Getting Started with Bitcoin Mining & Hosting - D-Central

FAQ for Beginners

What is Bitcoin?

Bitcoin is scarce, decentralized, and global digital money that cannot be censored.

Quick Advice

  • Do not respond to strangers messaging you with investment advice or offers and read how to avoid being scammed from the posts below.
  • Do not invest in Bitcoin until you do basic research, paid off all high interest debt, and have a emergency savings account of a stable fiat currency.
  • If investing do not expect to get rich quickly. You should expect to wait at least 1-2 years before taking profits. Bitcoin is currently very volatile. In the interim spend and replace Bitcoin because its a useful currency.
  • Beginners should avoid all mining and day trading until at least very familiar with Bitcoin. Mining is very professional(You cannot efficiently mine with your computer and need to buy special ASIC machines) and most people lose money day trading.
  • Never store your Bitcoins on an exchange or web wallet. Buy your bitcoins and withdraw it to your personal wallet where you actually own them instead of IOUs. Services like Robinhood and Revoult should be avoided because you cannot withdraw or use Bitcoin.
  • Make sure you make a backup of your wallet(software holding keys to your BTC) and preferably keep it offline and physical and private. Typically 12 to 24 words you write down on paper or metal. This onetime backup will restore all your keys, addresses , and Bitcoins on a new wallet if you lose your old wallet.
  • Beginners should avoid altcoins, tokens, and ICOs at least initially until they learn about Bitcoin. Most of these are scams and you should be familiar with the basics first. Bitcoin is referred to as BTC or XBT.

Exchanges Requiring ID Verification

Bitcoin = BTC or XBT on exchanges
Exchange Buy fee* Withdraw BTC Notes
Cash App Sliding ~2.2% to 1% 0 BTC Instant Withdraw, USA only
Coinbase Debit3.99% ACH1.49% 1-4USD ~7Day hold BTC withdraw
CoinbasePro 0.5% 1-4USD ~7Day hold free ACH Deposit or €0.15 EUR SEPA fee
Gemini 1.49% to 0.25%ATrader 0 BTC 10 free BTC withdraws w/ActiveTrader
Kraken 0.16% 0.0005 BTC Deposit Fiat=USwire+5USD or SEPA free
Bitstamp 0.50% 0.0005 BTC Deposit Fiat=0 SEPA or 5% card fee
Note: Exchanges all have unique market prices and spreads so fees alone will not tell you the best rates. Best way is to directly compare the rates between exchanges. Buy fees above are for normal trading volumes. Verification and hold times can vary based upon lack of history, verification level or credit.
More exchanges per location
For a secure Decentralized Exchange (DEX) use https://bisq.network

Recommended Wallets

Best wallets for securing small amounts of BTC
electrum For Desktop and Android
Pros= Great Desktop and Android wallet with advanced functionality like coin control
Cons= UX is not as polished as some other wallets, make sure you only upgrade from official sources like play store or https://electrum.org as malicious servers or adverts can tell you to upgrade malware from other sites
https://www.youtube.com/watch?v=E4EhZg5QslI
Phoenix LN wallets for Android
Pros- Lightning network integration(as well as onchain) allowing you to spend with LN merchants for instant confirmations and much lower fees. Easiest lightning wallet to use
Cons- Lightning is still somewhat experimental and less merchants accept it.
https://phoenix.acinq.co/
https://www.youtube.com/watch?v=Cx5PK1H5OR0
Breez LN wallet for Android and IOS
https://breez.technology
https://www.youtube.com/watch?v=t_4b-y4T8bY
Pros- Lightning network integration(as well as onchain) allowing you to spend with LN merchants for instant confirmations and much lower fees
Cons- Lightning is still somewhat experimental and less merchants accept it.
Other Lightning wallets - http://lightningnetworkstores.com/wallets
Blockstream Green Wallet IOS and android wallet
Pros- Great UX, easy hardware wallet and full node integration, RBF, HW wallet support and advanced 2fa options Cons- Until single signature is released 2 of 2 multisig means that one must depend upon blockstream’s server for tx signing. Other light wallets are dependent upon other servers as well but light wallets like electrum allow you to swap servers.
https://www.youtube.com/watch?v=uO3Zi9D5b0Y
https://blockstream.com/green/
Securing Larger amounts of Bitcoin
ledger nano S wallet = ~68 USD https://shop.ledger.com/products/ledger-nano-s
https://www.youtube.com/watch?v=YI1OntWB7wc
https://www.youtube.com/watch?v=AGe2GgfkO64
trezor one wallet = ~54 USD https://shop.trezor.io
https://www.youtube.com/watch?v=pT1j_kbZBEo
Trezor Model T = ~164 USD https://shop.trezor.io
https://www.youtube.com/watch?v=i3BIo5Ac_n4
Cold Card Hardware wallet = 119.97 USD https://store.coinkite.com/store/coldcard
https://www.youtube.com/watch?v=kocEpndQcsg
https://www.youtube.com/watch?v=f8dBNrlwJ0k
Digital Bitbox 02 = 109 USD https://shiftcrypto.ch/bitbox02/
https://www.youtube.com/watch?v=tdP_7LgZw7s
https://www.youtube.com/watch?v=z7nRq2OEhiw
https://www.youtube.com/watch?v=6D4FgJo3j64
Best Advanced Bitcoin Wallet= Bitcoin Core
Pros= Great privacy and security
Cons= UX is for more experienced users, takes ~week to sync and requires ~5GB minimum disk space if prunned
https://bitcoincore.org/en/download/
Best High Privacy Bitcoin Wallet = Wasabi
Pros= Best Privacy with Chaumian CoinJoin built in
Cons= mixing coins costs more fees and for more advanced users
https://www.wasabiwallet.io/#download
https://www.youtube.com/watch?v=ECQHAzSckK0
https://www.youtube.com/watch?v=zPKpC9cRcZo&list=PLmoQ11MXEmahCG1nkbKK6DiAwVx9giJCi
https://www.youtube.com/watch?v=y8wQK-Ndl3Q&list=PLPj3KCksGbSaEmjU0sywoTYDVYYSu8LsS

Further Resources

https://www.lopp.net/bitcoin-information.html
https://www.lopp.net/lightning-information.html
https://10hoursofbitcoin.com/
http://bitcoinrabbithole.org/
https://bitcoin-resources.com
https://www.bitcoin101.club
https://21lessons.com
submitted by bitusher to BitcoinBeginners [link] [comments]

CelesOS Research Institute丨DPoW consensus mechanism-combustible mining and voting

CelesOS Research Institute丨DPoW consensus mechanism-combustible mining and voting
The token economy and the blockchain complement each other, while at the same time, the consensus mechanism forms the basis of the blockchain, whom constitutes the basic technical framework of the token economy.
The mainstream blockchain, like Bitcoin, Ethereum, and EOS have all compromised on certain aspects of the "impossible triangle" features.
https://preview.redd.it/8ocq98swpt551.png?width=554&format=png&auto=webp&s=37ab0235c07b450217e22531ad5291d5b4bcbbee
Bitcoin, as a decentralized digital currency, has sacrificed performance to meet the design requirements of decentralization and security, rendering it the target of highest attacking cost among all PoW public chains. The ASIC mining machines updates continually and new versions launch, both can continuously improve the computing power of the entire network.
Ethereum 2.0 will use a proof of stake (PoS) consensus mechanism. On the Ethereum network, money can be transfered and smart contracts can be operated, presenting a more complicated application scenario. However, due to its low performance, Ethereum is more prone to get congested.
EOS, as a blockchain application platform, is often suspected of being centralized. EOS uses a delegated proof of stake (DPoS) consensus mechanism. Having 21 super nodes responsible for bookkeeping and block generation, the EOS main network can handle more than 4,000 TPS now. However, due to its small number of nodes, it’s one of the three major public chains that are most easily questioned by the outside world on the "decentralization" feature.
An inefficient blockchain will only be a game in the laboratory, and an efficient blockchain without decentralization will only be taken advantage of by big players.
New generation consensus algorithm DPoW
Is there any consensus mechanism that can achieve a better balance between decentralization and efficiency, and can give miners incentives to invest in hardware resources? If we separate the two acts of "acquiring accounting rights" and "receiving block rewards", the above dilemma can be solved. By separating the above two, DPoW has finally achieved the effect of balancing efficiency and centralization.

https://preview.redd.it/www3h8swpt551.png?width=731&format=png&auto=webp&s=c0bf49a42751a9501828d0294bc9280f856c441e
Drawing on the design concept and operating experience of the preceding consensus mechanisms, DPoW is a new-generation consensus mechanism formed based on PoB and DPoS.
Before explaining DPoW, it’s necessary to introduce PoB.
PoB (Proof of Burn) is called the burning proof mechanism. (Source: https://en.bitcoin.it/wiki/Proof_of_burn))

https://preview.redd.it/payq2duzpt551.png?width=554&format=png&auto=webp&s=4b8e9181d95d31a8d5b75a7acab27c851a4a3a4d
PoB is a way to vote who has a commitment to the leadership of the network by burning tokens possessed. The greater the number of tokens burned, the higher the probability of gaining network leadership.
PoB is a method of distributed consensus and an alternative method of proof-of-work mechanism. It can also be used to guide a cryptocurrency.

https://preview.redd.it/4lmhs1i1qt551.png?width=554&format=png&auto=webp&s=e8c50b1638d8ec8d8a2dac2e842b50a2979984fb
In the DPoW-based blockchain, the miner's mining reward is no longer a token, but a "wood" that can be burned-burning wood. Through the hash algorithm, miners use their own computing power to get the corresponding non-tradable wood after proving their workload eventually. When the wood has accumulated to a certain amount, it can be burnt in the burning site.
DPoW technical solutions
Voting with computing power is the biggest innovation of the present invention. It uses the proof of work of the PoW algorithm to replace the stakes as votes, yet retains the BFT-DPoS block generation mechanism.
Specific steps are as follow:
  1. POW question acquisition
Obtain the question of proof of work. The proof of work of the present invention is to perform a Hash operation on a PoW problem; the questions is:
target = hash(block_id + account) ^ difficulty 
  1. POW question answering
A mathematical hash operation of a random number (nonce) is performed on the question, and if the hash value obtained is less than a certain value, the question is answered;
Question answering process:
nonce = random ()ret = max() while(ret > target) { if(hash(nonce+account + block_id)< target) { wood = nonce; break; } nonce++; } 
  1. Voting
Voting is to cast the specific answers to the question to the candidate BP. By such, it’s submitted to the blockchain and counted to the blockchain's status database; within an election period, the maximum value of the answer that each voter can calculate is N, and each answer can only be voted to one candidate BP, and the number of votes that can be cast is N.
The information and process that voting requires:
  • Answer to the question
  • Miner account
  • Block id
  • Block
  • Voting objects (candidate BP)
  • Verify that the vote is valid
  • After verification, it will be credited to BP
4. Count the votes
At the end of an election period, votes are counted and sorted top-down according to the number of votes under the name of the candidate BP. The top X candidate BPs are selected and inserted into the BP list, and the block generating order of the selected BP is written to the blockchain status database.
If X is the number of BPs generated by the system, namely a multiple of 3, it will be set in the genesis block and cannot be changed.
  1. Block generation
The DPoW block generation mechanism is the same as BFT-DPoS. The elected BP negotiates a block generation ownership order based on its own network resource status. When each BP node has block generation rights, the block reward is a fixed reward for each effective irreversible block. At the same time, the blocks that have been generated use the BFT signature mechanism. After getting 2/3 BP's signature, the block will become an irreversible block.
DPoW’s advantage in balance
Compared with existing technical solutions, the DPoW consensus protocol has the following feature.
  1. When the stock of burning wood is large, the nodes in the system tend to burn burning wood to vote instead of logging through computing power, which is similar to the DPoS under this situation.
  2. When the stock of burning wood is few, the nodes in this system tend to log to obtain burning wood for voting, which is similar to PoW under this situation, presenting the feature of decentralization. In order to ensure the high-speed operation of the system and attract ticket sources, BP will maintain a stable investment in computer resources to keep the system highly efficient.
Choosing to vote by logging or burning wood depends on the nodes’ own optimal choice, resulting in constant choosing between the two consensus mechanisms of PoW and DPoS. This will make nodes tend to choose PoW when decentralization is needed, and to choose DPoS when efficiency is needed.
For a system, whether it is decentralized does not depend on whether each block needs to be decentralized. The key is whether the system can provide a channel to decentralization and fair competition when needed. As long as the channel is reasonable, the system will be considered decentralized.
By decoupling vote by logging and block generation, they can be done asynchronously to achieve the effects of decentralization and high efficiency.
Learning and updating the preceding practices in blockchain technology, DPoW manages to achieve both decentralization and efficiency, as “having the cake and eating it”.

