Proof-of-Work news

A system that requires a not-insignificant but feasible amount of effort in order to deter frivolous or malicious uses of computing power.

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Chia Network publishes ‘green paper,’ offering greener alternative to proof of work

Chia Network has been working on a less energy-intensive alternative to bitcoin. The company has just published a ‘green paper’, a technical white paper discussing the more ecological alternative to proof of work used in bitcoin. The company is planning to implement a proof of space and proof of time in place of the traditionally used proof of work, which will form a consensus algorithm for Chia. This way, Chia wants to eliminate the energy-consuming process. The company is also launching a competition, which will be split into three tracks. Developers who decide to take part will be working on implementations of the proof of space algorithm so that it can be enhanced. Total awards for developers total $100k. "We're making sure that the fundamental building blocks of our protocol are confidence-inspiring and available to all," said Bram Cohen, founder of Chia Network. "By having an open competition, we're making sure that the absolute best implementation anyone has is available to everyone.” BitTorrent creator Bram Cohen took over as CEO of Chia Network following the departure of Ryan Singer last month.
The Block Crypto

Consensus Models: PoW, PoS and New Pioneer, PoF

The way the blockchain works is often confused. Because people are hesitant about how this system can replace banks. Because the banks receive a very high commission due to their transactions. These commission rates can range from 10 to 20 percent for both banks and third parties such as PayPal.However, with blockchain technology, this ratio is almost one thousandth. When we exchange cryptocurrencies on the blockchain, someone needs to help make these transactions happen. In this way, we pay a commission to the witnesses who make these transactions happen.The difference between the bank and the witnesses is the speed and reliability of the transaction as well as the difference between the commission they receive. Blockchain is much faster, reliable and cheap compared to banks. So how do these witnesses gain awards by approving these transactions?So far there were 2 methods. The first is the PoW system that Satoshi Nakamato proposes in his famous article. The second is the PoS system that emerged through discussion in a forum in 2013. And finally, Fleta’s PoF (U.S.P-United States Patent-Application Number : 62717695) system, a Korean project.Let’s take a closer look at these consensus models.Proof-of-work: The first to solve the puzzle wins a prize.Pioneer: BitcoinFollowers: Ethereum, Monero, Ripple, EOS, Stellar, Cardano etc.Creating the proof of work protocol for succeeding consensus between devices on a distributed plexus is arguably the crowning accomplishment of Bitcoin founder Satoshi Nakamoto. In doing so, he laid the groundwork for the revolutionist technology that is blockchain.PoW (abbreviated of Proof of Work) is a consensus protocol introduced by pioneer, Bitcoin and used widely by many other blockchain projects.. This process is mostly known as “mining” and as such the nodes on the network are known as “miners”. The PoW comes in the form of an answer to a mathematical problem, one that needs considerable work to arrive at, but is easily verified to be correct once the answer has been reached.Backtracking a bit, let’s talk about “nodes.” A node is a powerful computer that runs the bitcoin software and helps to keep bitcoin running by participating in the relay of information. Anyone can run a node, you just download the bitcoin software (free) and leave a certain port open (the drawback is that it consumes energy and storage space — the network at time of writing takes up about 145GB). Nodes spread bitcoin transactions around the network. One node will send information to a few nodes that it knows, who will relay the information to nodes that they know, etc. That way it ends up getting around the whole network pretty quickly.Some nodes are mining nodes (usually referred to as “miners”). These group outstanding transactions into blocks and add them to the blockchain. How do they do this? By solving a complex mathematical puzzle that is part of the bitcoin program, and including the answer in the block. The puzzle that needs solving is to find a number that, when combined with the data in the block and passed through a hash function, produces a result that is within a certain range. This is much harder than it sounds.The process involves ensuring every confirmed block in the chain rewards the miner in the cryptocurrency that they are mining through the transaction fees collected for sending currency across the network, as well as any predetermined reward. It ensures that miners are incentivized to continue maintaining a blockchain, as they are being rewarded for doing so.These rewards are especially important due to the complexity of the riddles that are being solved since the process is extremely costly, both in the terms of time taken and the computing power required to do so. Keeping these miners incentivized is a key function of a protocol as they are in a sense the foundation that keep the system running. Systems such as proof of work are employed so transactions cannot be counterfeited, as the data required to do so is extremely difficult to produce, yet easily verified.Proof-of-Stake: You’ve got to be in it to win itPioneer: PeercoinFollowers: Dash, NEO, Pivx etc.A one sentence description tends to be a good starting to point when trying