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Dragonchain Great Reddit Scaling Bake-Off Public Proposal
Dragonchain Public Proposal TL;DR:
Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and postsper Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625. Watch Joe walk through the entire proposal and answer questions onYouTube. This proposal is also available on the Dragonchain blog.
Hello Reddit and Ethereum community!
I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale. For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube. We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.
Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.
Response and PoC
In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.
A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks. 24 hours in 4 minutes (YouTube): 24 hours in 4 minutes The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period. Tooling to reproduce our demo is available here: https://github.com/dragonchain/spirit-bomb
Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.
Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired. Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.
An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity. TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block. TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.
Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain. With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times. We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment. Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.
Flexibility in Scaling
Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems. We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
LBRY - To allow users to deploy content natively to LBRY
MakerDAO to allow users to lend small amounts backed by their Reddit community points.
STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.
Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction. Dragonchain Fees Table
How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node. Getting started is easy...
Download Dragonchain’s dctl
Input three commands into a terminal
Build an image
More information can be found in our Get started documents.
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain. Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain. After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks. Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.
Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.
Costs and resources
Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD. For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments. Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.
This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users. Over a 5 day period, your scaling PoC should be able to handle: *100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes. Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum. Reddit Scaling on Ethereum
Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
Operational on-premises capabilities
Operational deployment to any datacenter
Over 700 independent Community Verification Nodes with proof of ownership
Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)
Usability Scaling solutions should have a simple end user experience.
Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node. Examples:
Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.
Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users. All of Reddit's Transactions on Blockchain (month) Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees. Reddit Internal Token Transaction Fees Reddit Ethereum Token Transaction Fees When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
In a combination of the above, customers could cover aggregated fees.
Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.
Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here. Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here. In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here. A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.
Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.
Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.
Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible APIs should be well documented and stable
Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected. Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.
Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.
Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR. Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.
Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.
Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.
Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw
Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.
A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.
Bonus points Public, third-party implementation review available or in progress
Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.
Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.
One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).
Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).
Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!
Disney Releases Blockchain Platform as Open Source
The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group. https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html
In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney. Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
Obtain VP support and approval for the release
Verify ownership of the software to be released
Verify that no proprietary content would be released
Convince the organization that there was a value to the open source community
Convince the organization that there was a value to Disney
Offer the plan for ongoing maintenance of the project outside of Disney
Itemize competing projects
Verify no conflict of interest
Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
Obtain legal approval
Approval from corporate, parks, and other business units
Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
Trademark searches conducted for the selected name Dragonchain
Obtain IT security approval
Manual review of OSS components conducted
OWASP Dependency and Vulnerability Check Conducted
Obtain technical (software) approval
Offer management, process, and financial plans for the maintenance of the project.
Meet list of items to be addressed before release
Remove all Disney project references and scripts
Create a public distribution list for email communications
Remove Roets’ direct and internal contact information
Create public Slack channel and move from Disney slack channels
Create proper labels for issue tracking
Rename internal private Github repository
Add informative description to Github page
Expand README.md with more specific information
Add information beyond current “Blockchains are Magic”
Add getting started sections and info on cloning/forking the project
Add installation details
Add uninstall process
Add unit, functional, and integration test information
Detail how to contribute and get involved
Describe the git workflow that the project will use
Move to public, non-Disney git repository (Github or Bitbucket)
Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney. The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release. Original OSSRELASE-10 document
Axion - A Global Currency, Built To Serve The People
What is Axion? Per Axion's website:
AXION is the answer to our global financial markets that are on the brink of disaster. The original solution to this impending collapse was Bitcoin, a decentralized peer-to-peer currency. However, since its inception, certain aspects of Bitcoin, such as lack of speed and high fees, have shifted Bitcoin into more of a store-of-value than a currency. Axion is the currency to address that. With a high-interest time-locked savings account, Participants in the Axion Network are rewarded daily.
Rewards people, not the corporate elite
Global & Scalable
How is AXION distributed?
Anyone holding Hex2T (pre-sale) tokens will receive AXION at a rate of 1:1
Hex holders will also receive AXION 1:1, limited at 10M AXION tokens. Hex holders will also be auto-locked for a year, with 2% releasing weekly. More details can be found in the whitepaper. If Hex holders do not claim their AXION tokens, they will become available for purchase in the Daily Auction every week.
The Daily Auction
Putting Tokens and Value into your pocket.
To get Axion, it needs to be claimed by Hex & Hex2T holders, the longer they wait to claim, the more penalties they face. About 2% of their total per week. This 2% is added into a daily auction pool where people can bid using ETH on the Axion tokens within it. If you bid 10% of the ETH on that day, you get 10% of the pool rewards. 80% of the ETH paid in the auction is then used to hyperdrive both the Axion token and the stakers earnings. First, the ETH is used to purchase the tokens, boosting the token price, and then those tokens are distributed to stakers, creating a very strong positive feedback loop.
Axion is on the path to becoming the ideal global currency.
For the first time in history, inflation is increasing the purchasing power of the people within the network. Axion has partnerships lined up to be integrated in online and in-person payment solutions, where you can pay for nearly everything in your every-day life using Axion. The merchants can accept FIAT (converted from Axion), or Axion itself. This is a global movement.
Axion: Built to Scale
500 Billion Initial Total Supply 1:1 Freeclaim ratio for Hex2T and Hex holders 80% of ETH Earned in auctions is used to buy back tokens 8% Annual inflation that goes Directly to stakers 100% of all purchased tokens Are distributed to stakers No Auto-Stake For hex2t holders 100% autostake for hex holders
How to buy:
**Video Tutorials:**Metamask Install – https://www.youtube.com/watch?v=htyEeKNHX5ABuy/Sell Axion (HEX2T) – https://www.youtube.com/watch?v=vYZBOkHIM5k How Do I Buy Axion (HEX2T)? Step One: Purchase Ethereum from your exchange of choice (Coinbase, Binance, etc). You can also purchase Ethereum through Metamask and have it sent directly to your Metamask wallet (More details on this in Step Three). If buying through Coinbase, you’ll have the option to use a linked bank account or a debit card. Funds purchased via linked bank account will have a hold period while the bank transaction clears, funds purchased via debit card will be available for use instantly. Step Two: Install the Metamask desktop browser extension and set up your Ethereum Wallet. You may also install the Metamask app on your Android smartphone and follow the same set up process in the linked video. (Apologies iOS users, the iOS Metamask app has restrictions that disable necessary features, you’ll have to use the desktop browser extension) Step Three: Once you have your Metamask wallet set up and your seed words properly saved, it’s time to deposit Ethereum to your wallet. – If you’ve purchased Ethereum on an exchange such as Coinbase or Binance, you’ll have to copy your wallet address from Metamask and withdraw the Ethereum from the exchange to your Metamask wallet address that you just copied. Be sure to check the wallet address multiple times before sending as transactions can not be reversed. – If you’d like to purchase Ethereum directly through Metamask, you can do so using the Wyre fiat gateway that is integrated into Metamask. Step Four: Now that you have Ethereum in your Metamask wallet, you can head over to our listing on the Uniswap Exchange to purchase Axion (HEX2T). We recommend using Fast GAS to speed up your transactions. You may also have to click on the gear icon in the top right on Uniswap to adjust your slippage limit when buying larger amounts. – If using the Metamask app on Android, you’ll have to access the in-app browser through the menu (three bars top left of app) and paste the provided link. – You will see a “From” input that should have ETH as the selected currency pointing to a “To (estimated)” output that should have HEX2T as the selected currency. The “From” input is the amount of Ethereum you will be spending and the “To (estimated)” output is the amount of HEX2T that you will receive for that amount of Ethereum. – Once you enter the amount of Ethereum you’d like to spend, the button at the bottom of the page should say “Approve”. This “Approve” function allows the exchange to access Ethereum in your wallet, which is necessary to complete this transaction. You’ll click the “Approve” button and the exchange will send a transaction to your wallet, which you will have to confirm. Wait for that Approve transaction to clear and once it does the button should change from “Approve” to “Swap”. – Now that you’ve given the exchange permission to use the Ethereum in your wallet, you can click the “Swap” button. This will send another transaction to your wallet that you’ll have to confirm. Once that transaction clears, you’ll have successfully purchased HEX2T with Ethereum! Side Note: If you can’t see the HEX2T that you’ve purchased in your Metamask wallet’s Asset list, you’ll have to add the token to your Asset list. At the bottom of the Asset list you will see an “Add Token” button, click on that and you’ll see a “Search” and a “Custom Token” tab. Click on the “Custom Token” tab and paste the following address (0xed1199093b1abd07a368dd1c0cdc77d8517ba2a0) into the “Custom Token Address” field, the rest of the info should auto-fill. Then click the “Next” button in the bottom right, and it should display your HEX2T balance, click the “Add Tokens” button and you should now see your HEX2T in your Asset list. **How Do I Sell Axion (HEX2T)?**To sell Axion (HEX2T), you essentially do the inverse of what you did to purchase it.Step One: Head over to Uniswap Exchange and click on ETH in the “From” input, a drop down list will appear and you’ll select HEX2T. In the “To (estimated)” output, click on “Select a Token” and select ETH. To clarify, if you want to sell, HEX2T should be on top, ETH should be on bottom. Step Two: Enter the amount of HEX2T you’d like to sell in the “From” input, the button at the bottom of the page should say “Approve”. This “Approve” function allows the exchange to access HEX2T in your wallet, which is necessary to complete this transaction. You’ll click the “Approve” button and the exchange will send a transaction to your wallet, which you will have to confirm. Wait for that Approve transaction to clear and once it does the button should change from “Approve” to “Swap”. – Now that you’ve given the exchange permission to use the HEX2T in your wallet, you can click the “Swap” button. This will send another transaction to your wallet that you’ll have to confirm. Once that transaction clears, you’ll have successfully sold HEX2T for Ethereum! If at any point you feel that you need help in this process, please do not hesitate to join our fast growingDiscordorTelegram.Once you’re in either of those communities you’ll be able to ask an admin or moderator for assistance.