📷Website
https://www.celesos.com/
📷 Telegram
https://t.me/celeschain
📷 Twitter
https://twitter.com/CelesChain
📷 Reddit
https://www.reddit.com/useCelesOS
📷 Medium
https://medium.com/@celesos
📷 Facebook
https://www.facebook.com/CelesOS1
📷 Youtube
https://www.youtube.com/channel/UC1Xsd8wU957D-R8RQVZPfGA
submitted by CelesOS to u/CelesOS [link] [comments]

Full overview of Eth 2.0 & 1.x roadmaps from Messari

Full section on Messari's Ethereum trends for 2020 here

ETH 2.0 Research/Governance/Roadmap at a glance

If history is any guide, we’re not going to see ETH 2.0 until 2022 at the earliest, even if the earliest phases of “Serenity” begin getting pushed in mid-2020. ETH 2.0’s rollout breaks down into seven (7!!!) phases and brings with it the promise of staking, sharding, a new virtual machine, and more dancing badgers.
(One of our analysts, Wilson Withiam, put together an excellent overview of both the ETH 2.0 and ETH 1.x roadmaps for this report. They are critical to track and understand at a high-level given how much Ethereum’s performance will affect other competitive projects and most of the DeFi and Web 3 infrastructure. So these next two sections are longer and more technical.)
Here’s what you need to know about the current game plan for crypto’s largest platform.
Phase 0 marks the launch of the “beacon chain”, which will serve as the backbone for a new blockchain. The beacon chain will manage network validators (large early stakers like ConsenSys) and ultimately assign validators to individual shards (slicing the new blockchain into smaller chunks is a key, difficult, controversial scaling decision that’s been made). The new chain will support Ethereum’s new proof-of-stake consensus mechanism, and offer inflation rewards with new ETH2 for those that pony up and lock 32 ETH1 tokens into an irreversible contract. That one way bridge into the new system is also contentious, but it means ETH1 supply will start getting “effectively burned” once token holder begin claiming beacon chain validator slots. Initial reports claimed Jan. 3 as a realistic launch date (lol). It will be amazing to see this launched by end of June.
Phase 1 will introduce 64 individual shard chains (reduced from 1,024!!!) to the network, with the option to increase the total down the road as the design gets tested. The Ethereum elite see sharding as the “key to future scalability” as shards can parallelize transaction processing, something that could improve network performance and reduce individual validator’s costs (good for decentralization). It comes with big risk: this is still theoretical. No network the size of Ethereum has successfully sharded its blockchain. In Phase 1, shard chains will only contain simple data sets (no smart contracts or transaction executions) to test the system’s structure. As with Phase 0, the beacon chain will continue to run in parallel with ETH 1.x throughout the phase. Don’t expect Phase 1 anytime before 2021.
Phase 2 marks the full launch of the ETH2 chain, allowing for on-chain contract execution and introducing the new eWASM virtual machine (dubbed EVM 2.0). At this point, existing dApps can start migrating their contracts from ETH 1.x to a specific shard (one shard per contract) in the new network. Storage rent, charging contract owners for storing data on the network (more on this below), is in the cards as well, which would require mass contract rewrites. Even though Phase 2 intends to replace the original Ethereum blockchain entirely, ETH 1.x may still live on as a shard within ETH2. (How confused are you by now? See why bitcoin will still dominate the macro narrative for a while?) A late 2021 release for Phase 2 is optimistic. Before the end of 2022 would be a win.
The final four phases are less defined, and without an attached timeline:
Phase 3 implements state-minimized clients (because stateless clients are just too much). Phase 4 allows for cross-shard transactions. Phase 5 improves network security and the availability of data proofs. Phase 6 introduces meta-shards, as in “shards within shards within shards,” for near-infinite scaling. If you’re scratching your head and are sadistic enough to read more, the Sharding Wiki page does note, “this may be difficult.”
Scaling and compilation efficiencies aside, the most notable change in Ethereum’s metamorphosis is the transition from proof-of-work to proof-of-stake. PoW is the more battle tested security model for blockchain networks, while PoS may prove to be more efficient but with new and less obvious attack vectors. For the more technical, we recommend reading Bison Trails’ Viktor Bunin on the subject of PoS security threats.
Past research has also shown PoS requires an extra layer of “trust” vs. PoW, to help nodes sync to the network. Most models share specific characteristics to address this trust issue, such as allowing for a dynamic set of validators (rotate your security), promoting token holder participation in consensus, and assessing steep penalties (slashing) for any network participant that violates the protocol guidelines. ETH 2.0 will function similarly, but may be able to learn from other PoS networks (and their R&D) as well as those come live and see real world issues. As Vitalik points out, recent research in PoS resulted in “great theoretical progress,” But...
Listen, we're talking about practice. Not a game. Not a game. Not a game. We're talking about practice. Not a game….Practice? We're talking about practice, man? We're talking about practice. We're talking about practice. We ain't talking about the game. We're talking about practice, man.
Vitalik was eight when this happened, so the clip might help and prove metaphoric.

2 ETH 1.x Research/Governance/Roadmap at a glance.

Ok, one more. Bear with us. Let’s reiterate, ETH 2.0 is a brand new blockchain. It’s going to be a chaotic and high-risk transition. In the meantime, the existing network needs to run existing applications (particularly financial settlements for DeFi transactions). More critical upgrades are needed in the current system.
To that end, ETH 1.x devs have three goals to boost performance and reduce blockchain bloat: (1) introduce client optimizations that increase transaction capacity; (2) cap disk space requirements and prune old, memory-sucking data (so running a node is less expensive and more decentralized); and (3) upgrade the EVM to eWASM, a newer open standard for code compilers that simplifies debugging, and is also used by all the newer smart contract platforms. ETH 1.x developers have decided to split the major tasks amongst four working groups:

Core developers intend to introduce most of these implementations through a series of hard forks, the latest of which activated just over a week ago (Istanbul, Dec. 7). However, Istanbul’s second phase, tentatively scheduled for Q2 next year, has Ethereans at each other’s throats. The controversy boils down to the fork’s inclusion of ProgPoW, an ASIC-resistant hashing algorithm designed to replace Ethereum’s current algo. ProgPoW aims to even the playing field for GPU miners and ward off the entrance of potential ASIC competitors. The miners like that. But many miners and investors see ProgPoW as a threat to their investments. For miners, the change would shift the power dynamic away from mining farms and render expensive, specialized mining hardware useless. Ethereum (and ERC-20) investors intent on securing their assets might balk because ASIC miners typically prop up hash rates (overall chain security) and their costs “naturally create a price-floor for ASK prices of miners’ sell-orders.”
This saga is far from over. The infighting will likely continue leading up to ProgPoW’s activation date mid-next year, and presents the strongest potential for a network split since “The DAO” fork that spawned Ethereum Classic. The looming transition to ETH 2.0 (and proof-of-stake) will likely deter investor pushback, because it’s a short-term battle in a war the miners are ultimately going to lose, anyway.
Unless the roadmap changes back to supporting a hybrid PoW/PoS system, of course, but... Oh my god, I’m just kidding. This section is mercifully over.
submitted by CryptigoVespucci to ethereum [link] [comments]

Mining profitability gaining momentum

Mining profitability gaining momentum
We are back!
For the last 2 years there was not much to shill in mining mining was on the life support. And the profits constantly got decreasing. Start of 2020 Bitcoin and Altcoins are showing great performance in price action. This price action has also increased mining profits in some coins for more then 100% since december 2019. It might be to early to say that “we are back” , as crypto can be so unpredictable. But there is a lot of signs that we have now oversold a lot and value of crypto market is increasing steadily. We might see this pattern continue for good bit of times as BTC halving is coming up in 3 month. Let’s get in straight in. I will choose 3 hardware devices which in my opinion would be the best choice and we will see how profitable they are.
If you are new to mining and you want to know which devices to choose, choose from top market cap coins latest equipment. This will be your safest bet, as the mining profits are much more stable on bigger cap coins then on smaller cap coins. If you are small miner and don’t have large electric bills, you can choose smaller cap coins. They might go up in price lot faster then bigger cap coins in bull market, but be aware they they might dump lot faster. It is high risk high reward type of mining.
If you are really serious about mining, you need to look at cheapest power source possible which would be in 0.05c a kw/h range. It is not 2017 and mining from home wont be profitable at 0.30c a kw/h. Industrial power is possible to achieve 0.05 in many places in the world. If it is not possible in your country , look for the country where it is possible. So all profit calculations done for 0.05c a kw/h
Top mining profitability websites :
  • https://www.asicminervalue.com/ It is great website to see newest ASIC miners and their profitability. Usually the new upcoming mining machines gets listed here. So come and checkout this page every few days/weeks this page if you are serious about mining.

https://preview.redd.it/aut9qgz76df41.png?width=1206&format=png&auto=webp&s=b85486b8b0171c91301c6fa9827bc3795a4ea2b7
  • https://whattomine.com/ Is the best known for GPU/CPU mining profitability. You can choose what ever hardware to use and it will give you the best and most profitable coins to mine. It is very simple to use it. It does have Also asic miner profitability check, but for asics i do prefer asicminervalue,com

https://preview.redd.it/y0xr3dr86df41.png?width=1182&format=png&auto=webp&s=439e7cb67f8becc86f4d97c128504636922939e9
The top and 3 most profitable Crypto currencies to mine in February 2020 , for some people miner pick could be different. The prices changes if you are buying new/used , depending in which part of the world are you. This is my recommended , brand new purchase in Europe.
  • Bitcoin – Most suitable Antminer S17+ . It is one of the efficient Bitcoin miner currently publicly available, alternatives would be M20s miner and Avalon miner 1166. Antminer S17 efficiency is 73TH/s @ 3000watts . Current profitability after you have paid your electric bill is 7.82 usd in 24hours , with ROI achievable in 6-7month. It does seems great, but crypto doesn’t stand still. And has plenty of risks.

