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Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

Brief Comments on Goguen: Q4 2020, Q1 2021, utility, Marlowe, DSL, Glow, Plutus, IELE, smart contracts, thanksgiving to you, sidechains and Hydra, Goguen rollout and additions to product update

Smart contracts (origins in 80s, 90s vs. 2013 ETH and 2020s Cardano)
We had a pretty interesting product update. We laughed, we cried, we all learned a little bit. Two and a half hours lots of stuff and I hope this gives you guys a good window into all the things that are happening. There's an enormous amount of complexity in Cardano and Goguen is no different. In fact that one slide showing all the interlocking dependencies and the moving pieces for it and just the sheer volume of things that are going on is, is an indication of not only the quality of the team but also the commercial reality of being a smart contract platform. In 2020 when I co-founded Ethereum our reference material was paper. We looked at things that Nick Szabo and people from the 1990s and 1980s wrote about and whether you were a Ricardian contract fan or you had programmed in Eiffel or you understood things like FpML basically it was an open field which gave us kind of a freedom to just do whatever we wanted to do but it also didn't give us a commercial reality of who's going to buy it? Who's going to use it? What do you need to do? The expectations in 2020 are vastly different from the expectations in 2013 and the reality is that there are massive deficits with Ethereum as designed today which is why Tezos exists and Algorand exists and why ETH2 is being constructed . It's why there are so many different players from Polkadot and others on down who have deep and detailed opinions about the things we need to do. If the ICO revolution hadn't happened, there was no notion of an ERC20 token and we were in a just different world.
We didn't have DeFi, any of these things and now in 2020 if you are to be competitive and build great things and actually invite real use and utility at a scale of millions and billions of people or government or Fortune 500 you need to have real good answers about a lot of different threats and things. For example, Marlowe, what it does is it leverages 20 years of history from domain experts like Willi Brammertz and over 30 years of history in domain-specific language (DSL) design from professor Simon Thompson and his team and it puts them together. It says for the first time ever we're going to have semantical clarity between the entrepreneur, the developer, the writer and the financial services infrastructure whether that be the banker, the insurance agent, the exchange, whoever that might be. Up until the totality of human history till today we have never had that semantical clarity. All four of those actors speak different languages and what we're doing with Marlowe as a DSL is an example of how you can unify and create a common language and experience between all of them today.
Marlowe, DSL, Glow, Plutus, IELE
Right now, you guys can go to the Marlowe playground and you can start using it and start building things and start having that semantical clarity and work with us and over a period of six months or so that will continue to evolve. Templates will evolve, applications will be constructed and those applications will work their way into Cardano applications and eventually they'll become cross-platform and work on things like (Hyperledger) fabric and other such things as we see industry and commercial adoption but it requires a starting point and Marlowe has evolved over a four year period through the hard labors of so many people to actually give us a great starting point. You can visually look at contracts and talk about their design. You can write them in JavaScript, you can write them in the Marlowe programming language. There's a Haskell side to things and you can see the power of this approach because of its design. You can prove things are correct, you can use theory that has existed for over 40 years like SAT solvers and reachability to actually show that you're not going to have a parity bug and that's just one example of one DSL of which many more will come. The point of DSLs is to give clarity to people in the industry. For example if we get into the health business and we start talking about medical records that will become a DSL to broker their movement and that same clarity and semantical unification will occur between doctors and hospitals, patients, governments, regulators and business professionals and they will now have a common language. So, Marlowe is an entry point and it's an example of how to build a DSL and evolve a DSL and bring the right people to the table.
When we look to things like Glow, from MuKn, this is an example of a team that's highly motivated and intrinsically across blockchain. When we look to the future and we say what happens when Bitcoin gets smart contracts? What happens when ETH2 comes out? What happens when people want to build cross-blockchain applications? Wouldn't it be nice to have a unification language and that's what Glow is basically all about. By strategic investments in that ecosystem, what Glow does for us is it ensures that we won't be left behind that Cardano has that and all Cardano infrastructure can benefit from that and Glow in turn will benefit from its embedding in our ecosystem. More users, more technology and ultimately because Cardano's the best. If you deploy in that direction it's the best experience. When you look to Plutus, Plutus is the unification language, it's the conductor of the orchestra and it pulls all of these things together and there were a lot of design requirements with Plutus that were quite hard from a theory viewpoint. We really cared a lot about resource determinism. We wanted to make sure that it was always predictable or at least as predictable as it can be to know how much it costs to do things because at the end of the day this is not a science experiment. These are not toys back in 2013. We had the luxury with Ethereum of just seeing what happened and the market makes strategic investments and they have to know how much their operating cost is going to be for their business model. We designed Plutus so that it would be one of the best programming languages on a long arc agenda of being a very practical on and off chain language to unify all the Cardano ecosystem. There are many objects in the ecosystem to operate, manipulate, instruments of value like native assets, identity, smart contracts onto themselves, DAOs, off chain infrastructure and you need a conductor that's capable of living in between all of these things and you need certainty that the code you're writing is going to work.
This is why we based it on an ecosystem that has 35 years of history and we as a company have invested millions of dollars in that ecosystem to modernize it and bring it into the 21st century especially for things like Windows support and working with partners like Tweag WebAssembly support, working on projects like compilation to JavaScript so that we can share that's there and our commitment is going to continue beyond that we are a founding member of the Haskell foundation working with Simon Peyton Jones and we're going to ensure that Haskell has compilation to ARM and that all of the technology that's required to keep that language competitive and actually make the language even more competitive will happen. It's very nice that Plutus is deeply ingrained in that ecosystem and that makes it a perfect conductor language. In the coming months we're going to talk a lot more about our relationship decay in IELE. If you live in the imperative object-oriented world and you want to do things a bit differently than the way things are done in the Haskell functional world then it makes sense to have an option that has the same principles as us which is why we reached out to Grigore years ago and established a commercial relationship with him. It's been the privilege of my career finding a way to resurrect that relationship so in the coming months we're going to talk a lot about how IELE fits into the Cardano ecosystem and the value it's going to bring in addition to the value of Marlowe, Glow, and Plutus.
Native assets
One of the single most important things about all of this is the native asset standard. One of the things we did not anticipate when we created Ethereum is just how pervasive the user's ability to issue an asset would be. We figured this would be an important thing, it's why we put it on a T-shirt back in the Miami conference in January of 2014 and we realized that from the color coin's project in the master coin project and one of the most important things is that we have the ability to issue not just a utility token but non-functional assets, security tokens and a litany of other instruments that hold value. Some ephemeral, some permanent, some with flexible monetary policies, some with fixed monetary policies, some from a central issuer, some from a decentralized issuer, some managed by a foundation, some managed by the community, some managed by fixed code that's immutable and the point of the native asset standard in the ERC20 converter is to establish a co-evolution of the technology and the commercialization of the technology. What we've been doing with ERC20 converter is using that as a way to create a conversation with those who want to migrate or build on Cardano and thinking through how are we going to create practical standards with our native assets. We already have enormous advantages with this standard over Ethereum. In particular the fact that your assets you issue on Cardano are treated the way that ADA is treated whereas in Ethereum you're a second-class citizen or ETH is treated differently from smart contracts. This first class citizen approach means that your assets will have the same governance access layer, to portfolio access and infrastructure that ADA itself has. Easier listing experiences, easier time with hardware wallets, easier time with wallet software. In general better user experience, faster transactions, lower transaction costs and then eventually for higher value tokens even the possibility of paying transaction fees over the long term in the native asset itself as if you were your own cryptocurrency.
Goguen rollout
You just simply cannot do this with the design of Ethereum and Ethereum 2. It's a huge advantage we have in our ecosystem and it's one that will become more pervasive over time now Goguen has already started. As a launch agenda the very first update to enable some Goguen era functionality was the metadata standard which meant that you could go from just moving ADA around to actually a whole litany of applications in the identity space and in the metadata space some of which we're aggressively negotiating on in commercial deals which we'll announce at a later date. The rollout of Goguen in terms of the system as we mentioned in the presentation will be principally done for the first iteration over a series of three hard fork combinator (HFC) events. The first of which is beginning this year in November December time frame and that's going to lay a lot of the foundations that will enable us to get to the second hard fork combinator event which will occur in Q1 of next year and we'll announce that specific date likely at the next product update and then the third one will happen shortly thereafter. They have to be spaced this way because it's just simply too cumbersome on our developers and also our partners such as wallet infrastructure and exchanges to try to do too much too quickly and furthermore there's an enormous amount of work as you've noticed on that slide to roll out Goguen. You have to do two things at once, you have to deploy the infrastructure but then you also have to populate the infrastructure and what's nice about the way that we've done things as you now see with the Marlowe playground the population of that infrastructure is occurring now today and with the ERC20 converter and the mint test net that's coming.
That's going to occur in November which means that that gives people time to start building and playing on our ecosystem in a safe sandbox so that when they deploy it to the mainnet they do it right the first time and they don't make an existential failure as we have seen with the DeFi space because at the end of the day once you go live you have a huge adversarial surface and everybody in the world is going to try to break the things you've done. It's very important that you do it right which means that you need time as a commercial partner and an application deployer to do it correctly. Parts of Goguen are indeed shipping this year, some have already shipped and we'll have another HFC event at the end of next month or early in December and throughout the first quarter of next year and likely the second quarter will complete the other two HFC events which will roll out full support for native assets, extended UTxO, the Plutus infrastructure and the Marlowe infrastructure. In the meantime we're also working on strategies about how we can ensure best integration of Glow and IELE into the Cardano ecosystem and as you've noticed there are three parallel teams that are working very hard. The Shelley team continues to upgrade the Shelley experience. Just today we've received a lot of concerns over for example the state pool ranking in Daedalus. Let me be very clear about something. There's no problem with the ranking software, the problem is the k parameter. It needs to be increased and the fact that things are getting grayed out is an indication that the ranking parameter is actually working right for the first time. So, k needs to go up but there are consequences of that and we need to improve the software to reflect those consequences but it is my goal to get k to 1000 before ideally d hits 0 because we really do want to have over a 1000 well-functioning stake pools but by no means is that the end of the story.
Improvements + project Catalyst
We need partial delegation and delegation portfolios. We need means for stake pool operators to communicate effectively and efficiently with those who delegate to them. We need improvements in SMASH. We need an identity center, we need a litany of improvements to Daedalus itself. Right now, today, there are more than four companies working full-time at doing just these things in addition to the Goguen updates that are occurring right now. That research thread and that development thread will continue. We've already seen seven CIPs including CIPs related to the reward function. We take them very seriously, we review them and there's enormous amount of discussion about how to create a fair and balanced system and we appreciate this feedback. It's a process and we ask for patience and we also remind people that we launched Shelley just at the end of July and despite that the ecosystem has more than doubled in size and it's been growing at an incredible pace and it's only going to continue and we're only going to see our best days ahead of us. Good things are coming down the pipe and it's becoming a much more holistic ecosystem from in performance improvements, to usability improvements, to better overall software for everyone.
There's no greater example of that than what we've been able to accomplish in the last three months for the exchanges in general. We're really proud of what we've done with the Adrestia stack and we're really proud of working with great partners like Binance and Bittrex throughout the last few months and we've had some certain challenges there but as a result of overcoming those challenges we have left behind an incredible enterprise grade listening experience that continues to get faster, continues to get higher quality and is secure and reliable 24 hours a day, seven days a week and we'll continue investing heavily to ensure that that only gets better for all of those partners whether they be an external wallet or their infrastructure like an exchange operator. We've had a lot of wins also on the governance side with the Voltaire Catalyst project. We have seen huge wins in participation going from small focus groups to now over 3500 people every single day coming into cardano.ideascale.com competing for 2250000 worth of ADA with fund2. That's just the beginning and every six to eight weeks that's going to increase in scale, in terms of the money and people, the quality... When we ask what is our developer acquisition strategy that's a major part of it because people know that there's money to be made in building on Cardano and that you have the right incentives to go realize your dreams and add value so just as these frameworks like the Marlowe playground and the Plutus playground and other such things like Glow come online and IELE come online the ability to build will be matched by the ability to discuss what to build and fund? What to build through a community driven process that includes greater and greater inclusivity. For example the next fund will include a voting center built right into Daedalus in addition to the cell phone application that we've already launched to vote and we will continue refining that experience relentlessly that's one of our fastest moving teams and I will remind you we are doing this in parallel to the Shelley workstream and the Goguen workstream that we showed you guys today. Finally there's Basho, not the next hard fork combinator event but HFC#3 which we anticipate in Q1 2021.
Sidechains, Hydra
I would like to include a sidechain protocol that allows the movement of value between independent systems through some form of blocking mechanism. We are currently examining and designing a protocol that we think fits very nicely into the way that our system works with mild modifications to the ledger rules. If that and should this be successful then that helps with one of the pillars of Basho interoperability and then the other pillar is scalability. Rob is hard at work working with technical architects and scaling up a team to start de-risking the Hydra protocol and others are hard at work evolving the science behind the Hydra protocol. We have seen great progress on all fronts to de-risk Hydra's roll-out and what's so beautiful about Hydra is it is our belief that the majority if not all of Hydra can be implemented in Plutus. As Plutus rolls out we have a natural constituency to run this infrastructure. The stake pool operators and we have a natural way without an HFC event or special accommodation of rolling out Hydra.
It's not really needed at this level of scaling capacity. We have an enormous throughput already 10 times greater than Ethereum as it is today and room to make it a hundred times greater than what Ethereum is today without Hydra. However as we de-risk this infrastructure solidify the protocols and get out all the kinks. What's so beautiful about it is that we will be able to when the time comes the community can roll out multiple implementations of Hydra so that there is diversity and there will be a natural group of actors to run those channels as we have seen for example with the Bolt spec and the Lightning ecosystem on Bitcoin. The contrasting difference between Lightning and Bitcoin and Hydra and extended UTxO and Cardano is we designed Cardano for Hydra.
Bitcoin was not designed for Lightning and as a consequence it's always more difficult for them to try to make meaningful progress whereas us there's no friction in that relationship. It just fits very nicely through so the roadmap is coming together and Cardano 2020 has definitely started to evolve into quite a mature ecosystem and what's really exciting is we're going from an ecosystem of potential to one of reality and instead of asking what could we do we're showing people what has been done and people are actually doing things every day.
Our commercial team is inundated with requests for coordination and cooperation and deployment. I get numerous emails every single day, well intended to very serious about people wanting to build on the platform and we're really excited about that. We're going to keep this steady systematic relentless march as you saw with the enormity of the news today. It's business as usual and it'll be exactly the same in November only there'll be more and every month. The velocity increases, we burn down the remaining story points to get these things done and things are happening very quickly and we just keep releasing and releasing and releasing and it's a very different time than it was even six months ago.
Community rules
What's so reassuring is we continue to have the best community in all the cryptocurrency space. It's the final point but it's one that I'm most proud of. You see people get to decide where they want to live, what infrastructure they want to deploy, on who they want to work with and when you have a welcoming warm and friendly community that is constructive and productive and their job is to help you get to where you need to go you want to work with those people. When you have a destructive or toxic community that's exclusive hierarchical and not invented here in their mentality people don't want to work with that community. Money can't buy that. I don't care if you have a bank account with four billion dollars or you're a central bank. You can't buy character and you can't buy culture, you have to make it and you have to earn it and if we've accomplished anything over these last five years from the 90 papers now and the million plus lines of code and the incredible releases that have happened and continue to happen we accomplished the greatest thing of all: we built a community to rival that of bitcoin's. I believe with that community we can realize the dream in the coming years of Cardano becoming the financial operating system.
For those who don't have one and giving open prayer and free economic identity to those who need it I am astounded by just how easy it is to roll these things out. They're super hard and complex under the hood but they just feel right and fit right and all the pieces are starting to come together in just the right way and I'm astounded by the fact that when we roll them out community members are there to receive them and take them to the next level.
Thank you all for attending the product update at the end of the month. This was a real good one, just as good as the Shelley one and we are now in the Goguen era with the first HFC event coming in the end of November and we're going to keep pushing them out. Every single one of them will add more capabilities and I encourage everyone to check out the Marlowe playground start building with it. Today things are happening really fast when the mint comes online at the end of November. Start playing around with that, start talking about the multi-token standard. If you're interested in a project our commercial division divisions always' open and you're going to see more and more progress from all entities in this ecosystem and some potentially major announcements before you can think it. Thanks guys it was a good day and thanks to the entire team that made all this happen I'm real proud of all of you.
Video: https://www.youtube.com/watch?v=l5wADba8kCw
submitted by stake_pool to cardano [link] [comments]