Their legal proposal is 95% complete, per their Discord announcement - and most likely be finished in the coming days.
Who the DeFi leaders are and how to earn on Maker, Compound, Aave, Curve, Synthetix and QDAO DeFi
The DeFi ecosystem has already recreated traditional financial instruments in a new ‘unchained’ decentralized structure. This year, a huge number of DeFi-related projects gained the attention of crypto enthusiasts. The leaders of the race are Maker, Compound, Aave, Curve, Synthetix and QDAO DeFi. These projects provide a significant number of opportunities to earn money. So let’s find out what the DeFi market mood is right now and how you can increase your holdings in 2020.
the purchase of tokenized stocks of popular listed companies (e.g. Google, Facebook, Netflix, etc.).
On top of that, QDAO DeFi has its own native cryptocurrencies: USDQ stablecoin (tied to the US dollar). It is also used on the platform and QDAO. QDAO is a cryptocurrency that provides significant bonuses for Deposits, Crypto Loans and other services inside QDAO DeFi. Additional features such as governance of the ecosystem and fee payments within the ecosystem are in the long-term development roadmap. QDAO DeFi offers 17 currencies and the interface is user-friendly and convenient. You can open a Secure Personal QDAO DeFi Account and start earning passive income from the very first day. The interest is paid out daily with no fees. Users can withdraw funds after they reach the minimum withdrawal amount in a specific cryptocurrency. You can open a deposit in just a few minutes, click the link to find out how.
What’s next for DeFi projects?
Earning on DeFi platforms is easy and convenient. The major players offer a great variety of services to help you find the best way to trade, mint and stake. Billionaire Bitcoin bull, Tim Draper says, “The DeFi world is almost as technologically advanced as the dollar and when it is, there will be no one who will want to accept a politically manipulable currency like dollars anymore.” Will DeFi fully replace all the traditional financial instruments? Opinions are divided. However, it can become the basis of a new digital banking system and return the trust to the financial system. Want to be the first to hear QDAO DeFi news and updates? Visit ourwebsiteand stay in touch with us on social media:Twitter,Facebook,TelegramandLINE(for the Japanese-speaking community).
AMA AT DETECTIVE ID (25/06/2020) Before welcoming any questions, I would like to briefly introduce STATERA PROJECT. Statera is a smart contract deflationary token pegged to a cryptocurrency index fund. By including STA in an index fund with Link, BTC, ETH, and SNX you can buy one token and access the price action of four of the leading cryptocurrencies. You can also invest directly in the index fund (balancer pool) and receive the benefits of fees and BAL tokens paid to you while also having an automatically balanced fund. Lastly the deflationary mechanics of STA increases the chance for positive price action while decreasing beta (volatility). This is all found in a smart contract that is fully decentralized, the founders can no longer augment the contract in any way and this has been confirmed by a third party code audit through Hacken. Q1 : please explain in more detail about Statera, what is the background of this project? and when was it established? The dev of this project had previously created another deflationary token BURN. When the Balancer Labs released the Balancer Protocol, he had an idea to combine the two, deflationary token and a pool of tokens, making the first deflationary index fund. It started in the end of May and on the 3rd iteration, May 29th - a trustless version was launched that we see today. As briefly explained earlier, STATERA or STA is an Index Deflationary Token built on Ethereum blockchain; Index: Contains a token suite of world class leading crypto assests BTC, ETH, LINK, SNX with STA. Deflationary: On every transaction of STA 1% of the transacted amount is sent to 0x address on ethereum, burned forever, thus reducing the circulating supply of STA Index+Deflationary: STA is mixed with BTC, ETH, LINK SNX in a portfolio, backed by liquidity on a protocol known as balancer (balancer.finance) This platform serves as a market maker for the token suit. The Index suite is of equal rate of 20%, that is 20% of BTC, ETH, SNX LINK and STA, Thus, anytime there is an increase in value of any of those coins or tokens, balancer automatically trade them for STA in order to keep the token suit ratio balanced. And anytime there is an increase in the value of STA, the same process applies. while doing this trade, it enables further burning on every transaction, thus facilitating more token scarcity. In addition to this, Statera was deployed with contract finalised, that is, the index suite can not be altered, It is completely out of Dev's control. Q2 : What are the achievements that have been obtained by Statera in 2020? And what goals do you want to achieve in 2020? By this we assume the questionnaire is asking for a roadmap! First, the project is barely a month old, and within just a month, our liquidity has grown from $50,000 to over $400,000 currently above $300,000. Among the things we have accomplished so far is the creation of market value for STA's Balancer liquidity pool token BPT, which is currently over $1000 per one BPT. Regarding what we set to achieve: The future is filled with many opportunities and potentials, currently, we are working on a massive campaign to introduce our product to the outside world. We have already made contact with different and reputable forums and channels regarding marketing and advertisement offers, some which we are currently negotiating, some which we are awaiting response. All we can say for now is that the Team is working hard to make this the Investment opportunity every crypto enthusiast has been waiting for. Statera has the goal of putting cryptocurrency into every portfolio. We believe we have a product that increases the returns of investing in cryptocurrencies and makes it easier to diversify in this space. We have done so much in June: articles, how to videos, completed the audit, tech upgrades like one token liquidity additions, and beginning our many social communities. We have been hard at work behind the scenes but things like sponsorships, features, and media take time, content makers need days if not weeks to develop content, especially the best of the best. We are working tirelessly, we will not disappoint. We have plans for 2020-2025 and will release those in the next month. They are big and bold, you’re going to be impressed by the scale of our vision, when we say “Cryptocurrency in every portfolio” we mean it. In 2020 more specifically we are focused on more media, videos, product offerings, and exchanges. Q3 : What is the purpose of STA token? How can we get STA? The purpose of STA is an investment in the first deflationary index fund. The whole index's value rises from these aspects: 1. The index funds (WBTC,WETH,SNX,LINK) appreciate in value 2. When the index tokens are traded, the pool receives transaction fees - 1% 3. STA burns on transactions, so it's deflationary nature increases its value as the total supply drops 4. Balancer rewards Index holders with BAL token airdrops every week You can invest via the 'Trade' links in stateraproject.com website. Easiest way is to do it using ETH. The monetary policy of our token is set in stone and constantly deflationary. This negative supply pressure is a powerful mechanism in economics and price discovery. Through the lowering of supply we can decrease your beta (volatility) and increase your alpha (gains). Our token is currently only top 40 in liquidity on Balancer, however our volume is top 10! You want to know why? Because Statera works. Statera increases arbitrage, volume, fees, BAL rewards, and liquidity. Our liquidity miners in our Balancer pool are already making some of the highest BAL rewards on the platform, one user we spoke with made 18% in June, that’s over 150% APY! Our product is working, 100% (or you could say 150%), and when people start to see that, and realize the value, the sky's the limit. Q4 : can we as a user do STA mining? The supply of STA doesn't increase anymore, it only decreases due to the burn feature. So there is no way to mine anymore STA. Only way to acquire the tokens is via an exchange. The monetary policy of our token is set in stone and constantly deflationary. This negative supply pressure is a powerful mechanism in economics and price discovery. Through the lowering of supply we can decrease your beta (volatility) and increase your alpha (gains). Our token is currently only top 40 in liquidity on Balancer, however our volume is top 10! You want to know why? Because Statera works. Statera increases arbitrage, volume, fees, BAL rewards, and liquidity. Our liquidity miners in our Balancer pool are already making some of the highest BAL rewards on the platform, one user we spoke with made 18% in June, that’s over 150% APY! Our product is working, 100% (or you could say 150%), and when people start to see that, and realize the value, the sky's the limit. Q5 : The ecosystem of a public chain has a lot to do with the level of engagement and participation of third-party developers. How does Statera support the developers? Not really. Our project is focusing on investment opportunities for the cryptocurrencies. The cryptocurrency tokens that are not used and are just sitting in a wallet can work for you by being added to an index fund and appreciate in value over time. First off, what we have created is a new asset class, I’ll repeat that, a new asset class. This asset has never existed: “Deflationary Index Fund,” what does that mean for finance? What will developers do with this? It’s hard to give a finite answer. We hope there are future economic papers on our token and what it means to be a deflationary index fund. With the addition of synthetic assets and oracles you can put any asset into the DeFi space: Gold, Nikkei 225, USD, etc. STA can be combined with any assets and bring the benefits of it’s ecosystem and deflationary mechanism to that asset. STA, the token itself, also gives you access to the price action of any asset it is paired with. Put simply STA’s balancer pool(s) give you a benefit in holding them, and STA’s price will reflect it’s inclusion in Balancer Pool(s) (and possibly future financial instruments), so STA is a bet on DeFi as a whole. When we say as whole, we mean as whole: what happens if you include STA in a crypto loan, or package it with a synthetic S&P 500 token, or use it as fee payment in a DeFi platform? Being fully decentralized it is up to our community to make this happen, social engagement and community are key. We are constantly bringing community members onto our team and rewarding those that benefit the ecosystem. in addition, Statera is a fully community project now. Paul who is the current team leader was an ordinary member of the community weeks ago, due to his interest and support for the project, he started dedicating his time to the project. Quite a number of community members are also in the same position, while Statera was developed by an individual, it is being built by the entire Statera community Community Questions (Twitter): Q1 From: @KazimKara35 The project tells us that the acquisition and sale of data between participants is protected by code of conduct and how safe is deployed on the blockchain, but how do you handle regulations while operating on a global scale? Statera is decentralized token, similar to other utility crypto tokens and same regulations apply to it as others. his is actually a benefit of our decentralized nature. This isn’t legal advice, however in the past regulating bodies have ruled that the more decentralized a project is, especially from launch, the less likely they