you want to call it) that they had in the "fun zone" section of their app. Here's the riddle as I remember it.
"I usually follow Q. But not in QATAR. I come twice in queue. What letter am I?"
I bet they were hoping that I would correctly answer it, but I unintentionally answered it incorrectly as "E". Otherwise it was supposed to be "U". You know, "QU". "Q you". Calling me Q. Q from LGBTQ. 😐
Anyway, I didn't even look at the list of answers properly and had very quickly decided that the answer was "E" because in my mind I imagined the letters going from left to right (in a queue 🤣) and the answer would have been "E" in that case. The letter "E" would have been following "Q". By the way, there is no "E" in any of my real life names but there is one in "JEW". 🤣 Maybe that's why a jewess was pretending to be a bot and other jews were referring to her as EBOT in the Q research 8chan board (mentioned in one of my old posts). They were spelling "ABOT" as "EBOT". 🤣🤷‍♂️
I am also guessing that "QATAR" in the above riddle is supposed to mean something since it was in all caps. "Q a rat" maybe (country names are fake apparently, as I mentioned in my previous post)? Like the rat from the movie Ratatouille? 🤣 Even my mother was once mispronouncing Qatar as "Quatar", and I corrected her saying it's QAtar and not QUatar. But yes, once again, "QU" or "QUA" (Q you, A). 😐 Like I mentioned in my previous post, I now believe she is also a "psyop" participant and she continues to actively participate in the psyop.
Just recently she threw away a pack of masala powder just to make me angry. I had already started cooking when I realized that the pack was missing. At first I thought she may have just hidden it, so I searched everywhere but when I couldn't find it I realized she had mostly likely thrown it away. I am not talking to her at all right now (for obvious reasons 😐) but did manage to indicate that I was angry because of the missing masala powder (not that she didn't already know. it was part of the "plan". trust the plan. 🤣) and she eventually admitted that she had thrown it away, apparently because the pack was "completely open". There were long expired packs of various masala powders lying around (still are) that were actually "completely open" that she didn't bother to throw out but she threw away a brand new pack that I had bought. 🤷‍♂️
Should also mention that everytime I brought up the "psyop", her dialogue was something like, "Internet people are tricksing you-internet people are tricksing you". 🤣🤷‍♂️ "Internet people" are "tricksing" me apparently. 🤣 Well, I am translating but she was using the word "tricks". 🤷‍♂️
I believe I have also figured out what one of my real life names actually means. One is supposed to be calling me an "objectophile" (like "QU". "Objectophile U".) and the other one (the one in my birth certificate, ID cards, etc.) is supposed to mean something like "You are a fool/simpleton, devil". Any jew here willing to confirm? 🤣
Anyway, as jews already know, I think it's okay to be a fool/simpletion but not okay to be evil. Who goes to hell? A fool/simpleton or someone who is evil? <- "Q" style questions. 🤣
As I mentioned in my previous posts, I believe ALL jews are evil. Especially if all of them indeed know who I am and have been watching me all these years. 😐 Someone was even posting on 8chan saying something like, "we are not evil. promise...". Watch a compilation of everything you have done to Satan all these years if in doubt about the fact that you are evil. I am assuming you have recordings. Or did the jewesses who run the jew world delete them from the face of the Earth and are now claiming that some of the things that I have been "sinking" about never happened?