Weekly Update: Parena trifecta, Cryzen shareable backtests, Crypto biggies for aXpire, HYDRO taking giant strides... - 29 Mar - 4 Apr'19

Weekly Update: Parena trifecta, Cryzen shareable backtests, Crypto biggies for aXpire, HYDRO taking giant strides... - 29 Mar - 4 Apr'19
Hiya folks! Starting today and over the next 10-12 days, I'll attempt to catch up on all the pending weekly updates. Seeing how much goes on in Parachute + partnerverse in a week, this is going to be a humongous challenge. Let's see how it goes. Wish me luck! Our good friends at Uptrennd, did a shoutout to a previous weekly update. You guys rock! And this is why making these updates is so worthwhile. This week's post is easily going to be the biggest one yet. Here's your week at Parachute (29 March to 4 April):

Parenas were aplenty this week. Starting with the weekly Parena which Alexis won to take home a lion’s share from the 200k PAR pot. Alexis also picked the Metallica theme Parena spoils by beating Kamo in a quick finale battle and claimed his rightful share from the 100k PAR pool. And finally, we had a WED Parena after a long time. Chris sponsored 1M WED for the Parena pot, and almost won the winner’s share if not for Clinton whose Zebra beat Chris’ Mink to claim top spot. Damn! That’s a ton of PAR and WED given away in a single week in Parenas. Jason hosted the first ever Parachute-based trivia instead of the normal Gamee games for the week. It’s been a fun ride with even Cap and Ice getting stumped by one of the questions.

3-2-1, Kamo goes down! Alexis is victorious!

We are also starting to see multiple Parachute partners collaborating with each other. Zachary from BOMB joined Jeff from Uptrennd for a live stream chat on what the future holds for the crypto market. In other BOMB news, the BOMB puzzle stayed unsolved. 1000 BOMB tokens were burned as a result. The riddle was about Vitalik Buterin’s death hoax. To prove that he was alive, Vitalik had uploaded a picture of the latest block size. The answer could be reached by hashing together the block reward and parent block and finally adding gas at the end. ETHOS followed up its BOMB listing with a featured article explaining what the project was all about. Folks who haven’t had the chance to read up on BOMB yet, check it out. Did you know that ETHOS has been acknowledging good conversations in their Telegram channel using ParJar for quite some time now? Read here about it and join in! The latest updates to the dev diary and dashboard were made this week. Also, if you aren’t on Uptrennd yet, check out this article on MrBTC to find out what you’re missing out. “Uptrennd currently share around 80% of the websites revenue with their users”. Boom!

PoL – Proof-of-Life

In Cryzen-world, all Free accounts participating in the Battle of the Bots #1 Competition were upgraded to Starter accounts for the month of April. Simulation sharing is now live on the Cryzen Code Studio thanks to Robin. Any backtest can now be shared with the world using a link. Click here to check the test run of Shuvro’s Mean Reversal algorithm. Once there, you will be able to use the Share button and social links on top to share the backtest with friends. Plus, the algo-of-the-week would have to be Shuvro’s Mean Reversal bot live trading ETC on Binance netting an ROI of ~16%. Pretty neat!