to explain complex ideas. So in short:Proof-of-Stake algorithms achieve consensus by requiring users to stake an amount of their tokens so as to have a chance of being selected to validate blocks of transactions, and get rewarded for doing so.Unlike the proof of work system, in which the user validates transactions and creates new blocks by performing a certain amount of computational work, a proof of stake system requires the user to show ownership of a certain number of cryptocurrency units.The creator of a new block is chosen in a pseudo-random way, depending on the user’s wealth, also defined as ‘stake’. In the proof of stake system, blocks are said to be ‘forged’ or ‘minted’, not mined. Users who validate transactions and create new blocks in this system are referred to as forgers.Proof of stake protocol is effective in not only encouraging individuals to partake in the system but also preventing any individual from controlling the network. In order to carry out a 51% attack an individual or group would need to own the majority of coins on the network.I believe proof-of-stake (PoS) is better than proof-of-work (PoW) in a number of ways:PoS is energy efficient. You don’t need as much computational power to create new blocks for the reasons above, so PoS is therefore better for the environment.PoS is considered cheaper because it requires less computational power or electricity.PoS seems more decentralized because there’s no advantage to collusion. However, PoS does favor larger stakeholders.PoS should neutralize the 51% attack risk posed by PoW. If you want 51% control, you need to buy lots of cryptocurrency.Nevertheless, PoS isn’t perfect.Proof-of-Formulation: Prevents fork of blocksPioneer: FletaConsensus refers to a common understanding of block generation, in particular, it signifies who generates the next block or who chooses the blocks out of the generated blocks in the chain process. The prior consensus used a method that disseminated blocks throughout the network for the arbitrary users to mine. However, this requires high recovery of confirmation or block time, as miners are able to generate subsequent blocks only when the new blocks are disseminated throughout the whole network. As a way to deal with this problem, only a select number of miners were picked in order to achieve lower block time.FLETA has come up with a PoF (Proof-of Formulator), allowing fast generation and dissemination of blocks by using Formulator reward sequence to designate the mining target and narrow down the dissemination range. Additionally, the existence of the observer node allows immediate authentication and prevents fork of blocks. Anyone can make the formulator, so the door is open to all. Low block time can be achieved as the mining sequence of the formulator is fixed, making the dissemination range of new blocks very small.Two actors come to the fore when directing this consensus:FormulatorsFormulators represent a very important part of the consensus created. Who will be selected as a formulator depends on a few algorithms. RankTable calculates the score on all FormulationAccount and ranks the scores. The authority to generate new blocks is given to the Formulator with the highest rank:Score: uint64(Phase) << 32 + uint64(binary.LittenEndian.Uint32(hash[:4]))“Hash” serves as the hash value of the previous block, and “Phase” is a time-related value which shows how many times the RankTable has “turned” or gone through all of the formulators for block generation.The purpose of this is to make sure that each Formulator has at least one mining opportunity during each phase and so a different formulator sequence (or ranking) will be made for each phase of block generation. This prevents the potential for attacks and collusion by any malicious Formulators.2. ObserversThe main purpose of the observers is to help prevent DDoS attacks against the blockchain. In this way, the safety of the platform is ensured and certified.To sustain the systematic sequence and process of the system, every formulator will access the observer node in order to conceal and hide their IPs. This prevents any form of targeted DDoS attacks on formulators. Additionally, the existence of observer node allows immediate authenticationand prevents fork of blocks. Anyone can make the formulator, so the door is open to all.Prevents fork of blocksWhen the highest rank formulator generates a block and receives the signatures of the observer nodes, the observer nodes sign and store the block. When the signature is signed by the synchronization group, it receives the block and the blockchain progresses so that if a fork block occurs, it cannot go past the observer node, preventing a fork from happening by design.The concept is that when the formulator order is correctly configured, the 1st rank node only has the right to generate and sign the block, at which phase making two or more blocks to fork the blockchain will be stopped by the observer nodes. Therefore, if the formulator rank order is synchronized, it is possible to only receive blocks that are not forked, simply by verifying the block generator and observer node signatures.The generated block therefore is decisive, and all transactions approved by the observer node are immediately confirmed.Through the implementation of observer nodes, the attacker cannot create fork blocks to induce double payments. Furthermore, since the subject of block generation is a formulator, blockchain maintenance is also done by individuals who created the formulators, and since the observer nodes requires no compensation, the reward is solely given to the individuals in possession of the formulators.Discarding Flawed