Other than that they have continued to do shit like male genital mutilation and abortions despite having time machines and knowing in advance that Satan will be anti-male genital mutilation and anti-abortion. Assuming that abortion is real of course. I haven't seen it with my own eyes after all (just like my mother says that she DOES NOT believe that god exists just because she hasn't seen god with her own eyes. heard the same thing from others. 🤣). I even remember someone posting pro-abortion shit in the 8chan Q research board. Something along the lines of "if you want to buy a gun, do it. your choice, pro-choice...". How about "if you want to do the apocalypse, do it. your choice pro-choice", hmmm? Besides, jewesses who have had abortions could have "chosen" to not have sex. If abortions are real, I am guessing there are many jewesses out there who have had abortions by the time they were 30.
Satan is 30 years old in his current human form and is a virgin. 🤣 Even the "Virgin" brand is referring to Satan. Yes? Also figured out recently that the "Coca Cola" brand is referring to Satan also. Bought an "(allocacoc)[https://www.allocacoc.com] powercube" and found the name odd initially but realized that it was Coca Cola spelled backwards with an extra "L" and knew it was supposed to mean something. Later saw one of those "coke and mentos" videos on youtube again and finally realized what it is supposed to mean. "Coca Cola" is supposed to be "A Cola Coc". "Cola" is supposed to be "কলা". It's supposed to be referring to Satan's dick. That's why there were those "muh dick-muh dick-muh dick" posts on the 8chan Q research board. Yes? 😐
Anyway, if the "Coca Cola" brand was indeed established in the year stated in wikipedia then it would seem that the jews have had time machines for the past 100 years at least.
I have also realized that "muh dick" is also partially mutilated and my mother lied to me about that also. Claimed to have taken me to the nurse because she noticed "pus" was coming out of my dick and the nurse did some "cutting". Said that there would have been "कष्ट" after marriage otherwise. Had no idea at the time what she was talking about, but perhaps she meant that a lesbian jewess might have found my unmutilated dick "ugly"? 🤣 Watch that "Nip/Tuck" episode#Episodes) and that "South Park" episode defending male genital mutilation if you have no idea what I am talking about.
What if jews force their senior citizen parents to get a face lift, nose job, liposuction, or whatever without anaesthesia? And say shit like "we are only doing it to make you look beautiful so that you don't have any "कष्ट" if you decide to get married/remarried or so that you are invited to more lemon parties"? 🤣 They can use their mind control tech to wipe the memory of the surgery afterwards if necessary (or use roofies if they are real 🤣). Can even invite people to witness the surgery and they can say "mazel tov", "oy vey", or whatever it is they say after a "bris".
Now, I don't know if "brises" are real because I haven't seen one with my own eyes. I have however seen a "fully mutilated" dick when I was a kid (3rd grade). It was in the school (a different school, not the one I mentioned in my previous post) bathroom which was just a "shed" with a drain in it (was the female bathroom also just a shed with a drain in it? There was even a South Park episode about school bathrooms but in their case the bathroom wasn't just a "shed" now, was it? 🤣). Anyway, I assumed that I had seen a catheter "wrapped" around his dick as I had heard about catheters by then but did not know what they looked like or how they worked. I asked the kid why his dick looked different assuming that he would confirm my theory that he was peeing using a catheter. But he replied saying that it's because he is "muslim". It was an odd explanation I thought, and even asked my mother that day and she didn't bother to explain it either.
Even after that incident I didn't know about "male genital mutilation" for years. But eventually "real time" told me. But even then I didn't know that even my dick was partially mutilated but "real time" has now told me about that too. 🤷‍♂️
Well, jews were also posting a "render" (I think) of an unmutilated dick on 8chan and someone on voat replied to a comment of mine saying something like "No one actually knows what an unmutilated dick looks like" which I only recently saw. Could have just said something like, "Your dick is mutilated too, Satan" but whatever. 🤷‍♂️

