submitted by sidhujag to ethereum [link] [comments]
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
SolutionsSyscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Syscoin + Matic IntegrationMatic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Proving Performance & Cost SavingsOur POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.
Cost SavingsTotal cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Tools, Infrastructure & Documentation
Syscoin BridgeMainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
APITools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
DocumentationSyscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence
Trade-offThe Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
CostEthereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Z-DAGZero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
APISyscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.
DocumentationZ-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana
Trade-offZ-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin SpecsSyscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
WalletsWeb3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
ExplorersMainnet: https://sys1.bcfn.ca (Blockbook)
Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!
submitted by yenilmez86 to Bitcoin [link] [comments]
Bitcoin continues to amaze the world and offers us a cash option, as opposed to the state-dominated money we use as a daily standard. Advocates argue that advanced currency standards are simpler, more secure, and offer preferential protection over traditional currency standards. In the last few years speculation has emerged as an open gate for some people's radars, as a Bitcoin forecast in contrast to the USD and forecasts of different monetary forms have increased. Before putting a dollar in Bitcoin or other digital money, it is imperative to understand the dangers. Bitcoin can cause a double increase in incentives over the next few years, but it can only be left to focus on value. Just put what you lose, because there's an opportunity you can't get back. If you understand the dangers and are ready to move forward, any of these best Bitcoin wallets should keep you safe.
Hardware Wallets - Ledger & TrezorBitcoin hardware wallets are a carefully designed electronic device that aims to store the secret keys of your coins in a disconnected environment. With these wallets, special keys and advanced signs are required to spend Bitcoin. As with any wallet, you should save the word seed on a piece of paper and store it in a protected place. Distribute favorites by making several copies. Moreover, as the switches are disconnected, there is no possibility of being attacked. During the season of this composition, there was no theft or loss of Bitcoin from the hardware wallet. Some hardware wallets have security network cards, while others have a small advanced display with a user interface to control swaps. Even if your hardware wallet is damaged, you can effectively re-install your Bitcoin device with the word recovery. Bitcoin hardware wallets were developed after Bitcoin was designed. Currently, different digital forms of money in these wallets ETH, LTC, and so on. If you need to store Bitcoin and other encryption money securely over an extended period, you will need to set up a hardware wallet at this point. Because most of these hardware wallets have a waiting period of one or two months due to enormous interest, you should arrange one at the first opportunity.
Atomic WalletThe Atomic Wallet is a free wallet that supports more than 300 coins and assets. That is the primary encryption wallet with decentralized cross-chain exchanges available. Customers can trade Bitcoin, Litecoin, and QTUM without any middle people. The Atomic Wallet group also aims to strengthen the Ethereum for exchanges. Besides, Atomic Wallet offers an alternative to buying XRP, BTC, LTC, and ETH with natural customary trade management and debit card for digital currency types. Each of these highlights is created in a clear and complete interface. You do not need to check or register your personality. Download, install and start using your Atomic Wallet for your working framework. Atomic Wallet works on frameworks that will be available within the workspace, and will also be accessible for macOS, Linux and Android, and iOS devices. The Atomic Wallet creates a memory aid seed for your wallet and encodes the private keys on your gadget. If you keep your cryptos in the Atomic Wallet, you must save it and keep it in a safe place, since the seed has been shown once and has not been emailed. Atomic Wallet supports private key retrieval so you can easily move your assets from one to the other wallet. Atomic Wallet gives its interface to custom tokens, so everyone can contain custom tokens by bringing a cunning contact address. Atomic Wallet is an unusual digital currency initiative by all accounts. At one point, you can audit more than 300, trade and buy some, try creative Atomic swaps, gain admission to special markers, and be interested in abundance. Each of these highlights is achieved without detention.
Trust WalletTrust Wallet is the world's driving multi-resource computerized wallet which stores both Bitcoin and altcoins. It as of now bolsters more than 13 crypto coins and is a perfect decision for multi-digital money clients. With a functioning advancement group working at lightning speed, it's likewise entirely dependable. Altcoins, for example, Binance, Monero, Tether, Ripple, and a lot more are on their improvement guide. Trust Wallet gives a consistent, frictionless, and simple to utilize UI. It takes no email confirmations, no onboarding, and no usernames-passwords to begin utilizing Trust Wallet. It is an HD wallet which accompanies a seed reinforcement key element. The seed key encourages you in controlling and reestablishing your crypto resources on the off chance that your gadget is harmed or lost. You can send out your private keys, and import Bitcoin or altcoins from paper wallets.