are to be deemed a security (see: Ethereum). This means they can be traded more freely and be available on more platforms. We are as decentralized as you can be. The data itself is all secured through the blockchain which has been shown to be a highly secure medium. We do not store any of your data and as long as you follow best practices in blockchain security there are no added security risks of using Statera. We don’t, and literally can’t, hold anymore personal information than is made available in any blockchain transaction. and that "personal information" is more likely than not just your ethereum wallet address, no "real world" data is included in transactions Q2 from: @Michael_NGT353 What is Mechanism you use On your Project sir? Are you Use PoS,PoW or other Mechanism Can you explain why you use it and what is Make it Different? Our token is an ERC-20 token and it's running on the Ethereum blockchain. The Ethereum's POW mechanism is currently supporting the Statera token We run on Ethereum, so we are currently PoW. With ETH 2.0 we will hopefully be PoS this year (hopefully). We use it because ETH has over 100 million addresses and around a million daily transactions. We are currently at about 1,900 token holders, we are just touching the edge of what is possible in this market. We chose the biggest and the best network available right now to launch our product. We think the upside is huge because of this choice. Being the biggest network it is also one of the most secure, no high risk vulnerabilities have been found in Ethereum or in our code (we've had our code audited by a third party, Hacken, and you can read their audit on our Medium page), so we also have security on our side Q3 From : @Ryaaan_Nguyen Can you list some of Statera outstanding features for everyone here to know about? What are the products that Statera is focusing on developing? As mentioned earlier by GC, First off, what we have created is a new asset class, I’ll repeat that, a new asset class. This asset has never existed: “Deflationary Index Fund,” what does that mean for finance? What will developers do with this? It’s hard to give a finite answer. We hope there are future economic papers on our token and what it means to be a deflationary index fund. With the addition of synthetic assets and oracles you can put any asset into the DeFi space: Gold, Nikkei 225, USD, etc. STA can be combined with any assets and bring the benefits of it’s ecosystem and deflationary mechanism to that asset. STA, the token itself, also gives you access to the price action of any asset it is paired with. Put simply STA’s balancer pool(s) give you a benefit in holding them, and STA’s price will reflect it’s inclusion in Balancer Pool(s) (and possibly future financial instruments), so STA is a bet on DeFi as a whole. When we say as whole, we mean as whole: what happens if you include STA in a crypto loan, or package it with a synthetic S&P 500 token, or use it as fee payment in a DeFi platform? We touched on this a bit in the question on what makes us special compared to other exchanges. We have created a product that synergizes with Balancer Pools creating a symbiotic relationship that improves the outcomes for users (our product can also synergize with future DeFi products). By including STA in an index fund with Link, BTC, ETH, and SNX you can buy one token and access the price action of four of the leading cryptocurrencies. You can also invest directly in the index fund (balancer pool) and receive the benefits of fees and BAL tokens paid to you while also having an automatically balanced portfolio (like an index fund with dividends). Lastly, the deflationary mechanics of STA increases the chance for positive price action while decreasing beta. We want to package Statera with assets across the whole cryptocurrency space, with an emphasis on DeFi. We also want everyday people to be able to invest quickly in crypto while also feeling reassured their investment is set up to succeed. We are focused on developing a name brand that people go to first and foremost when investing in crypto: cryptocurrency in every portfolio. This is all found in a smart contract that is fully decentralized, the founders can no longer augment the contract in any way and this has been confirmed by the third party code audit. This is a feature in and of itself, some argue that Bitcoin’s true value is in it’s network effect, first mover advantage, and immutability. Statera is modeled on all three of those and has those features in spades. The community now owns our token, the power in that, giving finance and power to the people, is why we are here. Q4 From : @futcek What do you think about the possibility of creating new use cases in DeFi space for existing real world assets by using crypto technology? What role do you see in this creation for Statera? I think my answer above actually answers this perfectly, Statera in and of itself is a “new use case”, a “deflationary index fund” has never existed, I’ll copy and paste the other relevant part: “With the addition of synthetic assets and oracles you can put any asset into the DeFi space: Gold, Nikkei 225, USD, etc. STA can be combined with any assets and bring the benefits of it’s ecosystem and deflationary mechanism to that asset. STA, the token itself, also gives you access to the price action of any asset it is paired with. Put simply STA’s balancer pool(s) give you a benefit in holding them, and STA’s price will reflect it’s inclusion in Balancer Pool(s) (and possibly future financial instruments), so STA is a bet on DeFi as a whole. When we say as whole, we mean as whole: what happens if you include STA in a crypto loan, or package it with a synthetic S&P 500 token, or use it as fee payment in a DeFi platform? Being fully decentralized it is up to our community to make this happen, social engagement and community are key. We are constantly bringing community members onto our team and rewarding those that benefit the ecosystem.” Statera is a way to make your investment more successful, and owning Statera let's you benefit from other people using it to make their investments more successful (a self feeding cycle). Q5 From : @Carmenzamorag Statera's deflationary system is based in that with every transaction 1% of the amount is destroyed, would this lead to lack of supply and liquidity in the long term future? How would that be fixed? The curve of supply is asymptote, meaning that it will never reach zero. The idea is that the deflationary process will slowly decrease the supply of STA, which – combined with a fixed or increaseing demand – will result in STA appreciating in value. Evidently, as the STA token increases in value, the amounts of STA being traded will slowly decrease: The typical investor might buy 10.000 STA at the current rate, but in the future (proportional to an increase in the valueation of STA) this number will tend to decrease, hence the future investor might only buy 1000 STA. This of course results in less STA being burned. Additionally, STA is divisible to the 18th decimal, why – even if the supply was to reach 1 STA – there would be a sufficient supply. Well this would be a question for a Mathematician, and luckily we’re loaded with them (as seen above)! I’ll try to illustrate with an example. 1% of 100 million is 1 million, 1% of 10 million is 100,000. As we go down in supply the burn is less by volume. What also happens at lower supply is higher prices (supply and demand economics). So those 1 million tokens burned may be worth $20,000, but by the time overall supply is at 10 million those 100,000 tokens may also be worth $20,000 or even more. This means you transact “less”, if you want to buy 1 Ether now with Statera you need 8,900 STA which would burn 89 tokens. If Statera is worth $100 you only need 2.32 statera (.023 tokens burned). Along with this proportional and relative burn decrease, tokens are 18 decimals long, so even when we get to 1 token left (which mathematically would take decades if not centuries, but that is wholly dependent on usage), you are still left with 10 to the 18th power, or one quintillion “tokens”. So it’s going to take us a while to have supply issues :) Nuked Phase (3rd Part) Q) What is your VISION and Mission? Our working mission and vision: Mission: Provide every investor with simple and effective ways to invest in cryptocurrency. Decrease volatility and increase positive price pressure in cryptocurrency investments. Lower the barrier to entry for more advanced investment tools. Be a community focused and community driven cryptocurrency, fully decentralized by every meaning of the word. Vision: We aspire to put “cryptocurrency in every portfolio”. We envision a world where finance is given back to the people and wealth building strategies withheld only for affluent individuals are given to all. We also strive to create an investment environment based on sound monetary policy and all the power that comes with a sound asset. Q) What are the benefits of STA for its investors in long term? Does STA have Afrika as an important area for its expansion? We have ties to Africa and see Statera as a way for anyone and everyone to invest in cryptocurrency. The small marketcap of statera makes it's price low and it's upside massive. Right now if you wanted to be exposed to the price action of four cryptocurrencies (BTC, ETH, Link, SNX) Statera is a way to gain that exposure in a way that has a huge upside, compared to the other four assets, there are risks in investing in any small cap but with those risk come outsized rewards (not investment advice and all answers are solely my opinions 😊) Q) In the long run, why should we trust and follow STATERA? How do you raise awareness and elimination of the doubts of investors / partners / customers?. You're really asking "How do I trust myself and other crypto investors" The project is FULLY decentralized, it is now in the hands of the community. We would venture a guess that the community wants their investment to succeed and be worth more in the future, so you are betting on people. wanting to make themselves money on their own investment. This is a pretty sure bet. The community being active and engaged is key, and we have short term and long term plans to ensure this happens Q) No one can doubt the strength of #Statera. But can you tell us some of the challenges and difficulties you're presently facing? How can you possibly overcome them? We're swinging outside our weightclass, we don't see litecoin or SNX, or any other crypto product as our competition. Our competition is NASDAQ, Fidelity, etc. We want to provide world class financial instruments that only the wealthy have access to in the traditional world to everyone. Providing liquidity, risk parity, being paid to provide liquidity, unique value propositions, are all things we want to bring to everyone. However we are coming up in a hectic space, everyday their is fud and defamation on the web, but that is the sandbox we chose to play in and we aren't grabbing our ball and going home. We can tell you that we will not disappoint and fighting all the fud that comes along with being a small and upstart project only fuel our fire. Building legitimacy is our largest challenge and looking at our audit, financial report, and some things you will see in the coming weeks, we hope you see we are facing those challenges head on. Q) What is the actual uniqueness of #Statera.??? Can you guys please explain tha advantages of #Statera over other projects.?? When we launched there were no other products like ours. There are now copies, and we wish them the best, but we have the best product, hands down. Over the next couple weeks this will become apparent, if it hasn't already, also a lot of the AMA answers dug deeper into our unique value proposition, especially the benefits we provide to Balancer Pools which shows the benefits we would provide for any index