This beauty looks like a contender for the Battle of the Bots

Matthew sat down for a tete-a-tete with Ben (Ethfinex) to talk about the aXpire project. While AXPR didn’t make it to Ethfinex in the vote (more on that in the next update), the greatest takeaway was the community and influencer support that came along the way. Roger Ver, J.D. Salbego, That Martini Guy and Crypto Mobster (Ash Davidson) were some of the well known personalities that got behind aXpire. Oh Hey Matty’s review of AXPR also came out this week. And there’s not enough that could be said of the awesomeness of the aXpire community. They came out in numbers to back up the project and vote. In the next update, we will share how the community gave exceptional support during the voting phase. On a lighter note, this was also April Fool’s week. aXpire’s prank turned out to be so believable that some folks got stumped. The team had to change the headline and add an “EDIT” to emphasise that it was a joke. Haha! Remember, aXpire’s visit to SOS Children’s Village in India? Here’s some pictures from the visit. The monthly AXPR burn was also this week. 110k AXPR gone forever. Congratulations to the Telegram contest winners for snagging 100 USD worth of AXPR each! And finally, click here and here for a sneak peek at the MatchBX redesign. Stay tuned for more! Below is a big picture view of how aXpire is building adoptable blockchain infrastructure for all:

The aXpire ecosystem has both enterprise and consumer products

2gether co-founders Ramon and Salva were invited this week by KPMG as part of their KPMGTalks Series. Click here and here for pictures from the event. As chosen by the community through a vote, this video is now the official intro for 2gether. Also check out the presale trailer which features the intro. If you’re participating in the presale, make sure to go through the product roadmap and fund use plan. And if you’re travelling to the FinTech Unconference in Madrid in May, you can catch a moment with Salva who will be speaking there.

Intended Use of Funds from 2gether presale

HYDRO fans, check out the latest community update for a lowdown on all things HYDRO. Some of the highlights from the update are – addition of ParJar (covered in our last update), listing of HYDRO on ETHOS, making it to the final Ethfinex list for community vote (like aXpire). The Hydrogen Molecule security token investment platform is under development. For a demo, you can get in touch with the team. Hydrogen co-founder Mike was in Istanbul this week to speak on “APIs and Cloud” as part of the Istanbul Fintech Week. Click here for pics from the event. Plus, HYDRO is now part of Binance Info’s Transparency Initiative. As a result, the project received the V label (like Fantom did). The V label means that the project team is itself providing relevant information on Binance Info. As part of the Ethfinex voting process, Ben interviewed Mark Anstead, Hydrogen head of BD. Hydro will be BUIDLing a Bitfinex/Ethfinex/NEC centred dApp if they make it to the top 3 in the votes. In more BUIDL news, the upcoming Hydro dAppStore could look like the following:

Hydro dAppStore UI teaser
Blockport fans will know that social trading is a key upcoming feature of the project. In this detailed piece, founder Kai explains the details of this feature and what it holds for the future of Blockport. In Switch news, the first fee airdrop to ESH and SDEX holders was done this week. As part of distribution, 300k ESH and more than 3k USD in ETH was given out. A few more quick updates can be found in this article. Here’s John McAfee speaking on the importance of DEX’es and why SwitchDEX is a promising project. If you haven’t read up on SwitchDEX yet, this article lays bare the details of the Dex and its token (SDEX). Bounty payouts with Bounty chocolate bars was enabled by Bounty0x on 1st April (notice the date :p). Wonder if anybody tried a payout. The BNTY roadmap was updated recently. Check it out here. Plus, if you are participating in any bounty on the platform, the weekly distribution report will be of interest. Opacity enthusiasts, check out the March update from Jason. Some key takeaways from the update would be on the development-front. Opacity is also one of the few projects in the crypto-space that share finance updates. Below is 2019 expense forecasting for Opacity:

Actual expenses for March, forecasts for others

And finally, a quick summary of updates from some of the other partners. District0x is calling on meme lords to be prepared with their dankest memes for the MemeFactory0x launch day. The weekly District update and biweekly Dev update share the latest progress in District Registry and Ethlance among others. Fantomites, check out the monthly recap of the project for March. Another FTM fundamental analysis dropped this week. This time by FundaMint. Check out the analysis report here. Fantom’s CIO Michael Kong sat down for an AMA this week to answer questions from the community. His reverts can be found here. Dutch followers of Fantom, make sure to mark your calendars for an AMA on 25th June. That Martini Guy’s video mentioned in the aXpire update above also covered FTM as one of his picks for Q2 2019. Woot! Horizon State Token (HST) is now available for trading on Easy Crypto for folks in both Australia and New Zealand. The latest version of the Gem app (v0.17.4) with significant performance upgrades is now live on the App Store and PlayStore. The WednesdayClub dApp is now searchable on dappradar and state of the dapps.

That’s it for this week! Have a great weekend folks. Don’t forget to listen to this super chill soundtrack recommendation from Cap. Until next time. Ciao.
submitted by abhijoysarkar to ParachuteToken [link] [comments]

Cryptopia CEO Alan Booth on the Cryptocurrency Exchange Realm (Full Article No Link)