Video games

Already mentioned a video game above, but will be mentioning moar video games here under this heading. As I mentioned in my previous post, they are also using their time machines when making video games. I also mentioneded that I could be living in a simulation for all I know and you could all be NPCs. Later I remembered a video game that I didn't play just because the story/plot had "simulation" in it. I then checked out the plot again on wikipedia and noticed that it mentions "time travel" also. 🤣
https://en.wikipedia.org/wiki/Saints_Row_IV
The game's loyalty missions impact the ending of the story: if a number of these are not completed, the Boss makes plans for the Saints to take over more planets and expand their new empire; however, if all are completed, the Saints learn that they can restore Earth using time-travel, discovering that Zinyak captured several historical figures and placed them in suspended animation. The Boss soon discovers one of them to be 19th century writer Jane Austen, whom they are a fan of, and who reveals herself as the narrator of the game's story once she is awaken her from stasis.
There's also the following DLC where Satan is mentioned. 🤣
https://en.wikipedia.org/wiki/Saints_Row:_Gat_out_of_Hell
I have both the game and the DLC in my Steam library but have never played them. I bought them during a sale or something. They were being sold as a bundle (Humble Bundle maybe) but I was only interested in Saints Row The Third.
I should also mention The Witcher 3: Wild Hunt. The game has some cannibal witches who eat kids (they ate grown ups too; they didn't discriminate. 🤣). And the witches were shown to possess "mass surveillance" capabilities, but they were using magic. They would nail human ears to trees or something. Satan chose to free that tree spirit the first time he played that mission but later noticed the tree spirit did not get rid of those "ladies" for some reason. Plot hole?
Anyway, I read right here on /conspiracy that jews apparently eat aborted babies. It was the "Robert David Steele AMA" I believe.
Were you jews hoping to tell me that you don't really eat aborted babies and I only believed it because I am gullible? There was even a South Park episode recently where there was the dialogue "well, we don't eat them...", but they were talking about cows. Were they actually talking about aborted babies? There was also the dialogue "...nobody wants to do it...". Nobody wants to do abortions but do them anyway because jewesses auto-magically get pregnant (like Satan used to think when he was a kid)? Also, there is a dialogue in a "Penny Dreadful") episode where a witch who does abortions and is called a "cut-wife" says something like "this village needs its cut-wife...". Why did the village need a "cut-wife"? Because the jewesses living there were auto-magically getting pregnant even though they didn't have sex? 🤔
Unforuntately for the jewesses who run the jew world (who are no doubt like those "ladies" of the wood), there are also stories like (Hansel and Gretel)[https://en.wikipedia.org/wiki/Hansel_and_Gretel]. Even my own mother used to try and scare me when I was a kid saying things like "juju buris (বুড়ি) kidnap kids in burlap sacks..." or something. 🤷‍♂️