https://preview.redd.it/msokirj96df41.png?width=891&format=png&auto=webp&s=7552b4aff2c0df4c25d9a72ecc25dfb4c2510f43
  • Ethereum – Best miner to use is RX5700 graphic cards mining rig. I know there is an ASIC miner available A10, but most of you who are in mining will agree with me, that it is complete junk. It is only slightly more efficient then RX5700 gpu rig in terms of price per hash and watt per hash . But it is 10x more riskier investment in mining rig then buying GPU mining rig. So the efficiency of 12xgpu RX5700 mining rig is 640 mh/s @ 1700watts. Current profitability after you have paid your electric bill is 7.62 usd in 24hours , with ROI achievable in about 20-22 month. Ethereum is one of the underdogs which could perform quite well in 2020 and might reduce your ROI much more faster.

https://preview.redd.it/ajx9eyfc6df41.png?width=894&format=png&auto=webp&s=30442d846a9d70ea3eaac6eaf7c2bdbe476384e4
  • DASH – Lately has been released most efficient DASH miner STU-U6. Asic miners are very risky investment, but sometimes they might be very profitable. The beauty of this miner is that it is quite new model and it is mining profitably DASH , even that DASH is still over 90%down from its all time highs. This miner performance is 420GH/s u/2100 watts. Current profitability after you have paid your electric bill is 8.11 usd in 24hours , with ROI achievable in about 5-6 month.

https://preview.redd.it/l80xnwbd6df41.png?width=902&format=png&auto=webp&s=5620ecf7af742cdcae0ae7010cf910d9131ae801
These would be my to pick miners for start of 2020. There is big risks in any on these miners as no high reward investment is guaranteed anywhere. I’ll have more detailed explanation of the risks of each of these miners in my next post.
Any miner suggestion, what would be your best choice and why?

Video here - https://www.youtube.com/watch?v=QvVYQFJEmnQ&t
submitted by mineshop to gpumining [link] [comments]

What is Cryptocurrency Mining?

There are various ways of gaining cryptocurrencies and one major way is through cryptocurrency mining. So, Cryptofactsbc will help you understand what is cryptocurrency Mining and how to mine these cryptos. There is nothing to worry about because we will give you everything you need to know about cryptocurrency mining and suggest some steps to follow if you want to mine cryptocurrencies. Let us dig into our topic for the day, What is cryptocurrency Mining?

Understanding Mining

When we take Gold Mining for example miners go into pits to dig for Gold, others use machines one the surface on the lands to detect possible places where Gold will be located.. They find and wash the gold and refine it and get it ready to be sold. That is how Gold mining is done in the real world but when we come to the crypto world it is slightly different. For our fiat currency, the government decides the quantity to be printed and when to print and circulate them because it is centralised.

Cryptocurrency Mining

Cryptocurrency Mining is the process where by verified transactions are added to a ledger which is known as Blockchain. Crypto coins are decentralized therefore no authority or government persons can order for the circulation of cryptos. Mining Cryptocoins is an arms race that rewards early adopters. Anyone can participate in mining provided they have the necessary materials to start.
I am pretty sure you have heard pf Bitcoins, the first decentralised cryptocurrency that was released in early 2009. Similar digital currencies have crept into the world-wide market since then, including a spin-off from Bitcoin called Bitcoin Cash. You can get in on the cryptocurrency rush if you take the time to learn the basics properly.

Methods of Cryptocurrency Mining

There are various ways of mining and we will look a few methods; Cloud Mining Basically these are some of the cryptocurrencies that can be mined, Bitcoin, Ethereum, Ripple, Thether, Bitcoin Cash and others. The main cryptocurrency we will talk about it’s mining is Bitcoin. Cloud Mining is process whereby miners pay money to rent some hardware from a host company. A company owns bitcoin hardware and then gives them out on rent so miners in-turn rent part of these bitcoin hardware and utilize them remotely.

CPU Mining

The use of Central Processing Unit of your computer, which is the brain of your computer was the very first method people adopted for mining bitcoins when bitcoins were first launched in the year 2009. Back then the mining difficulty was very low so just your CPU could help your gain some huge fractions of Bitcoins. But as stuff were advancing the mining difficulty increase and became higher so people started to look for something better and higher than a normal CPU.

GPU Mining

When technology was advancing, Graphics Processing Units were created. They are programmable electronic chip or circuit that helps the computer to solve complex problems. Most Especially for gamer to be to install games with high graphics requirements on the computer. GPU become very popular therefore people began to use them to mine for bitcoins and amazingly the mining power of 1 GPU equals about 30 CPUs. So, in order for you to gain higher fractions of bitcoins as mine you need to upgrade whiles the system also advances.

FPGA Mining

Another invention came into the system to out smart the GPU mining which was the FPGA. It is an integrated circuit that also helps the computer to carry out a set of calculations. It is almost 10- 100 times better and faster than GPU mining.

ASIC Mining

The full meaning of ASIC is Application Specific Integrated Circuit and it was a breed of miner that was introduced in the year 2019. The sole purpose of this ASIC was to mine bitcoins so you can imagine how fast it would be.
submitted by cryptofactsbc to u/cryptofactsbc [link] [comments]

Nano #Ama on Binance Spanish telegram group!!

Regards!! I'm Jesús Zambrano, member of the Hispanic community of NANO for a long time. Last thursday, we had an interesting and enjoying Ask-me-anything at Binance Spanish community on telegram with the people behind NANO, Colin LeMahieu (Founder and Executive Director) and Zach Hyatt (Proyect Manager), where we take advantage of their kindness and willingness to ask them some questions and share opinions about de currency. I will share a compilation of some of the questions and answers.
-(Admin) ¡Welcome Binancians to our following AMA!
I will explain how AMA works; we will have three (3) segments.
Segment #1: I am going to ask to our guests five (5) questions and then they will answer them.
I will be explaining the rest of the segments as we conclude one of them.
-(Admin) Today we have the great pleasure of having Colin (Founder and Executive Director) and Zach (Project Manager) with us in our chat room. Could you give us a little introduction about you?
- (Zach) Hi everyone, I am Zach Hyatt, the Project Manager at the Nano Foundation and am excited to help answer questions about Nano. I live in Austin, TX where it is quite hot right now!
-(Colin) I’m Colin LeMahieu, founder of Nano. I’m a computer engineer and I’ve worked at companies like Qualcomm, Dell, and AMD. I have been working on Nano for about 5 years now and I’m really excited to talk with people who are interested as well!
-(Admin) It is a pleasure for us to have you here, I have to say that on a personal level, I have been a follower of the project for a long time now, so it is incredible for me to be able to count on you tonight, we will start with segment # 1, with the questions I have for you.
Feeless transactions and in record time! What is NANO? Can you give us an introduction to the project?
-(Colin) Nano’s goal is to solve problems with other cryptocurrencies and make sending value fast and fee-less. It has a unique design to allow us to accomplish this. We want people to have the option of using decentralized digital money instead of fiat money anywhere in the world. Nano is accessible and easy-to-use today and we plan on keeping it focused on these goals.
-(Admin) Thank you for answering my first question, I am delighted with the features offered by the project, every week they are updating and making important changes that help to improve the ecosystem that surrounds the team.
Here you can find all the weekly updates: https://nano.org/en
Previously the project was called RaiBlocks, it appeared for the first time in an ad in Bitcoin Talk in 2015. Can you tell us why a name change came up later?
-(Zach) Yeah, absolutely. Although the original RaiBlocks name has a special place in our history, it was difficult to pronounce in some areas of the world and caused confusion with certain users. We decided to move to a shorter name that not only was easy to pronounce but also reflected the fast, efficient nature of the protocol.
-(Admin) A short and quick name to pronounce, definitely NANO is perfect to define it!
My third question is the following; I had seen a very interesting gif early in the chat and it is just about the question that I came to ask.
Currently, NANO has 100% of its tokens in circulation and these tokens were distributed through Faucets, so it meant that any user with a computer could get coins simply by completing some captchas, can you tell me which has been the experience of users when using this method?
-(Colin) The faucet was a great way for us to distribute coins to people who have never used it before. Cryptocurrencies that use mining end up distributing only to people who have money to buy the mining hardware and this is unfair. We had a lot of people from Indonesia and Asia in the beginning of our distribution and at the end there were a lot of people from South America, Venezuela and Brasil that were getting most of the Nano from the faucet. We think this was a fairer way to do it and it got Nano into the hands of people in different locations, and it had a very positive impact on their lives.
-(Admin) This is incredible! thanks for your answer!
Can you tell us about what the Open Representative Vote is about and how it protects the network?
-(Zach) Nano uses voting to get confirmation on the network instead of mining and the nodes on the network that create votes are called Representatives. Open Representative Voting allows people who have a Nano balance to pick whatever representative they want to vote on their behalf. This allows the people who hold Nano to decide who generates consensus instead of mining companies. The voting process is very efficient and is a big part of what allows Nano to be fee-less and use very little energy.
-(Admin) Very good! The last question on my part:
Nano PoW is your new approach, I have read a pretty interesting example with emails, can you explain what it is about?
-(Colin) Nano PoW is a research project we’re doing in order to create a proof of work algorithm that uses less energy than other popular algorithms. Since Nano is fee-less, there must be a method to limit transactions going onto the network, which this PoW achieves. With the goal of using more memory in the process instead of CPU cycles in order to generate proofs, this new Nano PoW will help prevent ASICs from being able to cheaply send lots of transactions. It’s important for a cryptocurrency that’s used around the world to be energy efficient and green so continuing our research on this is important to us.
-(Admin) https://medium.com/nanocurrency/nano-pow-the-details-ba22a9092d6f
Thanks for your answers, Colin and Zach! I have a video, taken from your YouTube account that I would like to share with the community
https://www.youtube.com/watch?v=eh9pA8UCUrI
Can you tell me what we see in this video?
-(Colin) This is a video of how fast our transactions send and receive. You can see it takes less than 1 second to finish which means you can use it as a currency.
- (Zach) The wallet was made by developers in our amazing community, it is called Natrium. It really shows how fast Nano is and how it is easy-to-use!
-(Colin) You can also see how simple it is to use. You just scan, enter an amount, and send. There are no complicated setting which is great for new users and great for adoption.
- (Zach) And the best part is, there were no fees at all for that transaction. In fact there have never been any transaction fees on the Nano network ever!
-(Admin) Great! That's why I wanted to share it with everyone, yesterday I could try the wallet and it is really spectacular to use, thank you very much for that excellent explanation, please stay with us, now comes the part in which our users participate
Segment 3, community questions
Q -First congratulations on your project, it is amazing. Now, does nano BlockChain have another use besides making transactions?
A - (Zach) Thank you! Nano has always been focused on transfer of value and will continue to maintain that focus. The overall design is aimed at doing only this so it can remain fast, efficient and fee-less.
Q -Good evening! I understand that thanks to its architecture called "Block-lattice", each individual provides the computing power necessary to verify their own transaction, thanks to this they do not use miners to confirm transactions and they do not apply commissions of any kind. My question is: How did this occur and how difficult was it?
A - (Colin) It’s simila, transactions are validated by votes from the representatives, not by the PoW. The PoW is a way to slow down how fast people can create transactions so they can’t spam the network.
Q - Do you have any short or long term projects so that transactions using $NANO were anonymous?
A - (Colin) Long term we want to see what privacy options exist and are fast. Most privacy schemes make the transactions very big or slow to process and it’s important for things to remain quick and efficient so we can have fast transactions.
Q - We are living in Venezuela many changes in the cryptocurrency sector, the integration of crypto for service payment and product purchases is already a reality. What agreements has NANO made with service stores to integrate it as a means of payment? I want to pay my movie ticket with NANOS
A - (Zach) Thanks for your interest in Nano. We are always looking for ways to allow everyone to use Nano in as many places as possible. Although separate from our organization, we are aware of the efforts of the Nano Venezuela organization and try to support them when possible in bringing Nano to as many people and stores in Venezuela as possible.
Q - (7 questions made from one persone at once)
  1. How do you manage to make your transactions virtually instantaneous?
  2. How do they create part of the company's livelihood if no fees are charged for transactions?
  3. Why does $ NANO consume so little electricity?
  4. Requirements for a medium-sized company to adopt nano correctly as a means of payment?
  5. Since 100% of the $ NANOS are distributed, I have seen something in Medium that talked about `` Nano PoW '', could you tell me a little more about how it works? What profit will the person / institution get that puts hardware for their PoW? Will more $ NANO be created apart from those already in circulation?
  6. What do the representatives earn for putting their vote and validating blocks if 100% of the $ NANOS are already created / issued?
7- Since your policy / slogan / commandment is to be a cryptocurrency without fees, shouldn't you force exchanges in which $ NANO is present that they don't charge withdrawal fees?
A - (Colin)
  1. Transactions are fast because they’re validated by voting. The votes get transmitted around the world in milliseconds and all people have to do is count votes to confirm the transaction.
  2. We use the Dev fund to pay for developing the Nano protocol. The Nano protocol is a free tool that other people can build businesses on. We have ideas for businesses that can use fast, free money in order to help people send money to their family in other countries or pay microtransactions. It’s similar to Linux, it’s free but big companies use it because it saves them money.
  3. Nano uses little electricity because we use voting for validating transactions. Voting is just sending data over the internet which is power efficient.
  4. You can run a nano node with 40-60$/mo using cloud virtual machines
  5. Nano pow is just a more efficient way to slow people down from sending transactions to the network
  6. The most important thing is: why does a company want to use cryptocurrency? They want to use it because it saves them money on bank fees, etc. Since 40-60$/mo running a node is less expensive than their bank fees, they want to participate in the network to keep it going and save them money.
Q - Knowing all this about Nano, could you say that Nano is one of the most energy-efficient, Ecological friendly currencies in existence?
A -(Zach) Absolutely. We care about making a positive change in the world and so pride ourselves on leaving as little energy trace possible in the world. It may just be the fastest, most efficient transfer of value available.
Q - If the nano protocol had not passed the Red4Sec signature security test, would it have any vulnerability today?
A - (Colin) The Red4Sec audit didn’t find any critiral vulnerabilities in Nano. In fact they did the audit twice because they couldn’t find anything wrong and that never happened before.
It’s important for us to keep the code high quality and we will do audits again in the future because it’s important to make sure everything is secure.
Q - I'd like to see more development of Nano by using SMS on our phones to avoid the problem of no Internet connection at the moment
A -(Zach) As much as we like the idea of SMS, unfortunately it is not a secure network so managing Nano transactions over it brings some unique requirements. However we are always innovating and trying to make Nano as easy and accessible as possible so hope advances can help over time make it more accessible in this area.
Q - What plans do you have to close this 2019 to increase adoption in Latin America?
A -(Colin) We are very excited about the passion we see in the south american community. We would love to make it down to VE however in the mean time follow nanoVE for updates and meetups - there may be one near you soon!
Q - How will you make the adoption and use of $ NANO continue to increase especially in markets where other cryptocurrencies are gaining more ground?
A - (Colin) Our focus is to build tools people need to accept cryptocurrency. Right now it’s still difficulty and expensive. One thing we’re making is the device Appia which can accept cryptocurrency similar to a credit card. We made this device very inexpensive and can connect over wireless so it can be used in markets or resturaunts or other places cryptocurrency is not yet available.
- (Admin) Thank you very much for your answers! You are the first guests that answer all the questions of our users, you are amazing guys!
@AndyNano It was amazing to meet you, I learned a lot from you
@FundacionNanoVE Thanks for making this happen! excellent work
@nano_isam Thanks for everything buddy!
-(Zach) Can we ask a question to the channel?
What are the top things Nano can do to help you in your daily lives?
-(Colin) My question: How do you store cryptocurrency safely? Where do you back up your seed so it isn’t lost or stolen?
A - In Venezuela we currently have a problem with conventional payment processors, they are very slow, it would be great to be able to see people using NANO to make their purchases at any store in Venezuela, 0 commissions and instant transactions, is what we need
A - Fast transactions are what can help society the most, and except that, the best thing is that it is very cheap ... from there it is addition, those are the main characteristics that we look for the most
A - encrypted file in a pendrive
A - Nano is a direct competition to the vast majority of Cryptos, in transaction speed and that it is literally free to send or receive, nothing to wait for 5 hours or the next day when you pay for items or services with Crypto, let's increase the adoption of nano!
-(Colin) Question: Are there barriers to using Nano in your country right now?
A - No barriers in Venezuela
A - No barrier what is lacking is greater diffusion in means to give greater projection and that the adoption arrives. Here I am to support NANO!
A - There should be no barriers to the payments we wish to make, freedom above all
-(Colin) Fantastic!
- (Zach) Thanks everyone, I have to go but I appreciate all the awesome questions and answers!
submitted by AlejandroZD58 to nanocurrency [link] [comments]