fund. We are a tool to improve cryptocurrency investing Q) Fragmentation, layering and cross-chain are three future solutions for high-performance blockchains. Where is Statera currently? What are the main reasons for taking this direction? We operate on the Ethereum chain, as it upgrades our services and usability will upgrade. We are working on UI and more user friendly systems to onboard people into our ecosystem Q) How STATERA plan to make room and make this project known in the world of crypto, full of technology and full of new projects very good in today's market? We think we have a truly innovative product, which - when first understood - appeals to most investors. Whether you want a high-volatility/medium-risk token like STA or whether you are more conservative and simply just plan on adding to the Statera pool BPT (which is not nearly as volatile but still offers great returns). We plan on making Statera known to the crypto world through a marketing campaign which slowly will be unravelled in the comming days and weeks. If interested, you can check out an analysis of the different investment options in the Statera ecosystem in our first financial report: https://medium.com/@stateraproject/statera-financial-reports-b47defb58a18 Q) Hello, cryptocurrencies are very volatile and follow bitcoin ... and does this apply to Statera? or is there some other logic present in some way? is statera token different from a current token? Are you working on listings on other exchanges? Currently uniswap is somewhat uncomfortable for fees. We are also on bamboo relay, saturn network, and mesa. Statera will be volatile like all cryptocurrency, this is a small and nascent space. But with the deflationary mechanic and balancer pool, over time, as marketcap grows it will become less volatile and more positively reactive to price. Q) Security is one of the most essential characteristics for a project to get reputation. How can #Statera Team assure to their community that users assets and investments will stay safe from unwanted agents? We have been third party audited by the same company that worked with VeChain to audit their code. Our code has been shown to be bulletproof. Unless Ethereum comes up with a fatal security flaw there is nothing that can happen to our contract (there is no backdoor, no way for anyone to edit or adjust the smart contract). Q) Many investors see the project from the price of the coin. Can you give us advantages why Statera is so suitable for long-term investment? and what makes Statera different from other similar projects? Sometimes the simplest solutions are the most effective. A question you can ask is “What if this fails”? But you can also ask, “What if this succeeds”? Cryptocurrency is filled with asymmetric risks, we think if you look into the value proposition you will find that there is a huge asymmetric risk/reward in Statera, and we will make that even clearer in our soon to be released litepaper. You are on the ground floor of a simple but highly effective solution to onboarding people into defi, cryptocurrencies, and investing. Our product reduces volatility and increases gains (decreases beta and increases alpha in investor terms), which is highly attractive in any investment. The down side is there but the upside outweighs it exponentially (asymmetric risk) Q) What your plans in place for global expansion, are Statera focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this? We have reached out to influencers in other countries and things are in the works. We have also translated documents and are working on having them in at least 4 languages by the end of July. We were founded globally, our team is global, and we are focused on reaching all 7 billion people. Q) Now in the cryptofield everyday there are new projects joining in the Blockchain space. They are upgraded, Well-established and coming up with innovative technology. How Statera going to compete with them? What do you think, one day Statera will become useless And will be lost into the abyss of time for not bringing any new technology? We are the first of our kind, no one had a deflationary index fund before us. Index funds will be the future of crypto (look at the popularity of etfs and indexes in the traditional markets). We are a tool to make your index function better and pay you more. As long as people care about crypto index funds they will care about the value STA brings to that. We have an involved and long term plan to reach dominance over a 5 year span, this is not a flash in the pan, big things coming Q1. You say that the weight and proportions of your tokens are constant. So how have you managed to prevent market price speculation from generating hypervolability in your token price? Do you consider yourselves a kind of stablecoin? Q2. How many jurisdictions allow the use of Stratera products and services? Are they available for Latin America? @joloroeowo The balancer ensures an equal ratio of 20% amongst the five tokens included in our fund. This, however, does not imply that the tokens are stable. Rather, the Balancer protocol helps mitigating price fluctuations. Q) How can I as a Statera participant participate in liquidity mining, and receive BAL as reward? What are the use cases of $STA token, and how are users motivated to buy and hold long term? The easiest way is to go to stateratoken.com and click trade then BPT. You can also buy all five tokens and click on portfolio then add liquidity. Balancer is working on a simpler interface to add liquidity with one token, we are waiting on them. I think we explained the use cases above Q) What do you plan have for global expansion, is Statera currently focused solely on the market? Or is it focused on building and developing or acquiring customer and user or partnership relationships? Can you explain it? We are currently working on promoting the project and further develope our product, making it lucrative for more new investors to join our pool and invest in the STA token. Q1) Statera have 2 types of tokens, so can you tell me the differences between STA and STAC ? What are their uses cases? Is possible Swap between them? Q2) Currently the only possible Swap or "exchange" possible is Uniswap, so you do have plans to list the STA token into a more Exchanges? STAC is obsolete, we only have STA and BPT (go to our website and click on trade) stateratoken.com BPT gives you more diversification and less risk, STA gives you more volatility and more chance for big gains. Q2 we are on multiple exchanges (4), bamboo relay, saturn, and mesa we do have plans for future exchanges but the big ones have processes and hoops to jump through that can't be done so quickly Q) What business scenarios can STATERA support now? In which industries can we see the mass adoption of STATERA technology in the near future? Statera increases the effectiveness of your cryptocurrency investments. Specifically it makes cryptocurrency index funds function better, netting you higher returns, which we have already seen in just one month of implementation. Right now, today, you can buy our BPT token and increase the functionality of holding a crypto index fund. In the future we want every single web user to see and use our product Q) Do you plan to migrate to other platforms like Tron, BinanceChain, EOS, etc. if it is feasible?? Migrating our current contract is not. Starting new offerings on those other chains could be possible, they aren't on our radar currently but if the community requests them we are driven by our community Q) ETH Blockchain is a Blockchain have many token based in it, i have used ETH blockchain long time and i see it have big fee and need much time to make a transcation so Why you choose to based STA in ETH blockchain not other like Bep2 or Trc20 ? Simply: 100 million addresses, 1 million transactions a day. The more users we have the more we will benefit our community. We hope ETH 2.0 scaling will fix the problems you mention. Q) No one achieve anything of value on its own, please can you share about Statera present and future partnerships that will drive you to success in this highly congested crypto space? We have a unique product that no one else has (there are people who have copied us). We can't announce our current and future partnerships yet, but they will be released soon. Our future hopes of partnerships are big and will be key to our future, know we are focused on making big partnerships, some you may not even be thinking about. Q) According to the fact that your algorithm causes 1% of each transaction to be destroyed, I would like to know, then, how you plan to finance yourself as a project in the long term? The project is now in the hands of the community and we are a team of passionate people volunteering to help promote and develope the Statera ecosystem. But then, how do we afford running a promo campaign? We have lots of great community members donating funds that goes to promoting the project. In other words, the community helps financing the project. And so far, we have created a fantastic community consisting of passionate and well-educated people! Q) There are many cryptocurrency startups were established by talent teams, but they got problem in raising capital via token sales due to many factors as bear market, bankrupt etc. This leaded their potential startups fail. So how will Statera break these barriers and attract more funds from outside crypto space? We are community focused and community ran. When you look at centralized cryptocurrencies you can see the negative of them (Tron, ADA, etc.) We believe being fully decentralized is the true power position. You the owner of statera can affect our future and must affect our future. This direct ownership means people need to mobilize and organize to push us forward, and it is in their best self interest to do so. It's a bet on our community, we're excited about that bet Q) What business scenarios can STATERA support now? In which industries can we see the mass adoption of STATERA technology in the near future? Statera increases the effectiveness of your cryptocurrency investments. Specifically it makes cryptocurrency index funds function better, netting you higher returns, which we have already seen in just one month of implementation. Right now, today, you can buy our BPT token and increase the functionality of holding a crypto index fund. In the future we want every single web user to see and use our product Q) Why being a hybrid of a liquidity pool and an index fund? What are the main benefits about this? By being a liquidity pool the exchange side of the pool (balancer also functions as an exchange) gives you added liquidity for more effortless, effective, and cheaper rebalancing. You also benefit from getting paid the fee when people use the exchange AND getting paid BAL tokens that are worth $15-20 USD. These are not benefits you get with an index fund, meanwhile the liquidity pool rebalances just like an index fund would Q) Which specific about technology and strategy of #STA that make you believe it will be successful and what does #STA plan do to attract more users in the upcoming time? I think the idea behind Statera is truly ingenious. We have made an index fund, which investors are highly(!) incentivised to invest in, namely because the ROI, so far, has been huge. An increase in the pool liquidity (index fund) indirectly translates into an increase in the price of STA, why we think the STA token - combined with its deflationary nature - will increase in the long run. The mechanism behind this is somewhat complex, but to better get an understanding of it, I suggest you visit our medium page and read more about the project: https://medium.com/@stateraproject
Re-Launching The Borderless, Unkillable Crypto-Fiat Gateway, DAIHard. Enter or Exit Crypto via Any Fiat and Any Payment Method, Anywhere in the World, Without KYC. All you need is a little Dai.