BlocksIf a block generator sends an incorrect block, recipient nodes will discard the block and prepare to receive a new one. In this case, the generator has 1 second to produce a normal block, otherwise the second-ranked formulator will begin creating a new block that will be propagated after 3 seconds if the initial formulator still does not propose a new block.The observer node will acknowledge that the initial generator failed to create a block within 3 seconds and thus proceeds with the signing process of the block from the second-ranked formulator.TLDR;The certain group for block validation is the Observer Nodes. If 3 out of 5 Observer Nodes confirms blocks, the blocks can be generated. In the beginning, the Observer Node is controlled by FLETA, but we will delegate these node operation to the 3rd party like Hyper Formulator validators.The role of Observer Nodes is just to make sure double spending. So unlike PoW or PoS, everyone who owns operating mining nodes proposes to generate blocks, the ranks are designated to them as per algorithm — e.g. the duration of formulator operation — they will create blocks and get the block rewards based on the ranked orderNote: Besides that the Observer Nodes will be delegated to the third party called “Hyper Formulator Network”CONCLUSIONProof of Stake is undoubtedly an outdated consensus. And this is quite costly when the prices of projects, using this model, are low. Because it consumes a lot of electricity and time. The proof of stake system outstrips PoW as a much consuming less energy and efficient algorithm,But…The PoF consensus is much safer and faster than the PoS consensus. Undoubtedly, as the blockchain develops, so does its technology. But our current impression is that the PoF system is leading the way for a very valuable purpose.Unlike PoW consensus, PoF does not require excessive computing resources or depend on the amount of ‘stake’ that someone possesses. Because of this, it reduces the competition about who mines and creates blocks as everyone gets a turn. PoF also has built-in mechanisms to prevent the possibility of any kind of forks. You can learn more about PoF in FLETA’s whitepaper, tech paper, and Alpha Testnet Report.Legal Disclaimer: This paper is for general guidance only and it does not constitute legal investment advice.Disclosures: Im not a part of any cryptocurrency or Fleta. I have not been paid or otherwise hired by Fleta too. All risks are your responsibility when investing.SOURCEShttps://www.coindesk.com/information/how-bitcoin-mining-works2. https://lisk.io/academy/blockchain-basics/how-does-blockchain-work/proof-of-work3. https://medium.com/nakamo-to/what-is-proof-of-stake-pos-479a04581f3a4. https://hackernoon.com/what-is-proof-of-stake-8e04330182565. https://lisk.io/academy/blockchain-basics/how-does-blockchain-work/proof-of-stake6. https://www.forbes.com/sites/forbestechcouncil/2019/01/28/proof-of-work-and-proof-of-stake-how-blockchain-reaches-consensus/#ba636af68c827. https://medium.com/fleta-first-chain/breaking-down-fletas-proof-of-formulation-2860c6cb71788. https://www.fleta.io/9. https://fleta.io/download/190426_Buisness_Whitepaper_EN_web.pdfhttps://medium.com/media/3c851dac986ab6dbb2d1aaa91205a8eb/hrefConsensus Models: PoW, PoS and New Pioneer, PoF was originally published in HackerNoon.com on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Lynx Hybrid Proof of Work for consideration - results!

About 11 months ago, I posted to this sub the following article and I'm writing now, to follow up with results. https://www.reddit.com/r/CryptoTechnology/comments/92dafb/lynx_hybrid_proof_of_work_for_consideration/ ​ It took several months to seamlessly phase in the various Rules 1, 2 & 3 and we did it in a manner that allowed the Rules to start out less strict and then progressively get more restrictive over time. The final phases of implementation are posted with our latest release below. https://github.com/getlynx/Lynx/releases/tag/v0.16.3.9 ​ What we learned. ​ We learned that the timing on the phased release of Rules 1, 2 & 3 was too conservative. We ended up accelerating the release phases more than once in the series of releases we did over time. We ended up releasing 4 versions of lynxd that encapsulated these changes. The final .9 release is the only one supported now. ​ We learned that the Rules work, but they (as predicted) negatively impact block time. With Digishield, the goal is to get a 30 second block time before we started working on the Rules of HPoW. We knew from research that a 30 seconds block time is REALLY much too fast and that a block time of 2.5 minutes is ideal. Before we decided to address that we wanted to see if the Rules would have a heavy impact. They did, and it's not hard to understand why. In order for the HPoW Rules to work well, we need a LOT of nodes, well over 150 nodes to have a healthy number of candidate blocks being submitted by miners. If we fell short, nodes would start to display warning messages about out of date 'tips'. This was frustrating, but the answer was to fire up more nodes. As this was done, day after day, the 'tip' warnings went away, block times improved and overall the network health improved. That frustrating wait time before a first confirmation started to diminish. ​ As for the block time, we just dropped below the 3 minute barrier about 36 hours prior to writing this. That is a great sign. Since we are a very experimental scrypt coin project, we don't have a lot of nodes coming online right now, but we hope to change that soon. (For those of you reading this, Lynx has a built in miner and the eco-friendly design Rules of HPoW make Lynx unprofitable to run on an ASIC. Our