A 14-year-old's experience with Bitcoin

First-time poster here, don’t bully me, apologies for the potentially atrocious formatting :) TL;DR at the end
So in the wake of Bitcoin’s explosive rise in value and media attention, I’ve been encouraged by others to share my experience over the past few years as a miner. Here's my story (it's kinda long, you've been warned)

Humble Beginnings

It all started almost three years ago in the beginning of 2015 when Bitcoin flew under my radar. Looking into it, I admittedly wasn’t drawn in because of the decentralisation or the anonymous payments, I was hooked on the idea that anyone could get their hands on some just by running a program and leaving it to do its own thing. I know, how shallow of me. But the idea of making even a bit of money without ‘any work’ was convincing enough for 11-year-old me to do more digging into the matter.
To my disappointment, I soon found out that the era of mining Bitcoins with a PC’s CPU or GPU was long obsolete and instead it was all ASICs at that point.
So that summer, for my twelfth birthday, I got a little ASIC machine for €60, an Antminer U3. This little thing took up less space than a graphics card but could mine at 60 GH/s. Because, at the time, I didn’t have a controller device that could be kept up and running all day long so it could run the program that mined Bitcoin using the U3, I went ahead and got a Raspberry Pi. After setting up the Pi and installing all the necessary stuff (took an awfully long time), I connected it to AntPool and plugged the U3 in. Two days past and the mining pool sent the first Bitcoin I ever received to my wallet (I was using Blockchain.info). It was just 30 cents worth of BTC but I felt a bit of a rush because I was earning a bit of money through this completely new thing and the idea of that was thrilling.
Let’s back up for a second. I just used the term ‘earning’ as if I was profiting, and naive me 2 years ago was no different. In reality, I was at first oblivious to the fact that I was most likely LOSING money overall because of how much energy that little sucker was taking in. But, I was comforted thinking that using that machine was just a practical way of learning about this modern currency and that the loss of several cents’ worth of energy was acceptable in the name of education and learning.
Fast forward ten months to the wonderful summer of 2016. I had recently turned 13 and the Antminer U3 had been running on and off throughout. Various pauses and breaks in mining would be observed, as I had to manually get everything up and running after frequent breaks in the Internet connection. You’d expect my newly-turned-teenage brain to lose interest in Bitcoin as it does with many other gimmicks, but – even surprising myself – I miraculously didn’t. Good thing I maintained interest thinking about it now, not so good at the time for my parents. Why do I say this? I felt like it was time to get a little upgrade in my hardware.

Getting an upgrade

Days passed with me comparing every ASIC miner I could at that price point. It was then I set my eyes upon the Antminer S7 (same folks who did my U3, nice). I had put it up against a plethora of other miners and I figured the S7 was my best bet; the thing costs only about 10 times that of my U3 but could run at 4.73 TH/s, almost 80 times as powerful. The only problem being its power consumption was at 1300 watts, which would put a massive dent in the electricity bill and eliminate any profit I would make. Fortunately, I had a secret weapon up my sleeve – or rather my mum did. She had rented out an office outside our apartment where she would keep files and paperwork. The office’s electricity bill was a flat rate as far as I’m aware and it ended up being my saving grace because it virtually got rid of the “oh no I’m actually going to be losing money because of how much electricity I’m eating up” factor, making this whole hardware upgrade viable.
After convincing my parents, they finally agreed to shell out the requested amount, with the initial investment being paid back with time. I went to a local Bitcoin vendor and purchased 1 BTC for about $665 in cash (sigh yes, I know. $665 dollars). Shortly after, I used about 0.9 BTC to purchase the Antminer S7 and a 1600W power supply for a grand total of $600. The products would be made and shipped from China so I was definitely in for a wait.
A month passes and the package arrives at last. I connected all the wires from the power supply into the S7 and – with great anticipation – I plugged it into the wall to start its first ever run. And what do you know? An extremely loud and high-pitched whirring sound blasted out from the fans on both the power supply as well as the S7. After killing the thing, I questioned my choices. I couldn’t dare put that thing anywhere near my mum’s office in the event it drive everyone in the building absolutely nuts. I was at a loss. However, I soon recovered from my temporarily debilitated state and got working on a solution.
The first idea that came to my mind: change the fans. The stocks fans were by Evercool and spun at around 3000 RPM. The power supply used a small, robust fan that looked like a cube that must’ve spun at extremely high speeds judging by how high the sound it produced was. I got my parents to give me some more funding so I could acquire the replacement fans and I did. Bust. After installation and testing, none of the fans would work. I managed to configure the S7 to connect to my Antpool account and the machine would manage mining for several minutes running at peak performance but ultimately be automatically cut off because of how hot the machine was getting (I’m talking about 80 degrees Celsius kinda hot in that thing). The fans got refunded and I was back to the drawing board.
After combing through some forum posts and videos, I came across this video and a forum post in which people have their mining rigs placed inside a ventilated, muffled cabinet. Undertaking a project like this would be time-consuming and risky but I had no better ideas so I decided to go through with the idea anyway.
Firstly, I sought out a cabinet with suitable dimensions. I managed to get just what I needed at a second-hand IKEA shop. Great. Secondly, I went ahead and acquired some sound-absorbing acoustic foam from a local provider. Fantastic. Finally I had to get a ventilation system going within the cabinet, otherwise, all the hot air would roast the machine alive in there in a bloody mess. With the help of my dad, we found a pair cabinet fans on the Internet that were close to silent but could circulate the air well enough.
Eventually, all the materials came and, with the help of my parents, put everything together. The process took quite long time and we had a couple hiccups along the way, but we got it done and it came out pretty nice.
The moment of truth came and, to my relief, it ran so much quieter than without the cabinet. It was nowhere near silent but it reduced the noise a great deal. Soon after, I got the thing into the office and set everything up from there. Unfortunately, I was forced to underclock it because you could still hear the machine’s whining from outside the thin office door. Gunning the hashrate down about 25% to 3.7TH/s, I could lower the fan speed without risking the machine burning up. Sure, I wasn’t getting the full potential of the machine but I didn’t complain because electricity was not an issue there and it was still a whole lot better than my U3. With it up and running, I could leave it there, periodically checking to see if it was mining on Antpool.