TV Shows

Already mentioned TV Shows above, but will mention more here.
I recently remembered the cartoon "Pinky and the Brain" and realized they are also supposed to be depicting Satan. Check out the opening theme and the lyrics - https://www.youtube.com/watch?v=qzZmU0aGmcc
They even show Saturn crashing into Earth during the part where they sing "by the dawning of the sun, they will take over the world". 🤣 There's also "to prove their mousey worth, they will overthrow the earth...". 🤣 Satan is dinky apparently. 🤷‍♂️
At the end of the opening theme there is even the name of an openly-jew jew mentioned ("Steven Spielberg"). If you are a "poor" jew who doesn't know about the existence of time machines and other advanced tech that "rich" jews have, maybe you can ask him what he knows.🤷‍♂️
Also mentioned in my previous posts that I am also supposed to be Jesus and there is this scene from an episode of The Simpsons - https://streamable.com/oumsad
The scene was actually censored when airing on a local TV channel and I even mentioned it to a desi jewess who was "sent" to chat with me. Looking at "muh chatlogs" is how I remembered that scene. 🤣
The jewess was trying to pretend to be psychic or something. She was even telling me about my future which I had totally forgotten about. I did remember that she asked me if I believe in "astral projection". I said no, so she dropped the subject. Otherwise I am guessing she would have claimed to be able to see me using "astral projection" and not because all jews are watching me like Truman from The Truman Show.
I also remember another jewess who was "sent" to chat with me and she was asking me if I had read Harry Potter and knew what a "prophecy" was. When I said yes and used "भविष्यवाणी " to define "prophecy" she dropped the subject. 🤣 She was claiming to be studying to be a psycho-logist and was repeatedly asking me "How do you feel-How do you feel". 🤣 I had no idea what she meant at the time, but now I know (thanks to "real time") that it's just something that psycho-logists say. 🤣 No doubt that was the first thing she learnt at "psycho-logy school". 🤣 Satan is a psycho apparently. 🤣🤷‍♂️
Oh yes, I was talking about The Simpsons. I remember seeing posts right here on /conspiracy speculating whether The Simpsons creators know about the existence of real life time machines because many episodes seem to depict future events. Well, no need to speculate any longer, they do have real life time machines. But it's not just The Simpsons creators. It's all jews. Be it Hollywood, Bollywood, Tollywood, etc. Maybe you can even ask them during comic-con or something if you are a "poor" jew and do not know about the existence of real life time machines.
I now also believe that the boat painting in The Simpsons living room is based on something that Satan painted not long after the shit stick incident. After the shit stick incident that I mentioned in my previous post, my mother agreed to reconnect our TV cable connection on the condition that I attend a religious summer school. That's where I painted a ship which was supposed to be like the ships from Assassins Creed Black Flag. It was supposed to be an art "class" but there was only one and they were like "paint whatever you want to paint". Were they expecting Satan to paint something Satanic? 🤣 I remember the kid next to me was painting an alien. Large sheet of paper but he was painting a small alien in the middle of it leaving the rest of the sheet blank. 🤷‍♂️
Anyway, in case of The Simpsons, the painting is that of "a boat" (wink-wink-nudge-nudge?) but it's very similar to the ship painting that I painted. If you really do not know about the existence of time machines and other advanced tech maybe you can even ask the creators of The Simpsons (in the next comic con or something). You can say something like "a conspiracy nut on /conspiracy claiming to be Satan was also claiming that you have real life time machines and the boat painting is based on something he painted at a religious summer school after a shit stick incident and that you got rid of the Apu character because he wanted The Simpsons cancelled because he got the impression that you were being anti-Trump and pro-Hillary...". 🤣🤷‍♂️
Anyway, there was even a kid at the above mentioned summer school who was pronouncing "cheat codes" incorrectly. He was pronouncing "cheat" as "kheat". Was he acting like the actors from Truman Show and reading his lines from an "eyephone" teleprompter? Or was it intentional? 🤷‍♂️ By the way, the downstairs neighbours' kids were also there in that summer school and they would have at least heard the shit stick incident. Yes? I believe they also knew about the "psyop" and could have told Satan but didn't. How are you jews trained to participate in the "psyop" anyway? Are you sen't to special "psyop schools"? 🤣🤷‍♂️
In one of my previous posts that was deleted by a mod, a jew had commented asking me whether I was a little girl because I had used so many "emojis", so let me mention the cartoon "The Grimm Adventures of Billy and Mandy" also. All three of the main characters are also supposed to be depicting Satan, including Mandy. Check out her devil horns like hairstyle. 🤣
There is also this song from the show. https://www.youtube.com/watch?v=yui4zkZQwCA
It has the lyrics "if at first they think it's strange, they wont think twice once I've eaten their brains".
Jews thought that if Satan thinks all the evil shit they do is "strange", Satan wont think twice after they manage to figuratively eat his brain? They were also posting this image on 8chan. Yes, Satan has been "fucked by psyops" because physical wounds heal apparently. Not that jews haven't caused physical wounds also but they always end up healing. 🤣