hashing times are currently trending ~7 kH/s while still being resistant to a 50% attack.) The idea is that if block time settles at 2.5 - 3 minutes we would be very happy with that, but if more nodes come online and the network grows, then our users will benefit from an even faster block time. If we find over time that network latency is a problem for the mesh of nodes, then we modify Digishield to slow down the block time as needed. This might happen once we get 2,000+ nodes in the mix. ​ We learned that Rule 3 created a serious throttle on candidate block release. A chance of 1 in 16 for a candidate block to be accepted was very strict and if I could have lowered it a bit I would have. The nice thing is that our Raspberry Pi nodes are getting their candidate blocks accepted almost as frequently as our more powerful VPS nodes that are pushing 6x the hashing rate. I personally have looked over the hashing outputs of 40+ nodes and the range of hashing power being generated by each is vast. But the immature coins from mining that each has on hold (Lynx has a 20,000 block maturity) is averaged out nicely across the infrastructure. ​ We also learned that hardly anyone read our whitepaper. The time and effort we put into getting it right and documenting our philosophy as well as business rules - they were ignored for the most part. Most of the feedback we received was either 'You can't do that.' or 'When will my coins be worth X so I will be rich off your work?' Yes, slightly frustrating, but we did a good job of ignoring these statements. (For an aspiring coin developer, we recommend you develop a thick skin before getting into the space - the members of your community can be brutal at times.) ​ Overall, the implementation of HPoW went relatively smooth and the Rules work. This Litecoin clone has a FAR more energy efficient mining algorithm. While miners with ASICS can mine this coin, they find out quickly that it's not worth the energy cost. Additionally, the ability for a fast miner to predictably win a block (or control a series of block) makes this blockchain project a success. We have already begun building an application on top of Lynx and our hope is to keep Lynx stable and functioning properly. [edit: spelling]
/r/CryptoTechnology

Proof of Work: Lottery concept comes to open finance

The following newsletter is republished with permission from Eric Meltzer of Primitive Ventures, a global venture investment firm with a focus on blockchain and related technologies. You can follow Eric on Twitter at @wheatpond and subscribe here to Proof of Work. A few housekeeping notes; We’re now running updates from Keep & Solana, two interesting new projects. As I’ve noted before, we run updates from a variety of projects with the only criteria being that they are doing something interesting technologically or socially in the space—I’m not an investor in either Keep or Solana, but am personally interested in reading their updates and seeing how they progress. A neat thing someone built recently: PoolTogether, a lottery based on the prize-linked savings account mechanic, where each user locks up some money, and then one user is awarded all of the interest accrued on everyone else’s deposits (which are lent out on PoW’s own compound.finance, but the principal is returned to each depositor. Interested to see if anyone forks this to a rake-free version (PoolTogether takes 10%), since doing so would be trivial. In the case where PoolTogether spent all of their 10% rake doing marketing, I’d expect that to outcompete a totally rake-free version that no one would have any incentive to market. Especially interesting updates from Sia, Grin, and the Plasma group this week. More next week! Bitcoin & Friends Aviv from Spacemesh Spacemesh is a programmable cryptocurrency powered by a novel proof-of-space-time consensus protocol. Full node: Added ed21599 signatures to transactions and made the p2p address-book persistent to store, and configurable from store. we've added numerous improvements to our automations tests and to the framework itself, as a preparation for more rigorous tests. App: focus is on node integration for getting transactions and statuses and on error handling across the app. Community: Made available Wasm 2019 Berlin Workshop videos. JZ from Decred Decred is an autonomous digital currency with a hybrid consensus system. It is built to be a self-ruling currency where everyone can vote on the rules and project-level decision making proportionately to their stake. The Decred Bug Bounty renewal proposal is live for voting on Politeia. It's receiving strong support as the consensus seems to be that the program was run exceedingly well over the last six months. We haven't met quorum yet (20%) so everyone is encouraged to vote. Decred project lead Jake Yocom-Piatt had a piece published on Coindesk entitled "Staking Isn’t Just a Way to Earn Crypto Money – And It Shouldn’t Be" examining the important role that PoS can play in crypto governance. Episode 2 of our new podcast series "Decred in Depth" is out featuring developer Luke Powell covering topics such as Politeia, dcrtime, and the Decred contractor model The SF Decred Devs team is holding a happy hour at Coinbase Custody on June 26th. As always, everyone is welcome to drop by for food, drinks, and enthralling conversation. Johnny from Stellar Stellar is an open network for sending and exchanging value of any kind. Its global network enables digitization of assets - from carbon credits to currencies - and enables movement around the internet with ease. We're aiming to ship Stellar Core 11.2.0 this week — the third release candidate is out here. It includes several