Alan Booth is the CEO of one of Cryptopia, an exchange regarded as having one of the widest selection of tokens. Founded in 2014, Cryptopia is one of a handful of blockchain-focused companies in New Zealand.
The Cryptopia team is often tasked with researching hundreds of projects to determine their efficacy before any other major exchange has touched them. The exchange lists many projects in their early stages and post-ICO.
As an entrepreneur and business consultant for over 50 years, Alan Booth’s story is fairly atypical of that of many entrepreneurs in the cryptocurrency world. His perspective on the cryptocurrency is grounded in decades of business development experience, and he views the cryptocurrency exchange realm as one of the most exciting opportunities yet.
In the following interview, we dive into everything from cryptocurrency psychology, the coin listing process, and blockchain entrepreneurship.
How did you get introduced into the crypto world?
That’s interesting. I was consulting for Cryptopia or consulting to assist them in their development path for several months when it became obvious that they needed some senior leadership to move them from where they are, which was basically a reactive technical focus to a more business global focus on how we develop their business model. We are very conscious of the fact that you need a higher level of thinking. You need a global perspective, particularly from New Zealand because there’s not a lot of us down here.
That probably predicates why we’re a global business grown out of such a small population. We’d known each other for a while, certainly six months or so, and when the opportunity came up, why wouldn’t I move from a very safe, comfortable, fun job that I had previously, which was the chief executive of an international flying school. Nothing really scary goes on there.
I am at the latter end of my working life, somewhat semi-retired and all my colleagues went, “You’re going to do what? Are you kidding?” Of course, the blood pressure went up and I said, “yeah, I’m going to have a go at this.”
So, it’s really about the opportunity when you’ve learned so much over 40 or 50 years of developing business models and floating companies and taking them to the world, which is primarily what I’ve done. To find something that’s new and a full of excitement and fear and trepidation and where is all this going? Then it’s an opportunity you can’t afford to pass up. So, it’s just the daredevil saying let’s go.
The risk and the general fervor for the industry have gotten a lot of people very excited. What are the top concerns for exchanges moving forward from your perspective?
They are many fold and they are variable based on feedback from the community and somewhat driven by legislation, driven by corporate requirements. The FinTech world, we’ve got to look at that as well as the coin world. If we want to grow and deliver a product that the average consumer can consume, then we have to deliver all the things that they would typically expect. So, if you went into a retail store to buy a heater, you expect to have a warranty.
You expect to be safe, you expect to be treated well with clarity. And typically, the coin industry to date has not been very good at that because it’s been evolving and mostly evolving from a technical perspective with probably less weight put on the public consumption of the coin. It’s being technically driven as a technical product when you look at it. When you go to the exchange, some of them take a fair bit of thinking about before you can operate.
So, for us, the first thing is trust. If people can’t trust your brand, and that means every part of it, you’re not going to succeed. So, we are very proactive here in New Zealand, talking to legislators, government agencies in and out of New Zealand. KYC, AML, CML, all of that stuff. We are drafting our own internal rules and then most cases they exceed the requirements of our banking partners. So, they look at us and they go, wow, you’re way ahead of where we thought it would be. So, developing a trust relationship with our consumers and business partners is vital. The next thing is developing a stable and functional platform. I don’t just mean the coin exchange itself, but all of the underlying technology. Will we be up? Do we have latency? Are we speedy? Have we purchased the right partnership relationships for our equipment and how do we continue to be able to scale at will and not risk failing to deliver a result? That means helping people get an exchange done, their coins on and off. I suspect it’s the same as every other exchange.
Only thing is, down here, we have really focused on three things to move us very quickly forward. One is the public-facing components. That’s the help desk if you get stuck. We want to be able to respond very quickly. And like the other exchanges, we headed enormous influx in the early part of the year and that was debilitating. Nobody was ready for it. We employed teams of people to come in and train as support operators. We’ve since then spent a huge amount of money on a new ticketing system, which actually went live yesterday.
So, this morning when I come in, there’s smiley faces trying to get their head around it going, wow, this is amazing. So, we triage all the tickets on the inbound route now and puts it in a good space for our response team to reply as quickly as possible, I want. At the moment, we’re not there. Instead of being 40 or 50 hours and all these horrible delays, I want people to have a response from us immediately and I mean within seconds saying we’ve got your ticket. I can’t answer it right now, but we’re on you. Then, within hours, get back to those customers and fix their problem. They don’t deserve to wait 24 hours or 48 hours. People are anxious. Ticketing, we’ve done something about it. Highly trained staff, we’re employing all the time. We’ve developed foreign offices to beat the time zone thing. We now have a support office in the UK that we have had for some time, actually. The next thing is just the stabilizing of our software and hardware.
When you start these things, the enthusiasm and the inexperience of the development team may not know what’s here to them and now we’ve bought in bigger, stronger, international teams. So, that’s great what you’ve got, but let’s do this. So, that’s the phase we’re on now. We’re spending all of our money. In fact, every penny that we generate in this business goes straight back into furthering and developing the products. Nobody’s racing home in Lamborghinis or flying their jets around. They’re just piling into it.
So, that’s how I am in terms of producing a high-quality product. It’s not a decision we just made. It’s always been there, but we are now articulating it internally, that we want to be in the top five of crypto exchanges and digital asset exchanges of some form within the next two years. In the top five, bar none, in every respect.
Would you say the number one component of being thought of as one of the top five would be trading volume? Is that the primary metric?
I absolutely agree with you, but you can’t have trading volume unless you provide the other things first, like security, safety, a good trading platform. If you want trading volume, I have to have a reason for you to trust me, which has to be if I have a failure, will my ticket, be answered? If you do those things, you will get trading volume. I don’t believe you look at it the other way and say, hey, let’s create trading volume because if that comes at you hard and sharp, how are you going to cope with it when something breaks?
It’s technology, things will break. It’s how you address things that go wrong that made you successful, not what you put in place to drive that business in. That will happen if you’re good. The word gets out saying this is a great exchange. They fixed my tickets, they’re fast, they’re responsive, it’s safe. That will create trading volume.
Trading volume for us is income and of course, we want it. We have actually slowed down on coin listings. We’ve slowed down on taking new customers and we’ve slowed down on developing relationships with partners simply to get our platform in better shape so that we can become the most reliable, trusted partner you can have. That will create trading volume, no doubt about it.
Although trading volume does bring in a sizable amount of revenue, there comes a point where it just becomes a vanity metric where people are using an exchange simply because there just aren’t any better alternatives out there.. So, if there is an exchange that can offer all the features that you’re talking about and a premium level of service, then the trading volume will trickle down. There’s no real loyalty for exchanges other than preferences.
Absolutely. We wouldn’t ask for that. Why would you say to somebody, hey, you got to be loyal to us? That’s just silly. You will be loyal to us if I offer you a great experience. That means volume of coins, a huge range to trade through. Ease of trading. One click, two clicks. How about some trading tools just like you see in a modern foreign exchange opportunity? Some arbitrage tools, some tools for measurement, some nice desktop tools.
We want to introduce other things. It just means that you’ve got control over your own reporting and your own desktop environment. It can become a very powerful tool to use as long as we listen to the customers and say, hey guys, we can develop that. Give us a couple of months, let’s put it in front of you.
What is the coin listing process for you guys? What’s the process for someone who wants to get their coin listed on Cryptopia?
We’re just reviewing that and we’re being very focused on changing the way we list coins and who we list. We’re very conscious to gain trust. We are actually your first port of call for particularly those people who don’t know much about coin, so they have to trust their exchange partner. Therefore, we have to make sure that if we list a coin, it’s a viable trusted, honest coin that’s going to give value.
Not just to us as an exchange but it’s not a scam coin. It’s not something just to raise money, pump and dump thing. We have coin listing teams who are very tough. I have introduced people as the CEO to my coin listing team and I can’t get it through them. I’ve said, but these are great guys and I have a great story and I met them in Vancouver and boy, they’ve convinced me.
My coin listing technical team does all the due diligence. Everything from GitHub, Facebook pages, normal stuff like that. If it doesn’t look like a viable product to us on many levels, then it doesn’t get listed. That’s the end of it.
If [the coin] gets past that, we do further due diligence. We’ll actually interview the company. We’ll ask why do you want to list? Why do you want to list with Cryptopia? What’s your plan for the coin? What do you want us to tell customers because they’re going to be relying on us? So, we’d like to do more than just have a coin called 21 Million sitting on the exchange. How about if we had a link to that with some of the criteria we use to judge whether that was a good opportunity. Whether it was a good coin. We might have a 10-point plan and we might say, hey, this coin passed at 9.7. This coin is in, but it only got in at 2.4. Whereas the negative coins, the coins that have gotten negative plans, negative equity in our mindset, they just don’t get on the exchange.
We have a very large number of coins at the moment. We want to remain in that space, be the leader. That means that clearly, we’re not going to get it right all the time because we make mistakes and actually, so do the some of the honest and reliable coin generators. Their plans might not just happen, so they get the benefit of the doubt for a while.
As long as we see that they’re not doing something deliberately to disrupt the market or just to take money, then we’ll support them until they get their business model right. But we’re very focused on a coin listing to us is actually a business partnership. We’re not just going to throw coins up there.
I think 2018 is the year of reckoning, wherein 2017, pretty much anything got listed anywhere. It didn’t really matter how functional the coin was or whether it was legitimate or not. So, it’s really cool to see the trend in exchanges making a stance against that because if the ax falls, it doesn’t fall on the anonymous coin team that could be in Switzerland and Ethiopia. It’s falling on the CEOs and the exchange teams that are allowing access.
People come to us and they say, hey, I haven’t got my money. You’re the exchange. I go, well actually, the coin that we listed, I’m afraid the wallet’s faulty or they didn’t do this, or they ran away. People don’t care. They’re relying on us. That’s why Cryptopia has to be a business partner with each and every user, not just a provider of some coin listings. That would be unethical.
Absolutely, and it’s good to hear. Speaking of regulations, how do you think that’s going to evolve for exchanges, especially being out of New Zealand?
I welcome a regulatory intervention for many reasons. The primary one is that as soon as the regulators start imposing their will and taking notice, it means that it’s a genuine opportunity. They don’t waste their time on something that’s not going to affect global economies or our economy. For example, the New Zealand regulators, we’re working and we’re working with them because they recognize that somebody has got to work with them to tell them what’s going on.
The other side of the fence, that’s us. We have to work with them to say, you can’t do that because it won’t work in this environment. So, working with regulators is critical, in my opinion, and we’re doing that very well. Regulation has to come.
It was just announced in New Zealand a few days ago that we’re going to start, this is unrelated to coins, collecting GST, which is our equivalent of your local taxes, on online purchases. So, typically anything up to $400 that you buy online from Amazon, for example, in New Zealand, you wouldn’t pay tax on and they’re changing that. They’re taking the same view with coins. So, the government is saying, how do we tax revenue? When do we tax revenue? What should it look like? How do we make it fair for you, the exchange and how do we make it fair and manageable by the consumers who may have to declare a capital gain if they’re going, for instance, as an equity or a property as pure speculative fun like betting? And if that’s the case, when should we do this? Should we backdate all that stuff?
Every country is going through this and some have jumped in and made decisions that they’ve had to backpedal on. They were a little bit hasty. In New Zealand, in particular, we have a great relationship with the regulators and all the powers that be, right down to the banks, and are all looking at the space saying, you know what? We don’t quite know what to do, but let’s start doing something and I welcome it.
And the more understanding and control we have on these things at this early stage these next few years, the neater and cleaner will be over the next few years. Just as banking has become very stabilized through regulations, so will this crypto business, whatever it ends up looking like.
New Zealand has its advantages because a smaller population could make building direct relationships with regulating authorities easier. Tim Draper, for example, is investing in Papua New Guinea to try and make this whole digital citizenship country. The Binance guys just moved over to Malta. The global landscape just opened up, and governments will have to start offering distinct advantages to attract companies that could hypothetically set up virtually anywhere.
That’s great because that’s exactly what online trading is about. It’s online and it’s global. We have to join the global party, but we better start from a position of understanding and strength in our own environment. Make sure we have our own stuff together before we start yelling about what someone else should do.
Yeah, absolutely. Shifting gears a little bit, what do you think about decentralized exchanges and how they’re going to affect the whole exchange thing?
The quick and easy answer to that is it will definitely affect the global exchange market. It will definitely affect FinTech because if people who are regular investors and that’s people with mom and pops with a few dollars, right up to institutional investors, if they can see a way of generating revenue and it’s safe, they’re going to move there. They’re not going to discard their other investment opportunities and they’re not going to discard regular exchange-traded equities or working on the stock exchange. But there’s a space here that we haven’t quite worked out who that’s going to work for or how, but the more we regulate, the more we make the tools visible.
