Venezuelan Petro Called a Clone of Dash

Venezuelan Petro Called a Clone of Dash

A tweet by Joey Zhou, an Ethereum core developer, pinpoints that a diagram on the eleventh page of the Petro (PTR) whitepaper has been plagiarized from the Github repository of Dash.

Crypto news website CCN studied the whitepaper of the Petro where they also found that some aspects in it are very similar to Dash.

The X11 Mining Algorithm

Dash has been using the X11 mining algorithm, and so will the Petro. The particular mining algorithm has an Instant Send component that Dash uses. This component will also be present, as the most important feature, in the Petro.

The Use of Masternodes

A number of cryptocurrencies who use masternodes are suspected to be scams, according to the CCN article. Dash is distinguished by its use of masternodes in its blockchain. It divides the rewards equally to masternodes and miners by 45% and the 10% goes into its treasury.

The Petro will follow suit. Its whitepaper denotes it will use masternodes as a decision-making tool and as a transaction support in its network. For the Petro, masternodes will receive a huge chunk (85%) of the rewards and the remaining percentage will be returned to the user in an initial phase.

Dash has been very popular in Venezuela since August this year, while the oil-backed Petro has been controversial since its inception.

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Venezuela Could Set New Precedent for Bitcoin as a Medium of Exchange

Hyperinflation in Venezuela is estimated to have reached a boggling 1.3 million percent in 2018. To reconcile runaway prices, the wealthy and the technologically savvy have turned to the stock market and cryptocurrency. Venezuela’s Deteriorating Economy Turns People to Cryptocurrencies Fueled by rich oil reserves, the country was once one of the fastest growing in South America during the 1990s and was an economic powerhouse in the region. Today, decades of corrupt and neglectful policies have put Venezuela on a road to economic disaster, and it’s accelerating. The IMF estimates that Venezuela’s inflation stands at around 1.3 million percent, meaning that prices double in less than a month. This has caused country-wide shortages of basic necessities, such as food and medicine, adding to the hardships endured by Venezuelan citizens. Conditions have become so bad that ten percent of the country’s population has fled the country, according to The Economist. The country’s national currency, the Bolivar has plummeted in value. To combat the issue, Maduro knocked five zeros off the currency by issuing new Sovereign Bolivar. Forbes called the move “a scam” and a mere “facelift” to the issue. In desperation, the local people have taken to volatile (and oftentimes difficult to use) cryptocurrencies. On social media, Bitcoin, Dash, and Zcash are often cited as the number one choices for Venezuelans looking to weather hyperinflation. And, people from around the globe are helping the country find its way to cryptocurrency. For example, AirdropVenezuela is facilitating donations to tens of thousands of verified Venezualans. According to crypto statistics hub Coin Dance, the trading volume for Bolivars on LocalBitcoins has surged in 2018. The weekly trade volume for bitcoin rose from 170 to 2000 BTC in 2018. Adjusting for Bitcoin’s 75 percent fall in value since the beginning of the year, weekly trading volume in Venezuela still increased from $2.5 million to $7.3 million, over a 190 percent increase. Values in bitcoin. Chart courtesy of Coin Dance. Cryptocurrency Replacing Stock Market Hedging Although the poor in Venezuela have been hit the hardest by inflation, rich Venezuelans have other options to combat the problem. In the past, many have used the stock market as a sort of inflation-linked bank, buying shares to deposit cash, and selling them to withdraw it, as said by the Economist in July of 2018. According to Barron’s, stocks in Venezuela have done a better job of keeping up with inflation, increasing in value (in Bolivar terms) by 73,000% in the past year. Banco Mercantil, one of South America’s largest banks—which operates outside of Venezuela—is the most popular stock among the rich, understandably. However, despite the astounding growth of the Venezuelan stock market, its trading volume adjusted to dollars is minuscule. Data from Bloomberg suggest that the Caracas Exchange (index) had a daily trading volume that fluctuated between $50,000 and $3.9 million in the month of December, numbers rivaled by the growing bitcoin trade. The LocalBitcoins figure is also an estimate, which doesn’t account for bitcoin traded outside of the platform. And, with weekly volume consistently upwards of $500,00 in USD terms, it seems that the country’s appetite for some digital currencies is significant. Although conditions in Venezuela are grim, the natural and spontaneous use of Bitcoin at such a scale hasn’t been seen before. The nascent digital currency could actually start behaving like peer-to-peer digital cash in the country, one of Bitcoin’s original aspirations. As things unfold in the troubled economy of Venezuela, it will be interesting to see if the country sets a new precedent for cryptocurrencies. The post Venezuela Could Set New Precedent for Bitcoin as a Medium of Exchange appeared first on CryptoSlate.

DASH mining situation | ASIC centralization

Some may have seen my last post on r/cc about DASH being 51% attackable due to mining centralization. While most thought this is an issue solely because of nicehash now you can see the entity that gathered 68% of mining power still peaks up to 58% of total nethash. Let me give you the proofs here:!extraction See the top wallets. Currently called "All others" is basically (careful, serves a Monero web miner). After my post on r/cc and news spreading one entity moved his 750TH/s from nicehash over there (proofs currently one company holds 33% - 50% based on luck of nethash). Notice the 4 other wallet addresses that are not labeled? They all belong to one other entity. You can proof this by yourself with a blockexplorer: see this transaction. These four addresses are all inputs, meaning they are controlled by one entity. Summed up we have 2 entities doing >80% of total nethash, one peaking regularly over 50% of total nethash, still being able to perform an attack. So while the DASH team and community didn't think this was a topic that should be discussed they were pretty fast with pointing out, due to the 750TH/s moved away from nicehash, the intentions of the miner are not malicious. They ignored the second miner here, which is completely unknown. So while observing this a little bit more I stumbled upon another thing: these four unknown addresses do not empty the mempool. And this is what I want to discuss a bit further here. Which impact will this behaviour have? Especially if it is not a small pool, but basically >50% of total nethash being a dishonest mining operation. Intentional? Don't know, but I think so. The mempool still is getting regularly emptied by the other 50% of the net. So at least transaction still is ongoing. At least as long other pools don't start to mine dishonest too. (As a sidenote: DASHs v13 sporks need 80% mining consensus to be activated. Two entitites have the power to just stop sporks from being activated. And at least one of these entities is dishonest/malicious/(or misconfigured its pools?)) ​ Flenst

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