Some of you might recall recall our initial facepalm failed launch about 3 months ago (post-mortem here). Well, we're back--this time with an audit and some new features. This version of DAIHard should should die a little harder this time ;)
After shopping around a bit in the auditor space, we decided to go with Adam Dossa--the very same Adam Dossa that actually found our launch vulnerability and responsibly disclosed it to us! You can see his report here. By the way, Adam has been a gem: friendly, professional, timely, and flexible. Definitely keep him in mind if you need an audit!
Following is an updated version of our original launch post. If you've already read that, you might want to skip to the heading What's New in v0.9.2. Or you can go straight to the app or go to our info site for more info! Here is a legitimate concern most of us are familiar with:
To enter or exit the crypto economy, we rely on centralized exchanges such as Coinbase, which track their users, impose limits, and are tightly coupled to their jurisdiction and its banking system. And for all we know, any day now regulations could start tightening these controls further (*we've actually seen some of this play out in the two months since our first launch post). In light of this, can we say in any meaningful sense that crypto is anonymous, limtiless, borderless, immune to regulation, and (most importantly) unstoppable?
To really address this concern, we need a completely decentralized gateway between fiat and crypto: something that extends the benefits of crypto to the very act of moving between the old and new economies. But the design of such a platform is far from obvious. (Localethereum comes close, but as discussed under Unkillable, it doesn't quite cut it. And Bisq is decentralized, but has significant UX hurdles.) We believe we've found a solution. We are proud to present:
DAIHard v0.9.2 - Almost Definitely Not Broken This Time
If you want to jump right in, we recommend first watching our latest usage demo (7 min), then diving in and giving it a shot with a small amount of Dai. (Try it on Kovan first if mainnet is too scary!) DAIHard extends many of the promises of crypto (borderless, anonymous, limitless, unstoppable) into the exchange mechanism itself, allowing anyone, anywhere to bypass centralized exchanges and the control they impose. More concretely, DAIHard is a platform, run on smart contracts, for forming one-off crypto/fiat exchanges with other users, in which:
The method of fiat transfer is open-ended, but agreed upon up-front (for example: bank transfer, cash handoff, transfer of online credit, cash drop...).
You and the counterparty can communicate via end-to-end encrypted chat to coordinate the fiat transfer (i.e. communicate bank account number or reveal a cash drop location).
Crucially, in the last phase, the Seller can choose to burn the Dai instead of releasing it to the Buyer (but he can't get it back). This credible threat of burn is what makes the platform reliable in the absence of a centralized group of arbitrators or moderators. For more on this see the DAIHard Game Theory medium article (10 min read).
You Need either xDai, or both Dai and Ether, to Use The Tool (At Least For Now)
If you want to buy Dai on DAIHard, you must already have Dai--1/3 of the amount you want to purchase--to put up as a burnable deposit. For example, if you only have 10 Dai now, you can only commit to buying 30 Dai, and must complete that trade before using the newly bought Dai to open up a bigger offer (for up to 120 Dai that time). Most tragically of course, this means that if you don't already have some crypto, you can't use this tool to get crypto--this is why we avoid calling DAIHard an onramp specifically. This comes from the fact that both parties must have "skin in the game" for the game theory to work, and a smart contract can only threaten to burn crypto. We have some ideas on how to address this drawback in the not-too-distant future, which we'll write about soon. For now it's time to launch this thing and get some users!
Dangerous and Scary To Use
In rare cases, a user may have to burn Dai and face a loss on the entire trade amount. The necessity of this ever-present risk is explained in detail in DAIHard Game Theory. However, a cautious, rational user can gather information (possibly via our [subreddit](daihard)!) about how people have used the tool, successfully and unsuccessfully. They can then create a buy or sell offer with wisely chosen settings based on what has worked for others. Other cautious, rational users can find this offer and commit to the trade if they dare. We expect the vast majority of committed trades should involve rational, cautious users, and should therefore resolve happily. Still, inevitably there will be sloppy trades that result in burns. As the tool is used, we'll be keeping a close eye on the frequency of burns and keeping you guys updated (perhaps via a "System Status" utility similar to the one found on MakerDao's explorer). In the end, though, we expect the risk in using DAIHard to be comparable to the risk of using any exchange or DNM: ever-present but low enough for the platform to be useful as whole. So, while DAIHard will never shut down and can't perform an exit scam, the bad news is it's not risk-free. Users will have to approach DAIhard with the same level of caution they would with any new exchange (albeit for different reasons and with a different approach). So what's the good news?
The Good News
While these drawbacks are significant, they enable some remarkable features that no other crypto/fiat exchange mechanism can boast.
(Correction: Bisq seems to have a decentralized arbitration system) We are aware of no other crypto/fiat exchange platform that is truly unkillable. Bisq and localethereum comes close, but both localethereum relies on centralized processes of arbitration. This means their fraud-and-scam-prevention system can be sued, jailed, or otherwise harrassed--and if that part stops working, it doesn't matter how decentralized the rest of the system was. DAIHard, in contrast, gives the users the power to police and punish each other, via the aforementioned credible threat of burn. This is simple game theory, and the rules of this game are etched permanently into the DAIHard Factory and Trade contract code: impervious to litigation, regulation, and political pressure. This Factory contract has no owner and no suicide or pause code. It cannot be stopped by us or anyone else. Like Toastycoin, this thing was immortal the moment it was deployed (even more immortal than RadarRelay, for example, which does rely on an ownership role). Both DAIHard and Toastycoin (and probably whatever we build next) will last for as long as a single Ethereum node continues mining, and it will remain easy to use as long as someone can find the HTML/JS front-end and a web3 wallet. (The HTML/JS front-end (built in Elm, by the way, with the lovely elm-ethereum!) is currently hosted on Github pages, which is centralized--but even if Github takes down the page and deletes the code, it's a minor step to get the page hosted on IPFS, something that is on our near-term roadmap in any case)
No KYC, No Limits
It's smart contracts all the way down, so DAIHard never asks any nosy questions--if you have Metamask or some other web3 wallet installed and set up, with some ETH and Dai (or just xDai), you can immediately open or commit to a trade. You don't even need a username! (In fact, we're so inclusive, even machines are allowed--no CAPTCHA here!) You're limited only by the collateral you put up, so if you have 10,000 Dai you could open up a buy offer for 30,000 Dai (or a sell offer for 10,000 Dai) right now. We do reccommend trying the tool out first with a small amount of Dai... But we're not your mom! Do what you want!
It simply doesn't matter where you are, because DAIHard doesn't need to interface with any particular jurisdiction or payment system to work. DIAHard works by incentivizing people (or robots?) to navigate the particular real-world hurdles of bank transfers, cash drops, or other fiat transfer methods. These incentives work whether you're in America, Zimbabwe, or the Atlantic; they work whether the fiat is USD, EUR, ZAR, seashells, or Rai Stones; and they work whether your counterparty is a human, an organization, a script, or a particularly intelligent dog with Internet access.
Any Fiat Type, and Highly Customizeable
Here are some examples of the types of trades you might create or find on DAIHard.
Sell 5 xDai for $5 USD, sent via TransferWise.
Sell 200 Dai for $180 USD, granted they bring the cash to you by tomorrow afternoon in Central Park, NYC.
Buy 20 Dai with a $30 gift card for Amazon AWS that you were never going to use.
Sell 20 Dai in exchange for a $20 Steam game.
While in Vietnam, sell 200 Dai to someone for €180 anytime in the next two weeks, provided they deposit it into your German bank account.
While in Germany, sell 20 Dai to someone in exchange for them refilling your pre-paid Vietnamese phone plan.
Buy 500 Dai for $550 via PayPal, but wait 3 weeks for before the Dai is released (so the paypal transaction can't be reversed).
As the DAIHard community grows, users will doubtless find much more creative ways to use the system, and we will discover together which types of trades are reliable and which are more risky. Because users can set their own prices and phase timeout settings, we expect the risky trades to charge a premium or have longer time windows, while the reliable ones rapidly multiply at close to a 1:1 price ratio, with quick turnaround times.
Extensible (with profit) by Third Parties
Not satisfied with our interface? Do you have some nifty idea for how to display and organize user reputation? Or maybe some idea for how trades could be chained togeher? Maybe you'd like to design a notification system for DAIHard? Maybe you just want a different color scheme! Well, you won't need our permission to do any of this. Any tool that watches the same Factory contract will share the pool of trades, regardless of which tool actually creates the trade. This means we don't even have to fight over network effects! And if you look closely at our fee structure, you might notice that only half of the 1% DAIHard fee is "hardcoded" into the Factory contract. The other half is set and charged by our interface. What does this mean for you? If you go out and make a better interface, you can essentially replace half of our 1% fee with your own fee--it's up to you whether it's smaller or larger than the replaced 0.5%. The reason for this is to explicitly welcome other developers to extend what we've built. For as long as our team is the only one improving the platform, a threat to us is a threat to future upgrades. But if others begin extending the DAIHard platform too, then DAIHard will not only be unstoppable as it is today, but also grow unstoppably.