The stronger we look to the market and the more professional we look. That doesn’t necessarily mean just wearing a suit into a meeting, but the more gravitas we have behind those discussions demonstrating that we’ve done on the work and that we’ve got smart people here and the technology’s good. We’re ready to come and meet and talk equitably to investors and traditional investment houses. Then there will be a way that they join up. There’s no doubt about it. I mean, it can’t be helped.
How about the lightning network and atomic swaps where you could pretty much exchange peer to peer. You could trade Litecoin for Ethereum directly in one single transaction without an exchange. Centralized exchanges have their benefits, like for example, there’s someone you can knock on their door and say where’d my money go? I need customer support. So, there are advantages there, but then the advantages of a decentralized exchange are just the efficiency. I’m wondering how is that viewed for the centralized exchange world?
I don’t want people to take away my income opportunity. We’re building a business. We would argue, and I think it could be demonstrated to date until the blockchain comes up with some technical solutions. We’re building a trust environment and we are taking on, at considerable cost, the responsibility for providing the trust. First, it’s a coin that we like and here are the reasons. We’ve done the due diligence on your behalf. We allow the transactions to take place and here’s how we regulate, manage and deliver that transaction and manage the wallet relationships.
Cryptopia’s Coin Information display
That’s a role we take on. So, if you trade with a centralized exchange, you’ve got a whole lot of advantages that you don’t have by trading peer to peer. It’s fairly obvious what a peer to peer relationship looks like. If that’s on a personal level, that risk is much greater. If it’s on a more corporate structured level, I don’t know what that looks like yet, but I think we’ve got a long way to go before we could move from centralized exchanges to peer to peer simply because there’s going to have to be some regulation around it. How would the regulators engage in that space? Who are they engaging with? Every single person who wants to trade?
At the moment, they can deal with an exchange that has potentially 2,000,000 to 10,000,000 customers. That’s not easy for a regulator or a tax authority. So, there’s the regular regulatory component. That’s got to be there. Then there’s the trust management and then there are just a few more technical issues that I think have yet to evolve.
It all comes down to running a business. It takes money and capital to get all these users you want to get. If the technology works, that’s great, but onboarding users take resources. How do these projects plan on doing that? It’s just a missing component of every single white paper that tries to go after that who isn’t trying to build a centralized business to oversee it.
I think philanthropy is wonderful and when people are talking about decentralization. It’s a great idea and it’s philanthropic and it would be wonderful if the world could work like that. But there’s never been a business model that has worked without generating revenue. There isn’t one. Everyone’s tried, but you can’t name one that doesn’t have to generate revenue at some point or another.
Even if that revenue is simply generated to make the action happen, the hardware, the software, the bandwidth, someone’s got to pay. So, if you’re decentralizing, how do you get paid? How do you police it? How do you manage it? Why not stick to a model that works? And it’s not just about centralized coin exchanges. It’s not just about front-end institutions. This is a model that’s worked since the first inhabitants of Earth swapped a bean for a stick or can I give you my dinosaur to cook while I bring you a giraffe? I don’t know, but you can’t have a society without an exchange happening of some value in exchange.
Even if I go to a coffee bar with you, here’s the simplest thing. I would say, hey, I’ll meet you for coffee, on me I might pay for the coffee, but guess what? We’ve sat down and exchanged information. I’ve gotten something out of it. How do you do stuff without exchanging value?
It’s push and pull between advancing technology and proving the model works but then what’s the incentive to run it and popularize it because you’ve got that whole chicken and egg problem. We need a bunch of users for this to work efficiently, but we’re not going to make any money doing it. Hopefully, we’ll see how things play out in the next couple of months or years or decades.
I’m down for decades and a lot of failures. We’ll be there watching them saying we’ll help you if we can and hey, go and play guys, but come back here when it doesn’t work because we are going to be here.
What are your thoughts on Bitcoin dominance in general compared to all the other coins out in 2018? So, what does a cryptocurrency landscape look like if Bitcoin happens to fall down to, let’s say, 15\% or 10\% of the market?
Does Bitcoin really dominate or is it just big? If you look at the exchanges and watch the traffic, can you see as much traffic taking place and as much interest in the CoinCash or 21 Million or Kenya or any of these things? They’re all there and people are trading them for various reasons. Mom and pops are going to be doing this to buy a new car.
Someone else purely looking as a store of wealth and other people are looking to dominate a market. So, I’m not sure that you could say Bitcoin dominates. It might be the largest store of wealth at the moment. Does it dominate people’s thinking? I’m not sure about that. If you’re a coin developer, it’s your coin that’s dominant in your mind and you’ll go after a particular vertical, even a geographic market. So, you have the potential to develop your store or your story within that business scope.
Why does Bitcoin dominate? Simply because it was seen as an opportunity? Is it dominated because the people who trade in Bitcoin put so much faith in it being a store of wealth or an opportunity for capital gain? But a lot of those people have run away. That’s why it’s not $20,000 at the moment. It’s just trading between 8,000 and 10,000 in there. So, it stabilized. So, what if it fell over? Some people will lose money.
It’s not going to change the blockchain, it’s not going to change our thinking about cryptocurrencies. It’s not going to change Cryptopia’s approach to the market. It might dominate in volume. I’m not sure it’s the dominant force supporting cryptocurrencies.
I see what you’re saying. It might just be a dominance of user acquisition because there’s a larger chance they heard of Bitcoin instead of Ethereum if they have heard of cryptocurrency at all. So, it’s like the gateway crypto.
Take care that people aren’t saying Bitcoin just like a Hoover, the vacuum cleaner. Every vacuum cleaner for 20 years was called a Hoover. That was the dominant brand. Hey, I’m going to Hoover the floor. What they meant was I’m going to get my vacuum cleaner of which there are 80,000 different makes out there now and they’re going to vacuum the floor, but they just called it a Hoover. So, I trade in Bitcoin.
I’ll bet you someone who says, yeah, I trade Bitcoin, he’s only saying bitcoin because he knows or she knows that people understand that you’re referring to a cryptocurrency. If you say to someone I trade in Clearpoll or CoinMedic3, they have no clue what you’re talking about. They go what is that? Oh, it’s Bitcoin. Oh, I get it. If you went home to your mom and dad and they asked what are you doing? You’d say, oh yeah, I’m trading cryptocurrency. They’d go, oh? What’s what? You’d go, Bitcoin. They go, oh, that thing.
Bitcoin Cash is competing to be known as the Bitcoin for a reason. In the next four or five years, there are millions of people that haven’t even heard of crypto that would probably receive a lot of benefits from being onboarded into the cryptocurrency world. I’m not really sure how what they get onboarded to first matters immediately, but I know it plays a substantial role for a lot of people.
It’s an initiator. It’s a keyword that attracts them to the space that we’re in. It’s simply because it’s got brand dominance in the public persona. If you say a Bitcoin, most people know you’re talking about that strange online thing that no one understands and there are a few other coins, but we don’t know what their name is. As soon as they hit an exchange, if they really want to try it, they’re going to look at the next one down and say oh, I didn’t know that existed. They’ll make their way right to the bottom of the 2,000 list.
So, I really don’t think we should worry too much about dominance or anything that’s measured in that way in the space because the variables that change our value perception on any of these products is a mystery to everyone. A rumor can cause change overnight and things like that have happened. Guess what? They also happen in traditional exchanges.
Go to the London stock exchange and you’ll see a piece in the paper tomorrow that prices rocketed or have fallen over the next day because the public is there. The public is there late, remember. If you see it in the news, it has already happened. That’s the same thing for this.
So, what are your favorite projects out right now?
It has to be blockchain focused. I mean, coins seem to be a tool that are being used to raise capital, raise awareness, create hysteria over or some fun. Some of them, and I believe it’s very few of them, I wouldn’t like to statistically put a number on that, but I think it’s very, very few have actually got a basis of a typical good investment. Is company strong behind it? Do they have good ethics? Why are they doing this? What’s it for? Or is it just to raise money?
When they’ve got money they can go, oh, look how much money we’ve got. Let’s do something. That’s not the way to grow a business. Somebody has to have a good story that’s technically supported. It has to have social value these days. And that means is it good for mankind? Is it going to save the planet? Will it do something? Create manufacturing? Whatever it is.
Hey, I’m not a philanthropist. I’m not saying you’ve got to do something to save the planet. But the youth of today are much more conscious about anything we/they do is about social conscience and social values and responsibility. So, for me, any of those projects, whether they be blockchain based or coin based that do something more than just making money for a bunch of guys, so they can go buy a Lamborghini, gets more of a look and support from us than the others.
There are ways of going and creating wealth for yourself than preying on opportunities that exist simply because exchanges listed them. So, we’re very careful about that. So, I wouldn’t like to say at this stage, we have anyone in particular. We do have some businesses we’re looking at, but they all are very well rounded in terms of their sales pitch. It’s ethical, it’s got a good background.
They have strong management, a history. They’re well-funded already. They’re not just grabbing money to then decide what they’ll do with it.
Well said. The one point you made about how these projects need to be ethical and how that impacts those business models because again, you tap into to the same vein of projects that are looking to substantially change industries that had been stifled by inefficiencies or corruption.
It stretches a long way. If you find a solution that bugs business and usually if it bugs a business, it bugs and effects people, consumers, in some way. That might just be, where it’s blockchain related, securities and tracking things to make this whole trust environment that we live in. The point is we say we can trust but we can’t trust.
Everything we do is about trust. We get lawyers to look after our trust issues and we shake hands and we still wonder whether it’s a deal. So, solving trust issues globally is probably one of the biggest benefits to mankind because once we solve the trust issue, you can then be positive or confident that something that you want to happen and agreed to happen is actually going to happen. If it doesn’t happen, it’s not just about the broken trust. It’s then about the finances involved before you got there.
That’s all gone. The future has all gone around that business model. So, trust management in blockchain and around coins and around exchanges, decentralized exchanges, is probably the biggest thing we have to deal with. Which takes me back to my core development program right now, which is developing a trustworthy exchange.
Make it clear, unambiguous. Make it reliable, deliver what we said we were going to do.
What does a day in the life of Alan Booth look like? What do you do for fun when you’re not doing exchange type things? If there’s even time for fun.
If you’re running an exchange, it’s 26 hours a day to run an exchange. If you can squeeze another hour in, you might find some fun. This is probably my last employment opportunity. I’m in my 60’s. I’ve spent 50 years being an entrepreneur and an arm waver. Wave your arms and see who’s taking notice and make something happen.
So, fun for me is actually the exploitation of a business opportunity. I go to bed hoping that I wake up in the night with an idea to scribble on the pad. I come to work a very early. I’m up at 5 am. I get here at 7 am if I can with the work already done. I don’t want to arrive at work and look at emails. If you’re looking at email and other stuff, it’s other people’s requests on your time. I’m going to arrive here being creative.
I want to arrive every day going, I’ve got nothing to do except be creative and compel all of my employees and partners to support that creativity and bring their own creativity to it. So, you couldn’t have more fun than that, could you? What else is there? Just to make stuff and see people get excited and give them the opportunity.
But when I’m outside of this, hey, I liked to fly light aircrafts. I ride fast motorbikes. I do guy stuff, and when I’m not doing guy stuff, I’m at home helping my wife in the garden. Just an ordinary guy. Most of my daylight waking hours is about being that global entrepreneur with regard to this huge global opportunity which is let’s change the world.
It’s like moving from coal to steam, steam to mechanization, mechanization to electronics, and now we move into the digital age and we’re in it. What a fantastic place to be.
So, how exactly do you do that? Do you just wake up earlier and just get everything done at 5:00 AM?
There’s never enough time in the day. What it is, it’s being super critical about what’s actually important. If you open your email when you get to work, I will guarantee that you will sit there procrastinating and jump between emails. Most people don’t work from the top to the bottom or the bottom to the top. You’re a little bit selective, so already you failed to do what people expect you to. Email and inbound inquiry are other people’s expectations of how to use your time.
They’re imposing their requirements on you. So, you’ve already allowed yourself to be managed by outside rules. You’ve got to arrive at your office with nothing that interferes with the creative process of why am I at this office? Why did I come here? I came here to understand what we’ve got. So, that’s a constant job. To work with the clever people that you have employed. I have a major role in employment and myself. Only employ smarter people than yourself, only. Because if you’re employing people that aren’t smarter than you, you’re going to have to tell them what to do and you don’t have time for that.
Now, employing people smarter than yourself, for me, that sets the bar quite low, that’s easy, so I get really good pickings. But, generally speaking, you need to employ the best people and get them going and then you’ll be so busy running around trying to keep up with him, not them keeping up with you, that you actually have no time for all that outside noise. You’ve got to impose on the world what you want, not the world imposing on you what they want. Turn it around.
Every time I have a conversation with somebody, it’s about what I want, in the nicest possible way. We will listen to inbounds but we already have a path to follow. If you start following other people’s paths, you’re not going to get where you want to go.
Here’s the thing. I’ve been a business mentor for probably 20 years.
Mentoring basically new CEOs. New CEOs, it’s the loneliest job in the world because it might be your first CEO job, so you can’t talk down because those people below you expect you to be the boss, so you can’t ask them. You can’t talk up because you’re the CEO. It’s no good asking the board, they’re looking down at you. You can’t talk sideways because they’re your competitors. So, the first year or two as a new CEO is the loneliest place on the planet.
So, what you have to do is be entirely focused on what you need to get done and that is by changing what you used to do before you became a CEO or a boss. What you used to do is respond to every bit of noise that came at you and it filled your day up until you went nutty.
Thank you! Cryptopia CEO Alan Booth on the Cryptocurrency Exchange Realm
CoinCentral's owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner.

