What is Bitcoin Mining and How Does it Work? (2020 Updated)

Earn 51-$171 using my referral codes to learn about crypto through Coinbase! Plus! if we verify you used my links, ill give you an additional $5 in for the links you completed. Payout is instant upon completion, no gimmicks!

Make $51+ to Learn about crypto on Coinbase! Up to $150 using my Bonus! [ID Verify Needed]
(If you want to learn a little about bitcoin and crypto, read the whole thing, if you just want the bonus, only read the next 15-20 sentences)
First use this one for your signup: https://www.coinbase.com/join/schaib_sl Once you signed up and verified identity use the links below!
  1. Compound: https://www.coinbase.com/earn/compound/lesson/5
  2. EOS: https://coinbase.com/earn/eos/invite/h9zd74pc
  3. XLM: https://coinbase.com/earn/xlm/invite/0nb8vckp
Altogether there are 6 different lessons, each takes like 5-10 mins with a quiz at the end. Only 3 of them i will get rewarded for though. You will also get an extra $10 for each completed for my referral + $51 from all 6 quizzes and also another $120 if you get 4 people to do the quizzes. They are really quick, especially if already have an account. Also you can look up the answers for each one on google so you dont need to sit through them, be even quicker. Please complete the 3 i sent the links with to the end so we get 10$ reward extra. As soon as you finish they send you the coins into coin base account. Once they are in your account you can sell them instantly for $$, and transfer to your bank account, OR you can keep them on your account. EOS, and COMP have been doing really well, so they might be worth keeping. This is just a really good promotion, probably one of the better i’ve see. Its easy AF, quick, and the reward is really good. If you don’t know anything about crypto, i highly suggest you learn. It’s still very early and its growing super quick. cryptocurrency has gained a ton of attention in the past couple years and is actually starting to become a real actual currencies (already is, but according to our governments) many different types of crypto is starting to become accepted in a bunch of stores, realtors are taking as payment for a house, and colleges are even accepting as tuition. I started researching bitcoin a short amount of time after Satoshi Nakamoto released it (2009) and bought my first few in 2013 at 15$!! From early 2013 the price was about $11 USD and at the end of 2017, $20,000. But they fell and recovered as the stock market does. But the 24-hour trading Volume today, in 2020 is is INSANE ($20,690,383,231) with an even crazier market cap of $209,783,036,693, which by the middle-end of next month should reach $210 billion, possibly sooner. Its just a really smart investment, buy a little over time. Some analysts are predicting that BTC could reach anywhere from $100k to $1,000,000 for BTC in the next few years. Im not sure exactly where i would name the price in 5 years, but know there is only a limited supply of BTC. They are mined (basically just means that the transactions and blocks on the ledger or blockchain are verified) by sophisticated pieces of hardware called ASIIC miners, or some even use GPU, and CPU in expensive computers. Although CPU mining can be very inefficient anymore as the mathematical calculations and problems the miners need to solve get more and more complicated over time. This, the limited supply, the increasing interest, usability, and need for blockchain technology all add the the idea of BTC reaching such incredibly high futures. Their is a total of 20,999,976 bitcoin and that is it. With a total of 18,517,418.75 in circulation. The last BTC is estimated to be 2140. Big difference from the 18.5M mined in 10 years, right? Thats because of the halving. Anyway, I’m sure you have heard some things about BTC, probably from the media, and if it was, it probably wasn’t good. You probably heard that people buy illegal dangerous stuff off of the “Darknet” and that its completely untraceable. Or that money can be laundered through BTC. But that is hardly partly true for BTC and other cryptocurrencies, and completely true for the USD. While the blockchain doesn’t include any personal information connected to wallets (unless you want it there, or you have the wallet through a service that makes you use personal information, which many services are doing), all transactions can still be tracked and seen by anyone who has an internet connection at https://www.blockchain.com. So if the identity of one of the wallet addresses is known, it would be easier to figure the other out. But for paper, money that cannot be said... completely untraceable, has been prone to money laundering since it’s inception, can be used to purchase various drugs—hookers, guns, dynamite, and even politicians... since its inception, without a trace. The reason not just bitcoin, but i think even more exciting, is just blockchain technology and a host of things that are coming with it. It can be used for tons of things, software and can be built directly into blockchains, they can hold and process data at enormous speeds, while being extremely, extremely secure. More secure in a lot ways than banks. There are tons of new cryptocurrency projects being started everyday. For the most part, all of these projects have some sort of token integrated, because its what powers, and processes the data. If people find the project interesting or a great idea you like you’ll be able to invest in it buy buying/selling, or holding the token/coin. When these projects gain enough traction by like-minded individuals, the coin gains a value. This value can then be exchanged for other crypto, or traded directly for Fiat currencies ($,€,₽,¥,£,₩). For some examples of how wonderful the community is, and reveal what the true nature of blockchain and crypto was founded on, ill list 3 of my favorite crypto projects of 2020 so far along with a little excerpt from the white paper or other:
  1. AIDCOIN: “allows websites to embed a widget into their website and accept donations in any cryptocurrency. Any donated crypto is transferred into AID token, which is also a stable coin. At first, this might seem like not such a good thing but the more I looked into it, the more I realized accepting a stable coin might actually make more sense for a charity as it reduces their risk exposure to volatility.”
  2. BRAVE BROWSER—Privacy Internet Browser: “As far as I’m concerned, keeping people safe and protecting their privacy and security is a noble endeavor. For far too long, giants like Google and Facebook have gotten away with unethical data practices with nothing more than a slap on the wrist. They have been able to spy on their users, abuse their data and use it for whatever purpose they deem fit. Brave Browser is looking to put an end to that through the most secure browser that exists on the market today.” Basically Brave takes on the responsibility of completely protecting privacy and from ads. As an added available option, brave allows you, to watch and look at sponsored ads while you browse. So basically just a stand-in for other browsers ads, but instead you make money WITH brave. You are awarded BAT (Basic Attention Token) for your service. BAT’s are currently at .21¢.
  3. Power Ledger: Last but not least. Power Ledger is probably one of my favorite projects that is actually making a real use-case out of crypto and blockchain. They are aiming to disrupt the energy sector with a heightened focus on renewable energy. Their software allows for three core things: 1. Energy Trading (if you have excess energy from your solar panels, for example, you can trade that to your neighbor through Power Ledger). 2. Environmental commodities trading (to help for the reliable tracking of renewable energy credits). 3. Renewable asset ownership (This will allow people who cannot afford their own renewable energy set-up to invest in fractional ownership). I honestly think Power Ledger is doing God’s work and wish them all the best.
As those projects above outlined, the basic principles behind pretty much every currency and upcoming project i have ever seen is, Trust, Sharing profit with the users who help make it into what it becomes, actual transparency, no central authority (due to decentralization), and lastly i believe it gives opportunity to those who are out if opportunity’s way. This is because it reaches so far, like into oppressive governments and 3rd work countries. Anyways, i hope to have given you a little insight during this read. Crypto has so much potential to fill and has already done so much. Looking forward to seeing where else all of this goes.
submitted by ABetterPsychiatrist to referralcodes [link] [comments]

Earn 51-$171 in crypto (compound, stellar, celo, and maker) by simply learning about them and answering questions through my coinbase link! Instant payout upon completion! Can sell for cash and transfer to bank immediately! Will pay an extra $5 for each link used and completed! Very quick

Make $51+ to Learn about crypto on Coinbase! Up to $150 using my Bonus! [ID Verify Needed]
(If you want to learn a little about bitcoin and crypto, read the whole thing, if you just want the bonus, only read the next 15-20 sentences)
First use this one for your signup: https://www.coinbase.com/join/schaib_sl Once you signed up and verified identity use the links below!
  1. Compound: https://www.coinbase.com/earn/compound/lesson/5
  2. XLM: https://coinbase.com/earn/xlm/invite/0nb8vckp
Altogether there are 6 different lessons, each takes like 5-10 mins with a quiz at the end. Only 3 of them i will get rewarded for though. You will also get an extra $10 for each completed for my referral + $51 from all 6 quizzes and also another $120 if you get 4 people to do the quizzes. They are really quick, especially if already have an account. Also you can look up the answers for each one on google so you dont need to sit through them, be even quicker. Please complete the 3 i sent the links with to the end so we get 10$ reward extra. As soon as you finish they send you the coins into coin base account. Once they are in your account you can sell them instantly for $$, and transfer to your bank account, OR you can keep them on your account. EOS, and COMP have been doing really well, so they might be worth keeping. This is just a really good promotion, probably one of the better i’ve see. Its easy AF, quick, and the reward is really good. If you don’t know anything about crypto, i highly suggest you learn. It’s still very early and its growing super quick. cryptocurrency has gained a ton of attention in the past couple years and is actually starting to become a real actual currencies (already is, but according to our governments) many different types of crypto is starting to become accepted in a bunch of stores, realtors are taking as payment for a house, and colleges are even accepting as tuition. I started researching bitcoin a short amount of time after Satoshi Nakamoto released it (2009) and bought my first few in 2013 at 15$!! From early 2013 the price was about $11 USD and at the end of 2017, $20,000. But they fell and recovered as the stock market does. But the 24-hour trading Volume today, in 2020 is is INSANE ($20,690,383,231) with an even crazier market cap of $209,783,036,693, which by the middle-end of next month should reach $210 billion, possibly sooner. Its just a really smart investment, buy a little over time. Some analysts are predicting that BTC could reach anywhere from $100k to $1,000,000 for BTC in the next few years. Im not sure exactly where i would name the price in 5 years, but know there is only a limited supply of BTC. They are mined (basically just means that the transactions and blocks on the ledger or blockchain are verified) by sophisticated pieces of hardware called ASIIC miners, or some even use GPU, and CPU in expensive computers. Although CPU mining can be very inefficient anymore as the mathematical calculations and problems the miners need to solve get more and more complicated over time. This, the limited supply, the increasing interest, usability, and need for blockchain technology all add the the idea of BTC reaching such incredibly high futures. Their is a total of 20,999,976 bitcoin and that is it. With a total of 18,517,418.75 in circulation. The last BTC is estimated to be 2140. Big difference from the 18.5M mined in 10 years, right? Thats because of the halving. Anyway, I’m sure you have heard some things about BTC, probably from the media, and if it was, it probably wasn’t good. You probably heard that people buy illegal dangerous stuff off of the “Darknet” and that its completely untraceable. Or that money can be laundered through BTC. But that is hardly partly true for BTC and other cryptocurrencies, and completely true for the USD. While the blockchain doesn’t include any personal information connected to wallets (unless you want it there, or you have the wallet through a service that makes you use personal information, which many services are doing), all transactions can still be tracked and seen by anyone who has an internet connection at https://www.blockchain.com. So if the identity of one of the wallet addresses is known, it would be easier to figure the other out. But for paper, money that cannot be said... completely untraceable, has been prone to money laundering since it’s inception, can be used to purchase various drugs—hookers, guns, dynamite, and even politicians... since its inception, without a trace. The reason not just bitcoin, but i think even more exciting, is just blockchain technology and a host of things that are coming with it. It can be used for tons of things, software and can be built directly into blockchains, they can hold and process data at enormous speeds, while being extremely, extremely secure. More secure in a lot ways than banks. There are tons of new cryptocurrency projects being started everyday. For the most part, all of these projects have some sort of token integrated, because its what powers, and processes the data. If people find the project interesting or a great idea you like you’ll be able to invest in it buy buying/selling, or holding the token/coin. When these projects gain enough traction by like-minded individuals, the coin gains a value. This value can then be exchanged for other crypto, or traded directly for Fiat currencies ($,€,₽,¥,£,₩). For some examples of how wonderful the community is, and reveal what the true nature of blockchain and crypto was founded on, ill list 3 of my favorite crypto projects of 2020 so far along with a little excerpt from the white paper or other:
  1. AIDCOIN: “allows websites to embed a widget into their website and accept donations in any cryptocurrency. Any donated crypto is transferred into AID token, which is also a stable coin. At first, this might seem like not such a good thing but the more I looked into it, the more I realized accepting a stable coin might actually make more sense for a charity as it reduces their risk exposure to volatility.”
  2. BRAVE BROWSER—Privacy Internet Browser: “As far as I’m concerned, keeping people safe and protecting their privacy and security is a noble endeavor. For far too long, giants like Google and Facebook have gotten away with unethical data practices with nothing more than a slap on the wrist. They have been able to spy on their users, abuse their data and use it for whatever purpose they deem fit. Brave Browser is looking to put an end to that through the most secure browser that exists on the market today.” Basically Brave takes on the responsibility of completely protecting privacy and from ads. As an added available option, brave allows you, to watch and look at sponsored ads while you browse. So basically just a stand-in for other browsers ads, but instead you make money WITH brave. You are awarded BAT (Basic Attention Token) for your service. BAT’s are currently at .21¢.
  3. Power Ledger: Last but not least. Power Ledger is probably one of my favorite projects that is actually making a real use-case out of crypto and blockchain. They are aiming to disrupt the energy sector with a heightened focus on renewable energy. Their software allows for three core things: 1. Energy Trading (if you have excess energy from your solar panels, for example, you can trade that to your neighbor through Power Ledger). 2. Environmental commodities trading (to help for the reliable tracking of renewable energy credits). 3. Renewable asset ownership (This will allow people who cannot afford their own renewable energy set-up to invest in fractional ownership). I honestly think Power Ledger is doing God’s work and wish them all the best.
As those projects above outlined, the basic principles behind pretty much every currency and upcoming project i have ever seen is, Trust, Sharing profit with the users who help make it into what it becomes, actual transparency, no central authority (due to decentralization), and lastly i believe it gives opportunity to those who are out if opportunity’s way. This is because it reaches so far, like into oppressive governments and 3rd work countries. Anyways, i hope to have given you a little insight during this read. Crypto has so much potential to fill and has already done so much. Looking forward to seeing where else all of this goes.
submitted by ABetterPsychiatrist to ReferralsForPay [link] [comments]

Bull market is back… Another wave of hacker attacks starts again?

Bull market is back… Another wave of hacker attacks starts again?