Mycelium WalletMycelium is an open-source, built-in Bitcoin wallet with a constantly evolving and working the designer network. That is a frictionless device for eliminating Bitcoin because it does not require email approvals, onboarding, and no username password to get started. Apart from the chance you're new to Bitcoin, Mycelium's user interface is difficult to use, but you'll love anything. You will check your Bitcoin private key and usually receive it when necessary. Mycelium is an HD wallet that offers a 12-word recovery password that you need to record. When you have no chance of damaging or losing your gadget, this supplemental seed switch will help you make up your Bitcoin.
Electrum WalletElectrum is a famous, free stockpiling alternative in the Bitcoin people group, and is one of the most, if not the most, well-regarded of the work area stockpiling applications out there. Electrum gets high stamps for its convenience and UI, which is constantly decent, yet the genuine reason it's the best Bitcoin wallet for work area is its wellbeing and unwavering quality. As with any workspace wallet that deserves respect, customers have the opportunity to check their private keys thanks to Electrum. Your private key is a long string of letters and numbers, and you need to keep it private as it gives you access to your Bitcoin. Numerous online wallets and online trades don't give you extreme control of your private key, including an additional layer of hazard. You need to both trust the counterparty is a decent entertainer and expectation its servers don't get hacked, as that could bargain the administration or your data.
Final ChoiceIf you do not plan to store your Bitcoin or altcoins for too long, you do not need the hardware wallets I mentioned in the first item. In this case, I think the best of the remaining four options is the Atomic Wallet. Because it has great community support rather than all the technological infrastructure and the number of coins/tokens it supports. Besides, you can get all the support you need about Atomic Wallet quickly and in detail through Telegram channels. As a result, aside from the hardware wallets, the best bitcoin and even the altcoin wallet on the market seems to be the Atomic Wallet in terms of all the features it has.
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Electrum Bitcoin Wallet. Impressum This website is hosted by Electrum Technologies GmbH Electrum Technologies was founded by Thomas Voegtlin in 2013. Its mission is to develop, package and distribute Electrum software, and to provide services to Bitcoin users and businesses. Press release - Wise Guy Research Consultants Pvt Ltd - Global Bitcoin & Cryptocurrency Wallets Market 2020 Top Key Vendors - Trezor, B2Bx, BitLox, Binance, KeepKey, Exodus - Analysis And Forecast ... Two Electrum software wallet users have recently reported the loss of large sums of Bitcoin . One victim described the disappearance of 1,400 BTC, totaling $14,595,000 at press time, while another claimed 36.5 BTC, worth $380,512, as stolen. The events appear connected to a long-standing phishing scam affecting Electrum users since 2018. Crypto-hunting hackers have stolen more than $22 million from the users of Electrum, a popular Bitcoin wallet, in the past two years using a “simple technique” involving fake updates, as per a ZDNet r eport Monday. Researchers stated the hack technique was initially observed back in December 2018 and was since used in several attacks over the next few years to swindle millions of dollars ... The newest swathe of main modifications was launched in version 4.0, one among its largest upgrades because the Bitcoin pockets launched in 2011.(Be aware: For the reason that 4.Zero launch, some bug fixes have been added.) Lightning funds are seen as the way forward for Bitcoin as a result of they’re cheaper and would permit many extra customers to make bitcoin cryptocurrency transactions ... Two users of the Electrum software wallet have recently reported significant losses of Bitcoin (BTC).One of these victims reported that 36.5 BTC was stolen, worth approximately $380,512. The expansion into America’s third most populous state is enabled by Binance.US’s July obtainment of a money transmitter license. Qualifying for this license means that Binance.US is now “fully registered and regulated [as a] crypto and digital asset exchange,” and Floridians can transact in all the digital currencies that Binance.US supports. The license is good for two years and ... THE STATE AND FUTURE OF BITCOIN PRIVATE. Bitcoin Private . Jan 31 · 4 min read. Out with the old, in with the new chain. On November 17, 2019, David Akers published via Twitter his article ... All of It Dark, All of It P2P: After the Binance Hack, Bitcoin Doesn’t Cut It . Amir Taaki created libbitcoin, the first alternative bitcoin implementation, and has worked on wallets Electrum ... Today, I’m going to teach you how to use Binance.Buying and selling cryptocurrency can be stressful, so it’s important to choose an exchange that you can trust.It’s also important to find an exchange that meets your needs, and isn’t too complicated to use.There’s nothing worse than opening an account on an exchange and then realizing you don’t know how it works!
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