features for admins, including automatic quorum set generation and quorum monitoring. SEP-0020 (Validator Self Verification) and CAP-0015 (Fee Bump Transactions) have had several updates to them, and are moving to fully accepted proposals. Satoshipay recently did a video with us explaining their business focused on micro-transactions, and the value Stellar brings them. We've built new documentation for creating assets on Stellar, in particular around stablecoins. See our new doc and our new diagram explaining this. Wirex added a short video on Stellar Federation in their platform, showing its utility within the ecosystem. Izaak from Coda Coda is the first cryptocurrency protocol with a constant-sized blockchain. Coda compresses the entire blockchain into a tiny snapshot the size of a few tweets using recursive zk-SNARKs. Avery hooked up wallet GUI to interact with working daemon. We sent out the first edition of our ’Succinct’ newsletter, which was a team effort but special thanks to Claire and Carey. Our most recent testnet ran for 2250 blocks with proof of stake! It crashed due to some bad infrastructure code. Paul added GraphQL apis for querying the trustworthiness of peers. Conner re-added MacOS builds to our CI. Privacy coins Mitchell from Monero Monero is a open-source, privacy-focused cryptocurrency using the ASIC-resistant CryptoNote PoW algorithm. It enforces all privacy features at the protocol level to ensure that all transactions create a single fungible anonymity pool. Monero Konferenco was a huge success! All of the presentations are publicly available: schedule, Saturday talks, Sunday talks. Daniel from Grin Grin is a community-driven implementation of the Mimblewimble protocol that aims to be privacy preserving, scalable, fair, and minimal. Merged PRs: 1 in /grin | 2 in /grin-wallet | 3 unique contributors @yeastplume submitted the final wallet pr ahead of the hard fork. v2.0.0 beta binaries were released for node and wallet. A hard fork practice round was conducted successfully on a private testnet. Igno has taken some leave for an indefinite period. In the last governance meeting, we covered bug bounties, @hashmap was added as contact person in our security vulnerability disclosure process, and discussed the new governance process proposal. On the back of that, we begun iterating on an RFC process, improvements welcomed as PRs directly to the repo. More Grin info here. Beni from Beam Beam is a confidential and scalable cryptocurrency based on Mimblewimble. We are happy to announce the 2019 Qtum & Beam Privacy Hackathon that will challenge participants to leverage the Qtum and Beam platforms in order to develop anonymous assets and blockchain privacy solutions - June 19th - August 18th, 2019 - Learn more here and register here [SWAP] List of cases when we need to notify second side about failures (will be supplemented) #702 [SWAP] Display "Swap conditions match" first before claiming "Swap Accepted." #666 [SWAP+CLI] - Move the all related SWAP command to separate group in help #731 There are 163 open issues in /beam Excluding merges, 10 authors have pushed 51 commits to master and 57 commits to all branches. On master, 90 files have changed and there have been 10071 additions Smart contracting platforms Evan from Ethereum Ethereum is a decentralized platform for applications that aims to resist fraud, censorship or third-party interference. What’s New in Eth2. Since it is the first issue in awhile, it’s a good summary of the different phases of Eth2  Argent unveils Hopper, “a zero-knowledge-based trustless mixer” to deposit 1 eth and withdraw to different address EF-supported teams: development update. Extensive updates from each EF team. Jing from Plasma Plasma Group is building "Generalized Plasma", a layer 2 scaling infrastructure for Ethereum that allows for general state transitions on layer 2. Implemented state manager Completed ownership predicate contract Plasma implementers call this Wednesday (June 26th) at 7am PST Add questions and topics to the agenda thread here Or check out the recording & notes for the last call here The Zoom link is (and will continue to be) here Peter from NEAR NEAR is a sharded proof-of-stake blockchain. 21 PRs across 10 repos and 10 authors. Featured repos: nearcore, nearlib, near-shell, and near-wallet Streamlined our release process First version of staking is complete and currently being tested Deployed test version Nightshade, our new model consensus Updates across all libraries for Nightshade merge Bug fixes and UI improvements in wallet Updated syntax in near-shell Added advanced access keys in core Chunks for sharding are underway in a ~1800 line PR AJ from Tezos Tezos is a self-amending blockchain that features formally verified smart contracts, on-chain governance, and a proof-of-stake consensus algorithm which enables all token holders to participate in the network.  Tezos Foundation will give away to Ledger Nano S to all fundraiser contributors as a celebration for it’s 1 year launch of Mainnet.  Serokell publishes parsing Typed eDSL.  Reading list for the upcoming Tezos proposal that will be injected by Cryptium Labs and Nomadic Labs.  Tezos Foundation issues a grant for smart contract language, LIGO, that enables developers to write smart contracts with languages like Python. Another smart contract language, SmartPy.io will be launching soon for Tezos Introducing a new standard interface for creating and managing fungible assets use smart Contracts on Tezos. This project is being built in coordination with TQ, Nomadic Labs, and Serokell.  