The picture from COINDESK related reports
On Aug. 2, Ethereum Classic Labs (ETC Labs) made an important announcement on ETC blockchain. ETC Labs said due to network attack, Ethereum Classic suffered a reorganization on August 1st. This has been the second attack on the Ethereum Classic Network this year.
Did renting-power cause the problem again?
In this ETC incident, one of the miners mined a large number of blocks offline. When the miner went online, due to its high computing power, and some versions of mining software did not support large-scale blockchain mergers, the consensus failed. Therefore, the entire network was out of sync, which produced an effect similar to a 51% attack. Finally, it caused the reorganization of 3693 blocks, starting at 10904147. The deposit and withdrawal between the exchanges and mining pools had to be suspended for troubleshooting during this period.
Media report shows that the blockchain reorganization may be caused by a miner (or a mining pool) disconnected during mining. Although it has been restored to normal after 15 hours of repair, it does reflect the vulnerability of the Proof of Work (PoW) network: once the computing power of the network is insufficient, the performance of one single mining pool can affect the entire network, which is neither distributed nor secure for the blockchain. Neither does it have efficiency.
At present, most consensus algorithms of blockchains are using PoW, which has been adopted over 10 years. In PoW, each miner solves a hashing problem. The probability to solve the problem successfully is proportional to the ratio of the miner’s hash power to the total hash power of mainnet.
Although PoW has been running for a long time, the attack model against PoW is very straightforward to understand, and has attracted people’s attention for a long time: such an attack, also known as double-spending attack, may happen when an attacker possesses 51% of the overall network hash power. The attacker can roll back any blocks in the blockchain by creating a longer and more difficult chain and as a result, modify the transaction information.
Since hash power can be rented to launch attacks, some top 30 projects have suffered from such attacks. In addition to this interference, the main attack method is through the computing power market such as Nice Hash. Hackers can rent hashpower to facilitate their attacks, which allows the computing power to rise rapidly in a short time and rewrite information. In January of this year, the Ethereum Classic was attacked once, and it was also the case that hackers can migrate computing power from the fiercely competitive Bitcoin and Ethereum, and use it to attack smaller projects, such as ETH Classic.

The picture shows the cost of attacking ETH Classic. It can be seen that it costs only $6,634 to attack ETH Classic for one hour.
The security of one network is no longer limited by whether miners within the main net take more than 51% of the total hash power, rather it is determined by whether the benevolent (non-hackers) miners take more than 51% of the total hash power from the pool of projects that use similar consensus algorithm. For example, the hash power of Ethereum is 176 TH/s and that of Ethereum Classic is 9 TH/s. In this way, if one diverts some hash power from Ethereum (176 TH/s) to Ethereum Classic, then one can easily launch a double-spending attack to Ethereum Classic. The hash power ratio for this attack between the two projects is 9/176 = 5.2%, which is a tiny number.

https://preview.redd.it/qj57vgmgb9f51.png?width=699&format=png&auto=webp&s=39c1efc3645f268dbf1c73e1b373d532d5461006
As one of the top 30 blockchain projects, Ethereum Classic has been attacked several times. Therefore, those small and medium-sized projects with low hash power and up-and-coming future projects are facing great potential risks. This is the reason that many emerging public chain projects abandon PoW and adopt PoS.
Proof of Stake (PoS) can prevent 51% attack but has problems of its own
In addition to PoW consensus, another well-adopted consensus algorithm is Proof of Stake (PoS). The fundamental concept is that the one who holds more tokens has the right to create the blocks. This is similar to shareholders in the stock market. The token holders also have the opportunities to get rewards. The advantages of PoS are: (i) the algorithm avoids wasting energy like that in PoW calculation; and (ii) its design determines that the PoS will not be subjected to 51% hash power attack since the algorithm requires the miner to possess tokens in order to modify the ledger. In this way, 51% attack becomes costly and meaningless.

https://preview.redd.it/rf65o1vhb9f51.png?width=685&format=png&auto=webp&s=9d7a9f9dab6ce823a224e91afa9d116310cf27e1
In terms of disadvantages, nodes face the problem of accessibility. PoS requires a permission to enter the network and nodes cannot enter and exit freely and thus lacks openness. It can easily be forked. In the long run, the algorithm is short of decentralization, and leads to the Matthew effect of accumulated advantages whereby miners with more tokens will receive more rewards and perpetuate the cycle.
More importantly, the current PoS consensus has not been verified for long-term reliability. Whether it can be as stable as the PoW system is yet to be verified. For some of the PoW public chains that are already launched, if they want to switch consensus, they need to do hard fork, which divides communities and carries out a long consensus upgrade and through which Ethereum is undergoing. Is there a safer and better solution?
QuarkChain Provide THE Solution: High TPS Protection + PoSW Consensus
For new-born projects, and some small or medium-sized projects, they all are facing the problem of power attack. For PoW-based chains, there are always some chains with lower hash power than others (ETC vs. ETH, BCH vs BTC), and thus the risk of attack is increased. In addition, the interoperability among the chains, such as cross-chain operation, is also a problem. In response, QuarkChain has designed a series of mechanisms to solve this problem. This can be summed up as a two-layer structure with a calculation power allocation and Proof of Staked Work (PoSW) consensus.
First of all, there is a layer of sharding, which can be considered as some parallel chains. Each sharding chain handles the transactions relatively independently. Such design forms the basis to ensure the performance of the entire system. To avoid security issues caused by the dilution of the hash power, we also have a root chain. The blocks of the root chain do not contain transactions, but are responsible for verifying the transactions of each shard. Relying on the hash power distribution algorithm, the hash power of the root chain will always account for 51% of the net. Each shard, on the other hand, packages their transactions according to their own consensus and transaction models.
Moreover, QuarkChain relies on flexibility that allows each shard to have different consensus and transaction models. Someone who wants to launch a double-spending attack on a shard that is already contained in the root chain must attack the block on the root chain, which requires calling the 51% hash power of the root chain. That is, if there are vertical field projects that open new shards on QuarkChain, even with insufficient hash power, an attacker must first attack the root chain if he or she wants to attack a new shard. The root chain has maintained more than 51% of the network’s hash power, which makes the attack very difficult.

https://preview.redd.it/rxpohs7jb9f51.png?width=674&format=png&auto=webp&s=e2df1307a1753542472f2b6da88e7a4022b30884

As illustrated in the diagram, if the attacker wants to attack the QuarkChain network, one would need to attack the shard and the root chain simultaneously.
PoW has achieved a high level of decentralization and has been verified for its stability for a long time. Combining PoW with the staking capability for PoS would make use of the advantages of both consensus mechanisms. That is what QuarkChain’s PoSW achieves exactly.
PoSW, which is Proof of Staked Work, is exclusively developed by QuarkChain and runs on shards. PoSW allows miners to enjoy the benefits of lower mining difficulty by staking original tokens (currently it’s 20 times lower). Conversely, if someone malicious with a high hash power and does not stake tokens on QuarkChain, he will be punishable by receiving 20 times the difficulty of the hash power, which increases the cost of attack. If the attacker stakes tokens in order to reduce the cost of attack, he/she needs to stake the corresponding amount of tokens, which may cost even more. Thus, the whole network is more secure.
Taking Ethereum Classics (ETC) as an example, if ETC uses the PoSW consensus, if there was another double-spending attack similar to the one in January, the attacker will need at least 110Th/s hash power or 650320 ETC (worth $3.2 million, and 8 TH/s hash power) to create this attack, which is far greater than the cost of the current attack on the network (8Th/s hash power) and revenue (219500 ETC).
Relying on multiple sets of security mechanisms, QuarkChain ensures its own security, while providing security for new shards and small and medium-sized projects. Its high level of flexibility also allows the projects to support different types of ledger models, transaction models, virtual machines, and token economics. Such great degrees of security and flexibility will facilitate the blockchain ecosystem to accelerate growth of innovative blockchain applications.
Learn more about QuarkChain
Website https://www.quarkchain.io
Telegram https://t.me/quarkchainio
Twitter https://twitter.com/Quark_Chain
Medium https://medium.com/quarkchain-official
Reddit https://www.reddit.com/quarkchainio/
Community https://community.quarkchain.io/
submitted by QuarkChain to quarkchainio [link] [comments]

A Glance at the Heart: Proof-of-Authority Technology in the UMI Network

A Glance at the Heart: Proof-of-Authority Technology in the UMI Network

https://preview.redd.it/vhvj6v093df51.jpg?width=1024&format=pjpg&auto=webp&s=00c0c223d9758edec8ed49a8cb9024f96d3ee343
Greetings from the UMI Team! Our Whitepaper describes in detail the key pros and cons of the two mechanisms which the great majority of other cryptocurrencies are based on:
Proof-of-Work (PoW) — mining technology. Used in Bitcoin, Ethereum, Litecoin, Monero, etc.
Proof-of-Stake (PoS) and its derivatives — forging technology. Used in Nxt, PeerCoin, NEO, PRIZM, etc.
As a result of a careful analysis of PoW and PoS, which are designed to fight against centralization, there came a conclusion that they both fail to perform their main mission and, in the long run, they lead to the network centralization and poor performance. For this reason, we took a different approach. We use Proof-of-Authority (PoA) algorithm coupled with master nodes, which can ensure the UMI network with decentralization and maximum speed.
The Whitepaper allows you to understand the obvious things. This article will give you a clear and detailed explanation of the technology implemented in the UMI network. Let's glance at the heart of the network right now.
Proof-of-Authority: How and Why It Emerged
It's been over a decade since the first transaction in the Bitcoin network. Over this time, the blockchain technology has undergone some qualitative changes. It's down to the fact that the cryptocurrency world seeing the emerging Proof-of-Work defects in the Bitcoin network year after year has actively searched for ways to eliminate them.
PoW decentralization and reliability has an underside of low capacity and scalability problem that prevents the network from rectifying this shortcoming. Moreover, with the growing popularity of Bitcoin, greed of miners who benefit from high fees resulting from the low network throughput has become a serious problem. Miners have also started to create pools making the network more and more centralized. The “human factor” that purposefully slowed down the network and undermined its security could never be eliminated. All this essentially limits the potential for using PoW-based cryptocurrencies on a bigger scale.
Since PoW upgrade ideas came to nothing, crypto community activists have suggested cardinally new solutions and started to develop other protocols. This is how the Proof-of-Stake technology emerged. However, it proved to be excellent in theory rather than in practice. Overall, PoS-based cryptocurrencies do demonstrate a higher capacity, but the difference is not as striking. Moreover, PoS could not fully solve the scalability issue.
In the hope that it could cope with the disaster plaguing all cryptocurrencies, the community came up with brand new algorithms based on alternative operating principles. One of them is the Proof-of-Authority technology. It was meant to be an effective alternative with a high capacity and a solution to the scalability problem. The idea of using PoA in cryptocurrencies was offered by Gavin Wood — a high-profile blockchain programmer and Ethereum co-founder.
Proof-of-Authority Major Features
PoA's major difference from PoW and PoS lies in the elimination of miner or forger races. Network users do not fight for the right to be the first to create a block and receive an award, as it happens with cryptocurrencies based on other technologies. In this case blockchain's operating principle is substantially different — Proof-of-Authority uses the “reputation system” and only allows trusted nodes to create blocks.
It solves the scalability problem allowing to considerably increase capacity and handle transactions almost instantly without wasting time on unnecessary calculations made by miners and forgers. Moreover, trusted nodes must meet the strict capacity requirements. This is one the main reasons why we have selected PoA since this is the only technology allowing to fully use super-fast nodes.
Due to these features, the Proof-of-Authority algorithm is seen as one of the most effective and promising options for bringing blockchain to various business sectors. For instance, its model perfectly fits the logistics and supply chain management sectors. As an outstanding example, PoA is effectively used by the Microsoft Azure cloud platform to offer various tools for bringing blockchain solutions to businesses.
How the UMI Network Gets Rid of the Defects and Incorporates the Benefits of Proof-of-Authority Method
Any system has both drawbacks and advantages — so does PoA. According to the original PoA model, each trusted node can create a block, while it is technically impossible for ordinary users to interfere with the system operation. This makes PoA-based cryptocurrencies a lot more centralized than those based on PoW or PoS. This has always been the main reason for criticizing the PoA technology.
We understood that only a completely decentralized product could translate our vision of a "hard-to-hit", secure and transparent monetary instrument into reality. Therefore, we started with upgrading its basic operating principle in order to create a product that will incorporate all the best features while eliminating the defects. What we’ve got is a decentralized PoA method. We will try to explain at the elementary level:
- We've divided the nodes in the UMI network into two types: master nodes and validator nodes.
- Only master nodes have the right to create blocks and confirm transactions. Among master node holders there's the UMI team and their trusted partners from across the world. Moreover, we deliberately keep some of our partners — those who hold master nodes — in secret in order to secure ourselves against potential negative influence, manipulation, and threats from third parties. This way we ensure maximum coherent and reliable system operation.
- However, since the core idea behind a decentralized cryptocurrency rules out any kind of trust, the blockchain is secured to prevent master nodes from harming the network in the event of sabotage or collusion. It might happen to Bitcoin or other PoW- or PoS-based cryptocurrencies if, for example, several large mining pools unite and perform a 51% attack. But it can’t happen to UMI. First, the worst that bad faith master node holders can do is to negligibly slow down the network. But the UMI network will automatically respond to it by banning such nodes. Thus, master nodes will prevent any partner from doing intentional harm to the network. Moreover, it will not be able to do this, even if most other partners support it. Nothing — not even quantum computers — will help hackers. Read our post "UMI Blockchain Six-Level Security" for more details.
- A validator node can be launched by any participant. Validator nodes maintain the network by verifying the correctness of blocks and excluding the possibility of fakes. In doing so they increase the overall network security and help master nodes carry out their functions. More importantly, those who hold validator nodes control those who hold master nodes and confirm that the latter don't violate anything and comply with the rules. You can find more details about validator nodes in the article we mentioned above.
- Finally, the network allows all interested users to launch light nodes (SPV), which enables viewing and sending transactions without having to download the blockchain and maintain the network. With light nodes, any network user can make sure if the system is operating properly and doesn't have to download the blockchain to do this.
- In addition, we are developing the ability to protect the network in case 100% of the master nodes (10,000 master nodes in total) are "disabled" for some reason. Even this is virtually impossible, we've thought ahead and in the worst-case scenario, the system will automatically move to PoS. By doing so, it will be able to continue processing transactions. We're going to tell you about this in our next publications.
Thus, the UMI network uses an upgraded version of this technology which possesses all its advantages with drawbacks eliminated. This model is truly decentralized and maximum secured.
Another major drawback of PoA-based cryptos is no possibility to grant incentives to users. PoA doesn't imply forging or mining which allow users to earn cryptocurrency while generating new coins. No reward for maintaining the network is the main reason why the crypto community is not interested in PoA. This is, of course, unfair. With this in mind, the UMI team has found the best solution — the unique staking smart-contract. It allows you to increase the number of your coins up to 40% per month even with no mining or forging meaning the human factor cannot have a negative impact on the decentralization and network performance.
New-Generation Proof-of-Authority
The UMI network uses an upgraded version of PoA technology which possesses all its advantages with drawbacks virtually eliminated. This makes UMI a decentralized, easily scalable, and yet the most secure, productive, profitable and fair cryptocurrency, working for the sake of all people.
The widespread use of UMI can change most aspects of society in different areas, including production, commerce, logistics, and all financial arrangements. We are just beginning this journey and thrilled to have you with us. Let's change the world together!
Best regards, UMI Team!
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Where is Bitcoin Going and When?