The aftermath

In the months that followed, I was getting a solid $2.5 worth of BTC on daily basis. Half a year later, May of 2017, I had accumulated a satisfactory $600. I thought, “At this rate, I’d be able to pay my parents’ investment back in a few months” (the total investment came close to $900). Bitcoin had risen to over $1500 so I was already over the moon at that point because of how well everything was going. Little did I know…
I hit 0.5 BTC midway through September this year. The price of BTC had dropped after a sudden rise to $5000, but I couldn’t have asked for more. Although I possessed only half the amount of BTC I paid for the machine, its value was over twice that of the initial investment. I thought BTC would level off at around $4000 but nope.
In the month of October, the price skyrocketed. Since September, I had only mined 0.017 BTC but the value was already over $3000. It was just a matter of selling it, but I decided to hodl. Good thing I did.
As of November 5, I have approximately 0.52 BTC mined in total from my S7, valued at $4000. If I were to sell it right now, I’d have a profit of over $3100. And as for my miner, it’s churning out 0.0006 BTC daily, sounds like nothing but it’s still the equivalent of $5 today and I couldn’t be happier, at least with the miner and Bitcoin.
You remember that $665 for 1 BTC that I mentioned earlier? In hindsight, it would’ve been such a better idea to just keep that one Bitcoin and not do anything with it until today (in the interest of making much more money), as I’d theoretically have upwards of $7000. The idea of that still haunts me sometimes if I dwell on it too long but knowing that I’m in possession of an already hefty amount, the pain of it had numbed slightly. It’s not all doom and gloom for me from the exponential increase in Bitcoin’s value, however. Those first $0.3 payments from my humble little U3 all those years ago now are now the equivalent of over $6 today!
Bitcoin and everything it encompasses has been and still is a journey of discovery and an adventure. Looking back, starting with a modest €60 Antminer U3 to having a sum of Bitcoin equivalent to two extremely high-end gaming rigs (first thing I could think of as a comparison, sorry) has been something I can’t really describe. Through the course of the past few years, I’ve learned more about technology, I’ve unexpectedly gotten insight into economics and business and – of course – I’ve made a lot of money (if I decide to stop hodling that is).
Also, props to my parents for keeping an open mind throughout, I know some parents would be horrified at their kids being involved in something that has been used in some less-than-savoury ways and it's great knowing mine have been supportive all the way.
TL;DR got into Bitcoin mining 3 years ago at age 11 with an Antminer U3 that ran at 60 GH/s, got an Antminer S7 (4.73TH/s) and built a sound-muffling, ventilated cabinet for it. Am sat here today with $3000 profit if I decide to sell right now.
submitted by xx_riptide_xx to Bitcoin [link] [comments]

Searching for the Unicorn Cryptocurrency

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

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

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


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

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


THE UNICORN

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

What is ProgPoW? Why Ethereum needs it moving forward.

Update: ASIC Manufacture say they can make a ProgPoW ASIC

Disclosure, I'm a avid GPU miner with some 90 Nvidia GPUs running out of my garage. I've been in and out of the mining scene since 2011,2014, and recently 2017. I Hold BTC, ETH, RVN. I directly benefit from them moving to ProgPOW, but not without a good reason. Everytime I've gotten into home GPU mining ASICs comes out BTC, LTC, I've had to give up every time. I refuse to see it happen to another excellent coin.

I've been a proponent of Ethereum following there ASIC resistance stance outlined in the original white-paper. Now that ProgPOW has been given the "Green-light" by Hudson Jameson to move forward with ProgPOW. I really think its time to discuss the Algorithm. What it is, who created it, why Ethereum needs it and dismiss crazy theories such as Nvidia funding development.

Before we start highly suggest everyone watch BitsBeTrippin's video where she breaks down ProgPOW at devcon4.

A Quick breakdown of What is ProgPOW?
ProgPoW is a proof-of-work algorithm designed to close the efficency gap available to specialized ASICs. It utilizes almost all parts of commodity hardware (GPUs), and comes pre-tuned for the most common hardware utilized in the Ethereum network.

From reading the white paper listed on Github the main idea behind ProgPOW is NOT to achieve total ASIC-resistance. The idea is to kill the 50-1000x Efficiency gains from specialized ASIC hardware. Such as what we saw recently with Equihash 200/9 coins where 50x was achieved over GPUs. ProgPOW algorithm uses most of the GPU minus a few parts. It takes the original Eth-Hash algorithm and add more features.
The main elements of the algorithm are:
ProgPOW will Inherit Eth-Hash current DAG size meaning 2GB and 3GB will not be able to mine still. Additionally no advantage is given to Either Nvidia or AMD GPUs
ProgPoW has been designed to be a vendor-neutral proof-of-work, or more specifically, proof-of-GPU. ProgPoW has intentionally avoided using features that only one core architecture has, such as LOP3 on NVIDIA, or indexed register files on AMD.

According to Kristy, she has had direct contact with AMD and Nvidia on testing ProgPOW.
As part of its review process, ProgPoW was submitted to (and reviewed by) both AMD and NVIDIA engineers. The group known as IfDefElse — of which I am a part of — has been actively working with both companies to ensure this effectively closes the efficiency gap that we speak publicly of in our papers and articles
This does not mean one side is favored over the other. She's giving and getting input from the major GPU manufactures in order to support Crypto-mining. Additionally she says "AMD is actively working with us to optimize ProgPoW for their architectures.". Using ProgPOW optimized for GPUs rids us of bowing to Bitmain, innosilicon, halong and there scandalous ways for hardware.

ProgPOW IS NOT the "God-sent savior of all GPUS" Even Kristy understand that complete ASIC-resistance is a fallacy. This will never be achieved. However By working with GPU manufactures and Crypto Dev's we can make a coin where GPUs run along-side with ASICs, but the efficiency gains are diluted. Meaning the time and money invested into an ProgPOW ASIC machine does not make economical sense. Rather just buy the actual GPU.

Quote sources from Kristy's Medium article.

Why does Ethereum need ProgPOW?

I suggest reading Siacoin's good medium article on the subject of ASICs.
It's too much to cover here but in short why we need ProgPOW against current ASICs and future ASICs
At his point in time we actually don't need ProgPOW. However we do need it as time goes on. Early Bitcoin ASICs didn't dominate BTC however as time went on, they became better more efficient than GPUs, and started dominating BTC's network. The same fate happens to any "ASIC-Resistant coin" that decides it's not a big deal (looking at you ZEN). Without a set date on POS Ethereum would have suffered the same fate. As Siacoin Dev states;
We also had loose designs for ethash (Ethereum’s algorithm). Admittedly, ethash was not as easily amenable to ASICs as equihash, but as we’ve seen from products on the market today, you can still do well enough to obsolete GPUs.
What makes ASICs bad? Isn't it better to get Hash/watt ratio? This saves tons of electric. One of PoW biggest faults. I think there is nothing bad about the ASICs hardware. Equihash ASICs achieved 20 1080ti level hashrate at 1/20 of the power. That's impressive. The problem with ASIC hardware is who, where it comes from, and there shady business practices.

  1. "It’s estimated that Monero’s secret ASICs made up more than 50% of the hashrate for almost a full year before discovery, and during that time, nobody noticed." How much of ETH hashrate could be ASICs? We won't know till the fork.
  2. I've heard a lot that ASICs aren't all that big of a deal. Focus on POS. Take in account Siacoins own network hashrate which allowed bitmain/innosilicon ASICs on the network till they forked in favor of their own ASICs after just a year (Siacoins drops 96% network hashrate).
  3. "In the case of Halong’s Decred miner, we saw them “sell out” of an unknown batch size of $10,000 miners. After that, it was observed that more than 50% of the mining rewards were collecting into a single address that was known to be associated with Halong, meaning that they did keep the majority of the hashrate and profits to themselves." GPU manufactures would not and cannot be do the same.
ASICs destroy networks, centralize the pools, and hardware. Leading to them to be controlled by large entity in this case its Chinese companies. Anyone who thinks otherwise is fool. Of course this doesn't happen overnight, hence my original statement that we don't need ProgPoW now. In a years time that may totally change and it will be far to late.

GPUs allow anyone to support the network. Think of the crypto run-up. Fry's Electronics, Microceneter, online E-tailers were SOLD OUT OF GPUs. Think of that! People were buying GPUs to support the network for token rewards(worth money) How many new miners, people, got interested in crypto because of this? How about friends who saw the rigs and word of mouth spread that you could go out buy a graphics card, built a rig, and earn money? obviously we know the effects because it wasn't sustainable in the remotest. However it's an attest that GPU mineable coins makes it accessible to everyone.

For Ethereum to successfully go POS it cannot hand it network over to ASIC mining companies in the meantime. POS is on an unknown release date/timeframe. I understand Vitalk does not like PoW however that's what currently securing the network. Because of this Ethereum must maintain as much decentralization as possible with GPU mining. This is what ProgPOW does. It gives AMD and Nvidia GPUs the advantage they need over ASICs created by Bitmain or others. It allows me to continue to secure the Ethereum network with my 90 GPUs until full POS switch.

Conclusion
Did it have to be ProgPOW? No, as UBIQ has shown they created there own unique ASIC-resistant algorithm. ProgPOW was given to us by the Ifdefelse team completed. This required no work from the ETH devs at all. It's open source and has been reviewed by the Etheruem Dev team. If they haven't found any issues with it yet, I don't see why we cannot implement it.

An argument can be made that if we do switch we risk security, because we'll lose network hashrate and decrease the cost to attack the network. I have two things to say to that. One since ProgPOW is new, Nicehash has not added it to it's network to rent yet. I wouldn't know how long nicehash would take to it add it, but it gives us a short while to get people on new ETH POW network. Additionally to attack the network, they would need massive coordination from GPU mining farms. Such a thing has never been recorded.

The 51% attacks that have happened recently (BCD/BTG/ZEN) and as of 1/8/18, ETC. These were all ASIC mineable coins. In the case of equihash coins, an ASIC that achieved 50x more efficiency had just came to market. It's not proven, but it leads me to believe a bad actor with early access to ASICs was able to attack those coins. All except ZEN have switched to Zhash algorithm. Even ZCASH/Zelcash has funded ProgPOW development. While I disagree they should do this, because that's entirely the problem too many coins using too many of the same algorithm, in the end it's up to the devs.

TL:DR; ASIC-Resistance is futile and a fallacy. PoS or other solutions are needed but to get there we need to keep PoW as Decentralized as possible this is what ProgPOW does.


submitted by Xazax310 to EtherMining [link] [comments]

What is ProgPoW? Why Ethereum needs it moving forward.