Movies

Scene from the movie "My Favorite Martian" referring to Satan's zipper incident - https://streamable.com/n3e30i
Was four or five years old when it happened. The zipper of the shorts that I was wearing, got stuck on my partially mutilated foreskin. I was crying in pain even though there was no bleeding. Jews most likely have a recording of this incident also (if they haven't deleted). Later the same nurse who most likely mutilated my dick was telling me to wear underpants as if I could conjure them out of thin air.
I didn't wear underpants back then and didn't even for years after that incident. Now I wear "square" underpants, which is why there is "Spongebob Squarepants" (I am also supposed to be Patrick). 🤣
Anyway, jews know about the zipper incident too but are continuing to perform male genital mutilations anyway. Yes? Perhaps they are like, "another benefit of having a fully mutilated dick is that you don't have to worry about zipper issues". 🤣🤷‍♂️

Music

Jews are using their time machines even in the music they produce.
My motorcycle that I mentioned in my previous post was seized by the cops (I used to think that the local cops are useless but now I think that they are just fake) using "Coronavirus" as an excuse. And when recently looking at the details of the "Foghat" album "The Best of Foghat", I noticed the song with the title "Third Time Lucky (First Time I Was A Fool)". I have been to the cops twice to get back my seized motorcycle. First time I went was on April 1 (april fools day). I was planning on not going a third time and just let the fake cops keep my motorcycle. After all, they are jews, the motorcycle was made by jews and even the money I used to buy the motorcycle was "jew money". And I noticed that there is also the song with the title "Take It Or Leave It". 🤣 Oh, and now I see that there is also one with the title "Easy Money". 🤣
The name "Foghat" itself is most likely referring to how Satan's helmet gets foggy sometimes. Yes? 🤔🤷‍♂️
Anyway, wasn't able to pass much time with the bike anyway. It was only making me spend fake jew money on fake expensive fuel. Not to mention the trips to the service center. It needs servicing every three months apparently. So, I am thinking I will leave it with the fake cops. What do you jews think? Is it a good plan? Trust the plan? 🤔
Oh yes, the second time when I went to the cops, they gave me a phone number and asked me to call it (I didn't) and also gave me a fake name when I asked for one. Which I now think is supposed to mean "You are Satan, pal", kinda like that South Park episode about mormonism ("moronism"; Satan is a moron apparently; Amaron) where Cartman was like "My name is Yura, Yura Fag". 🤣 If yes, then here is a message for the fake cop who gave Satan the fake name, "Satan is not your pal, gal". 🤣
Yes, the second time the fake male cops were gone and there were only two jewesses. The male cops are in "isolation" apparently. 🤣 I was wondering if I should have shown them that clip from The Simpsons where Chief Wiggum says something like, "look at my badge. cash bribes only..." because most of them are fat or chubby. And because I used to think that all the local cops were good for was scaring and threatening people and asking for bribes. 🤣 The second time there was only one male cop (a gatekeeper or something, who got brave and was rude to Satan) and this time they made sure that it was not a fat one. 🤣 Anyway, I can make fun of the fake fat cops (many of whom have "pregnant" bellies. men and women are equal so men are also able to get pregnant. those cops were actually pregnant. yes? 🤣) just by "sinking" about it. How cool is that? 🤣
I also remember that South Park episode now where they were calling bikers "fags"). Original air date is 2009 whereas Satan bought his bike in 2019. So yes, you can ask them about the existence of real life time machines and other advanced tech also. 🤷‍♂️
Recently Satan has been passing the time "code monkeying". That's why the 8chan administrator is called "code monkey", yes? I have been playing with "CodeIgniter" and there is "psyopy" content even in the "CodeIgniter" documentation.
use CodeIgniter\Controller;
class Helloworld extends Controller { public function index() { echo 'Hello World!'; }
public function comment() { echo 'I am not flat!'; } }
Yeah, the world is not flat apparently but since I haven't seen it with my own eyes I probably should not believe that it's round. Yes? 🤣🤷‍♂️
Well it doesn't really matter if the world is round or "flat". What matters is that if everyone in the world knows me then unfortunately for you, you are all evil. And it's actually more unfortunate for you if you are not NPCs. You know what I am sayin'?
By the way, is Satan's "Mann ki Baat" being broadcast to everyone in the world uncensored or should he write down more of his "mann ki baat"? 🤔 Like how he has been "sinking" to Ubisoft whether the "apocalypse" comes under "everything is permitted". Feel free to comment here with your reply Ubisoft.
Mind-wiped Satan now thinks total apocalypse (get it? total apocalypse. kinda like total eclipse but apocalypse instead of eclipse) is necessary and since he is addicted to TV shows, movies, video games and the internet apparently (all jew media), it would be the unselfish thing to do (assuming it's up to him to do the apocalypse). Yes?
Satan has been trying to be "sober" though. No TV shows, movies or video games for the past two months. Did not renew his 100mbps internet connection either. Let's see how long the lockdown can continue. 🤣🤷‍♂️
It's Saturday and Satan managed to spend hours writing the above post. 🤣
submitted by rcspy to conspiracy [link] [comments]

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The reference board documentation is inconsistent; the rev.1.0.A schematic is different from rev.1.0.B Gerbers. Several part designators won’t match the PCB silkscreen, and the 500 ohm R12 resistor, likely added to improve stability of 2-phase buck converter, was not present on the schematic and/or BOM; we finally managed to figure out what #9 Some parts are missing silkscreen reference designators ☑ #10 The 3.3v regulator should take 5v input rather than VIN or be switched to a regulator that can handle higher input voltage #11 Barrel jack is a through hole part, should be switched to SMT #12 Should have more input capacitors 9780313013782 0313013780 Constitutional Remedies - A Reference Guide to the United States Constitution, Michael L Wells, Thomas A. Eaton 9780752520063 0752520067 The Victorian Photograph Album 9780511077449 0511077440 River Mechanics, Pierre Y. Julien 9780613739771 0613739779 I Was a Teenage Science Project, Patricia G. Reed The reference board documentation is inconsistent; the rev.1.0.A schematic is different from rev.1.0.B Gerbers. Several part designators won’t match the PCB silkscreen, and the 500 ohm R12 resistor, likely added to improve stability of 2-phase buck converter, was not present on the schematic and/or BOM; we finally managed to figure out what This item is for all other additional, important or helpful informations (not all are presented here; only those mostly used by GA pilots). “DEP/” followed by the name of the departure airport or bearing and distance to navaid/navigation point closest to departure point (if no designator is assigned and “ZZZZ” is inserted in item 13). Up to 50 characters may be used.

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The proposed EIA 2020 draft could violate the rights of the planet and the people of India

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