Where is Bitcoin Going and When?

The Federal Reserve and the United States government are pumping extreme amounts of money into the economy, already totaling over $484 billion. They are doing so because it already had a goal to inflate the United States Dollar (USD) so that the market can continue to all-time highs. It has always had this goal. They do not care how much inflation goes up by now as we are going into a depression with the potential to totally crash the US economy forever. They believe the only way to save the market from going to zero or negative values is to inflate it so much that it cannot possibly crash that low. Even if the market does not dip that low, inflation serves the interest of powerful people.
The impending crash of the stock market has ramifications for Bitcoin, as, though there is no direct ongoing-correlation between the two, major movements in traditional markets will necessarily affect Bitcoin. According to the Blockchain Center’s Cryptocurrency Correlation Tool, Bitcoin is not correlated with the stock market. However, when major market movements occur, they send ripples throughout the financial ecosystem which necessary affect even ordinarily uncorrelated assets.
Therefore, Bitcoin will reach X price on X date after crashing to a price of X by X date.

Stock Market Crash

The Federal Reserve has caused some serious consternation with their release of ridiculous amounts of money in an attempt to buoy the economy. At face value, it does not seem to have any rationale or logic behind it other than keeping the economy afloat long enough for individuals to profit financially and politically. However, there is an underlying basis to what is going on which is important to understand in order to profit financially.
All markets are functionally price probing systems. They constantly undergo a price-discovery process. In a fiat system, money is an illusory and a fundamentally synthetic instrument with no intrinsic value – similar to Bitcoin. The primary difference between Bitcoin is the underlying technology which provides a slew of benefits that fiat does not. Fiat, however, has an advantage in being able to have the support of powerful nation-states which can use their might to insure the currency’s prosperity.
Traditional stock markets are composed of indices (pl. of index). Indices are non-trading market instruments which are essentially summaries of business values which comprise them. They are continuously recalculated throughout a trading day, and sometimes reflected through tradable instruments such as Exchange Traded Funds or Futures. Indices are weighted by market capitalizations of various businesses.
Price theory essentially states that when a market fails to take out a new low in a given range, it will have an objective to take out the high. When a market fails to take out a new high, it has an objective to make a new low. This is why price-time charts go up and down, as it does this on a second-by-second, minute-by-minute, day-by-day, and even century-by-century basis. Therefore, market indices will always return to some type of bull market as, once a true low is formed, the market will have a price objective to take out a new high outside of its’ given range – which is an all-time high. Instruments can only functionally fall to zero, whereas they can grow infinitely.
So, why inflate the economy so much?
Deflation is disastrous for central banks and markets as it raises the possibility of producing an overall price objective of zero or negative values. Therefore, under a fractional reserve system with a fiat currency managed by a central bank – the goal of the central bank is to depreciate the currency. The dollar is manipulated constantly with the intention of depreciating its’ value.
Central banks have a goal of continued inflated fiat values. They tend to ordinarily contain it at less than ten percent (10%) per annum in order for the psyche of the general populace to slowly adjust price increases. As such, the markets are divorced from any other logic. Economic policy is the maintenance of human egos, not catering to fundamental analysis. Gross Domestic Product (GDP) growth is well-known not to be a measure of actual growth or output. It is a measure of increase in dollars processed. Banks seek to produce raising numbers which make society feel like it is growing economically, making people optimistic. To do so, the currency is inflated, though inflation itself does not actually increase growth. When society is optimistic, it spends and engages in business – resulting in actual growth. It also encourages people to take on credit and debts, creating more fictional fiat.
Inflation is necessary for markets to continue to reach new heights, generating positive emotional responses from the populace, encouraging spending, encouraging debt intake, further inflating the currency, and increasing the sale of government bonds. The fiat system only survives by generating more imaginary money on a regular basis.
Bitcoin investors may profit from this by realizing that stock investors as a whole always stand to profit from the market so long as it is managed by a central bank and does not collapse entirely. If those elements are filled, it has an unending price objective to raise to new heights. It also allows us to realize that this response indicates that the higher-ups believe that the economy could crash in entirety, and it may be wise for investors to have multiple well-thought-out exit strategies.

Economic Analysis of Bitcoin

The reason why the Fed is so aggressively inflating the economy is due to fears that it will collapse forever or never rebound. As such, coupled with a global depression, a huge demand will appear for a reserve currency which is fundamentally different than the previous system. Bitcoin, though a currency or asset, is also a market. It also undergoes a constant price-probing process. Unlike traditional markets, Bitcoin has the exact opposite goal. Bitcoin seeks to appreciate in value and not depreciate. This has a quite different affect in that Bitcoin could potentially become worthless and have a price objective of zero.
Bitcoin was created in 2008 by a now famous mysterious figure known as Satoshi Nakamoto and its’ open source code was released in 2009. It was the first decentralized cryptocurrency to utilize a novel protocol known as the blockchain. Up to one megabyte of data may be sent with each transaction. It is decentralized, anonymous, transparent, easy to set-up, and provides myriad other benefits. Bitcoin is not backed up by anything other than its’ own technology.
Bitcoin is can never be expected to collapse as a framework, even were it to become worthless. The stock market has the potential to collapse in entirety, whereas, as long as the internet exists, Bitcoin will be a functional system with a self-authenticating framework. That capacity to persist regardless of the actual price of Bitcoin and the deflationary nature of Bitcoin means that it has something which fiat does not – inherent value.
Bitcoin is based on a distributed database known as the “blockchain.” Blockchains are essentially decentralized virtual ledger books, replete with pages known as “blocks.” Each page in a ledger is composed of paragraph entries, which are the actual transactions in the block.
Blockchains store information in the form of numerical transactions, which are just numbers. We can consider these numbers digital assets, such as Bitcoin. The data in a blockchain is immutable and recorded only by consensus-based algorithms. Bitcoin is cryptographic and all transactions are direct, without intermediary, peer-to-peer.
Bitcoin does not require trust in a central bank. It requires trust on the technology behind it, which is open-source and may be evaluated by anyone at any time. Furthermore, it is impossible to manipulate as doing so would require all of the nodes in the network to be hacked at once – unlike the stock market which is manipulated by the government and “Market Makers”. Bitcoin is also private in that, though the ledge is openly distributed, it is encrypted. Bitcoin’s blockchain has one of the greatest redundancy and information disaster recovery systems ever developed.
Bitcoin has a distributed governance model in that it is controlled by its’ users. There is no need to trust a payment processor or bank, or even to pay fees to such entities. There are also no third-party fees for transaction processing. As the ledge is immutable and transparent it is never possible to change it – the data on the blockchain is permanent. The system is not easily susceptible to attacks as it is widely distributed. Furthermore, as users of Bitcoin have their private keys assigned to their transactions, they are virtually impossible to fake. No lengthy verification, reconciliation, nor clearing process exists with Bitcoin.
Bitcoin is based on a proof-of-work algorithm. Every transaction on the network has an associated mathetical “puzzle”. Computers known as miners compete to solve the complex cryptographic hash algorithm that comprises that puzzle. The solution is proof that the miner engaged in sufficient work. The puzzle is known as a nonce, a number used only once. There is only one major nonce at a time and it issues 12.5 Bitcoin. Once it is solved, the fact that the nonce has been solved is made public.
A block is mined on average of once every ten minutes. However, the blockchain checks every 2,016,000 minutes (approximately four years) if 201,600 blocks were mined. If it was faster, it increases difficulty by half, thereby deflating Bitcoin. If it was slower, it decreases, thereby inflating Bitcoin. It will continue to do this until zero Bitcoin are issued, projected at the year 2140. On the twelfth of May, 2020, the blockchain will halve the amount of Bitcoin issued when each nonce is guessed. When Bitcoin was first created, fifty were issued per block as a reward to miners. 6.25 BTC will be issued from that point on once each nonce is solved.
Unlike fiat, Bitcoin is a deflationary currency. As BTC becomes scarcer, demand for it will increase, also raising the price. In this, BTC is similar to gold. It is predictable in its’ output, unlike the USD, as it is based on a programmed supply. We can predict BTC’s deflation and inflation almost exactly, if not exactly. Only 21 million BTC will ever be produced, unless the entire network concedes to change the protocol – which is highly unlikely.
Some of the drawbacks to BTC include congestion. At peak congestion, it may take an entire day to process a Bitcoin transaction as only three to five transactions may be processed per second. Receiving priority on a payment may cost up to the equivalent of twenty dollars ($20). Bitcoin mining consumes enough energy in one day to power a single-family home for an entire week.

Trading or Investing?

The fundamental divide in trading revolves around the question of market structure. Many feel that the market operates totally randomly and its’ behavior cannot be predicted. For the purposes of this article, we will assume that the market has a structure, but that that structure is not perfect. That market structure naturally generates chart patterns as the market records prices in time. In order to determine when the stock market will crash, causing a major decline in BTC price, we will analyze an instrument, an exchange traded fund, which represents an index, as opposed to a particular stock. The price patterns of the various stocks in an index are effectively smoothed out. In doing so, a more technical picture arises. Perhaps the most popular of these is the SPDR S&P Standard and Poor 500 Exchange Traded Fund ($SPY).
In trading, little to no concern is given about value of underlying asset. We are concerned primarily about liquidity and trading ranges, which are the amount of value fluctuating on a short-term basis, as measured by volatility-implied trading ranges. Fundamental analysis plays a role, however markets often do not react to real-world factors in a logical fashion. Therefore, fundamental analysis is more appropriate for long-term investing.
The fundamental derivatives of a chart are time (x-axis) and price (y-axis). The primary technical indicator is price, as everything else is lagging in the past. Price represents current asking price and incorrectly implementing positions based on price is one of the biggest trading errors.
Markets and currencies ordinarily have noise, their tendency to back-and-fill, which must be filtered out for true pattern recognition. That noise does have a utility, however, in allowing traders second chances to enter favorable positions at slightly less favorable entry points. When you have any market with enough liquidity for historical data to record a pattern, then a structure can be divined. The market probes prices as part of an ongoing price-discovery process. Market technicians must sometimes look outside of the technical realm and use visual inspection to ascertain the relevance of certain patterns, using a qualitative eye that recognizes the underlying quantitative nature
Markets and instruments rise slower than they correct, however they rise much more than they fall. In the same vein, instruments can only fall to having no worth, whereas they could theoretically grow infinitely and have continued to grow over time. Money in a fiat system is illusory. It is a fundamentally synthetic instrument which has no intrinsic value. Hence, the recent seemingly illogical fluctuations in the market.
According to trade theory, the unending purpose of a market or instrument is to create and break price ranges according to the laws of supply and demand. We must determine when to trade based on each market inflection point as defined in price and in time as opposed to abandoning the trend (as the contrarian trading in this sub often does). Time and Price symmetry must be used to be in accordance with the trend. When coupled with a favorable risk to reward ratio, the ability to stay in the market for most of the defined time period, and adherence to risk management rules; the trader has a solid methodology for achieving considerable gains.
We will engage in a longer term market-oriented analysis to avoid any time-focused pressure. The Bitcoin market is open twenty-four-hours a day, so trading may be done when the individual is ready, without any pressing need to be constantly alert. Let alone, we can safely project months in advance with relatively high accuracy. Bitcoin is an asset which an individual can both trade and invest, however this article will be focused on trading due to the wide volatility in BTC prices over the short-term.

Technical Indicator Analysis of Bitcoin

Technical indicators are often considered self-fulfilling prophecies due to mass-market psychology gravitating towards certain common numbers yielded from them. They are also often discounted when it comes to BTC. That means a trader must be especially aware of these numbers as they can prognosticate market movements. Often, they are meaningless in the larger picture of things.
  • Volume – derived from the market itself, it is mostly irrelevant. The major problem with volume for stocks is that the US market open causes tremendous volume surges eradicating any intrinsic volume analysis. This does not occur with BTC, as it is open twenty-four-seven. At major highs and lows, the market is typically anemic. Most traders are not active at terminal discretes (peaks and troughs) because of levels of fear. Volume allows us confidence in time and price symmetry market inflection points, if we observe low volume at a foretold range of values. We can rationalize that an absolute discrete is usually only discovered and anticipated by very few traders. As the general market realizes it, a herd mentality will push the market in the direction favorable to defending it. Volume is also useful for swing trading, as chances for swing’s validity increases if an increase in volume is seen on and after the swing’s activation. Volume is steadily decreasing. Lows and highs are reached when volume is lower.
Therefore, due to the relatively high volume on the 12th of March, we can safely determine that a low for BTC was not reached.
  • VIX – Volatility Index, this technical indicator indicates level of fear by the amount of options-based “insurance” in portfolios. A low VIX environment, less than 20 for the S&P index, indicates a stable market with a possible uptrend. A high VIX, over 20, indicates a possible downtrend. VIX is essentially useless for BTC as BTC-based options do not exist. It allows us to predict the market low for $SPY, which will have an indirect impact on BTC in the short term, likely leading to the yearly low. However, it is equally important to see how VIX is changing over time, if it is decreasing or increasing, as that indicates increasing or decreasing fear. Low volatility allows high leverage without risk or rest. Occasionally, markets do rise with high VIX.
As VIX is unusually high, in the forties, we can be confident that a downtrend for the S&P 500 is imminent.
  • RSI (Relative Strength Index): The most important technical indicator, useful for determining highs and lows when time symmetry is not availing itself. Sometimes analysis of RSI can conflict in different time frames, easiest way to use it is when it is at extremes – either under 30 or over 70. Extremes can be used for filtering highs or lows based on time-and-price window calculations. Highly instructive as to major corrective clues and indicative of continued directional movement. Must determine if longer-term RSI values find support at same values as before. It is currently at 73.56.
  • Secondly, RSI may be used as a high or low filter, to observe the level that short-term RSI reaches in counter-trend corrections. Repetitions based on market movements based on RSI determine how long a trade should be held onto. Once a short term RSI reaches an extreme and stay there, the other RSI’s should gradually reach the same extremes. Once all RSI’s are at extreme highs, a trend confirmation should occur and RSI’s should drop to their midpoint.