Update: ASIC Manufacture say they can make a ProgPoW ASIC

Disclosure, I'm a avid GPU miner with some 90 Nvidia GPUs running out of my garage. I've been in and out of the mining scene since 2011,2014, and recently 2017. I Hold BTC, ETH, RVN. I directly benefit from them moving to ProgPOW, but not without a good reason. Every-time I've gotten into home GPU mining ASICs comes out BTC, LTC, I've had to give up every time. I refuse to see it happen to another excellent coin.

I've been a proponent of Ethereum following there ASIC resistance stance outlined in the original white-paper. Now that ProgPOW has been given the "Green-light" by Hudson Jameson to move forward with ProgPOW. I really think its time to discuss the Algorithm. What it is, who created it, why Ethereum needs it and dismiss crazy theories such as Nvidia funding development.

Before we start highly suggest everyone watch BitsBeTrippin's video where she breaks down ProgPOW at devcon4.

A Quick breakdown of What is ProgPOW?
ProgPoW is a proof-of-work algorithm designed to close the efficency gap available to specialized ASICs. It utilizes almost all parts of commodity hardware (GPUs), and comes pre-tuned for the most common hardware utilized in the Ethereum network.

From reading the white paper listed on Github the main idea behind ProgPOW is NOT to achieve total ASIC-resistance. The idea is to kill the 50-1000x Efficiency gains from specialized ASIC hardware. Such as what we saw recently with Equihash 200/9 coins where 50x was achieved over GPUs. ProgPOW algorithm uses most of the GPU minus a few parts. It takes the original Eth-Hash algorithm and add more features.
The main elements of the algorithm are:
ProgPOW will Inherit Eth-Hash current DAG size meaning 2GB and 3GB will not be able to mine still. Additionally no advantage is given to Either Nvidia or AMD GPUs
ProgPoW has been designed to be a vendor-neutral proof-of-work, or more specifically, proof-of-GPU. ProgPoW has intentionally avoided using features that only one core architecture has, such as LOP3 on NVIDIA, or indexed register files on AMD.

According to Kristy, she has had direct contact with AMD and Nvidia on testing ProgPOW.
As part of its review process, ProgPoW was submitted to (and reviewed by) both AMD and NVIDIA engineers. The group known as IfDefElse — of which I am a part of — has been actively working with both companies to ensure this effectively closes the efficiency gap that we speak publicly of in our papers and articles
This does not mean one side is favored over the other. She's giving and getting input from the major GPU manufactures in order to support Crypto-mining. Additionally she says "AMD is actively working with us to optimize ProgPoW for their architectures.". Using ProgPOW optimized for GPUs rids us of bowing to Bitmain, innosilicon, halong and there scandalous ways for hardware.

ProgPOW IS NOT the "God-sent savior of all GPUS" Even Kristy understand that complete ASIC-resistance is a fallacy. This will never be achieved. However By working with GPU manufactures and Crypto Dev's we can make a coin where GPUs run along-side with ASICs, but the efficiency gains are diluted. Meaning the time and money invested into an ProgPOW ASIC machine does not make economical sense. Rather just buy the actual GPU.

Quote sources from Kristy's Medium article.

Why does Ethereum need ProgPOW?

I suggest reading Siacoin's good medium article on the subject of ASICs.
It's too much to cover here but in short why we need ProgPOW against current ASICs
At his point in time we actually don't need ProgPOW. However we do need it as time goes on. Early Bitcoin ASICs didn't dominate BTC however as time went on, they became better more efficient than GPUs, and started dominating BTC's network. The same fate happens to any "ASIC-Resistant coin" that decides it's not a big deal (looking at you ZEN). Without a set date on POS Ethereum would have suffered the same fate. As Siacoin Dev states;
We also had loose designs for ethash (Ethereum’s algorithm). Admittedly, ethash was not as easily amenable to ASICs as equihash, but as we’ve seen from products on the market today, you can still do well enough to obsolete GPUs.
What makes ASICs bad? Isn't it better to get Hash/watt ratio? This saves tons of electric. One of PoW biggest faults. I think there is nothing bad about the ASICs hardware. Equihash ASICs achieved 20 1080ti level hashrate at 1/20 of the power. That's impressive. The problem with ASIC hardware is who, where it comes from, and there shady business practices.

  1. "It’s estimated that Monero’s secret ASICs made up more than 50% of the hashrate for almost a full year before discovery, and during that time, nobody noticed." How much of ETH hashrate could be ASICs? We won't know till the fork.
  2. I've heard a lot that ASICs aren't all that big of a deal. Focus on POS. Take in account Siacoins own network hashrate which allowed bitmain/innosilicon ASICs on the network till they forked in favor of their own ASICs after just a year (Siacoins drops 96% network hashrate).
  3. "In the case of Halong’s Decred miner, we saw them “sell out” of an unknown batch size of $10,000 miners. After that, it was observed that more than 50% of the mining rewards were collecting into a single address that was known to be associated with Halong, meaning that they did keep the majority of the hashrate and profits to themselves." GPU manufactures would not and cannot be do the same.
ASICs destroy networks, centralize the pools, and hardware. Leading to them to be controlled by large entity in this case its Chinese companies. Anyone who thinks otherwise is fool. Of course this doesn't happen overnight, hence my original statement that we don't need ProgPoW now. In a years time that may totally change and it will be far to late.

GPUs allow anyone to support the network. Think of the crypto run-up. Fry's Electronics, Microceneter, online E-tailers were SOLD OUT OF GPUs. Think of that! People were buying GPUs to support the network for token rewards(worth money) How many new miners, people, got interested in crypto because of this? How about friends who saw the rigs and word of mouth spread that you could go out buy a graphics card, built a rig, and earn money? obviously we know the effects because it wasn't sustainable in the remotest. However it's an attest that GPU mineable coins makes it accessible to everyone.

For Ethereum to successfully go POS it cannot hand it network over to ASIC mining companies in the meantime. POS is on an unknown release date/timeframe. I understand Vitalk does not like PoW however that's what currently securing the network. Because of this Ethereum must maintain as much decentralization as possible with GPU mining. This is what ProgPOW does. It gives AMD and Nvidia GPUs the advantage they need over ASICs created by Bitmain or others. It allows me to continue to secure the Ethereum network with my 90 GPUs until full POS switch.

Conclusion
Did it have to be ProgPOW? No, as UBIQ has shown they created there own unique ASIC-resistant algorithm. ProgPOW was given to us by the Ifdefelse team completed. This required no work from the ETH devs at all. It's open source and has been reviewed by the Etheruem Dev team. If they haven't found any issues with it yet, I don't see why we cannot implement it.

An argument can be made that if we do switch we risk security, because we'll lose network hashrate and decrease the cost to attack the network. I have two things to say to that. One, since ProgPOW is new, Nicehash has not added it to it's network to rent yet. I wouldn't know how long nicehash would take to it add it, but it gives us a short while to get people on new ETH POW network. Additionally to attack the network, they would need massive coordination from GPU mining farms. Such a thing has never been recorded.

The 51% attacks that have happened recently (BCD/BTG/ZEN) and as of 1/8/18, ETC. These were all ASIC mineable coins. In the case of equihash coins, an ASIC that achieved 50x more efficiency had just came to market. It's not proven, but it leads me to believe a bad actor with early access to ASICs was able to attack those coins. All except ZEN have switched to Zhash algorithm. Even ZCASH/Zelcash has funded ProgPOW development. While I disagree they should do this, because that's entirely the problem too many coins using too many of the same algorithm, in the end it's up to the devs.

TL:DR; ASIC-Resistance is futile and a fallacy. PoS or other solutions are needed but to get there we need to keep PoW as Decentralized as possible this is what ProgPOW does.


Update 10/10/19 See medium article on ProgPoW FAQs.
submitted by Xazax310 to gpumining [link] [comments]

XMR.RU-report (FEBRUARY)

Sup-sup Monteros!
Here is report from XMR.RU-team!

The whole XMR.RU team is thankful to you for your support and donations that help to disseminate relevant information about Monero.
The following articles were translated into Russian and posted not only on XMR.RU but also on Bitcointalk, Forum.Bits.Media, Golos.io, Steemit, Medium and Facebook:

---

I also want to remind you about the wonderful channel of our wonderful u/v1docq47 where you can watch video news about Monero https://www.youtube.com/channel/UChZc5PLsbP5zeFrmOYMKGmA/videos
Few of you understand Russian, but I think it is not difficult to subscribe to the channel and put a couple of likes, and this will help to spread Monero among Russian-speaking users in the future.

---
Who we are?
Group of Monero enthusiasts from Ukraine and Russia.
What are we doing?
We spread the word about Monero for the whole CIS.
You can support us, so we can translate more interesting stuff about Monero.

XMR: 42CxJrG1Q8HT9XiXJ1Cim4Sz18rM95UucEBeZ3x6YuLQUwTn6UWo9ozeA7jv13v8H1FvQn9dgw1Gw2VMUqdvVN1T9izzGEt
BTC: 1FeetSJ7LFZeC328FqPqYTfUY4LEesZ5ku
---
Here you can see for what all donations are spent on. ;-)
Cheers!

submitted by TheFuzzStone to Monero [link] [comments]