Topper from Quorum Control Quorum Control makes Tupelo, a permissionless proof of stake DLT platform purpose-built to model individual objects that enables flexible public or private data models. Opened the 0.4.0 TestNet to the public!  It is now fully available for anyone’s use. Held an event in conjunction with BerChain to demo the Tupelo platform for the Berlin development community. QC team is fresh off a full team offsite where we finalized the Q3 roadmap focusing on ease-of-use and adoption for application developers. Check out the PGC talk by QCs CMO Stephanie Mello as she lays out strategies for bringing blockchain and community to gaming for developers. Andrew from Solana Solana is a scalable blockchain that utilizes proof of history to verify the ordering and passage of time between events. It consists of a network of 200 physically distinct nodes which support a sustained throughput of more than 50,000 TPS.  We are preparing for Mainnet in Q3/Q4. We just published a piece explaining Proof of History and why that leads to super quick blockchains.  We are about to announce Turbine - Solana's Block Propagation Protocol. We are working on the Tour del SOL, or Solana’s validation-client competition. We have added 4 team members in the past 60 days and are hiring. Michael from Loom Loom Network is a platform for building highly scalable DPoS sidechains to Ethereum, with a focus on large-scale games and social apps. Loom hits ATH of 99K transactions in single day Loom is now live on DappRadar: https://dappradar.com/rankings/protocol/loom​ Rolled out support for Universal Transaction Signing with Portis wallet Released developer guide on how to integrate TRON dapps with Loom and let users deposit/withdraw TRX Infinity Stones goes live as the latest Loom validator   ​Over 214M tokens have been staked on Loom, which amounts to ~27% of circulating supply Myles from EOS EOS is a new blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. Block.one published details on EOSVM, a new WASM-based VM that will be introduced in EOSIO 2.0 NEWDEX has developed smart contracts for fully on-chain matching and settlement of exchange orders. They are now in the process of having the contracts audited by security firms.  Korean exchange Bithumb announced its plans to start participating in EOS voting Everipedia launched Everipedia 2.0 Kate and Dean from Agoric Founded by pioneers in secure development and distributed systems, Agoric uses a secure subset of JavaScript to enable object capabilities and smart contracts. We are excited to announce Agoric’s partnership with Cosmos and Cosmos’ Interchain Foundation. Agoric and Cosmos are jointly creating the IBC (Inter­Blockchain Communication) protocol. IBC will provide true interoperability across multiple blockchains, and expand the market available to millions of current and future smart contracts developers worldwide. Dean spoke at Zcon1 (video here) with an update on what we’ve accomplished since last year’s Zcon0, including the creation of a secure runtime for JavaScript (SES), a running end-to-end Cosmos-based testnet, the Cosmos IBC collaboration, and further work on our smart contract framework and components. Financial Infrastructure Antonio from dYdX dYdX is a decentralized exchange for margin trading, borrowing, lending, and eventually derivatives. dYdX allows traders to trustlessly short and get leverage on crypto assets. Launched direct borrow flow! Use dYdX to borrow crypto directly to your wallet Launched the ETH-USDC market through 0x Launched improved cross trading flow Enabled unlimited duration borrows on dYdX. Borrow any asset for as long as you want! Working on adding limit orders Hiring product designers & engineers full-time in SF! Brendan from Dharma Dharma is the easiest place to borrow and lend cryptocurrencies. It enables non-custodial peer-to-peer lending through smart contracts on Ethereum. Launched upgraded borrow experience! borrowers can now submit orders with custom principal amounts, interest rates, and collateral requirements. We'll go out and find the lender. Rolled out new community updates to Dharma telegram group and various high value accounts Began working on an affiliate program We're hiring full stack engineers in SF! Coulter from MakerDAO Lazar from MARKET Protocol MARKET Protocol is a framework for creating tokens that track prices of traditional or digital assets. We officially launched MPX and Position Tokens, introducing our first token  – leveraged BTC/DAI! Traders can start trading on MPX (ex. US for now) We published Part 2 of our MPExplained educational series: Trading Position Tokens. Check it out to learn more about trading BTC/DAI tokens Robert from Compound Compound is a money market protocol on the Ethereum blockchain — allowing individuals, institutions, and applications to frictionlessly earn interest on or borrow cryptographic assets without having to negotiate with a counterparty or peer. Helped launch PoolTogether, a no-loss lottery built on Maker's DAI and Compound v2 Layer two and interoperability Zaki from Cosmos The Cosmos Network is a decentralized network of independent, scalable, and interoperable blockchains. Chorus One wrote up their Delegation Voucher's implementation of tokenized staking rewards. Kava Labs announced their architecture for multicollateral DeFi on Cosmos.  