(For Real This Time) This Is a Big Fucking Deal
DAIHard is a turning point in crypto and a breakthrough in decentralized markets, and is an irreversible augmentation of the Ethereum platform. What we've built is a gateway to crypto completely devoid of centralized components--rendering entry and exit to crypto unkillable, flexible, borderless, and private. Centralized exchanges, and the control they impose, can now be bypassed by anyone with Dai and a web3 wallet.
What's New in v0.9.2
There have been many changes made since our first failed launch, but there are two rather important ones: xDai support and reputation tools.
DAIHard is now operational on xDai, a sidechain whose native token (xDai) is pegged to the Dai (and therefore $1). Add the xDai network to your Metamask (or just install Nifty Wallet), then switch to the xDai network in your wallet, to try it out. xDai has some pretty incredible benefits, compared to vanilla Ethereum:
Price: On xDai, a single DAIHard trade costs on the order of $0.01 to run start-to-finish, rather than the accumulated $2.40 (with the best-case-scenario 1gwei gas price) you'll spend on vanilla Ethereum.
Speed: Trade actions mine much faster, and don't require ERC20 'approve' transactions, making the whole process way snappier.
Gas priced in xDai: the main benefit here is that you only need one token (xDai) rather than two (Dai and Eth). Also, it's just nice having the gas cost expressed in (essentially) USD!
We now have a few reputation tools. First, on any open trade, there is a widget showing the number of releases, aborts, and burns the given address has been involved in as that role (buyer or seller). Clicking on this expands the widget to show more detailed information, and also provides a link to a page that lists each trade this user has been or is involved in.
We have tons of ideas on how to improve the product--too many, in fact, to commit to any before we get a good chunk of user feedback. Here are some of our favorite ideas:
A "QuickTrade" page, offering Trade Templates as an alternative to the current Create Offer page.
Big Exciting Features
Bootstrapping people with no DAI via other mechanisms and community outreach.
Partial commits to trades. eg. Place a 10,000 DAI trade and allow it to be picked up in blocks larger than 500 DAI at a time.
More chains, get this thing working on Bitcoin via Rootstock, on Ethereum Classic and Binance Chain.
A lot of the above features will be prioritized more clearly as we get user feedback, and we will be posting fairly frequent updates and articles on our info site. If you don't want to miss anything, note the subscribe widget and sign up!
What’s up everyone! (TL:DR at the end this time, I've learned from my past mistakes haha)
Yep, it’s me again! New case for a new coin that seems to have taken off lately (and for good reason!) I’ve been researching it deeply lately. For those of you wondering (and in a voluntary spirit of being transparent), I do hold nice bags of the coins I post about. However I do not dump them. I’m a HODLER at heart, and love to invest in and hold coins that have a purpose. You know, like, an actual purpose. I have a Phore masternode, which i intend to keep running indefinitely. I also have a decent chunk of COSS, which I also intend to keep for a very long time (3+ years, until they are a full crypto one-stop-solution).
If you’ve missed my previous post, you can find it here:
For those who do not know me, or haven’t read my previous post, here’s my intro: I come from a business & logistics management background. I started investing in cryptocurrencies and trading a little more than six months ago. I am very detail oriented and I’ve been researching all kinds of cryptos, for hours a day, for the past six months. Cryptocurrencies went from a simple hobby to a burning passion during that 6 month period.
I’ve spotted great coins at great prices, and it seems I keep doing so! Firstly, Ethereum at 150$. Then NEO when it was antshares (sub-3$), Gas when it was antcoin (sub-30c), OMG when it was sub-1$, ETP at 1$ (ended up selling at 5$, too many wallet issues and kind of lost faith in it), COSS at 6 cents, that ended up getting a lot of visibility due to my last post (23K+ views), and finally, Phore at 60cents.
It took me less than an hour of research to understand Phore’s potential. I immediately purchased and setup a Masternode after seeing how undervalued it is compared to coins like Dash, PivX, and other privacy/masternode coins. I must admit, i FOMO’ed in really fast, but then kept on researching after I had secured my cheap PHR, and the more I researched, the more I saw the vision.
For those of you that don’t know, Phore is a fork of PIVX. It is a Masternode/Proof of Stake hybrid (MN + PoS), meaning 60% of the block reward goes to Masternodes, 30% to stakers, and 10% is left for the “development fund”.
For the newbs reading this (welcome, by the way!), a masternode is basically a node that you deploy on a virtual server (or on your own computer) and it basically verifies the blockchain and maintains concensus alongside the other nodes. You need to “lock” 10000 phore to deploy a Masternode. Proof of Stake, on the other end, basically means you can purchase coins and “Stake them” (aka put them in your wallet) and they will also be used to validate the blockchain. Both masternodes and staking will give you rewards, in Phore coins. Masternodes more than staking, obviously, as you “lock” a rather high amount of coins to deploy one.
Allright, so, what’s so good about this Phore coin? Isn’t it just a PivX knock-off?
1) Well, first of all, The MN/PoS structure is simply genius IMO. Dash’s value has gone up a lot simply because there is so little in circulation and most of the coins are locked up in masternodes. But Dash is MN/PoW, basically Masternodes + Mining. Miners do not have as big an incentive to hold unlike MN’s, it’s their mining equipment that generates them Dash. In Phore’s Case, yes, we do have the Masternodes locking up most of the supply, but we also have the stakers that are incentivized to lock up their coins to stake, and generate some extra coins.
2) Which brings us to point 2. There is a BIG incentive to buy and hold this coin. Masternodes are being deployed at a rate of 5 to 10 per day. This means 50 to 100k phore are being purchased and locked up, every day. On top of that, people that cannot afford a costly masternode, can still buy a few thousand coins and earn “interests” as they help validating the blockchain too! This basically drains the order book, fast, and skyrockets the price.
3) What happens when the vast majority (65%+) of the coins are locked up in masternodes, and from the 35% remaining, most of it goes into “staking”? Here’s what happens: the supply becomes increasingly low, the demand increasingly high. People that own masternodes or own decent amounts of coins don’t wanna sell, as the “interests” they make double, triple, quadruple in value, incentivizing them even further to hold.
4) What I’ve described in points 1 to 3 is pretty basic stuff. Economics 101. It’s a positive feedback loop: More MN’s/stakers = less coins in circulation = higher price = higher “interests” earned = more people want in = even less coins in circulation = even higher price = even higher “interests”, and it repeats itself until an equilibrium is reached (judging from PivX, equilibrium is at or around 425M market cap). Everybody wants in early on PoS coins, even moreso with MN coins, because of that simple fact. Early dash masternode owners are pretty much laughing right now. Everyone FOMO’s a good masternode coin, and that’s a fact, pure and simple.
5) Alright, now let’s dive into the actual “technical” merits of Phore. Phore is developed by an anonymous team. The same team that created Kryptcoin a few years ago (a coin with a decentralized marketplace). The team performed in a stellar fashion with kryptcoin, as well as their marketplace. Unfortunately, they were way ahead of their time with the marketplace. Most people didn’t even know what a bitcoin was back then. Phore definitely has this “old school, underground project” feel to it, and you will notice a good chunk of its community on discord are crypto believers from well before crypto was even talked about. They are “remaking” Kryptcoin from scratch, with tons of added features, and an even better marketplace. The fact they pulled it off back then only further reassures me that they will pull it off even better this time. This team actually has something under its belt.
6) Phore will have SegWit, as well as Smart Contracts. Yep, you read that right, smart contracts and dApps will eventually be running on PHORE. Zerocoin protocol as well for completely anonymous transactions.
7) Phore is integrating a Decentralized marketplace based on OpenBazaar’s codebase. They aim to have it running smoother, with a better UI and make it very intuitive. If there’s one team you have to believe can pull it off, it’s definitely the Phore dev team (They already did it in the past!) And the best part is that it’s not for late 2018 unlike some other coins. Nope. We are already in the testing phase, and it should launch somewhere in Q1 2018.
8) Although it is obvious, I thought I’d mention it for the less familiar: 10% of each block reward goes to the development fund. This means the project has a constant flow of money to hire new devs, grow the marketing team, grow the project, pay for exchange listing fees, etc. (They’ve already added an extra dev & an extra marketing team member, just this week, and are already hiring right now for another dev position. So, if you are a talented dev, feel free to apply!)
9) They have applied for Binance today. Although this does NOT mean it is guaranteed, at all, it’s good to see them applying to a variety of exchanges. It is currently only available on cryptopia and is skyrocketing. Getting added to Binance, Bittrex and the likes would make it explode in a ridiculous way.
10) Point number 10 will be a little off topic, to put us in context for point #11. Personally, I like to contribute feedback to projects i truely believe in. One example I came up with was a cool idea for COSS and I let Rune (COSS founder) know about it. Basically, when COSS will get FIAT trading, it is impossible for people to get USD and EUR “fee split” from holding COSS, as USD and EUR are not compatible with the DAO, which is an Ethereum Smart Contract.