Transcript of Open Developer Meeting in Discord - 7/19/2019

[Dev-Happy] BlondfrogsLast Friday at 3:58 PM
Hey everyone. The channel is now open for the dev meeting.
LSJI07 - MBITLast Friday at 3:58 PM
Hi
TronLast Friday at 3:59 PM
Hi all!
JerozLast Friday at 3:59 PM
:wave:
TronLast Friday at 3:59 PM
Topics: Algo stuff - x22rc, Ownership token for Restricted Assets and Assets.
JerozLast Friday at 4:00 PM
@Milo is also here from coinrequest.
MiloLast Friday at 4:00 PM
Hi :thumbsup:
Pho3nix Monk3yLast Friday at 4:00 PM
welcome, @Milo
TronLast Friday at 4:00 PM
Great.
@Milo Was there PRs for Android and iOS?
MiloLast Friday at 4:01 PM
Yes, I've made a video. Give me a second I'll share it asap.
JerozLast Friday at 4:02 PM
I missed the iOS one.
MiloLast Friday at 4:02 PM
Well its 1 video, but meant for all.
JerozLast Friday at 4:02 PM
Ah, there's an issue but no pull request (yet?)
https://github.com/RavenProject/ravenwallet-ios/issues/115
[Dev-Happy] BlondfrogsLast Friday at 4:03 PM
nice @Milo
MiloLast Friday at 4:04 PM
Can it be that I have no video post rights?
JerozLast Friday at 4:05 PM
In discord?
MiloLast Friday at 4:05 PM
yes?
[Dev-Happy] BlondfrogsLast Friday at 4:05 PM
just a link?
JerozLast Friday at 4:05 PM
Standard version has a file limit afaik
Pho3nix Monk3yLast Friday at 4:05 PM
try now
gave permissions
MiloLast Friday at 4:05 PM
it's not published yet on Youtube, since I didn't knew when it would be published in the wallets
file too big. Hold on i'll put it on youtube and set it on private
LSJI07 - MBITLast Friday at 4:06 PM
no worries ipfs it...:yum:
Pho3nix Monk3yLast Friday at 4:06 PM
ok, just send link when you can
[Dev-Happy] BlondfrogsLast Friday at 4:07 PM
So guys. We released Ravencoin v2.4.0!
JerozLast Friday at 4:08 PM
If you like the code. Go update them nodes! :smiley:
[Dev-Happy] BlondfrogsLast Friday at 4:08 PM
We are recommending that you are upgrading to it. It fixes a couple bugs in the code base inherited from bitcoin!
MiloLast Friday at 4:08 PM
https://www.youtube.com/watch?v=t\_g7NpFXm6g&feature=youtu.be
sorry for the hold up
YouTube
Coin Request
Raven dev Gemiddeld
LSJI07 - MBITLast Friday at 4:09 PM
thanks short and sweet!!
KAwARLast Friday at 4:10 PM
Is coin request live on the android wallet?
TronLast Friday at 4:10 PM
Nice video.
It isn't in the Play Store yet.
Pho3nix Monk3yLast Friday at 4:10 PM
Well, this is the first time in a while where we have this many devs online. What questions do y'all have?
LSJI07 - MBITLast Friday at 4:11 PM
Algo questions?
Pho3nix Monk3yLast Friday at 4:11 PM
sure
KAwARLast Friday at 4:11 PM
KK
LSJI07 - MBITLast Friday at 4:12 PM
what are the proposed 22 algos in x22r? i could only find the original 16 plus 5 on x21.
TronLast Friday at 4:12 PM
Likely the 5 from x21 and find one more.
We need to make sure they're all similar in time profile.
liqdmetalLast Friday at 4:14 PM
should we bother fixing a asic-problem that we dont know exists for sure or not?
TronLast Friday at 4:14 PM
That's the 170 million dollar question.
[Dev-Happy] BlondfrogsLast Friday at 4:14 PM
I would prefer to be proactive not reactive.
imo
JerozLast Friday at 4:14 PM
same
LSJI07 - MBITLast Friday at 4:15 PM
RIPEMD160 is a golden oldie but not sure on hash speed compared to the others.
liqdmetalLast Friday at 4:15 PM
in my mind we should focus on the restricted messaging etc
Sevvy (y rvn pmp?)Last Friday at 4:15 PM
probably won't know if the action was needed until after you take the action
liqdmetalLast Friday at 4:15 PM
we are at risk of being interventionistas
acting under opacity
TronLast Friday at 4:15 PM
Needs to spit out at least 256 bit. Preferably 512 bit.
LSJI07 - MBITLast Friday at 4:15 PM
ok
TronLast Friday at 4:15 PM
If it isn't 512 bit, it'll cause some extra headache for the GPU mining software.
liqdmetalLast Friday at 4:16 PM
i seek to avoid iatrogenics
TronLast Friday at 4:16 PM
Similar to the early problems when all the algos except the first one were built for 64-bytes (512-bit) inputs.
Had to look that one up. TIL iatrogenics
JerozLast Friday at 4:17 PM
I have to google most of @liqdmetal's vocabulary :smile:
liqdmetalLast Friday at 4:17 PM
@Tron tldr: basically the unseen, unintended negative side effects of the asic "cure"
Sevvy (y rvn pmp?)Last Friday at 4:18 PM
10 dolla word
liqdmetalLast Friday at 4:19 PM
we need a really strong case to intervene in what has been created.
TronLast Friday at 4:19 PM
I agree. I'm less concerned with the technical risk than I am the potential split risk experienced multiple times by Monero.
Sevvy (y rvn pmp?)Last Friday at 4:20 PM
tron do you agree that forking the ravencoin chain presents unique risks compared to other chains that aren't hosting assets?
JerozLast Friday at 4:21 PM
Yes, if you fork, you need to figure out for each asset which one you want to support.
Sevvy (y rvn pmp?)Last Friday at 4:21 PM
yeah. and the asset issuer could have a chain preference
TronLast Friday at 4:22 PM
@Sevvy (y rvn pmp?) Sure. Although, I'd expect that the asset issuers will be honor the assets on the dominant chain. Bigger concern is the branding confusion of multiple forks. See Bitcoin, Bitcoin Cash, Bitcoin SV for an example. We know they're different, but do non-crypto folks?
Hans_SchmidtLast Friday at 4:22 PM
I thought that the take-away from the recently published analyses and discussions was that ASICs for RVN may be active, but if so then they are being not much more effective than GPUs.
Sevvy (y rvn pmp?)Last Friday at 4:22 PM
agreed on all accounts there tron
TronLast Friday at 4:23 PM
I'm not yet convinced ASICs are on the network.
KAwARLast Friday at 4:23 PM
It would be better to damage an asic builder by forking after they made major expenses. Creating for them the type of deficit that could be negated by just buying instead of mining. Asic existence should be 100 percent confirmed before fork.
liqdmetalLast Friday at 4:23 PM
170million dollar question is right.lol
TronLast Friday at 4:24 PM
I've had someone offer to connect me to the folks at Fusion Silicon.
Sevvy (y rvn pmp?)Last Friday at 4:25 PM
yes. and if they are active on the network they are not particularly good ASICs
which makes it a moot point probably
TronLast Friday at 4:26 PM
The difficult part of this problem is that by the time everyone agrees that ASICs are problematic on the network, then voting the option in is likely no longer an option.
Sevvy (y rvn pmp?)Last Friday at 4:26 PM
yes. part of me wonders if we would say "okay, the clock on the asic countdown is reset by this new algo. but now the race is on"
[Dev-Happy] BlondfrogsLast Friday at 4:26 PM
There are always risks when making a change that will fork the network. We want wait to long though, as tron said. It wont be a voting change. it will be a mandatory change at a block number.
Sevvy (y rvn pmp?)Last Friday at 4:26 PM
acknowledge the inevitable
MiloLast Friday at 4:27 PM
I had just a small question from my side. When do you think the android version would be published, and do you maybe have a time-frame for the others?
TronLast Friday at 4:27 PM
Quick poll. How would everyone here feel about a BIP9 option - separate from the new features that can be voted in?
KAwARLast Friday at 4:27 PM
Maybe voting should not be a strictly blockchain vote. A republic and a democratic voice?
[Dev-Happy] BlondfrogsLast Friday at 4:27 PM
@Milo We can try and get a beta out next week, and publish soon after that.
MiloLast Friday at 4:28 PM
@[Dev-Happy] Blondfrogs :thumbsup::slight_smile:
[Dev-Happy] BlondfrogsLast Friday at 4:28 PM
BIP9 preemptive vote. I like it.
TronLast Friday at 4:30 PM
The advantage to a BIP9 vote is that it puts the miners and mining pools at a clear majority before activation.
LSJI07 - MBITLast Friday at 4:30 PM
Centralisation is inevitable unless we decide to resist it. ASIC's are market based and know the risks and rewards possible. A key step in resisting is sending a message. An algo change to increase asic resistance is imho a strong message. A BIP9 vote now would also be an indicator of bad actors early....
TronLast Friday at 4:30 PM
The disadvantage is that it may not pass if the will isn't there.
LSJI07 - MBITLast Friday at 4:30 PM
Before assets are on main net and cause additional issues.
KAwARLast Friday at 4:31 PM
I am not schooled in coding to have an educated voice. I only understand social problems and how it affects the economy.
SpyderDevLast Friday at 4:31 PM
All are equal on RVN
TronLast Friday at 4:31 PM
It is primarily a social problem. The tech change is less risky and is easier than the social.
LSJI07 - MBITLast Friday at 4:32 PM
All can have a share....people who want more of a share however pay for the privilege and associated risks.
KAwARLast Friday at 4:33 PM
Assets and exchange listings need to be consistent and secure.
brutoidLast Friday at 4:36 PM
I'm still not entirely clear on what the overall goal to the algo change is? Is it just to brick the supposed ASICs (unknown 45%) which could still be FPGAs as seen from the recent block analysis posted in the nest. Is the goal to never let ASICs on? Is it to brick FPGAs ultimately. Are we making Raven strictly GPU only? I'm still unclear
LSJI07 - MBITLast Friday at 4:37 PM
What about the future issue of ASICs returning after a BIP9 fork "soon"? Are all following the WP as a community? i.e asic resistant or are we prepared to change that to asic resistant for early coin emission. Ideally we should plan for the future. Could the community make a statement that no future algo changes will be required to incentivise future public asic manufacturers?
Lol. Same question @brutoid
brutoidLast Friday at 4:37 PM
Haha it is
You mind-beamed me!
[Dev-Happy] BlondfrogsLast Friday at 4:38 PM
The is up to the community.
Currently, the feel seems like the community is anti asic forever.
The main issue is getting people to upgrade.
KAwARLast Friday at 4:38 PM
Clarity is important. Otherwise we are attacking windmills like Don Quixote.
brutoidLast Friday at 4:39 PM
I'm not getting the feeling of community ASIC hate if the last few weeks of discussion are anything to go by?
Hans_SchmidtLast Friday at 4:39 PM
A unilateral non-BIP9 change at a chosen block height is a serious thing, but anti-ASIC has been part of the RVN philosophy since the whitepaper and is therefore appropriate for that purpose.
[Dev-Happy] BlondfrogsLast Friday at 4:39 PM
We can use the latest release as an example. It was a non forking release, announced for 2 weeks. and only ~30% of the network has upgraded.
TronLast Friday at 4:39 PM
@Hans_Schmidt Well said.
liqdmetalLast Friday at 4:40 PM
I'm not concerned about a "asic hardware problem" so much as I believe it more likely what we are seeing is several big fish miners (perhaps a single really big fish). For now I recommend standing pat on x16r. In the future I can see an algo upgrade fork to keep the algo up to date. If we start fighting against dedicated x16r hashing machines designed and built to secure our network we are more likely to go down in flames. The custom SHA256 computers that make the bitcoin the most secure network in existence are a big part of that security. If some party has made an asic that performs up to par or better than FPGA or GPU on x16r, that is a positive for this network, a step towards SHA256 security levels. It is too bad the community is in the dark regarding their developments. Therefore I think the community has to clarify its stance towards algorithm changes. I prefer a policy that will encourage the development of mining software, bitstreams and hardware by as many parties as possible. The imminent threat of ALGO fork screws the incentive up for developers.
JerozLast Friday at 4:40 PM