A comparison of Tendermint, HotStuff, and SBFT A proposal to implement constrained subkeys is working it's way through governance. Alexandra from Polkadot Polkadot empowers blockchain networks to work together under the protection of shared security. Polkadot.network is now available in Japanese, Korean, Chinese (Mandarin), and Russian Foundations laid for a Polkadot x Zcash bridge Web3 Foundation is providing grants to build the Web3 ecosystem. Lots of openings to build Polkadot New submissions for PolkaDAO Last call for speaker and workshop submissions at Web3 Summit Paul from Veil Matt from 0x 0x is an open protocol that enables the peer-to-peer exchange of assets on the Ethereum blockchain. Hosted an internal hackathon earlier this month. Check out the projects here 0x relayer Bamboo Relay has implemented a Coordinator model to allow for unlimited soft cancels Tony from Liquidity.Network Liquidity Network is a transfer and swap platform for any token Liquidity Network's COO Guillaume Felley will present NOCUST at the Ethereum Technology & Application Convention at Beijing on 29-30 June 2019. Let's join him there! Full event details here Dong Mo from Celer Celer Network is a layer-2 scaling platform that enables fast, easy and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contracts. We've fixed CelerX game bugs under unstable network conditions. We are integrating new off-chain service provider data. We completed syncing game and reward history data and finished setting up sing-up and invite flow testing environment.  We are preparing for mainnet internal release. We completed work on upgradability of channel contracts and migrated system setup to Kubernetes. We began end-to-end system and performance testing this week. Application infrastructure Alexandra from Parity Technologies Parity Technologies builds core blockchain infrastructure, from Parity Ethereum, an Ethereum client, to Polkadot, an interoperable blockchain network. New tutorial: How to build a UTXO chain on Substrate. Energy Web, a chain built with Parity Ethereum features, launches ChainX launches--the first mainnet launch of a chain built on Substrate New breakdown: how Substrate and Polkadot fits into the blockchain scalability ecosystem Free Substrate workshop in Barcelona We're hiring! New opening: Content Strategist. Matt from Keep Network The Keep Network is a privacy layer for public chains, enabling interactivity with private data and interoperability across chains. It does this with keeps, off-chain containers for private data that help smart contracts harness the full power of the public blockchain. Private testnet is up and running Callbacks for relay entries - as an application developer you can specify what contract and what function should be invoked when your relay entry is ready Command-line interface for calling smart contract functions - it's used primarily for development purposes - we can call any function from our smart contracts from the command line, and execute view functions in previous blocks' context, it's very helpful for debugging purposes. EIP 152 confirmed for next Ethereum hard fork David from Sia Sia is a decentralized cloud storage platform leveraging blockchain technology to create a data storage marketplace that is more robust and more affordable than traditional cloud storage providers. RC2 version of the upcoming 1.4.1 version of Sia was released in Discord for testing. It features memory use, performance and UI improvements compared to the previous RC. Eddie, Zach, Manasi, and Steve worked on multiple improvements on the UI, as more clear explanation texts, improved screens when creating an allowance or recovering backups, the ability to cancel the allowance on the UI and the correction of multiple visual glitches. Matt added a new API endpoint for checking the current filter of hosts set up by the user: /hostdb/filtermode [GET]. On siac, this is used with the command siac hostdb filtermode. The previous command for setting a new filter has been moved to siac hostdb setfiltermode. David tweaked the Hosts selection process when the renter forms an allowance, that now penalizes harder hosts with little remaining storage if the software expects it won’t suffice for our storage needs. The Sia network reached 400 TB of used storage. This represents a 100 TB increase in the last 25 days The Goobox app developers published an article explaining how to backup Synology NAS machines on the Sia network using their SiaS3 product: https://medium.com/@goobox/backup-files-to-sia-using-synology-nas-goobox-2f31e273bbab
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Fan tokens draw new users to crypto with the latest club addition, AS Roma

Blockchain is stepping further into the sports arena, as cryptocurrency company Socios partners with soccer team AS Roma to offer a fan token, according to a statement from the club.  The token will find its way to fans through the Socios app. There, it'll be tradeable against the Socios native token, $CHZ, currently listed on BitMax and KuCoin, as well as Binance DEX - Binance's decentralized exchange. The tokens are accessed on Socios.com, but housed on a separate permissioned side chain, where each club becomes a Node with Proof Of Authority (POA) from $CHZ. In order to access the club token through a Fan Token Offering, fans must first hold $CHZ. The move could open crypto to a wider user base, since the tokens allow fans to have a voice in their club. The tokens five supporters the right to vote on certain club decisions. They'll be set at a price of two euros, but fans can also earn them by interacting with AS Roma on the Socios app. Fans can also "hunt" tokens for free through the app's augmented-reality geo-location feature Token Hunt. However, AS Roma isn't the only club interacting with fans through crypto. Indeed, clubs from different leagues including Paris Saint-Germain, Juventus and West Ham United have all created fan tokens for supporters. Alexandre Dreyfus, chief executive & founder of Socios.com, said AS Roma's fan base along with other participating clubs draw hundreds of millions of users.