My way around this was to create a “COSSusd and a COSSeur”, basically an ERC20 token that’s automatically created/destroyed as FIAT is deposited/withdrawn from the exchange. People sending fiat over to COSS would basically be credited with the “COSSusd or COSSeur”, trade with it, and then when they want to withdraw they would exchange their ERC20 for FIAT and withdraw it via wire transfer. The whole thing would be smart-contract powered and transparent so there is always the same number of COSSusd and Real USD on COSS.
Basically, this would result in COSS holders receiving “fiat dividends” as well, and not only “crypto dividends”. Rune is currently in the process of getting legal opinion on this idea as he is an adamant believer in compliance and wants to do everything by the Book.
11) Well, for Phore, I’ve also contributed a few ideas to attempt to make the marketplace go viral. Viral as in mainstream viral, not only viral in the crypto-space. The devs, advisors, marketing team, advisors and even the community were all very impressed and took notes of everything. Now I cannot comment on what will and what won’t be implemented, but overall my feedback was received in an extremely positive manner. Here goes:
Basically an easy gateway that's only fiat > phore. Coded in a way that when you purchase with fiat it automatically sends it to your wallet (and obviously we'd need to have a phore mobile wallet app).
This is how Phore will go mainstream, no way around it, unless we wanna wait 10+ years for every crypto "newbies" coming in to actually go through the lengthy process of learning about crypto, how they work, familiarize themselves, etc. So many newbies flooding in, we definitely need easy one-click fiat > phore solution.
Plus it would be super easy for me or phore marketing team (or both, working together) to put up a small nice and concise "press release kit" and send it out to all the major media outlets (all the big blogs, bloomberg, yahoo finance, lifestyle blogs for the libertarian / marijuana users / all the people that are into the whole “freedom thing” as well as all media outlets targeted to the 18-30 crowd).
Facebook advertising campaigns (targeting 18-35 age range, people interested in crypto, people interested in "online commerce", etc etc.) as well as google advertising campaigns (people search amazon or ebay, and they find our sponsored paid ad on top saying "thinking of trying amazon? Check out the phore marketplace, it's cheaper, blockchain-powered and 100% decentralized".
*Instagram campaigns as well, lots of the 16-30 crowd there. Instagram, google, Facebook and Reddit campaigns and any other viable channels. We can do all these things AND succeed at them quite easily, all we need is 1) an intuitive marketplace, which the devs are busting their asses off to achieve and we KNOW it'll be phenomenal, and 2) a fiat > phore gateway integrated. That second point will make or break it in terms of mainstream adoption, hence why it's indispensable to have it before we tackle "mainstream marketing" via FB, IG, Google, Reddit, Twitter, Blogs & Other Media outlets.
Ideally the fiat > phore gateway would be on the website itself, so people get credited their phore directly on their marketplace account. With a mobile wallet being a nice add-on of course so they can keep the extra phore in there when not in use, and 1-click transfer from marketplace to mobile wallet and vice versa, "a la paypal/dash evolution.
TL;DR for the lazy: Masternodes + PoS // Self-sufficient project due to the “treasury fund” // Stellar team who has ALREADY DONE THIS before // Currently underserved (cryptopia only) // Team applied to exchanges including Binance// Segwit + Smart Contracts + Strong privacy features // Decentralized Marketplace being beta tested as we speak and launching Q1 2018 // Strong incentive to hold as both Masternodes AND stakers dry up the supply for staking purposes, which creates a positive feedback loop (coins get bought, price goes up making the “staking & MN rewards go up”, making more people want a MN or Stake, more people buy, price rises again, “interests” earned go up, rinse and repeat in an endless loop until equilibrium is reached).
Currently, a masternode generates roughly 120phweek. Calculate Phore’s current price multiplied by 120 and you’ll get a pretty solid estimate of the weekly revenue generated from a Masternode.
THORChain Weekly Dev Update for Week 19–02 Nov 2019
1 Rune Fee
Reasoning about gas costs on networks with non-deterministic fee schedules (such as Bitcoin) becomes unnecessarily complex. The issue is that the final gas cost cannot be known ahead of time so the system must cover any variability in the gas cost so that the user can be charged a flat rate. If the user is not charged anything, then the system can be depleted of funds, passing the cost back to stakers. Additionally, swaps below 1 Rune bring negligible economic value to the network and saturate the mempool with low value transactions. As such the solution is to charge a flat 1 Rune fee (or 1 Rune equivalent) on all outgoing transactions (swap and withdrawals). This 1 Rune fee is moved into the Protocol Reserve and increases the network’s future income. When the nodes report on the final transaction, they include the observed transaction fee. This transaction fee is then reimbursed back to the pool that paid for it ( BNB.BNB, BTC.BTC, ETH.ETH etc). There are cases that the outgoing transaction fee may exceed 1 Rune (Bitcoin in high use), but more than likely 1 Rune will be more than sufficient to cover the costs and ensure the network grows its reserves. Additionally, it sets a floor on the minimum transaction that the network will process. A swap of less than 1 Rune will end up becoming a donation to the network.
The team are working on 4 parallel streams of effort. Cross-chain infrastructure has now been merged into a single repo called “THORNode”. * THORChain * Midgard Public API * Threshold Signature Scheme implementation * Front-end Integration for BEPSwap
Much work has been done to refactor and clean up the codebase which will make public audits easier. This includes splitting up the keeper, separating out the events module and more. Smoke tests have been fully-integrated into the test schedule. Safer subtraction and division methods were added to prevent the likelihood of panic events. * [refactor] split keeper funcs/interface into separate files * [tests] use gow * [refactor] Redo how get key works in keeper * [security] require no signers on tx ins * Resolve “ADD: 1 Rune Fee on all Swaps” * [bug] fix smoke tests * [ADD] semantic versioning * [Refactor] Keeper chains * [Refactor] Events Keeper * Resolve “Adds a SafeSub method” * [Refactor] Last Height Keeper * [Refactor] keeper liquidity fees * FIX: Issue 208 * [ISSUE] Get smoke tests to 100%
Midgard Public API
Midgard is now ready for integration into the FrontEnd. The manner in which USD price of assets in now updated to source only from internal pool pricing. This includes BNB.BUSD, BNB.TUSD, BNB.USDS. ROI endpoints are now added. * Fix : Updated our mock data to include a correct BNB address. * Add: Return the date a staker first staked. * Add: Previously missing implementations for pool data (24hr and 12m). * Fix: Several potential query issues. Updates to return the TX date as a UNIX timestamp. * Fix: Additional query updates/fixes. * Fix: Build system * Add: Filtering implementation for TxID and Asset. * Added missing import. * Fix/build issues * Fixed issue with my auto refactor * Add: Filtering updates. DB Config fix. * Add: Missing Staker methods for ROI and earnings. * Added fix to enabled timescale extension * Fix: Added build config for rpc_host * Add: Support to Calculate USD price of an asset. * Added: Health check for mainnet to test that we still have a db connection… * Add: Tests for the recent endpoints work. * jq syntax fix. * Additional jq fixes. * [ADD] Manage docker image on gitlab
Threshold Signature Scheme
The Binance Go TSS library is now fully implemented and deploys in a four-node chain. integrate with new go-tss * 212-issue export private key thus we can use it to start tss * 214-issue consolidate tss keygen and tss keysign config, with our new go-tss… * [ADD] Setup go-tss in genesis docker * [ADD] Have CI run smoke tests on a four node chain with TSS
The frontend makes some final tweaks on the interface, before integrating the Midgard APIs. * Resolve “Update stake page share panel” * Resolve “UPDATE: Network Dropdown Titles” * Resolve “ADD: Sorting of columns in pool list” * Resolve “ADD: Sorting of columns in pool list” * Resolve “FIX: Close token selection drop down when clicking outside” * Resolve “Add redux saga for midgard apis” * Resolve “Update protect price UI” * Resolve “Update wallet drawer”
The next milestone is: ChaosNet: 03 January 2020 on-time
Why Basic Attention Token (BAT) is a Promising Crypto Investment
Understanding dividend paying coins (NEO and COSS) and why dividend stocks are the most lucrative investments for Stock purchasers
Some of the most popular Stocks are the ones that pay dividends. Nvidia’s stock has skyrocketed over the past year because of the growth of their company and the dividends that they are paying out. Not to mention the potential of AI to drive even more profits for Nvidia in the long term. All smart investors know that the best investments are the ones that provide a passive source of income. Why is the real estate market so lucrative? Because every property you buy has the potential to grow in value but also pay you a ROI from renting/leasing out the properties. In this post I will be discussing two dividend sharing coins, Neo, and my favorite COSS which I feel is significantly undervalued. There are many more dividend sharing coins that everyone should take the time to research as these may be the best long-term investments out there. Before I dive into these two coins let me start with a quote by Warren Buffet:
“If you don't find a way to make money while you sleep, you will work until you die!”