Alex Moskov

Alex is the Editor-in-Chief of CoinCentral. Alex also advises blockchain startups, enterprise organizations, and ICOs on content strategy, marketing, and business development. He also regrets not buying more Bitcoin back in 2012, just like you.
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AMA with Wanchain VP Lini

AMA with Wanchain VP Lini
Original article here: https://medium.com/wanchain-foundation/ama-with-wanchain-vp-lini-58ada078b4fe

“What is unique about us is that we have actually put theory into practice.”
— Lini
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Wanchain’s Vice President of Business Development, Lini, sat down with blockchain media organization Neutrino for an AMA covering a wide range of topics concerning Wanchain’s development.
The following is an English translation of the original Chinese AMA which was held on December 13th, 2018:
Neutrino: Could you please first share with us a little basic background, what are the basic concepts behind cross chain technology? What are the core problems which are solved with cross-chain? In your opinion, what is the biggest challenge of implementing cross chain to achieve value transfer between different chains?
Lini: Actually, this question is quite big. Let me break it down into three smaller parts:
  1. First, what is the meaning of “cross-chain”?
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In China, we like to use the word “cross-chain”, the term “interoperability” is used more frequently in foreign countries. Interoperability is also one of the important technologies identified by Vitalik for the development of a future blockchain ecosystem mentioned in the Ethereum white paper. So cross-chain is basically the concept of interoperability between chains.
  1. The core problem solved by cross chain is that of “multi-ledger” synchronous accounting
https://preview.redd.it/603dl86stn621.png?width=720&format=png&auto=webp&s=425b827298ac919f8cf05909037458a173100cc4
In essence, blockchain is a distributed bookkeeping technique, also known as distributed ledger technology. Tokens are the core units of account on each chain, there currently exist many different chains, each with their own token. Of especial importance is the way in which each ledger uses tokens to interact with each other for the purpose of clearing settlements.
  1. The core purpose of the cross-chain technology is as one of the key infrastructures of the future economy based on digital currencies.
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Cross chain technology is one of the foundational technological infrastructures that is necessary for the large scale application of blockchain technology.
Neutrino: As we all know, there are many different kinds of cross-chain technologies. Please give us a brief introduction to several popular cross-chain technologies on the market, and the characteristics of each of these technologies。
Lini: Before answering this question, it is very important to share two important concepts with our friends: heterogeneity and homogeneity, and centralization and decentralization.
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These two points are especially important for understanding various cross-chain technologies, because there are many different technologies and terminologies, and these are some of the foundational concepts needed for understanding them.
There are also two core challenges which must be overcome to implement cross-chain:
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Combining the above two points, we look at the exploration of some solutions in the industry and the design concepts of other cross-chain projects.
First I’d like to discuss the Relay solution.
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However the Relay solution must consume a relatively large amount of gas to read the BTC header. Another downside is that, as we all know, Bitcoin’s blocks are relatively slow, so the time to wait for verification will be long, it usually takes about 10 minutes to wait for one block to confirm, and the best practice is to wait for 6 blocks.
The next concept is the idea of Sidechains.
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This solution is good, but not all chains contain SPV, a simple verification method. Therefore, there are certain drawbacks. Of course, this two way peg way solves challenge beta very well, that is, the atomicity of the transaction.
These two technical concepts have already been incorporated into a number of existing cross chain projects. Let’s take a look at two of the most influential of these.
The first is Polkadot.
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This is just a summary based on Polkadot’s whitepaper and most recent developments. The theoretical design is very good and can solve challenges alpha and beta. Last week, Neutrino organized a meetup with Polkadot, which we attended. In his talk, Gavin’s focus was on governance, he didn’t get into too much technical detail, but Gavin shared some very interesting ideas about chain governance mechanisms! The specific technical details of Polkadot may have to wait until after their main net is online before it can be analyzed.
Next is Cosmos.
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Cosmos is a star project who’s basic concept is similar to Polkadot. Cosmos’s approach is based on using a central hub. Both projects both take into account the issue of heterogeneous cross-chain transactions, and both have also taken into account how to solve challenges alpha and beta.
To sum up, each research and project team has done a lot of exploration on the best methods for implementing cross-chain technology, but many are still in the theoretical design stage. Unfortunately, since the main net has not launched yet, it is not possible to have a more detailed understanding of each project’s implementation. A blockchain’s development can be divided into two parts: theoretical design, and engineering implementation. Therefore, we can only wait until after the launch of each project’s main network, and then analyze it in more detail.
Neutrino: As mentioned in the white paper, Wanchain is a general ledger based on Ethereum, with the goal of building a distributed digital asset financial infrastructure. There are a few questions related to this. How do you solve Ethereum’s scaling problem? How does it compare with Ripple, which is aiming to be the standard trading protocol that is common to all major banks around the world? As a basic potential fundamental financial infrastructure, what makes Wanchain stand out?
Lini: This question is actually composed of two small questions. Let me answer the first one first.
  1. Considerations about TPS.
First of all, Wanchain is not developed on Ethereum. Instead, it draws on some of Ethereum’s code and excellent smart contracts and virtual machine EVM and other mature technical solutions to build the mainnet of Wanchain.
The TPS of Ethereum is not high at this stage, which is limited by various factors such as the POW consensus mechanism. However, this point also in part is due to the characteristics of Ethereum’s very distributed and decentralized features. Therefore, in order to improve TPS, Wanchain stated in its whitepaper that it will launch its own POS consensus, thus partially solving the performance issues related to TPS. Wanchain’s POS is completely different from the POS mechanism of Ethereum 2.0 Casper.
Of course, at the same time, we are also paying close attention to many good proposals from the Ethereum community, such as sharding, state channels, side chains, and the Raiden network. Since blockchain exists in the world of open source, we can of course learn from other technological breakthroughs and use our own POS to further improve TPS. If we have some time at the end, I’d love to share some points about Wanchain’s POS mechanism.
  1. Concerning, Ripple, it is completely different from what Wanchain hopes to do.
Ripple is focused on exchanges between different fiat pairs, the sharing of data between banks and financial institutions, as a clearing and settlement system, and also for the application of DLT, for example the Notary agent mechanism.
Wanchain is focused on different use cases, it is to act as a bridge between different tokens and tokens, and between assets and tokens. For various cross-chain applications it is necessary to consume WAN as a gas fee to pay out to nodes.
So it seems that the purpose Ripple and Wanchain serve are quite different. Of course, there are notary witnesses in the cross-chain mechanism, that is, everyone must trust the middleman. Ripple mainly serves financial clients, banks, so essentially everyone’s trust is already there.
Neutrino: We see that Wanchain uses a multi-party computing and threshold key sharing scheme for joint anchoring, and achieves “minimum cost” for integration through cross-chain communication protocols without changing the original chain mechanism. What are the technical characteristics of multi-party computing and threshold key sharing? How do other chains access Wanchain, what is the cross-chain communication protocol here? What is the cost of “minimum cost?
Lini: The answer to this question is more technical, involving a lot of cryptography, I will try to explain it in a simple way.
  1. About sMPC -
It stands for secure multi-party computation. I will explain it using an example proposed by the scholar Andrew Yao, the only Turing Award winner in China. The scenario called Yao’s Millionaire Problem. How can two millionaires know who is wealthier without revealing the details of their wealth to each other or a trusted third party? I’m not going to explain the answer in detail here, but those who are interested can do a web search to learn more.
In sMPC multiple parties each holding their own piece of private data jointly perform a calculation (for example, calculating a maximum value) and obtain a calculation result. However, in the process, each party involved does not leak any of their respective data. Essentially sMPC calculation can allow for designing a protocol without relying on any trusted third parties, since no individual ever has access to the complete private information.
Secure multiparty computing can be abstractly understood as two parties who each have their own private data, and can calculate the results of a public function without leaking their private data. When the entire calculation is completed, only the calculation results are revealed to both parties, and neither of them knows the data of the other party and the intermediate data of the calculation process. The protocol used for secure multiparty computing is homomorphic encryption + secret sharing + OT (+ commitment scheme + zero knowledge proofs, etc.)
Wanchain’s 21 cross chain Storeman nodes use sMPC to participate in the verification of a transaction without obtaining of a user’s complete private key. Simply put, the user’s private key will have 21 pieces given to 21 anonymous people who each can only get 1/21 part, and can’t complete the whole key.
  1. Shamir’s secret sharing
There are often plots in a movie where a top secret document needs to be handed over to, let’s say five secret agents. In order to protect against the chance of an agent from being arrested or betraying the rest, the five agents each hold only part of a secret key which will reveal the contents of the documents. But there is also a hidden danger: if one the agents are really caught, how can the rest of the agents access the information in the documents? At this point, you may wonder if there is any way for the agents to still recover the original text with only a portion of the keys? In other words, is there any method that allows a majority of the five people to be present to unlock the top secret documents? In this case, the enemy must be able to manipulate more than half of the agents to know the information in the secret documents.
Wanchain uses the threshold M<=N; N=21; M=16. That is to say, at least 16 Storeman nodes must participate in multi-party calculation to confirm a transaction. Not all 21 Storeman nodes are required to participate. This is a solution to the security problem of managing private keys.
Cross-chain communication protocols refers to the different communication methods used by different chains. This is because heterogeneous cross-chain methods can’t change the mechanism of the original chains. Nakamoto and Vitalik will not modify their main chains because they need BTC and ETH interoperability. Therefore, project teams that can only do cross-chain agreements to create different protocols for each chain to “talk”, or communicate. So the essence of a cross-chain protocol is not a single standard, but a multiple sets of standards. But there is still a shared sMPC and threshold design with the Storeman nodes.
The minimum cost is quite low, as can be shown with Wanchain 3.0’s cross chain implementation. In fact it requires just two smart contracts, one each on Ethereum and Wanchain to connect the two chains. To connect with Bitcoin all that is needed is to write a Bitcoin script. Our implementation guarantees both security and decentralization, while at the same time remaining simple and consuming less computation. The specific Ethereum contract and Bitcoin scripts online can be checked out by anyone interested in learning more.