The Block Crypto

What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers

As crypto ecosystem consistently redefines its new peak in terms of adoption, fiat investors and new players are seeking opportunities to be a part of the next wave of Bitcoin Billionaires. One of the early birds, Tim Draper leads this space in terms of making sizable investments and returns in Bitcoin. Having complete faith in Bitcoin’s […] The post What does it take to be part of the next wave of Bitcoin Billionaires? Tim Draper answers appeared first on AMBCrypto.
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Bitcoin Law Review - Blockstack's Reg A+, CFTC vs Bitmex, Gov't vs Libra/Crypto

https://ToneVays.com by @ToneVays https://twitter.com/ToneVays Topic 1: Reg A+ & Blockstack https://www.sec.gov/Archives/edgar/data/1719379/000110465919020748/a18-15736_1ex1a15addexhbd6.htm https://www.theblockcrypto.com/2019/07/12/blockstack-garners-reg-a-approval-but-that-doesnt-mean-crypto-icos-will-boom/ Leads into Topic 1a on Broker-Dealers & Custody https://twitter.com/philipliu/status/1149907881061302272?s=12 https://www.sec.gov/news/public-statement/joint-staff-statement-broker-dealer-custody-digital-asset-securities https://bitcoinmagazine.com/articles/op-ed-latest-finra-sec-security-token-custody-rules Topic 2: Government vs Libra/Crypto https://twitter.com/realDonaldTrump/status/1149472282584072192?s=09 https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://www.cnbc.com/2019/07/18/mnuchin-says-us-will-ensure-bitcoin-doesnt-become-like-anonymous.html https://www.cnbc.com/2019/07/18/first-on-cnbc-cnbc-transcript-treasury-secretary-steven-mnuchin-speaks-with-cnbcs-squawk-box-today.html https://brianoflondon.me/2019/07/facebook-lied-about-the-cryptocurrency-industry-to-destroy-it/ https://www.youtube.com/watch?v=9-ZTkCNW0w8 https://www.cnbc.com/2019/07/16/i-like-bitcoin-says-house-gop-leader-mccarthy-hits-facebook-libra.html Topic 3: Crypto Exchanges https://www.bloomberg.com/news/articles/2019-07-19/u-s-regulator-probing-crypto-exchange-bitmex-over-client-trades https://twitter.com/notsofast/status/1151864421414838274?s=21 https://www.coindesk.com/ex-ceo-of-crypto-exchange-wex-arrested-in-italy https://www.coindesk.com/mt-gox-founder-hit-with-lawsuit-over-alleged-fraudulent-misrepresentation https://www.scribd.com/document/414569311/Steinmetz-Jones-v-s-McCaleb#from_embed https://www.thedailybeast.com/behind-the-biggest-bitcoin-heist-in-history-inside-the-implosion-of-mt-gox?ref=scroll Topic 3a - Update on Bitfinex vs NYAG https://ambcrypto.com/new-york-ags-court-filings-written-in-bad-faith-and-riddled-with-false-assertions-says-bitfinexs-rebuttal/ https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod https://breakermag.com/crypto-capital-is-the-common-thread-between-bitfinex-quadrigacx-and-other-troubled-exchanges/ https://decrypt.co/6824/crypto-capital-follow-up-article Topic 4: Crypto & Taxes (Time Permitting) https://www.carltonfields.com/insights/publications/2019/how-state-remote-sales-and-use-tax-statutes-may-im https://twitter.com/cryptotaxgirl/status/1148370522775797760?s=21 Topic 5: Other - Time Permitting https://www.journalofaccountancy.com/news/2019/jun/virtual-currency-not-fbar-reportable-201921479.html https://www.justice.gov/usao-sdny/pr/us-attorney-announces-arrest-and-money-laundering-charges-against-dark-web-narcotics https://cryptoslate.com/chinese-court-upholds-legal-bitcoin-ownership-btc-protected-china-property-law/ Closing Moment of Zen: https://twitter.com/Horsebox_1/status/1117955111219867648 Honorable Mention: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets Please Support via Affiliate Codes: Unlimited Trading for $9 a Month at LVL: https://lvl.co/?r=kDpHhBmS Deribit to save 10% on Trading: https://www.deribit.com/reg-3221.4686 Buy/Sell Bitcoin at Paxful: https://paxful.com/?r=or4dNEDBBQX Trading View: http://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=4905&url_id=3 TorGuard VPN 50% off code & link = tone50: https://torguard.net/aff.php?aff=3782 Ugly's Lifetime Subscription: https://uglyoldgoat.com/?rid=4xyuzu Audio Podcast: https://itunes.apple.com/us/podcast/the-tone-vays-podcast/id1390209454?mt=2 See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Tone Vays is available for Corporate Consulting at the rate of 0.3 btc per hour. Please email Tone@protonmail.ch for additional info.
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