Trend Definition Analysis of Bitcoin

Trend definition is highly powerful, cannot be understated. Knowledge of trend logic is enough to be a profitable trader, yet defining a trend is an arduous process. Multiple trends coexist across multiple time frames and across multiple market sectors. Like time structure, it makes the underlying price of the instrument irrelevant. Trend definitions cannot determine the validity of newly formed discretes. Trend becomes apparent when trades based in counter-trend inflection points continue to fail.
Downtrends are defined as an instrument making lower lows and lower highs that are recurrent, additive, qualified swing setups. Downtrends for all instruments are similar, except forex. They are fast and complete much quicker than uptrends. An average downtrend is 18 months, something which we will return to. An uptrend inception occurs when an instrument reaches a point where it fails to make a new low, then that low will be tested. After that, the instrument will either have a deep range retracement or it may take out the low slightly, resulting in a double-bottom. A swing must eventually form.
A simple way to roughly determine trend is to attempt to draw a line from three tops going upwards (uptrend) or a line from three bottoms going downwards (downtrend). It is not possible to correctly draw a downtrend line on the BTC chart, but it is possible to correctly draw an uptrend – indicating that the overall trend is downwards. The only mitigating factor is the impending stock market crash.

Time Symmetry Analysis of Bitcoin

Time is the movement from the past through the present into the future. It is a measurement in quantified intervals. In many ways, our perception of it is a human construct. It is more powerful than price as time may be utilized for a trade regardless of the market inflection point’s price. Were it possible to perfectly understand time, price would be totally irrelevant due to the predictive certainty time affords. Time structure is easier to learn than price, but much more difficult to apply with any accuracy. It is the hardest aspect of trading to learn, but also the most rewarding.
Humans do not have the ability to recognize every time window, however the ability to define market inflection points in terms of time is the single most powerful trading edge. Regardless, price should not be abandoned for time alone. Time structure analysis It is inherently flawed, as such the markets have a fail-safe, which is Price Structure. Even though Time is much more powerful, Price Structure should never be completely ignored. Time is the qualifier for Price and vice versa. Time can fail by tricking traders into counter-trend trading.
Time is a predestined trade quantifier, a filter to slow trades down, as it allows a trader to specifically focus on specific time windows and rest at others. It allows for quantitative measurements to reach deterministic values and is the primary qualifier for trends. Time structure should be utilized before price structure, and it is the primary trade criterion which requires support from price. We can see price structure on a chart, as areas of mathematical support or resistance, but we cannot see time structure.
Time may be used to tell us an exact point in the future where the market will inflect, after Price Theory has been fulfilled. In the present, price objectives based on price theory added to possible future times for market inflection points give us the exact time of market inflection points and price.
Time Structure is repetitions of time or inherent cycles of time, occurring in a methodical way to provide time windows which may be utilized for inflection points. They are not easily recognized and not easily defined by a price chart as measuring and observing time is very exact. Time structure is not a science, yet it does require precise measurements. Nothing is certain or definite. The critical question must be if a particular approach to time structure is currently lucrative or not.
We will measure it in intervals of 180 bars. Our goal is to determine time windows, when the market will react and when we should pay the most attention. By using time repetitions, the fact that market inflection points occurred at some point in the past and should, therefore, reoccur at some point in the future, we should obtain confidence as to when SPY will reach a market inflection point. Time repetitions are essentially the market’s memory. However, simply measuring the time between two points then trying to extrapolate into the future does not work. Measuring time is not the same as defining time repetitions. We will evaluate past sessions for market inflection points, whether discretes, qualified swings, or intra-range. Then records the times that the market has made highs or lows in a comparable time period to the future one seeks to trade in.
What follows is a time Histogram – A grouping of times which appear close together, then segregated based on that closeness. Time is aligned into combined histogram of repetitions and cycles, however cycles are irrelevant on a daily basis. If trading on an hourly basis, do not use hours.
  • Yearly Lows (last seven years): 1/1/13, 4/10/14, 1/15/15, 1/17/16, 1/1/17, 12/15/18, 2/6/19
  • Monthly Mode: 1, 1, 1, 1, 2, 4, 12
  • Daily Mode: 1, 1, 6, 10, 15, 15, 17
  • Monthly Lows (for the last year): 3/12/20 (10:00pm), 2/28/20 (7:09am), 1/2/20 (8:09pm), 12/18/19 (8:00am), 11/25/19 (1:00am), 10/24/19 (2:59am), 9/30/19 (2:59am), 8/29,19 (4:00am), 7/17/19 (7:59am), 6/4/19 (5:59pm), 5/1/19 (12:00am), 4/1/19 (12:00am)
  • Daily Lows Mode for those Months: 1, 1, 2, 4, 12, 17, 18, 24, 25, 28, 29, 30
  • Hourly Lows Mode for those Months (Military time): 0100, 0200, 0200, 0400, 0700, 0700, 0800, 1200, 1200, 1700, 2000, 2200
  • Minute Lows Mode for those Months: 00, 00, 00, 00, 00, 00, 09, 09, 59, 59, 59, 59
  • Day of the Week Lows (last twenty-six weeks):
Weighted Times are repetitions which appears multiple times within the same list, observed and accentuated once divided into relevant sections of the histogram. They are important in the presently defined trading time period and are similar to a mathematical mode with respect to a series. Phased times are essentially periodical patterns in histograms, though they do not guarantee inflection points
Evaluating the yearly lows, we see that BTC tends to have its lows primarily at the beginning of every year, with a possibility of it being at the end of the year. Following the same methodology, we get the middle of the month as the likeliest day. However, evaluating the monthly lows for the past year, the beginning and end of the month are more likely for lows.
Therefore, we have two primary dates from our histogram.
1/1/21, 1/15/21, and 1/29/21
2:00am, 8:00am, 12:00pm, or 10:00pm
In fact, the high for this year was February the 14th, only thirty days off from our histogram calculations.
The 8.6-Year Armstrong-Princeton Global Economic Confidence model states that 2.15 year intervals occur between corrections, relevant highs and lows. 2.15 years from the all-time peak discrete is February 9, 2020 – a reasonably accurate depiction of the low for this year (which was on 3/12/20). (Taking only the Armstrong model into account, the next high should be Saturday, April 23, 2022). Therefore, the Armstrong model indicates that we have actually bottomed out for the year!
Bear markets cannot exist in perpetuity whereas bull markets can. Bear markets will eventually have price objectives of zero, whereas bull markets can increase to infinity. It can occur for individual market instruments, but not markets as a whole. Since bull markets are defined by low volatility, they also last longer. Once a bull market is indicated, the trader can remain in a long position until a new high is reached, then switch to shorts. The average bear market is eighteen months long, giving us a date of August 19th, 2021 for the end of this bear market – roughly speaking. They cannot be shorter than fifteen months for a central-bank controlled market, which does not apply to Bitcoin. (Otherwise, it would continue until Sunday, September 12, 2021.) However, we should expect Bitcoin to experience its’ exponential growth after the stock market re-enters a bull market.
Terry Laundy’s T-Theory implemented by measuring the time of an indicator from peak to trough, then using that to define a future time window. It is similar to an head-and-shoulders pattern in that it is the process of forming the right side from a synthetic technical indicator. If the indicator is making continued lows, then time is recalculated for defining the right side of the T. The date of the market inflection point may be a price or indicator inflection date, so it is not always exactly useful. It is better to make us aware of possible market inflection points, clustered with other data. It gives us an RSI low of May, 9th 2020.
The Bradley Cycle is coupled with volatility allows start dates for campaigns or put options as insurance in portfolios for stocks. However, it is also useful for predicting market moves instead of terminal dates for discretes. Using dates which correspond to discretes, we can see how those dates correspond with changes in VIX.
Therefore, our timeline looks like:
  • 2/14/20 – yearly high ($10372 USD)
  • 3/12/20 – yearly low thus far ($3858 USD)
  • 5/9/20 – T-Theory true yearly low (BTC between 4863 and 3569)
  • 5/26/20 – hashrate difficulty halvening
  • 11/14/20 – stock market low
  • 1/15/21 – yearly low for BTC, around $8528
  • 8/19/21 – end of stock bear market
  • 11/26/21 – eighteen months from halvening, average peak from halvenings (BTC begins rising from $3000 area to above $23,312)
  • 4/23/22 – all-time high
Taken from my blog: http://aliamin.info/2020/
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Get Ticketing -- A Sleeping Giant

Here is an article by an author named Adnan about why Get Ticketing will explode:
https://medium.com/@adnanzzz/the-bullish-case-of-get-protocol-451ad6059f2d
Below is the same article copied and pasted for those who are too lazy to click the link. However, I recommend reading the article from the link instead as it has a lot of graphs, links, and pictures that gives a much fuller picture.
 
"GET protocol — the sleeping blockchain giant
Bear with me as I try to explain why the GET token is currently the most bullish crypto token in the space. The price surge will be driven by adoption and not just mere speculation. And adoption is already there but will only now start to gain huge momentum!
By the time you have read this blog you will come to see how most other crypto projects lose value in your eyes when you compare it to a project with amazing fundamentals, a project that doesn’t need an “altseason”, driven by mere mindless speculation, to give you nice returns!
Most people in the crypto space have never heard of the GET protocol. This is on one side suprising because there are 191.329 wallet holders to be exact. This means that 191.329 people have used the GET protocol, mostly without even knowing it!
The focus has always been on building a product that works and where there is demand for. Where other projects have focused and spent their funds on marketing in the crypto space (meaning luring in new investors) GET has neglected that part a bit.
Instead they focused their funds on building a waterproof system and acquiring clients who will use the protocol (venues, artists, governments, …). The effect of this is that the price hasn’t been affected by speculation.
The list of artists who use GET-fueled tickets is endless and I have honestly lost sight of everyone who uses it. But to give you an example of adoption, here is a list of some of the artists who sell GET-fueled tickets:
 
What is the GET protocol and what does it do?
The GET Protocol offers a blockchain-based smart ticketing solution that can be used by everybody who needs to issue admission tickets in an honest and transparent way. The goal of GET protocol is to become the worldwide ticketing standard.
To put it in simple terms: the ticketing industry is plagued by dishonest players. Not only ticket fraud but also scalping are an enormous problem in the industry. Once a ticket sale starts bots buy up the tickets and later sell them for enormous profits.
Fans are sidelined and are forced to buy tickets of their idols for a much higher price. The scalpers, not adding any value in the process, make tons of money at the expense of artists, fans, venues, event organizers, … and everybody who makes the event industry what it is.
 
This is where GET offers a solution proven to work
The tickets issued on the GET protocol are registered on your phone. This means that only the person in possession of the phone also owns the ticket. Every ticket is unique and is based on a QR code that updates itself and rotates to prevent fraud and scalping.
The tickets are all registered on the blockchain as a mean of transparency and accountability. This means that fans can check ticket authenticity whenever they want. This is also where the GET token comes in play but more on that later…
 
GET is currently the best adopted microcap
This is a bold statement but it’s not difficult to prove. Whereas other crypto “companies” confuse their investors with a lot of technical words that the average Joe doesn’t even understand and show off with meaningless partnerships, GET is actually changing the ticketing world for the better!
At the moment of writing there are 4 ticketing companies that are completely integrated in the GET protocol, and together have sold many GET-fueled tickets!
These companies currently run on the GET protocol:
Integrating an existing ticketing company is a low investment move (only the GET token is needed) that offers traditional ticketing companies several benefits. That is why I expect many ticketing companies to integrate and GET to scale quickly.
 
The supply
Some people are scared by the big difference in the circulating supply and the total supply. This is an unneccessary fear. The GET supply is made up of 3 portions:
This means that the circulating supply as it is now can only, ever, lightly increase for the purpose of growth. With the buybacks and burns being large enough the circulating supply will instead keep decreasing at a swift tempo.
 