@brutoid the vocal ones are lenient towards asics, but the outcome of the 600+ votes seemed pretty clear.
brutoidLast Friday at 4:40 PM
This is my confusion
TronLast Friday at 4:41 PM
More hashes are only better if the cost goes up proportionally. Machines that do more hashes for less $ doesn't secure the network more, and trends towards centralization.
JerozLast Friday at 4:41 PM
I would argue for polling ever so often as it certainly will evolve dynamically with the state of crypto over time.
TronLast Friday at 4:41 PM
Measure security in two dimensions. Distribution, and $/hash.
liqdmetalLast Friday at 4:41 PM
and volume of hash
traysiLast Friday at 4:42 PM
45% of the hashrate going to one party is unhealthy, and standing pat on x16r just keeps that 45% where it is.
TronLast Friday at 4:42 PM
Volume doesn't matter if the cost goes down. For example, lets say software shows up that does 1000x better than the software from yesterday, and everyone moves to it. That does not add security. Even if the "difficulty" and embedded hashes took 1000x more attempts to find.
brutoidLast Friday at 4:42 PM
My issue is defintely centralization of hash and not so much what machine is doing it. I mine with both GPU and FPGA. Of course, the FPGAs are not on raven
TJayLast Friday at 4:44 PM
easy solution is just to replace a few of 16 current hash functions, without messing with x21r or whatever new shit
TronLast Friday at 4:44 PM
How do folks here feel about allowing CPUs back in the game?
traysiLast Friday at 4:44 PM
Botnets is my concern with CPUs
brutoidLast Friday at 4:44 PM
Botnets is my concern
SpyderDevLast Friday at 4:44 PM
Yes please.
LSJI07 - MBITLast Friday at 4:44 PM
the poll votes seem not very security conscious. More of day miners chasing profits. I love them bless! Imho the future is bright for raven, however these issues if not sorted out now will bite hard long term when asset are on the chain and gpu miners are long gone.....
ZaabLast Friday at 4:45 PM
How has the testing of restricted assets been on the test net?
liqdmetalLast Friday at 4:45 PM
Agreed. I dont think x16r is obsolete like that yet however
[Dev-Happy] BlondfrogsLast Friday at 4:45 PM
@Zaab not enough testing at the moment.
HedgerLast Friday at 4:45 PM
Yes, how is the Testing going?
justinjjaLast Friday at 4:45 PM
Like randomX or how are cpus going to be back in the game?
TronLast Friday at 4:45 PM
@Zaab Just getting started at testing at the surface level (RPC calls), and fixing as we go.
ZaabLast Friday at 4:45 PM
And or any updates on the review of dividend code created by the community
Lokar -=Kai=-Last Friday at 4:45 PM
if the amount of hash the unknown pool has is fixed as standarderror indicated then waiting for the community of FPGAers to get onto raven might be advantageous if the fork doesn't hurt FPGAs.
ZaabLast Friday at 4:45 PM
Can't rememeber who was on it
SpyderDevLast Friday at 4:45 PM
@Zaab But we are working on it...
Lokar -=Kai=-Last Friday at 4:46 PM
more hash for votes
JerozLast Friday at 4:46 PM
@Maldon is, @Zaab
TronLast Friday at 4:46 PM
@Zaab There are unit tests and functional tests already, but we'd like more.
[Dev-Happy] BlondfrogsLast Friday at 4:46 PM
@Zaab Dividend code is currently adding test cases for better security. Should have more update on that next meeting
KAwARLast Friday at 4:46 PM
Absolute democracy seems to resemble anarchy or at least civil war. In EVE online they have a type of community voice that get voted in by the community.
ZaabLast Friday at 4:46 PM
No worries was just curious if it was going as planned or significant issues were being found
Obviously some hiccups are expected
More testing is always better!
TronLast Friday at 4:47 PM
Who in here is up for a good civil war? :wink:
ZaabLast Friday at 4:47 PM
Tron v Bruce. Celebrity fight night with proceeds to go to the RVN dev fund
SpyderDevLast Friday at 4:48 PM
Cagefight or mudpit?
JerozLast Friday at 4:48 PM
talking about dev funds..... :wink:
Pho3nix Monk3yLast Friday at 4:49 PM
and there goes the conversation....
KAwARLast Friday at 4:49 PM
I am trying to be serious...
ZaabLast Friday at 4:49 PM
Sorry back to the ascii topic!
traysiLast Friday at 4:49 PM
@Tron What do we need in order to make progress toward a decision on the algo? Is there a plan or a roadmap of sorts to get us some certainty about what we're going to do?
LSJI07 - MBITLast Friday at 4:50 PM
Could we have 3 no BIP9 votes? No1 Friendly to asics, retain status quo. No2 change to x17r minimal changes etc, with no additional future PoW/algo upgrades. No3. Full Asic resistance x22r and see what happens...
:thonk~1:
Sounds messy....
TronLast Friday at 4:51 PM
Right now we're in research mode. We're building CNv4 so we can run some metrics. If that goes well, we can put together x22rc and see how it performs. It will likely gore everyone's ox. CPUs can play, GPUs work, but aren't dominant. ASICs VERY difficult, and FPGAs will have a tough time.
ZaabLast Friday at 4:51 PM
Yeah i feel like the results would be unreliable
TronLast Friday at 4:51 PM
Is this good, or do we lose everyone's vote?
PlayHardLast Friday at 4:52 PM
Fpga will be dead
Lokar -=Kai=-Last Friday at 4:52 PM
why isn;t a simple XOR or something on the table?
ZaabLast Friday at 4:52 PM
The multiple bip9 that is
Lokar -=Kai=-Last Friday at 4:52 PM
something asic breaking but doesn't greatly complicate ongoing efforts for FPGA being my point.
justinjjaLast Friday at 4:52 PM
How are you going to vote for x22rc?
Because if by hashrate that wouldn't pass.
traysiLast Friday at 4:52 PM
Personally I like the idea of x22rc but I'd want to investigate the botnet threat if CPUs are allowed back in.
TronLast Friday at 4:52 PM
XOR is on the table, and was listed in my Medium post. But, the social risk of chain split remains, for very little gain.
traysiLast Friday at 4:53 PM
@Lokar -=Kai=- A small change means that whoever has 45% can probably quickly adapt.
LSJI07 - MBITLast Friday at 4:53 PM
Research sounds good. x22rc could be reduce to x22r for simplicity...
TronLast Friday at 4:53 PM
x22r is a viable option. No CNv4.
LSJI07 - MBITLast Friday at 4:53 PM
Don't know how much time we have to play with though...
Lokar -=Kai=-Last Friday at 4:53 PM
if they have FPGAs yes if they have ASIC then not so much, but I guess that gets to the point, what exactly are we trying to remove from the network?
PlayHardLast Friday at 4:54 PM
Guys my name is Arsen and we designed x16r fpga on bcus. Just about to release it to the public. I am buzzdaves partner.
Cryptonight
Will kill us
But agreed
Asic is possible on x16r
And you dont need 256 core
Cores
traysiLast Friday at 4:55 PM
Hi Arsen. Are you saying CN will kill "us" meaning RVN, or meaning FPGA?
JerozLast Friday at 4:55 PM
This is what im afraid of ^ an algo change killing FPGA as I have the feeling there is a big fpga community working on this
PlayHardLast Friday at 4:55 PM
Fpgas ))
whitefire990Last Friday at 4:55 PM
I am also about to release X16R for CVP13 + BCU1525 FPGA's. I'm open to algo changes but I really don't believe in CPU mining because of botnets. Any CNv4 shifts 100% to CPU mining, even if it is only 1 of the 22 functions.
Lokar -=Kai=-Last Friday at 4:55 PM
namely FPGAs that aren;t memory equipped
like fast mem
not ddr
PlayHardLast Friday at 4:55 PM
Hbm non hbm
Cryptonight
whitefire990Last Friday at 4:56 PM
Right now with both Buzzdave/Altered Silicon and myself (Zetheron) about to release X16R for FPGA's, then the 45% miner's share will decrease to 39% or less.
PlayHardLast Friday at 4:56 PM
Will be dead for fpga
LSJI07 - MBITLast Friday at 4:56 PM
sound so x22r is fpga "friendly" ... more so than asic anyway...
PlayHardLast Friday at 4:56 PM
But a change must be planned
X16r is no way possible to avoid asics
TJayLast Friday at 4:56 PM
@LSJI07 - MBIT I would say less friendly...
whitefire990Last Friday at 4:57 PM
As I mentioned in thenest discussion, asic resistance increases with the square of the number of functions, so X21R is more asic resistant than X16R, but both are pretty resistant
PlayHardLast Friday at 4:58 PM
Yeah more algos make it heavier on ASIC
DirkDiggler (Citadel Architect)Last Friday at 4:58 PM
My interpretation of the whitepaper was that we used x16r as it was brand new (thus ASIC resistant), and that was to ensure a fair launch... We've launched... I don't like the idea of constantly forking to avoid the inevitable ASICs.
x16r was a great "experiment" before we had any exchange listings... that ship has sailed though... not sure about all these x22rs lmnop changes
KAwARLast Friday at 5:00 PM
I believe that it is easier to change the direction of a bicycle than an oil tanker. We feel more like a train. We should lay out new tracks and test on them and find benefits that are acceptable to everyone except train robbers. Then open the new train station with no contentious feelings except a silently disgruntled minority group. ???
Hans_SchmidtLast Friday at 5:01 PM
The most productive action the community can do now re ASICs is to voice support for the devs to make a non-BIP9 change at a chosen block height if/when the need is clear. That removes the pressure to act rashly to avoid voting problems.
LSJI07 - MBITLast Friday at 5:01 PM
Thats why im proposing to fork at least once to a more asic resistant algo (but FPGA "friendly/possible"), with the proviso ideally that no more PoW algo forks are require to provide future ASICs some opportunity to innovate with silicon and efficiency.
TJayLast Friday at 5:01 PM
folks should take into account, that high end FPGAs like BCU1525 on x16r can't beat even previous gen GPUs (Pascal) in terms of hash cost. so they aren't a threat to miners community
PlayHardLast Friday at 5:02 PM
A proper change
Requires proper research
eyz (Silence)Last Friday at 5:02 PM
Just so I'm clear here, we are trying to boot ASICS, don't want CPUs because of Botnets, and are GPU and FPGA friendly right?
PlayHardLast Friday at 5:02 PM
It is not a quick one day process
eyz (Silence)Last Friday at 5:02 PM
If there is a bip9 vote there needs to be a clear explanation as I feel most in the community don't understand exactly what we are trying to fix
TronLast Friday at 5:03 PM
@Hans_Schmidt I like that route. It has some game theoretics. It gives time for miners to adapt. It is only used if needed. It reduces the likelihood of ASICs dominating the network, or even being built.
[Dev-Happy] BlondfrogsLast Friday at 5:03 PM
Hey guys. great convo. We are of course looking to do the best thing for the community and miner. We are going to be signing off here though.
justinjjaLast Friday at 5:03 PM
TJay that comes down to power cost.
If your paying 4c/kw gpus all the way.
But if your a home miner in europe an fpga is your only chance
LSJI07 - MBITLast Friday at 5:03 PM
@Hans_Schmidt How do we decide the block limit and when sufficient evidence is available? I would say we have had much compelling information to date...
[Dev-Happy] BlondfrogsLast Friday at 5:03 PM
Thanks for participating. and keep up the good work :smiley:
Have a good weekend.
CAWWWW
TronLast Friday at 5:03 PM
I haven't seen any compelling evidence of ASICs - yet.
Pho3nix Monk3yLast Friday at 5:03 PM
:v:
JerozLast Friday at 5:04 PM
I suggest to continue discussion in #development and #thenest :smiley:
thanks all!
TronLast Friday at 5:04 PM
Cheers everyone!
KAwARLast Friday at 5:04 PM
Agree with Hans.
DirkDiggler (Citadel Architect)Last Friday at 5:04 PM
thanks Tron
Pho3nix Monk3yLast Friday at 5:04 PM
Ending here. continue in Nest if wanted
DirkDiggler (Citadel Architect)Last Friday at 5:04 PM
I am waiting for compelling evidence myself.
submitted by mrderrik to Ravencoin [link] [comments]

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