Neutrino: What kind of consensus mechanism is currently used by Wanchain? In addition, what is the consensus and incentive mechanism for cross-chain transactions, and what is the purpose of doing so? And Wanchain will support cross-chain transactions (such as BTC, ETH) on mainstream public chains, asset cross-chain transactions between the alliance chains, and cross-chain transactions between the public and alliance chains, how can you achieve asset cross-chain security and privacy?
Lini: It is now PPOW (Permissioned Proof of Work), in order to ensure the reliability of the nodes before the cross-chain protocol design is completed, and to prepare to switch to POS (as according to the Whitepaper roadmap). The cross-chain consensus has been mentioned above, with the participation of a small consensus (at least 16 nodes) in a set of 21 Storeman nodes through sMPC and threshold secret sharing.
In addition, the incentive is achieved through two aspects: 1) 100% of the cross chain transaction fee is used to reward the Storeman node; 2) Wanchain has set aside a portion of their total token reserve as an incentive mechanism for encouraging Storeman nodes in case of small cross-chain transaction volume in the beginning.
It can be revealed that Storeman participation is opening gradually and will become completely distributed and decentralized in batches. The first phase of the Storeman node participation and rewards program is to be launched at the end of 2018. It is expected that the selection of participants will be completed within one quarter. Please pay attention to our official announcements this month.
In addition, for public chains, consortium chains, and private chains, asset transfer will also follow the cross-chain mechanism mentioned above, and generally follow the sMPC and threshold integration technology to ensure cross-chain security.
When it comes to privacy, this topic will be bigger. Going back to the Wanchain Whitepaper, we have provided privacy protection on Wanchain mainnet. Simply put, the principle is using ring signatures. The basic idea is that it mixes the original address with many other addresses to ensure privacy. We also use one-time address. In this mechanism a stamp system is used that generates a one-time address from a common address. This has been implemented since our 2.0 release.
But now only the privacy protection of native WAN transactions can be provided. The protection of cross-chain privacy and user experience will also be one of the important tasks for us in 2019.
Neutrino: At present, Wanchain uses Storeman as a cross-chain trading node. Can you introduce the Storeman mechanism and how to protect these nodes?
Lini: Let me one problem from two aspects.
  1. As I introduced before in my explanation of sMPC, the Storeman node never holds the user’s private key, but only calculates the transaction in an anonymous and secure state, and the technology prevents the Storeman nodes from colluding.
  2. Even after technical guarantees, we also designed a “double protection” against the risk from an economic point of view, that is, each node participating as a Storeman needs to pledge WAN in the contract as a “stake”. The pledge of WAN will be greater than the amount of any single transaction as a guarantee against loss of funds.
If the node is malicious (even if it is a probability of one in a billion), the community will be compensated for the loss caused by the malicious node by confiscation of the staked WAN. This is like the POS mechanism used by ETH, using staking to prevent bad behavior is a common principle.
Neutrino: On December 12th, the mainnet of Wanchain 3.0 was launched. Wanchain 3.0 opened cross-chain transactions between Bitcoin, Ethereum and ERC20 (such as MakerDao’s stable currency DAI and MKR). What does this version mean for you and the industry? This upgrade of cross-chain with Bitcoin is the biggest bright spot. So, if now you are able to use Wanchain to make transactions between what is the difference between tokens, then what is the difference between a cross chain platform like Wanchain and cryptocurrency exchanges?
Lini: The release of 3.0 is the industry’s first major network which has crossed ETH and BTC, and it has been very stable so far. As mentioned above, many cross-chain, password-protected theoretical designs are very distinctive, but for engineering implementation, the whether or not it can can be achieved is a big question mark. Therefore, this time Wanchain is the first network launched in the world to achieve this. Users are welcome to test and attack. This also means that Wanchain has connected the two most difficult and most challenging public networks. We are confident we will soon be connecting other well-known public chains.
At the same time of the release of 3.0, we also introduced cross chain integration with other ERC20 tokens in the 2.X version, such as MakerDao’s DAI, MKR, LRC, etc., which also means that more tokens of excellent projects on Ethereum will also gradually be integrated with Wanchain.
Some people will be curious, since Wanchain has crossed so many well-known public chains/projects; how is it different with crypto exchanges? In fact, it is very simple, one centralized; one distributed. Back to the white paper of Nakamoto, is not decentralization the original intention of blockchain? So what Wanchain has to do is essentially to solve the bottom layer of the blockchain, one of the core technical difficulties.
Anyone trying to create a DEX (decentralized exchange); digital lending and other application scenarios can base their application on Wanchain. There is a Wanchain based DEX prototype made by our community members Jeremiah and Harry, which quite amazing. Take a look at this video below.
https://www.youtube.com/watch?v=codcqb66G6Q
Neutrino: What are the specific application use cases after the launch of Wanchain 3.0? Most are still exploring small-scale projects. According to your experience, what are the killer blockchain applications of the future? What problems need to be solved during this period? How many years does it take?
Lini:
  1. Wanchain is just a technology platform rather than positioning itself as an application provider; that is, Wanchain will continue to support the community, and the projects which use cross-chain technology to promote a wide range of use cases for Wanchain.
  2. Cross-chain applications that we anticipate include things like: decentralized exchanges, digital lending, cross chain games, social networking dAPPs, gambling, etc. We also expect to see applications using non fungible tokens, for example exchange of real assets, STOs, etc.
  3. We recently proposed the WanDAPP solution. Simply speaking, a game developer for example has been developing on Ethereum, and ERC20 tokens have been issued, but they hope to expand the player base of their games to attract more people. To participate and make full use of their DAPP, you can consider using the WanDAPP solution to deploy the game DAPP on other common platforms, such as EOS, TRON, etc., but you don’t have to issue new tokens on these chains or use the previous ERC20 tokens. In this way the potential user population of the game can be increased greatly without issuing more tokens on a new chain, improving the real value of the original token. This is accomplished completely using the cross-chain mechanism of Wanchain.
  4. For large-scale applications, the infrastructure of the blockchain is not yet complete, there are issues which must first be dealt with such as TPS, sharding, sidechains, state channels, etc. These all must be solved for the large-scale application of blockchain applications. I don’t dare to guess when it will be completed, it depends on the progress of various different technical projects. In short, industry practitioners and enthusiasts need a little faith and patience.
Neutrino community member Block Venture Capital Spring: Will Wanchain be developing any more cross chain products aimed at general users? For example will the wallet be developed to make automatic cross chain transfers with other public chains? Another issue the community is concerned about is the currency issuance. Currently there are more than 100 million WAN circulating, what about the rest, when will it be released?
Lini: As a cross-chain public chain, we are not biased towards professional developers or ordinary developers, and they are all the same. As mentioned above, we provide a platform as infrastructure, and everyone is free to develop applications on us.
For example, if it is a decentralized exchange, it must be for ordinary users to trade on; if it is some kind of financial derivatives product, it is more likely to be used by finance professionals. As for cross-chain wallets which automatically exchange, I’m not sure if you are talking about distributed exchanges, the wallet will not be “automatic” at first, but you can “automatically” redeem other tokens.
Finally, the remaining WAN tokens are strictly in accordance with the plan laid out in the whitepaper. For example, the POS node reward mentioned above will give 10% of the total amount for reward. At the same time, for the community, there are also rewards for the bounty program. The prototype of the DEX that I just saw is a masterpiece of the overseas community developers, and also received tokens from our incentive program.
Neutrino community member’s question: There are many projects in the market to solve cross-chain problems, such as: Cosmos, Polkadot, what are Wanchain’s advantages and innovations relative to these projects?
Lini: As I mentioned earlier, Cosmos and pPolkadot all proposed very good solutions in theory. Compared with Wanchain, I don’t think that we have created anything particularly unique in our theory. The theoretical basis for our work is cryptography, which is derived from the academic foundation of scholars such as Yao Zhizhi and Silvio Micali. Our main strong point is that we have taken theory and put it into practice..
Actually, the reason why people often question whether a blockchain project can be realized or not is because the whitepapers are often too ambitious. Then when they actually start developing there are constant delays and setbacks. So for us, we focus on completing our very solid and realizable engineering goals. As for other projects, we hope to continue to learn from each other in this space.
Neutrino community member Amos from Huobi Research Institute question: How did you come to decide on 21 storeman nodes?
Lini: As for the nodes we won’t make choices based on quantity alone. The S in the POS actually also includes the time the tokens are staked, so that even if a user is staking less tokens, the amount of time they stake them for will also be used to calculate the award, so that is more fair. We designed the ULS (Unique Leader Selection) algorithm in order to reduce the reliance on the assumption of corruption delay (Cardano’s POS theory). which is used for ensuring fairness to ensure that all participants in the system can have a share of the reward, not only few large token holders.
Wu Di, a member of the Neutrino community: Many big exchanges have already begun to deploy decentralized exchanges. For example, Binance, and it seems that the progress is very fast. Will we be working with these influential exchanges in the future? We we have the opportunity to cooperate with them and broaden our own influence?
Lini: I also have seen some other exchange’s DEX. Going back the original point, distributed cross-chain nodes and centralized ones are completely different. I’m guessing that most exchanges use a centralized cross-chain solution, so it may not be the same as the 21 member Storeman group of Wanchain, but I think that most exchanges will likely be using their own token and exchange system. This is my personal understanding. But then, if you are developing cross chain technology, you will cooperate with many exchanges that want to do a DEX. Not only Binance, but also Huobi, Bithumb, Coinbase… And if there is anyone else who would like to cooperate we welcome them!
Neutrino community member AnneJiang from Maker: Dai as the first stable chain of Wanchain will open a direct trading channel between Dai and BTC. In relation to the Dai integration, has any new progress has been made on Wanchain so far?
Lini: DAI’s stable currency has already been integrated on Wanchain. I just saw it yesterday, let me give you a picture. It’s on the current 3.0 browser, https://www.wanscan.org/, you can take a look at it yourself.
This means that users with DAI are now free to trade for BTC, or ETH or some erc20 tokens. There is also a link to the Chainlink, and LRC is Loopring, so basically there are quite a few excellent project tokens. You may use the Wanchain to trade yourself, but since the DEX is not currently open, currently you can only trade with friends you know.
https://preview.redd.it/jme5s99bun621.png?width=800&format=png&auto=webp&s=7ba3d430ba3e7ddcab4dbcdedc05d596d832f5a7