GET in times of COVID19
In May Dutch group Di-Rect sold thousands of tickets for an online concert. They used GET’s technology to use a dynamic price setting. This means that fans were given the option to pay whatever they wanted for a ticket. Whoever paid €20 or more had the chance to win a lottery and be present at the concert.
Once the concert starts, whoever bought a ticket, will be able to watch the streamed concert on GUTS’ app. This is yet another proof of the advantages a digital ticket offers. As this was a big succes, the expectation is that more and more artists will make use of GET’s technology.
On 27/05 Dennis van Aarssen, The Voice Of Holland 2019 winner, announced that he will also do a livestreamed performance of classic covers and original music on June 7th. All tickets will be issued through the GET protocol.
GET also offers several advantages in different areas in the fights against COVID19. The right of access being linked to your mobile makes it possible for potential clients to monitor the number of visitors in real time all the time, to apply an automated seating selection which consideres an appropriate distance between all visitors, queue control, booking of timeslots for museums, shops, parks, beaches, … so overcrowding can be avoided.
When an event gets cancelled, whereas with paper tickets it’s sometimes impossible to track who owns the ticket at the current time, with GET’s technology the event organizer can, with one click, choose to make a refund to the current ticket owner, to communicate with him, to postpone the event, …
 
What more to expect in the (near) future?
There are so many amazing things to come in the very near future so I’ll only focus on a few of them:
Seeing the adoption the GET protocol has, the solution they bring and the enormous potential they have in conquering the ticketing industry, they have been asked by Kakao to join their blockchain “Klaytn”. So GET is an initial service partner of the Klaytn blockchain.
“Kakao’s global public blockchain project Klaytn is an enterprise-grade, service-centric platform that brings user-friendly blockchain experience to millions.”
The choice for choosing to be an Initial Service Provider of Klaytn is based on two aspects. The first aspect is the fact that Klaytn’s blockchain infrastructure is fully business and integration focused, more than any other blockchain in the market.
This results in huge improvements in areas as cost-efficiency, scalability, and data reliability. The second aspect is fueled by the potential of being part of the Klaytn ecosystem.
Kakao is a giant in South Korea. GET will bring its adoption to Kakao’s blockchain and Kakao, with its giant network, in return will open many doors in South Korea. A win-win for everyone involved!
In 2017 Kakao had more than 220 millions users on their messaging and content platform. The last few years the company has been rapidly expanding in other industry verticals.
 
GET fueled tickets sold for K-pop stars
As mentioned earlier: South Korean ticketing company getTicket will run fully on the GET protocol. They have already deals in line to sell tickets for K-pop stars in their country.
K-pop legend Mr. Won-Kwan Jung, as someone who has a lot of connections in the K-pop world, has joined the GET protocol as an advisor. He is an iconic figure and innovator in the world of K-Pop, owing to the fact that he was one of the three original members of SoBangCha, (or ‘Firetruck’ in English) which is regarded as the first K-Pop group to exist in the world.
In a survey conducted in 17 countries in 2019, around 37.5 percent of respondents stated that the genre K-pop was “very popular” in their country. The survey found that the popularity of K-pop reaches far beyond South Korean borders.
The fact that their idols will be selling GET-fueled tickets hasn’t reached the Korean audience yet. It is still a “public secret”. The news will be released in a directed marketing campaign later this year. You better believe that once the Koreans find out that they’ll be buying GET like hot cupcakes!
 
Tickets for museums and beaches to be in line with COVID19 restriction measures
With the Corona virus still not wiped out but more under control, many countries are lifting restrictions. This needs to be done in a safe and controlled manner. This means avoiding overcrowding. GET’s technology can and will surely help here.
GET’s system can do all that is needed now for a safe experience. Whether it’s booking a timeslot for the beach, for a museum,… or even for a shop from your home. The system lets the client monitor everything in real time. Someone can that way for example choose to go when there is less crowd. This all while fully respecting the user’s privacy.
The GET sales team has been busier than ever, being in contact with governments, museums, … and the dev team is constantly creating custom made smart ticketing solutions for new costumers. I’m sure we can expect some major announcements in this area soon!
 
Top tier exchange listings & marketing in the crypto space
The team has confirmed that listing on a top tier exchange has already been agreed. They’re just waiting for the right time to announce it, fitting in their marketing campaign. Besides that, a fiat on ramp exchange will list GET in a short timeframe.
Many projects invested most of their funds in exchange listings and fake volume, creating artifical demand. These exchange listings are almost always accompanied by paying for a market maker. Once the funds dry up (and we have seen this with many projects) delisting becomes a reality and the funds end up being spent in vain.
GET’s exchange listing and marketing campaign aren’t a means to pump the price but have the goal of creating liquidity for the end users (mainly ticketing companies) who will need to acquire a lot of GET from the open market in the short future.
 
Expansion in several other countries
GET’s business developer Sander:
"I am reached out by ticketing parties all around the world on a daily basis. The main challenge is to vet these parties. The goal of GET Protocol is to be the worldwide standard of digital admission rights and to get there we need to stay extremely lean and flexible in order to scale well.
In that sense we need to be 100% convinced the parties we partner up in this phase have a very high potential of becoming a big player in their respective geographies. From the onboardings we currently experience, we learn to speed up onboarding processes upcoming year."
And when asked how many tickets he expects to be sold in the near future and how many ticketing companies he expects to run on the GET protocol in 5 years time:
"Along the journey, we here at GET and GUTS learned quite a few things. One of them is avoiding to publicly announce ticket sale estimates as the chances are that we shoot ourselves in the foot with that. If we don’t meet our estimates, life sucks and the community will let us know which is fine and rightful, but to be honest for GET nothing to win.
If we meet our goal, it is okay but even then some people members manage to say they hoped for even better. In that sense, whatever we do, we can’t do well enough on that front, so I am reluctant about giving specific numbers (and I don’t have a crystal sphere either!).
That being said, regarding the amount of ticketing companies in 2025, I expect many, in many countries. It’s a matter of time that we can easier offer our products in a whitelabeled manner. Only this week we got requests for more information about our services from Germany, Paraguay, Mexico, UK and Italy and Australia.
This certainly doesn’t always mean a ticketing company could lead out of such a request, but the interest is certainly there. If we keep on doing what we do now, I believe we can boost ticketeers and event organizers around the world pretty soon and let them issue fully digital and blockchain registered tickets, all processed by GET Protocol. If more ticketing companies are onboarded, the amount of ticket sales processed by the protocol will grow exponentially."
Knowing how GET’s team has always been very careful with their promises, I take such statements very seriously. If the past has taught me anything: they’re probably making an understatement. So expect GET to spread its wings in many regions around the world and take the ticketing world by a storm!
 
Staking & nodes
GET’s blockchain developer Kasper Keunen has announced that a staking model is being developed. This means that you’ll be able to stake your GET. In return a portion of the ticketing fee will be rewarded to those stakers and nodes. So see it as a passive income. You sit down, relax and see it grow exponentionally as GET conquers the ticketing world :)
 
The end goal is to be an open source protocol
The endgoal of the GET protocol is to become open source. There will be a governance model where changes to the protocol will be determined by GET token holders. That’s why I expect ticketing companies to acquire a lot of GET in time as their revenue relies on the direction of the protocol.
GET will have a role as governance for the project as a whole. Such a role for the token is the most natural in a fully open-sourced environment of the protocol(currently not the case, yet).
As then governance by stakeholders (ticketing companies) with a serious stake in the game as their ticketing revenue relies on the direction/quality of the code to be on point.
As of yet, we do not really assign too much fundamental value to this role for the token (we barely mentioned it actually) as it is still a bit early for it to have serious merit.
So pushing that value of the token now would be a bit false advertising. As we onboard more and more ticketing companies we will develop the governance of the token role more and more!
 
Why the GET token is set to explode
Now that I’ve covered what the GET protocol is and where it’s going, it’s time to dig deeper in the token. And I have to say that I’ve never been more bullish on anything in my life. This for the simple reason that usage will drive the price to insanely high levels (where speculation isn’t even needed).
 
Tokenomics
As mentioned above: to have full transparency and accountability (both missing links to make the ticket industry fraud- and scalpfree) all tickets sold are registered on blockchain.
You can compare GET to a gas that is needed to fuel the protocol (every state change of the ticket needs to be registered — for which GET is needed). So for every ticket sold GET is bought back from the open market and burned forever.
 
GET’s valuation in the (near) future
Bear in mind that this is my own expectation, based on big changes in supply and demand that I will try to explain below. Also keep in mind that I’m not a financial advisor and nothing is guaranteed in the crypto space!
But I will try to explain why I personally believe that GET will be trading at 10€ per token and more in the near future.
As time goes on and more tickets are sold, the demand for GET will keep increasing while the supply will keep decreasing. You don’t need to have a PhD in economics to understand what this will do to the price!
 
What kind of demand/buybacks can we expect?
As explained above: for every ticket sold at least €0,28 worth of GET is needed by the ticketing companies. Most of this GET is bought back from the exchanges (the money to do this is included in the ticket fee).
Some GET is supplied by the “user growth fund”. This is a fund created to give potential new customers a discount. This is done by subsidizing them a portion of their need for GET so these new customers don’t need to pay the full price immediately. Bear in mind that as time goes by this fund will dry up and all the GET that is needed will from that moment on be bought from the exchanges.
Since the buybacks are based on the amount of tickets issued by the protocol, to calculate what kind of buybacks we can expect in the future we need to look at the ticket sales. As mentioned before there are 4 ticketing companies using the protocol right now (GUTS, ITIX, TecTix and getTicket). Below I will make an estimation of what to expect from them.
GUTS has sold over 400k tickets. From just the deals already signed, over a million tickets would have been sold in 2020. Due to Covid19 most events had to be posponed (not cancelled). In the meanwhile the GUTS sales team hasn’t been idle and has atracted many more customers.
This means that the 1 million tickets number is probably even on the low side. But let’s say a minimum of 1 million tickets will be sold the first year where all events will be allowed again. This means that at least €280.000 worth of GET will be needed in that year.
ITIX sells 2 million tickets a year on average. Once fully integrated they will thus need at least €560.000 worth of GET on a yearly basis.
TecTix, as a new ticketing company, it’s hard to predict what kind of numbers they’ll be running at the start. But given the expertise of the TecTix team I think 200.000 tickets is a safe bet to start with. That would put us on at last €56.000 worth of GET needed/year.
And finally getTicket, a ticketing company based in South Korea. In their case it’s also difficult to make a prediction because they’re new and we have no previous data to rely on.
But judging from the comments made by the team that “everything is bigger in Korea” and that they’ll be selling stadium concerts for K-pop stars (just one concerts can mean over 100.000 tickets sold) I think it’s safe to say that they’ll be selling at least 1 million tickets/year. That would bring their need for GET to at least €280.000 a year.
So if we put this together the 4 ticketing companies will need over € 1 million worth of GET on a yearly basis. Bear in mind that more ticketing companies will keep joining and the existing ticketing companies will keep growing, taking away marketshare from ticketing companies that can’t offer all of the advantages mentioned before.
Based on all of this I, pesonally, would say that €5 million/year in GET buybacks by 2023 is not an unreasonable prediction.
 
What can we expect from GET’s supply?
Demand for a token means nothing if the supply is unlimited. The best example of the importance of the supply is the recent Bitcoin halvening that got everyone excited.
Before the halvening around 1800 BTC were mined every day. Let’s say that at current prices this was around $16 million worth of BTC per day. The miners obviously have to sell a large portion of this to cover their costs. So even if there are no other sellers, a large number of BTC has to be bought from the market every day just to keep status quo of the current price.
Halvening basically means that the speed at which the supply increases will be halved (900 BTC mined on a daily basis instead of 1800). The supply of BTC will still continue to increase, only at a slower tempo.
Scarcity should be the ultimate goal when investing in utility tokens.
With GET’s utility token things are different: every GET bought by a ticketing company will be burned. Contrary to BTC the supply of GET will thus continue to decrease as time goes on, removing the stacks of those eager to sell.
This is not a dig at Bitcoin by the way as I’m a fan. Just highlighting the advantage an adopted utility token with good tokenomics has over “the king”.
I hope you now understand my expectation that the price will explode. Many holders will obviously not be willing to sell at current prices with such an increasing demand.
As the price is determined by many factors and we don’t know what the price will do exactly, it’s not possible to pin down the exact supply in the future. We do know that it will keep decreasing at a swift tempo unless the price goes parabolic.
 
Finding the equilibrum for the price
The demand for GET will keep increasing through adoption and the supply decreasing as the used GET are destroyed forever
The equilibrium price and equilibrium quantity occur where the supply and demand curves cross. The equilibrium occurs where the quantity demanded is equal to the quantity supplied. If the demand increases and the supply decreases then the price will rise until it finds a new equilibrium.
Putting a correct marketcap valuation on a crypto project is an extremely difficult task. With traditional companies we can for example rely on the revenue, profit, dividend payments, … to estimate what the company is/should be worth.
In most countries a 5% rental yield is considered a good investment. Of course it’s not fully comparable as these buybacks don’t automatically put money on your account. But they do increase the price and destroy the supply. So I think it’s in a way reasonable to extrapolate this 5% yield to our case.
Having explained why I expect atleast €5 million in yearly buybacks by 2023, that would mean the marketcap should be around €100 million (5% = the buyback of €5 million multiplied by 20).
The current circulating supply of GET is around 13,5 million. The expectation is that the burning mechanism will destroy more than half of that by 2023 (this takes into account an increasing price of the GET token). So let’s round it up to 5 million GET remaining.
A marketcap of €100 million with a supply of 5 million GET would mean a price of €20/GET. This would be an increase of 6566.67%.
Of course these numbers are not set in stone and merely a prediction but if you’ve been reading this blog you have come to understand why I am extremely bullish on the GET token.
I have completely taken the speculation factor or an “altseason” or “fomo” out of the equation and only focused on a price increase driven by an increasing demand and decreasing supply! So the focus is on an organic price growth.
Another great thing about holding a token with mass adoption and guaranteed buybacks is that I don’t have to worry about the price. As the buybacks are a guaranteed thing, the lower the price of GET the more GET is bought back and destroyed forever. So even a price decrease, as contradictory as it may sound, is bullish for longterm holders!
submitted by Damnyeahhh to CryptoMoonShots [link] [comments]

Staking in Ethereum 2.0: when will it appear and how much can you earn on it?

Staking in Ethereum 2.0: when will it appear and how much can you earn on it?

Staking in Ethereum 2.0: when will it appear and how much can you earn on it?