As I always say for all my posts, do your own research! Don’t just blindly follow others that tell you to invest in coin X or coin Y. Find out if the coin is worth investing in and spend a couple minutes and read up about them and make your decision by yourself. COSS
COSS (Crypto One Stop Solution) is an Ethereum based ERC223 token that when held by investors shares fees earned by the parent exchange: https://www.coss.io. The exchange itself has approximately over 80 trading pairs and will be adding several more this month. All the trading pairs are traded against either Ethereum or Bitcoin. The exchange offers COSS token holders a split of the fees they earn through their trading volume. Dividends are paid out weekly in the form of all coins traded on their exchange. The coins that have the most volume are the ones you earn most of. For example, since everything is traded against Ethereum or Bitcoin you will mostly earn in Bitcoin or Ethereum by holding COSS tokens. The best part about this is that you earn so many different coins that all have potential of growing in the long term with the growth of cryptocurrency. For those people that are always thinking about diversifying this is one of the best ways to do so by earning dividends in so many different altcoins. Currently the COSS exchange has more than 7 million USD in volume. Based on this COSS dividend/price calculating website http://coss-stats.com/, you can see that the Token is currently undervalued based on a 5% return on investment calculation. (You can test this by setting Exchange volume to 7 million and ROI to 5% and clicking calculate price, it returns a price of 0.64 USD and COSS is currently valued at 0.28 USD). Apart from all this COSS is launching FIAT trading this month, this means that not only will you be earning more dividends through fee splits from the FIAT gateway but it will bring more trading volume to the exchange itself. Just imagine if Binance shared the profits of the fees their exchange earned weekly with Binance coin holders, holding just a few of those would make you a lot of money in dividends. COSS is far from the level of Binance but with the growth of the Cryptocurrency market in the coming years this is a coin everyone wants to have in their portfolio. For those that are skeptical COSS is a fully compliant exchange with the Monetary Authority of Singapore so it has some strong credibility behind it and will be more difficult to shutdown compared to several other unregulated exchanges out there today.
NEO or as some like to call it the “Ethereum of China” is a smart contract platform designed to allow development of smart contracts to build a scalable network of decentralized applications. Many ICOs have already launched on the platform proving it is a viable alternative to the Ethereum blockchain. NEO’s blockchain is run on another token termed GAS. GAS is used to pay transaction fees generated by applications using the network. All investors that own NEO tokens earn dividends paid out in the form of GAS tokens. GAS can subsequently be sold to realize the dividends earned. GAS earnings are entirely dependent on the use of the network, as the network becomes more widely used the more dividends NEO holders will earn. Again, this all relates back to the growth of the cryptocurrency market and adoption of blockchain technologies. For those that say that Ethereum is the only platform that will be used in the long term I think they don’t realize that there is always room for competitors, just look at PC vs MAC, iOS vs Android, Amazon Echo vs Google Home. In the same way there will always be room for competition in the crypto world.
If you are a long-term investor in the cryptocurrency space consider Dividend paying coins. This way you can invest now and make money while you sleep in the coming years. In particular look at NEO if you believe in the growth of decentralized applications and want to earn a piece of that market. Look at COSS if you believe in cryptocurrency as a whole, if you believe exchanges are here to stay, and want to diversify your cryptocurrency portfolio with many altcoin pairs, but while mostly earning in Ethereum and Bitcoin.
Free to Enter Dota 2 Tournament | Equivalent 500 USD Prize Pool | Starts April 15th @ 6pm EDT (check in 5pm) | Payouts in cryptocurrency called Ark
Do you want to play for tournament prizes like the big boys such as rtz or matumbaman? Do you want to play in a specifically curated professional environment dedicated to fostering growth in the amateur esports scene? Well look much, much further because that is not what I have come here to announce. I can give you something a few tiers below though. Within "The Arkade", you can play for prizes that might allow you to splurge on delicacies such a Texas Roadhouse and Chipotle, or maybe throw money away on aesthetically pleasing cosmetics that will do absolutely nothing to improve your garbage gameplay - but you will look awesome feeding! My teammates and myself are here to announce a completely free to enter tournament that is funded by, and paid out with, a cryptocurrency called Ark. If you aren't in the crypto scene, you probably have never heard of Ark. If you are in the crypto scene, you probably also have not heard of Ark. Nonetheless, you'll get Ark. We did write a guide to show you how to transfer Ark into real USD, other more well known currencies such as Bitcoin or Ethereum, or vote for us with your Ark (hint-hint, wink-wink). We don't care. The prizes for said tournament will be:
There are most likely concerns of legitimacy and whiffs of a scam. In order to facilitate transparency, we want to offer some resources for verifying who we are and what we do. Our Battlefy page, showcasing the last four League tournaments we ran and the participation for each. Our team's Ark wallet, for those more knowledgeable in crypto. And finally, a quick picture of last week's tournament payout, completely verifiable by checking our wallet in the explorer given. If you want more proof, head over to our Discord Server and we will try to convert assist you. Payouts will be in Ark to either a victor's Ark wallet or Binance wallet right after the victors have verified their identities via Discord/Battlefy/Steam. As soon as 6pm EDT hits, the final prizes in Ark will be recalculated to match the USD amounts and will be locked in, then every single participant will know exactly what the stakes are. This will also help deal with price fluctuations while the tournament progresses. All other rules regarding the tournament have been added to the Battlefy page itself, found at the top. If you have any questions/comments/concerns, or just want to play some games join us on Discord!
Edit: If you do not have a team or need to get fillers for your team for the tournament, we have a looking for group channel within our Discord server that you are welcome to use!
The 2019 CQF Bitcoin Code Cracking Challenge and Random Giveaway
The 2019 CQF Bitcoin Code Cracking Challenge and Random Giveaway
Imagine you are trying to capture a spy that is receiving funds from their handler through a secret code in a YouTube channel. You want to identify how they are moving money in order to bring down the entire operation. Your job: crack the code A secret passphrase has been hidden in the Crypto Quantamental YouTube channel. CQF will be posting clues all throughout the year to help you solve the code (see the bottom of this post). If you crack this passphrase you’ll get access to this wallet: 19WQ2RMuM6tC98CGxJUgSK8BgFHytKdLdE
Right now, the wallet has about 1 bitcoin in it.
Non-code breakers will still have 10 chances at winning 20% of the wallet balance through random draws in 2019!
The ultimate goal of this challenge is to spread education to people through the CQF YouTube videos. Those videos include education on financial markets, technical analysis, risk management, foundational concepts, and much more! This challenge is designed so both code breakers and non code-breakers can participate and potentially learn something new! If the code is not cracked by December 31, 2019 CQF will simply reveal the entire cipher. Then it is a race to see who can solve it first!
How to win up to 20% of the wallet in one of the 10 random drawings
7.0% if you can correctly guess one of the 'phrases' in the secret passphrase (GOOD LUCK!)
Full case sensitive requirement (space to space)
You can either guess via the Google Form or simply tell me your guess if you win a draw
Note: If you are caught lying about any of the above (for example signing up, or subscribing) then you will be immediately disqualified from the draw. The winner must have 10 followers, 10 tweets, and 10 followings in order to help avoid spam accounts. The winner must DM cryptoqf within 24 hours of drawing to claim their winnings (must provide a btc address). The winner can then guess the part of the secret pass phrase for a 7% winning boost. The winner must be able to prove all claimed winning boosts such as YouTube subscribing/comments or signing up to the various platforms. All actions to receive a winning boost must have occurred prior to being selected as a winner. The random drawings end if the code is cracked and the wallet funds are claimed.
Three ways to win:
Code crackers: Find the secret passphrase located within the Crypto Quantamental YouTube channel. CQF will be posting clues all throughout the year that will help you crack the code.
Non-Code crackers: There will be 10 random drawings where you can win up to 20% of the BTC found in the wallet. The dates of the drawing will be on or about 3/15/19, 4/15/19, 5/15/19, 6/15/19, 7/15/19, 8/15/19, 9/15/19, 10/15/19, 11/15/19, and 12/30/19. If the code is cracked before a drawing date the drawing will not occur (competition ended).
Everyone: CQF will post (across various platforms) the cipher on 12/31/2019, detailing exactly how to find the secret passphrase. At that point it is simply a race to see who cracks it first!
How to check if your guess at the passphrase is correct:
Go to brainwallet.io
Type in your passphrase guess, including generic salt
If public key matches the above then make note of the private key
Then go to blockchain.info
Create a wallet
Import the private key for the secret wallet
Transfer the BTC to your account!
Clues for code crackers:
CQF will post clues to help you crack the code. These clues will be found on future YouTube videos.twitter posts, and other platforms. You will not need all clues in order to crack the passphrase. Some clues will be more obvious than others. On average there will be multiple clues per week. Initial Clues (check Twitter and YouTube for other initial clues):
Forget the daily updates
Let's just play
First find the salt!
Interested in Contributing or Sponsoring?
Reach out to @cryptoqf on twitter. Sponsorship opportunities will vary depending on the phase of the competition. CQF will happily do reviews, interviews, or make your own code cracking challenge etc. for a contribution into the unclaimed wallet. Feel free to support this educational effort by donating directly into the wallet: 19WQ2RMuM6tC98CGxJUgSK8BgFHytKdLdE
CQF has received no compensation, in either BTC or USD, for this challenge. Future compensation, if any, will be tied to potential referrals and YouTube advertising (so basically none!). At launch date all contributed bitcoin to the unclaimed bitcoin wallet was donated directly by CQF. Any and all contributions to the challenge will go directly into the unclaimed bitcoin wallet. None of this should be considered financial advice or a recommendation to use any service. Please do your own research. Dates and rules are subject to change. Cryptocurrency investing and trading has the risk of major loss, so please consult with your own financial advisor that understands your own personal financial situation.
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