About Neutrino

Neutrino is a distributed, innovative collaborative community of blockchains. At present, we have established physical collaboration spaces in Tokyo, Singapore, Beijing, Shanghai and other places, and have plans to expand into important blockchain innovation cities such as Seoul, Thailand, New York and London. Through global community resources and partnerships, Neutrino organizes a wide range of online an offline events, seminars, etc. around the world to help developers in different regions better communicate and share their experiences and knowledge.

About Wanchain

Wanchain is a blockchain platform that enables decentralized transfer of value between blockchains. The Wanchain infrastructure enables the creation of distributed financial applications for individuals and organizations. Wanchain currently enables cross-chain transactions with Ethereum, and today’s product launch will enable the same functionalities with Bitcoin. Going forward, we will continue to bridge blockchains and bring cross-chain finance functionality to companies in the industry. Wanchain has employees globally with offices in Beijing (China), Austin (USA), and London (UK).
You can find more information about Wanchain on our website. Additionally, you can reach us through Telegram, Discord, Medium, Twitter, and Reddit. You can also sign up for our monthly email newsletter here.
https://preview.redd.it/w7ezx27dun621.png?width=720&format=png&auto=webp&s=6ef7a651a2d480658f60d213e1431ba636bfbd8c
submitted by maciej_wan to wanchain [link] [comments]

Binance.com stats and BNB valuation

Binance.com launched on July 14th, 11 days after its ICO which raised $15m, is on its way to become the premiere NEO based ICO platform, especially in China. In roughly two months, I believe it ranked once coinmarketcap.com top 10 exchanges by 24 hour volume. The futuristic exchange received VC funding from Blackhole Capital and Funcity Capital. I'm a b-schooler with fin/econ focus, so I have been forced to learn that fundamentals matter in the long run. For the same reason, I'm a big NEO fan as well and have a few NEOs. I looked at CZ led Binance team and Binance's business model. The team have excellent track record having affiliation with industry leaders. Entirely new to crytospace, I went pretty much all in at much higher than current price. I don't regret cancelling my sell order at 69k sats; not because I believe BNB will rise, but because I learnt about markets. I witnessed Binance team strategically handling this current Chinese bitcoin/bitcoin exchanges/ICOs ban news/FUDs. That's another story. Binance is the first community I'm kind of active and this happens to be my first post. This is a just a summary of what I found elsewhere (see references, official stats announcement):

Binance as a business

Total supply is 200M. 20% of Binance.com's quarterly profits will be used to buy-and-destroy BNB tokens, eventually leaving 100M in constant circulation. Binance's already lower than industry average (0.2%) trading fees reduce to only 0.05% when paid in BNB. It's one of the rarest tokens that provide real-life utility. This is their discounted fee schedule:
Period (year) 1st 2nd 3rd 4th 5th+
Discount 50% 25% 12.5% 6.75% 0%
Forget about BNB's plan to build a decentralized exchange in which BNB will be used as GAS. For now I try to estimate, or guesstimate or yet better, daydream about BNB's actual demand in coming years. Assume a risk-premium (amount above valuation) though, for BNB might actually be the fuel of the planet's most powerful decentralized exchange.

Assumptions and valuation

Statisticians assume a lot of things, usually in their favor. I'm too assuming things about BNB:
Only Bittrex and Bitfinex have crossed that 100k+ daily volume milestone. Binance has to be of course one of the be global leaders and and ahead of OKcoin.cn, in order for the valuation to hold. It seems daunting, but I think is possible. For the sake of simplicity, I shamelessly generalized calculations and used round numbers. Since BNB provides utility entitling users to pay discounted fees, any rational user would grab the opportunity. I hope Binance has a 50k BTC daily volume, on average, in the next four years. Though discount will be decreasing over time, I assume only 0.05% fees in the entire period. The calculation does not include demands for deposits/withdrawals/listings/ICOs that will use Binance platform.
trading_fees * volume * days / total_supply = price/BNB 0.0005 * 50000 * 1500 / 200000000 = 0.0001875 
BNB is valued at roughly 37500 BTC (~150M USD), putting BNB at ~ $0.7. This is probably an undervaluation. See notes.

Notes

References

https://www.binance.com/resources/ico/Binance_WhitePaper_en.pdf https://www.linkedin.com/pulse/binancecom-ico-experience-lessons-advices-changpeng-zhao?articleId=6287572792573599744 http://www.newsbtc.com/2017/09/03/binance-raises-vc-investment/ https://www.alexa.com/siteinfo/binance.com https://coinmarketcap.com/exchanges/volume/24-houall/ https://binance.zendesk.com/hc/en-us/articles/115001292531-Binance-com-Stats-2017-8-27

To BNB team

Congrats! You've smartly handled this recent tsunami, which unfortunately happened to be just when you started. Take it as an opportunity and prove that YES, IT'S POSSIBLE. BNB's success depends on your success.

Correction

There are ~200 weeks in four years, not ~400. Because I couldn't include some obviously positive variables in valuation and since final number makes sense, I'm leaving it as it is. Binance is going to have the assumed 50k volume soon anyway, I hope.
submitted by idntspam to binance [link] [comments]

Bug Report: Missing Funds In Ledger Account Preceded By 0-Balance, Unused Accounts

Dear support,
I'm missing funds, of which I can prove that I ought to have them.
This problem intertwines with a thread I created earlier:
https://www.reddit.com/ledgerwallet/comments/7ipcun/synchronization_error_the_ledger_api_is_having/
Here's an image that summarizes my situation:
https://i.imgur.com/HxlnmBv.png
I've got 5 accounts.
I have 2 Personal Wallet Accounts that are in use with funds that have been sitting there for a long time already. They're not really relevant to my current problem.
Then I have 2 Temp Accounts which were receiving 0.001 transactions, which got cancelled due to low sat/byte. Or so I assume. It's unclear because Ledger has been having sync problems these past few days. But I do not see any outbound 0.001 transactions on the Personal Accounts that I sent them from, so I really think they got cancelled.
By doing this Temp Account cancelled transaction thing, I have managed to create 2 0-balance accounts, which have never been used because the transactions to them got cancelled. Ledger doesn't want this to happen, because it won't let you freely add accounts, unless the previous one is used. It also won't let you delete an account, if it's ever been used. So now I've created an account situation which was never supposed to exist.
Ledger does allow for this situation to be created, and has not anticipated it, because it leads to an error when interacting with such unused 0-balance accounts. When you click a button on such an account (send/receive/settings) it leads to a gray screen that does not show a popup.
This is a serious bug that needs to be fixed.
The proposed fix is that an account, which has had a transaction to it (doesn't matter if it got cancelled or not), is treated like an account that may not be deleted anymore, because it's been used.
During the sync problems, these Temp Accounts were not showing. Now that the sync problems are solved, I have them back again. I've made Temp Account B useable again by sending Temp Account A 0.001 btc. I've made my next account (Binance Receive Account) useable again by sending 0.001 to Temp Account B.
So this is where my 1 Binance Receive Account comes in, which has received 0.01157736 bitcoin to address 36dZ98jhJh9GZz5ukodLLp1LNS6ur4DtgF:
https://btc.com/567e276ab5d1b905d3392f450ea99a2c5d754fbfe070382ab5fec9458fc98b4f
With hundreds of confirmations, you'd expect those funds to show up in my Binance Receive Account. But they don't.
That means I'm currently missing 0.01157736.
I've considered sending 0.001 to the above receive address, in the hopes that Ledger will then spot the ~0.011 that are already supposed to show there. But this might make the situation worse.
How can I force my Ledger to see that the above address does, in fact, have funds?
Please advise, btchip and others.
Sincerely,
Jay
submitted by Jay27 to ledgerwallet [link] [comments]

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