Why coin staking will be added in Ethereum 2.0

A brief educational program for those who do not follow the update of the project of Vitalik Buterin. Ethereum has long been in need of updating, and the main problem of the network is scalability: the blockchain is overloaded, transactions are slowing down, and the cost of “gas” (transaction fees) is growing. If you do not update the consensus algorithm, then the network will someday cease to be operational. To avoid this, developers have been working for several years on moving the network from the PoW algorithm to state 2.0, running on PoS. This should make the network more scalable, faster and cheaper. In December last year, the first upgrade phase, Istanbul, was implemented in the network, and in April of this year, the Topaz test network with the possibility of staking was launched - the first users already earned 1%. In the PoS algorithm that Ethereum switches to, there is no mining, and validation occurs due to the delegation of user network coins to the masternodes. For the duration of the delegation, these coins are frozen, and for providing their funds for block validation, users receive a portion of the reward. This is staking - such a crypto-analogue of a bank deposit. There are several types of staking: with income from dividends or masternodes, but not the device’s power, as in PoW algorithms, but the number of miner coins is important in all of them. The more coins, the higher the income. For crypto investors, staking is an opportunity to receive passive income from blocked coins. It is assumed that the launch of staking:
  • Will make ETH mining more affordable, but less resource intensive;
  • Will make the network more secure and secure - attacks will become too expensive;
  • Will create an entirely new sector of steak infrastructure around the platform;
  • Provides increased scalability, which will create the opportunity for wider implementation of DeFi protocols;
  • And, most importantly, it will show that Ethereum is a developing project.

The first payments to stakeholders will be one to two years after the launch of the update

The minimum validator steak will be 32 ETN (≈$6092 for today). This is the minimum number of coins that an ETH holder must freeze in order to qualify for payments. Another prerequisite is not to disconnect your wallet from the network. If the user disconnects and goes into automatic mode, he loses his daily income. If at some point the steak drops below 16 ETH, the user will be deprived of the right to be a validator. The Ethereum network has to go through many more important stages before coin holders can make money on its storage. Collin Myers, the leader of the product strategy at the startup of the Ethereum developer ConsenSys, said that the genesis block of the new network will not be mined until the total amount of frozen funds reaches 524,000 ETN ($99.76 million at the time of publication). So many coins should be kept by 16,375 validators with a minimum deposit of 32 ETN. Until this moment, none of them will receive a percentage profit. Myers noted that this event is not tied to a clear time and depends on the activity of the community. All validators will have to freeze a rather significant amount for an indefinite period in the new network without confidence in the growth of the coin rate. It’s hard to say how many people there are. The developers believe that it will take 12−18 or even 24 months. According to the latest ConsenSys Codefi report, more than 65% of the 300 ETH owners surveyed plan to use the staking opportunity. This sample, of course, is not representative, but it can be assumed that most major coin holders will still be willing to take a chance.

How much can you earn on Ethereum staking

Developers have been arguing for a long time about what profitability should be among the validators of the Ethereum 2.0 network. The economic model of the network maintains an inflation rate below 1% and dynamically adjusts the reward scale for validators. The difficulty is not to overpay, but not to pay too little. Profitability will be variable, as it depends on the number and size of steaks, as well as other parameters. The fewer frozen coins and validators, the higher the yield, and vice versa. This is an easy way to motivate users to freeze ETN. According to the October calculations of Collin Myers, after the launch of Ethereum 2.0, validators will be able to receive from 4.6% to 10.3% per annum as a reward for their steak. At the summit, he clarified that the first time after the launch of the Genesis block, it can even reach 20.3%. But as the number of steaks grows, profitability will decline. So, with five million steaks, it drops to about 6.6%. The above numbers are not net returns. They do not include equipment and electricity costs. According to Myers, after the Genesis block, the costs of maintaining the validator node will be about 4.75% of the remuneration. They will continue to increase as the number of blocked coins increases, and with a five millionth steak, they will grow to about 14.7%. Myers emphasized that profitability will be higher for those who will work on their own equipment, rather than relying on cloud services. The latter, according to his calculations, at current prices can bring a loss of up to minus 15% per year. This, he believes, promotes true decentralization. At the end of April, Vitalik Buterin said that validators will be able to earn 5% per annum with a minimum stake of 32 ETH - 1.6 ETH per year, or $ 304 at the time of publication. However, given the cost of freezing funds, the real return will be at 0.8%.

How to calculate profitability from ETN staking

The easiest way to calculate the estimated return for Ethereum staking is to use a special calculator. For example, from the online services EthereumPrice or Stakingrewards. The service takes into account the latest indicators of network profitability, as well as additional characteristics: the time of operation of a node in the network, the price of a coin, the share of blocked ETNs and so on. Depending on these values, the profit of the validator can vary greatly. For example, you block 32 ETNs at today's coin price - $190, 1% of the coins are blocked, and the node works 99% of the time. According to the EthereumPrice calculator, in this case your yield will be 14.25% per annum, or 4.56 ETH.
Validator earnings from the example above for 10 years according to EthereumPrice.
If to change the data, you have the same steak, but the proportion of blocked coins is 10%. Now your annual yield is only 4.51%, or 1.44 ETH.
Validator earnings from the second example over 10 years according to EthereumPrice.
It is important that this is profitability excluding expenses. Real returns will be significantly lower and in the second case may be negative. In addition, you must consider the fluctuation of the course. Even with a yield of 14% per annum in ETN, dollar-denominated returns may be negative in a bear market.

When will the transition to Ethereum 2.0 start

Ben Edgington from Teku, the operator of Ethereum 2.0, at the last summit said that the transition to PoS could be launched in July this year. These deadlines, if there are no new delays, were also mentioned by experts of the BitMEX crypto exchange in their recent report on the transition of the Ethereum ecosystem to stage 2.0. However, on May 12, Vitalik Buterin denied the possibility of launching Ethereum 2.0 in July. The network is not yet ready and is unlikely to be launched before the end of the year. July 30 marks the 5th anniversary of the launch of Ethereum. Unfortunately, it seems that it will not be possible to start the update for the anniversary again. Full deployment of updates will consist of several stages. Phase 0. Beacon chain. The "zero" phase, which can be launched in July this year. In fact, it will only be a network test and PoS testing without economic activity, but it will use new ETN coins and the possibility of staking will appear. The "zero" phase will test the first layer of Ethereum 2.0 architecture - Lighthouse. This is the Ethereum 2.0 client in Rust, developed back in 2018. Phase 1. Sharding - rejection of full nodes in favor of load balancing between all network nodes (shards). This should increase network bandwidth and solve the scalability problem. This is the first full phase of Ethereum 2.0. It will initially be deployed with 64 shards. It is because of sharding that the transition of a network to a new state is so complicated - existing smart contracts cannot be transferred to a new network. Therefore, at first, perhaps several years, both networks will exist simultaneously. Phase 2. State execution. In this phase, various applications will work, and it will be possible to conclude smart contracts. This is a full-fledged working Ethereum 2.0 network. After the second phase, two networks will work in parallel - Ethereum and Ethereum 2.0. Coin holders will be able to transfer ETN from the first to the second without the ability to transfer them back. To stimulate network support, coin emissions in both networks will increase until they merge. Read more about the phases of transition to state 2.0 in the aforementioned BitMEX report.

How the upgrade to Ethereum 2.0 will affect the staking market and coin price

The transition of the second largest coin to PoS will dramatically increase the stake in the market. The deposit in 32 ETH is too large for most users. Therefore, we should expect an increase in offers for staking from the exchanges. So, the launch of such a service in November was announced by the largest Swiss crypto exchange Bitcoin Suisse. She will not have a minimum deposit, and the commission will be 15%. According to October estimates by Binance Research analysts, the transition of Ethereum to stage 2.0 can double the price of a coin and the stake of staking in the market, and it will also make ETH the most popular currency on the PoS algorithm. Adam Cochran, partner at MetaCartel Ventures DAO and developer of DuckDuckGo, argued in his blog that Ethereum's transition to state 2.0 would be the “biggest event” of the cryptocurrency market. He believes that a 3–5% return will attract the capital of large investors, and fear of lost profit (FOMO) among retail investors will push them to actively buy coins. The planned coin burning mechanism for each transaction will reduce the potential oversupply. However, BitMEX experts in the report mentioned above believe that updating the network will not be as important an event as it seems to many, and will not have a significant impact on the coin rate and the staking market. Initially, this will be more likely to test the PoS system, rather than a full-fledged network. There will be no economic activity and smart contracts, and interest for a steak will not be paid immediately. Therefore, most of the economic activity will continue to be concluded in the original Ethereum network, which will work in parallel with the new one. Analysts of the exchange emphasized that due to the addition of staking, the first time (short, in their opinion) a large number of ETNs will be blocked on the network. Most likely, this will limit the supply of coins and lead to higher prices. However, this can also release some of the ETNs blocked in smart contracts, and then the price will not rise. Moreover, the authors of the document are not sure that the demand for coins will be long-term and stable. For this to happen, PoS and sharding must prove that they work stably and provide the benefits for which the update was started. But, if this happens, the network is waiting for a wave of coins from the developers of smart contracts and DeFi protocols. In any case, quick changes should not be expected. A full transition to Ethereum 2.0 will take years and won’t be smooth - network failures are inevitable. We also believe that we should not rely on Ethereum staking as another panacea for all the problems of the coin and the market. Most likely, the transition of the network to PoS will not have a significant impact on the staking market, but may positively affect the price of the coin. However, relying on the ETN rally in anticipation of this is too optimistic.
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TradeOptionGains bitcoin site?

Got this weird DM on reddit idk what this guy is up to have any of you ever heard of this https://tradeoptiongains.com Site?
u/mikerobin25

Mikerobin2501:52 AM
Hello there
IDEKMyUsername09:34 AM
Howdy
Mikerobin2509:47 AM
How's it going?
IDEKMyUsername12:13 PM
Not bad.
What's up
Mikerobin2512:36 PM
I'm doing quite alright, How about you?
IDEKMyUsername12:53 PM
Not bad
Mikerobin2501:39 PM
Well, I don't mean to intrude but are you familiar with the term "cryptocurrency", Bitcoin to be precise?
IDEKMyUsername03:10 PM
Yes
Aye
Mikerobin2503:25 PM
Well, I'm at the moment engaging in an outreach aimed at expanding the clientele of my platform and enlightening the populace on the monetary potential of bitcoin trading and mining. Would you be interested in this?
IDEKMyUsername03:26 PM
Uh yeah sure I can look into it.
What does it include?
Mikerobin2503:28 PM
Are you familiar with the term "Bitcoin trading"?
IDEKMyUsername03:29 PM
Yeah somewhat
Like selling and buying it?
Mikerobin2503:33 PM
Well, Bitcoin trading is the process of making profits by buying Bitcoin at a low cost and selling it when the price goes up, This method is referred to as Dollar Cost Averaging(DCA). The Bitcoin trade is volatile, and price move by a significant margin. This activity is done on trading platforms.
Are you following?
IDEKMyUsername04:07 PM
Yep gotcha so far
Sorry had to pickup a call
Mikerobin2506:51 PM
No problem mate. Every platform has an investment procedure and ROI method. Unlike other platforms that engage in day trading (profiting from the volatility of bitcoin which is inefficient), My platform is registered with S9 ant miners that mine the bitcoin you invest to increase exponentially and that’s how you earn profits.
Have you heard of the term "Bitcoin mining"?
IDEKMyUsername06:52 PM
Yes I have
Mikerobin2506:57 PM
Good. For clarification, Bitcoin mining primarily involves generating and earning off the confirmation of blocks of transaction on the network such as the Blockchain network.
This is made possible with the use of special and sophisticated devices called the Bit main devices, Such as the AntMiner S9 and ASIC hardware. These devices are extremely expensive to maintain and require a lot of electricity generation and technical expertise which makes it rarely an option for private individuals who are interested in going into Bitcoin mining. But my platform has been able to provide for this disability.
Are you following?
IDEKMyUsername06:57 PM
I feel ya
Yes
Mikerobin2507:01 PM
Moving on, My platform operates a full S9 Antminer farm. The Antminer s9 has a hash rate of 12.93TH/s which is -+ 7%, Which could generate a ROI of 0.5 BTC within an investment period depending on the investment capital. Note: ROI stands for return of investment while hash rates a measure of how many times the network can attempt to complete this puzzle every second. This means that hash rate is a good indicator of the Bitcoin network's health.
Do i still have your attention?
IDEKMyUsername07:02 PM
Yes
Mikerobin2507:05 PM
Finally, All investments are made and monitored by the client (you) on the platform's website as you earn profits daily and you can contact me a "Broker" on the platform whenever you need assistance or more information.
https://tradeoptiongains.com
IDEKMyUsername07:05 PM
Hm
U have a history of wise investments?
I mean don't really know you so not like your a "professional" of any means
Mikerobin2507:06 PM
Certainly
We've been running for a span of 4 years now with optimum services provided
IDEKMyUsername07:38 PM
oh wow
gimmie some more deets?
how much money would I expect if i put a quick g bar in?
IDEKMyUsername07:53 PM
hm?
Mikerobin2507:54 PM
An investment of $1000 amounts up to the standard ROI stated above which is 50% of 1 bitcoin.
Apologies for the late reply, Was attending to a client of mine.
IDEKMyUsername07:55 PM
so invest of about $1000 would give ruffly 5?
nah ur good fam
like how I go about that tho u know
cause isn't bitcoin like kind of high right now?
Mikerobin2507:57 PM
Yeah though it would have been more profitable if you had started earlier when it was cheaper but you should be expecting more returns due to the halving coming up.
https://www.bitcoinblockhalf.com/
IDEKMyUsername07:58 PM
how high you think its going to get?
Mikerobin2507:59 PM
Its a highly speculative asset but from my experience and following it's previous halving events, Probably 15-18k.
IDEKMyUsername08:01 PM
oh jeez thats like as big as the big boom right?
how you know its gonna do that?
and what if it doesn't lol?
do I just l;ose it all
Mikerobin2508:05 PM
Exactly. If it doesn't, It would remain at its breaking point of 9k or peak point of 10k but i highly doubt it doesn't pump(rise) based on past halving events. You can simply get started by creating your personal account on the platform by which you can start by purchasing bitcoin and you can do this by clicking on the "Register" icon to get started.
IDEKMyUsername08:05 PM
hmmm idk
Kinda need some more security u know what I mean?
Mikerobin2508:08 PM
I understand. Loses are only made when you sell off, You money remains intact whether it rises or falls as long as you don't sell but your ROI is fully attained on your account on the platform.
IDEKMyUsername08:09 PM
o
Mikerobin2508:10 PM
Indeed
Mikerobin2508:20 PM
Any more questions?
IDEKMyUsername08:20 PM
uhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
no
Mikerobin2508:22 PM
Okay then, I'm available here if you're interested and need my assistance
Enjoy the rest of your day.
IDEKMyUsername08:25 PM
o
ok
Yesterday
Mikerobin2501:48 PM
https://www.fxstreet.com/cryptocurrencies/news/breaking-bitcoin-price-takes-down-9-000-as-10-000-beckons-202004300334
https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-gold-oil-2020-best-performing-assets-a9492641.html
IDEKMyUsername01:51 PM
O
I bought it
Mikerobin2501:51 PM
Pardon?
IDEKMyUsername01:52 PM
I bought one
Mikerobin2501:52 PM
On what platform?
IDEKMyUsername01:54 PM
I'm idk the one u sent me
Um*
Mikerobin2501:55 PM
Really? When did you do this and why wasn't i informed?
Today
IDEKMyUsername10:19 AM
Oh like last last night
I thought it was expected
U sent me the link and everything
;(
Mikerobin2510:22 AM
You would have informed me so i can enlighten you more on the procedure. Are you aware that it's a mining platform and you earn profits as an investor?
IDEKMyUsername10:23 AM
Yah so what would profit be ya reckon?
For let's say $1000 over liek a year
Mikerobin2510:24 AM
What name did you use in registering the account?
IDEKMyUsername10:24 AM
Uh I'd have to look it up
But how much profit did u say it would be about?
Mikerobin2510:27 AM
0.5 BTC a month depending on your investment capital that is, I would need the name of your account to register it under my personal database so i can provide you with information and assistance when needed.
IDEKMyUsername10:28 AM
O damn that's some big bucks right there
.5 btc like what 4g?
4 times 11 that's $44,000 a month
Mikerobin2510:30 AM
How much did you invest and what is the name of your account?
Your profit is calculated in respect of your investment capital
IDEKMyUsername10:31 AM
Like 11grand
Mikerobin2510:31 AM
And the name?
IDEKMyUsername10:31 AM
Mmmm
How do I find it?
Is there a way on the site
Mikerobin2510:31 AM
What name did you use in creating the account?
Didn't you register?
IDEKMyUsername10:32 AM
Oh like my irl name
I thought u meant like a username
Mikerobin2510:32 AM
Username is what i mean
IDEKMyUsername10:33 AM
It's gonna be under Jeffery Henderson
Jeffery L. Henderson
Mikerobin2510:35 AM
Okay, Give me a second to record it and ascertain your expected profit.
IDEKMyUsername10:35 AM
Sick
Did u find my account?
Mikerobin2510:41 AM
I can't find your records on the platform, Maybe a technical difficulty. Could you please sign in and send me a screenshot of your funds deposited through discord please?
IDEKMyUsername10:41 AM
So tell me mike
Where's the cash?
Mikerobin2510:41 AM
Pardon?
IDEKMyUsername10:41 AM
You lost it, oh you misplaced it.
Now mike you know I don't like to be lied to right?
Mikerobin2510:43 AM
Since i can't find your account on the platform, I guess that's the ending of our conversation.
Good day.
IDEKMyUsername10:43 AM
So why
THE FUCK
ARE YOU LIEING TO ME
Mikerobin2510:44 AM
Prove that you have an account on the platform by sending a screenshot
IDEKMyUsername10:44 AM
I cannot
I did it on
Computer
Mikerobin2510:45 AM
The sign in through your phone, Do i seem like a fool to you?
I have a lot of clients to attend to and i don't have time for games
IDEKMyUsername10:45 AM
I ain't the I one that took another man's money and now can't find it
You don't have other clients
Let's not play games here
How do I get my money out of this depreciating asset?
You better help me get my money out of this or were going to have a major issue
Mike...
IDEKMyUsername11:16 AM
U serious rn bro?
Ur gonna scam me out of my 💰
?
A day will come when you think yourself safe and happy,.
But suddenly your joy will turn to ashes in your mouth.
and you'll know the debt is paid
IDEKMyUsername08:01 PM
Br
You still my 11 grand
Stole
What's your name
Tell me
Or I'll find you
submitted by IDEKMyUsername to Scams [link] [comments]

The One Thing EVERYONE Must Know About the Dev Funding Plan: IT'S COMPLETELY FREE.

sigh I get so tired of having to stop working to put out a post explaining issues. If anyone else wants to join in I could use help. (actually I've seen Jonald F. do this before too, so thanks JF!)
Things are bad when even developers don't understand what's going on. So I'll try to clearly explain an important point on the Dev Funding Plan (DFP from now on) for the community: it's completely free. Yet we still get panicked posts saying Please Save Us from the TAX!!! Somebody Help!
You may be for or against the DFP, but either way please at least understand what you're forming an opinion on.
Let's start from the beginning. We know Bitcoin works on blocks and block coin rewards. The block reward, which started at 50 coins per block, and cuts in half approximately every 4 years, serves two purposes: it's a fair way to bring coins into circulation, but more importantly it provides security for the network.
For simplicity, please think of "security" as being measured in power bars. When the network first started, with just Satoshi and Hal Finney, there was 1 power bar. This power bar was made up of the electricity their combined computer hardware used to find blocks. They were the first miners. Bitcoin uses a difficulty level to adjust how hard or easy it is to find blocks. This level is important for a key reason: we want the inflation rate of coins (how fast they come into circulation) to stay about the same, regardless how many miners (computing power) suddenly comes online. If the difficulty is set at super easy, but suddenly a super computer comes online that computer can gobble up thousands of coins in minutes if not seconds, creating massive rapid inflation. So the first thing to understand is that due to the Difficulty Level Adjustment the rate of coins coming into circulation will always stay about the same, regardless how many miners join or leave the network.
Getting back to power bars. So the point of Bitcoin is there is no center, no fixed authority. The problem is we still need a decision made about which chain is valid. This is where proof-of-work comes in. Satoshi's fairly brilliant solution to a consensus decision, with no leader, was to simply look for the longest chain (technically the chain with most hashing work). The reasoning was: as there are far more ordinary people than there are governments and dictators a Bitcoin supported by the all the world's people should always be able to muster more hashrate than even rich governments.
So Bitcoin began and people saw the brilliance: even with a weak power bar level of 1 (a couple computers), Bitcoin was safe from 51% attacks and attacking govs competing for control of the chain because a super low hashrate meant Bitcoin wasn't popular and govs wouldn't bother paying attention. By the time Bitcoin was big enough for govs to worry about attacking it should also have so many participants the power bar level would be far higher, providing strong defense.
Let's say the ideal power bar level is 50,000. At this level no government on earth has enough resources to beat the grassroots network. We hear people brag about how much security BTC has. However, the marketcap for all of BTC is about $160B. Countries like the U.S. and China have GDP measured in many trillions; a trillion is 1,000 billion. Does 160B really seem untouchable? For numeric comparison the main U.S. federal food assistance program cost the government $70B in 2016, representing about 2% of the budget. So the entirety of the BTC market cap is about twice the size of one welfare program, representing 2% of the overall budget. Where should we place the current security power bars if we want guaranteed safety from a determined U.S. gov? If 50,000 is guaranteed safe we're far from it. I'd say BTC is more like 5,000. That's still pretty decent.
Of course, BCH split from BTC... and didn't carry over all the miners and accompanying security. That's not an immediate concern because if BTC isn't on government's radar yet BCH sure isn't. However, that doesn't mean BCH doesn't need security from hostile forces. It's still a valuable network and needs defenses. Where would we put power bars for BCH? If BTC is 5,000 and BCH only has 3% of that hashrate then BCH has just 150. That's it.
How the Developer Funding Plan Works
Back to the DFP. What this says is as a community we agree to break off a piece of the block reward and instead of giving 100% to miners we give a small percent to developers. If each block is 10 coins and the price is $300 then winning a block means winning $3,000. Of course that's not all profit because miners have electricity and other expenses to pay before calculating profit. So if we reduce the portion of the miner reward by 10% so they get just 9 coins per block yet the price stays the same what happens? It means miners receive $2,700 for the same effort. We've just made it more expensive to mine BCH from the point of view of miners. What would any miner then rationally do? Seek profitability elsewhere if available. Suddenly BTC SHA256 hashing looks slightly more attractive so they'll go there. Hashrate leaves BCH and goes to BTC, but the key important point is BOTH chains have a difficulty adjustment algorithm which adjusts to account for rising or lowering miners overall, which keeps the coin inflation rate steady. This means BTC total hashrate rises (more miners compete for BTC) and its Difficulty Level rises accordingly, so the same rate of BTC pumps out; on BCH total hashrate falls (less miners compete for BCH) and its Difficulty falls, so the same rate of BCH pumps out. Inflation remains about the same on both coins so the price of both coins doesn't change any, beyond what it normally does based on news/events etc.
So what difference is there? The difference is total network security. Hashrate totals have changed. BTC gains more miner securing hashrate while BCH loses it. So BTC goes from 5,000 to say 5,100 power bars. BCH goes from about 150 to 140.
Does any of that matter in the grand scheme of things? Not in the slightest. Part of the reason is due to our emergency circumstances with BCH we had to rework our security model. Our primary defense is an idea I came up with, which BitcoinABC implemented, saying it's not sheer hashpower that dictates what chain we follow. We won't replace a chain we're working on if a new one suddenly appears if it means changing more than 10 blocks deep of history. This prevents all the threatening hashrate hanging over our heads from mining a secret chain and creating havoc unleashing it causing 10+ confimed txs to be undone, while exchanges, gambling sites etc. have long since paid out real world money.
Switching $6M worth of block rewards from mining to devs just means we lose a bit of hashrate security, while we gain those funds for development. Nothing more. Nobody holding BCH pays in the form of inflation or any other way. It costs literally NOTHING BECAUSE The block reward is ALREADY ALLOCATED. It will EITHER go 100% to mining security if we do nothing, or go to both miners and devs if the plan is put into effect. Hopefully this helps.
:)
TL;DR: we switch security which we don't really need, for developer funding which we do.
submitted by cryptos4pz to btc [link] [comments]

The Best Cryptocurrency Mining Pools in 2020

This review is not sponsored! Neither it is an ad.
How to choose a mining pool? How to avoid stale shares? The pros and cons of different services.

What is a cryptocurrency mining pool?

A “mining pool" is a server that distributes the task of calculating the block signature between all connected participants. The contribution of each of them is evaluated using the so-called “shares”, which are potential candidates for receiving a signature. As soon as one of the “shares” hits the target, the pool announces the readiness of the block and distributes the reward.
However, if you participate in the pool, then you will have to share the profit with all the participants in the pool, but for the majority, this usually is the most profitable option.

Which pool is better for mining?

The best mining pools should meet the following criteria:

Key selection criteria

To select a good pool for each specific cryptocurrency, you need to carefully study all the information available about it on its website and on the forums.
To reduce the number of stale shares, it is better to mine on the pool closest to the miner. You can choose the fastest mining pool by studying the information about the processing speed of the share in the mining program or by pinging the time it takes for the signal to pass from the miner's computer to the servers of the pool.

10 most popular and powerful pools: Description

ViaBTC

Coins: BTC, BCH, BSV, LTC, ETH, ETC, ZEC, DASH, XMR, CKB
Commission: 3%, lifetime discount: 1%

EMCD

Coins: BTC, BSV, BCH, LTC, ETC, ETH, DASH
Commission: 0%. There is a donation option: 0.5% of the income

Ethermine

Coins: ETH, ETC, ZEC
Commission: 1%

F2pool

Coins: BTC, LTC, and many other coins
Commission: 3-5%

NanoPool

Coins: XMR, ETH, ETC, SiaCoin, ZEC, PASC, ETN
Commission:1%

Mining Pool Hub

Coins: BTC, BSV, BCH, LTC
Commission: 0.9%

NiceHash

Coins: BTC, ETH, XRP, BCH, LTC, ZEC, DASH, XLM, EOS, USDT, LINK, BAT, ZRX, HOT, OMG, REP, BTG, NEXO, MATIC, ENJ, SNT, ELF, BNT, KNC, POLY, MTL + 20 more.
Commission: 2-5%

Coinotron

Coins: ETH, ETC, PASC, LTC, Zcash, BTG, DASH, FTC, VTC
Commission: 1-1.5%

Monero Mining Pool

Coins: XMR
Commission: 2%

Baikalmine

Coins: ETH, ETC, MOAC, CLO
Commission: 0.5-1%

Independent Pool Statistics

To make sure that the pools work and really exist, check independent sources. These are:
Keep up with the news of the crypto world at CoinJoy.io Follow us on Twitter and Medium. Subscribe to our YouTube channel. Join our Telegram channel. For any inquiries mail us at [[email protected]](mailto:[email protected]).
submitted by CoinjoyAssistant to dogemining [link] [comments]

Bitcoin Halving Is Almost Here: Will Bitcoin Go to the Moon?

Positive signs for Bitcoin have been increasing in different spaces, and the bullish trend seems to be more and more realistic.
This is not the first time an event called halving has happened on the Bitcoin (BTC) network. The first halving took place in 2012; the second halving took place in 2016. Now, the third halving is expected, and like the previous ones, it will halve the reward for the calculated Bitcoin block. Originally, the reward for the calculated block was 50 BTC. Since then, the reward has been reduced to 25 and 12.5 BTC — and is about to be reduced to 6.75 BTC.
The upcoming halving, however, differs from previous halvings in that much more people are involved in the crypto industry. New opportunities have emerged, including ones for big players to manipulate the price of Bitcoin. Among the financial instruments available to large players, there are also stock options and futures on Bitcoin. There has also been a significant increase in people’s awareness of what cryptocurrencies are. Even those who used to be far away from digital currency have learned about what is expected in the Bitcoin network.
In the long term, an event such as the halving will only affect the price of a digital currency by increasing its hash rate. The hash rate and Bitcoin prices have a correlation between each other. The higher the hash rate, the harder it is to calculate new blocks and the less Bitcoin enters the market. On the contrary, a decrease in the hash rate is beneficial for miners, as it allows them to earn more BTC. Although they perform one task, all miners compete with one another.
In the short term, the network hash rate will decrease. This is due to the disconnection of old equipment by the miners, which, at current electricity prices, will no longer be able to operate profitably. This has already happened in the first and second halving of the Bitcoin network. At first, the BTC hash rate, together with the BTC rate, decreased and then increased significantly. As we have already seen from previous halvings, a noticeable bullish movement started about a year after the event and lasted several months.
The year is about the period of time that miners need for technical re-equipment. By purchasing new, more powerful equipment, Bitcoin miners significantly improve the network together. The offer of new BTCs on the market is simultaneously reduced with the growth of the hash rate. Seeing the beginning of growth, the miners begin to hold on to the digital currency in order to part with it at the highest possible price. This is how the peaks in the Bitcoin price chart occur.
The expected halving has a psychological aspect as well. Since the markets of cryptocurrencies and traditional markets have correlated with each other, the fall of the markets due to the coronavirus pandemic has also led to the fall of all digital currencies. However, Bitcoin has shown better recovery dynamics than S&P 500, SSE Index, Nikkei and even gold. Coronavirus topics continue to be at the top of news publications. Because of this, an event like the halving, at first, partly went into the shadows and now is attracting more and more interest. Google Trends indicates that people actively look for information about what the Bitcoin halving is. The event for the network is undoubtedly positive, and if not today, it will promote purchases in the foreseeable future.
There are increasing signs that Bitcoin is being chosen as an alternative to fiat currencies. Thus, research at Grayscale’s Bitcoin Investment Trust and other analysts have said that new investors have not even heard about the Bitcoin halving. Their concerns are quite different: what the Federal Reserve Chairman Jerome Powell said about money as “unlimited pot,” and how President Donald Trump promises to print trillions of dollars to overcome the consequences of the coronavirus pandemic. More financial institutions have been investing in digital currency. Grayscale, which manages the Grayscale Bitcoin Trust, reported that 88% of investments in Q1 2020 were from institutional investors. In terms of technical analysis, Bitcoin is also doing well: Three key resistance levels have been already surpassed simultaneously — the 200-day simple moving average, the 200-day exponential moving average, and the 0.618 Fibonacci retracement level. A fixation above the $10,500 level may mean the beginning of a bullish trend right now.
submitted by melissaBrian0 to Bitcoin [link] [comments]

Proof Of Work Explained

Proof Of Work Explained
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A proof-of-work (PoW) system (or protocol, or function) is a consensus mechanism that was first invented by Cynthia Dwork and Moni Naor as presented in a 1993 journal article. In 1999, it was officially adopted in a paper by Markus Jakobsson and Ari Juels and they named it as "proof of work".
It was developed as a way to prevent denial of service attacks and other service abuse (such as spam on a network). This is the most widely used consensus algorithm being used by many cryptocurrencies such as Bitcoin and Ethereum.
How does it work?
In this method, a group of users competes against each other to find the solution to a complex mathematical puzzle. Any user who successfully finds the solution would then broadcast the block to the network for verifications. Once the users verified the solution, the block then moves to confirm the state.
The blockchain network consists of numerous sets of decentralized nodes. These nodes act as admin or miners which are responsible for adding new blocks into the blockchain. The miner instantly and randomly selects a number which is combined with the data present in the block. To find a correct solution, the miners need to select a valid random number so that the newly generated block can be added to the main chain. It pays a reward to the miner node for finding the solution.
The block then passed through a hash function to generate output which matches all input/output criteria. Once the result is found, other nodes in the network verify and validate the outcome. Every new block holds the hash of the preceding block. This forms a chain of blocks. Together, they store information within the network. Changing a block requires a new block containing the same predecessor. It is almost impossible to regenerate all successors and change their data. This protects the blockchain from tampering.
What is Hash Function?
A hash function is a function that is used to map data of any length to some fixed-size values. The result or outcome of a hash function is known as hash values, hash codes, digests, or simply hashes.
https://preview.redd.it/011tfl8c1j451.png?width=851&format=png&auto=webp&s=ca9c2adecbc0b14129a9b2eea3c2f0fd596edd29
The hash method is quite secure, any slight change in input will result in a different output, which further results in discarded by network participants. The hash function generates the same length of output data to that of input data. It is a one-way function i.e the function cannot be reversed to get the original data back. One can only perform checks to validate the output data with the original data.
Implementations
Nowadays, Proof-of-Work is been used in a lot of cryptocurrencies. But it was first implemented in Bitcoin after which it becomes so popular that it was adopted by several other cryptocurrencies. Bitcoin uses the puzzle Hashcash, the complexity of a puzzle is based upon the total power of the network. On average, it took approximately 10 min to block formation. Litecoin, a Bitcoin-based cryptocurrency is having a similar system. Ethereum also implemented this same protocol.
Types of PoW
Proof-of-work protocols can be categorized into two parts:-
· Challenge-response
This protocol creates a direct link between the requester (client) and the provider (server).
In this method, the requester needs to find the solution to a challenge that the server has given. The solution is then validated by the provider for authentication.
The provider chooses the challenge on the spot. Hence, its difficulty can be adapted to its current load. If the challenge-response protocol has a known solution or is known to exist within a bounded search space, then the work on the requester side may be bounded.
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Source-wiki
· Solution–verification
These protocols do not have any such prior link between the sender and the receiver. The client, self-imposed a problem and solve it. It then sends the solution to the server to check both the problem choice and the outcome. Like Hashcash these schemes are also based on unbounded probabilistic iterative procedures.
https://preview.redd.it/gfobj9xg1j451.png?width=740&format=png&auto=webp&s=2291fd6b87e84395f8a4364267f16f577b5f1832
Source-wiki
These two methods generally based on the following three techniques:-
CPU-bound
This technique depends upon the speed of the processor. The higher the processor power greater will be the computation.
Memory-bound
This technique utilizes the main memory accesses (either latency or bandwidth) in computation speed.
Network-bound
In this technique, the client must perform a few computations and wait to receive some tokens from remote servers.
List of proof-of-work functions
Here is a list of known proof-of-work functions:-
o Integer square root modulo a large prime
o Weaken Fiat–Shamir signatures`2
o Ong–Schnorr–Shamir signature is broken by Pollard
o Partial hash inversion
o Hash sequences
o Puzzles
o Diffie–Hellman–based puzzle
o Moderate
o Mbound
o Hokkaido
o Cuckoo Cycle
o Merkle tree-based
o Guided tour puzzle protocol
A successful attack on a blockchain network requires a lot of computational power and a lot of time to do the calculations. Proof of Work makes hacks inefficient since the cost incurred would be greater than the potential rewards for attacking the network. Miners are also incentivized not to cheat.
It is still considered as one of the most popular methods of reaching consensus in blockchains. Though it may not be the most efficient solution due to high energy extensive usage. But this is why it guarantees the security of the network.
Due to Proof of work, it is quite impossible to alter any aspect of the blockchain, since any such changes would require re-mining all those subsequent blocks. It is also difficult for a user to take control over the network computing power since the process requires high energy thus making these hash functions expensive.
submitted by RumaDas to u/RumaDas [link] [comments]

Large-scale updates of Tkeycoin. What’s next? — listing on the crypto exchange. Are you with us?

Large-scale updates of Tkeycoin. What’s next? — listing on the crypto exchange. Are you with us?

https://preview.redd.it/ojtx6mauve151.png?width=700&format=png&auto=webp&s=8dd727076d495d4b624a307775e64ae83ce31c76
Hello, everyone, It’s been a long time since you heard our team, someone thought we were gone, someone was waiting, and someone disappeared himself.
All this time we have worked hard to bring you good news. We will tell you what we have prepared for you, what events will be soon, what you can use right now and what else will be new in the year. And so, let’s go!

Preparing for listing on the exchange

The pandemic period played into the hands of the entire team and we managed to build beauty in our services. In anticipation of the exchange, the team tidied up the sites and services and connected new tools. First of all, we paid attention to the preparation of all services for a foreign audience, taking into account its mentality.
New sections, localizations, nice things, and much more to ensure the most efficient use of the TKEY resource. In addition to the new tabs, the services that we will talk about in this material, there is a special page for representatives of the exchange with the necessary documentation for listing — https://tkeycoin.com/en/documentation/.

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Full localization

Already today the official website tkeycoin.com available in 5 languages: Russian, English, Korean, Chinese (Simplified), Chinese (Traditional).

https://preview.redd.it/xbiodqixve151.png?width=700&format=png&auto=webp&s=dd81e99cb792d62a3ebb397d2181a2f1d0de5ac8
We made adjustments to the Russian and English versions of the site, including support for Korean and Chinese for each section of the site. Professionals in their field, native speakers translated and adapted the information as it should be, and we, in turn, structured and framed it properly. So welcome!

https://preview.redd.it/hcnhws2zve151.png?width=700&format=png&auto=webp&s=30b53c5c4f3c192c39518f66941dcfdfc5b420f5
We will update language support for the site, and soon it will include support for all languages that are available in the mobile app.

QR Codes for Asian Audience


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Our friends and residents of Asian countries actively use QR codes in their lives, both when paying in stores and when working with websites. QR codes are used almost everywhere when renting a car or bike, we just open the phone, scan and the mode of transport becomes available for use, anything is available for rent, even a battery, even an umbrella.
“It was a hot May day. Seven-year-old Wang Jiaozui came out of school and saw his grandfather, who came to pick him up. He was standing in the sun, and his shirt was soaked with sweat. Jiaozui invited the grandfather to buy a cold Cola in the shop, but he forgot her purse at home. It turned out that this is not important — the boy took his grandfather’s smartphone and called the payment app with a QR code on the screen.” ©
What to say if QR codes are used even to identify entire farms. By pasting QR codes on farm buildings and then scanning them, government inspectors can quickly figure out who owns the building and whether its owners are violating any laws.

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We must be on the trend! Now a special library generates QR codes for the desired page, any tab on the site tkeycoin.com in Chinese and Korean-accompanied by a QR code that leads to the requested page: fast, convenient, and simple.
https://preview.redd.it/73rscop3we151.png?width=700&format=png&auto=webp&s=c83229e56d612450370b43b06910225701454c60
Providing this opportunity to our colleagues and future users of Tkeycoin from Asia is a friendly approach and most importantly, a strategic step on our part. After implementing QR codes, we are undoubtedly drawn into the convenience of this function, which we recommend to You:) If you like it, we will make QR codes on the Russian and English versions of the site.

Buying and withdrawing cryptocurrency to a Bankcard


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On the site, you can now buy Bitcoin for pound, dollars, euro, and any other currency. This is a powerful automated service for instant exchange of fiat currencies for cryptocurrencies. The system works around the clock and seven days a week, allowing everyone to conduct exchanges at any time of the day and in the shortest possible time.
Withdrawal to a Bank card will be available until the end of the month, we finish the details, the page is available now, and the withdrawal itself will be activated during this week. You can buy Bitcoin, Ethereum, or any other currency right now.

https://preview.redd.it/o8z0c4b7we151.png?width=700&format=png&auto=webp&s=b4d684f09acd914316c986482b8dadf88718c618
These features are the future for the function of purchasing any product or service for TKEY at any point of sale, which will form the basis of the mobile app, quickly, conveniently, and most importantly, observing the letter of the law.
All we do is build an Empire that is being built before your eyes. Every service and product is connected, so any update promises the appearance of even more cool and effective features than before.

Buying cryptocurrency for pound, dollars, euros, and other currencies

At the end of February, we told you that we are working on building a payment service that will include the provision of services: buy cryptocurrencies, sell a cryptocurrency, withdraw cryptocurrency to Bank cards, etc.
This day has come, now you can buy Bitcoin (BTC), Ethereum (ETH), Tether USDT, Basic Attention Token (BAT), Algorand (ALGO), Tron (TRX), OKB (Token Okex.com).

https://preview.redd.it/1pm2cnv8we151.png?width=700&format=png&auto=webp&s=69473d2e5ed1b8dc75189362b46906752be29895
The purchase is available in any currency: Russian ruble, US Dollar, Euro, British pound, Ukrainian hryvnia, Indonesian rupiah, South Korean won, Japanese yen, Turkish Lira, Argentine peso.
As you can see, the currency corridors are quite extensive, which allows you to make exchanges fast and at a favorable rate. Just choose the right pair to exchange or buy, available fiat currencies: RUB, USD, EUR, GBP, UAH, IDR, KRW, JPY, TRY, ARS, available cryptocurrencies: BTC, ETH, BAT, USDT, ALGO, TRX, OKB.
Even if this wide list does not include the currency you want to buy, such as Bitcoin or USDT, it’s okay — the service will automatically convert your currency into the payment currency and the Bank will make the exchange. Exchanges take place within 1–3 minutes, it is enough to pass quick verification once, which allows you to work with a volume of > 15,000 euros per month.

https://preview.redd.it/0ln5uttawe151.png?width=700&format=png&auto=webp&s=35de9e413db35bb53f39332aa4197cd54a3e211c

Exchange of cryptocurrencies for pound, dollars, euros, and withdrawal of Bankcard

In addition to the fact that you can now easily buy a cryptocurrency for fiat currencies, pound, dollars or any other, during this week we will finish work on the withdrawal to a Bank card and you can easily withdraw your profit to the card, the most important thing is that this is a completely legal method, and all operations pass through banks and jurisdictions where work with digital assets is legalized.
This means that when you buy or make a withdrawal to the card, you get legal funds that are credited to you by the Bank or payment system.
If you are used to working with effective tools that work in a new way, or rather correctly and legally, then this service is for you. Fast crediting, easy exchange, a large selection of currency pairs, that’s what the company is betting on.
We work with the most reliable third-party partners to make your cryptocurrency process easy and convenient, and most importantly safe for You. The service supports plastic and virtual Bank cards VISA, MasterCard, MIR, and other payment systems for fast payment processing.

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On the exchange page, you can choose any currency pair to exchange in the opposite direction, for example, GBP to BTC or USD to BTC. Choose a suitable pair for exchange, available fiat currencies: RUB, USD, EUR, GBP, UAH, IDR, KRW, JPY, TRY, ARS, available cryptocurrencies for exchange: BTC, ETH, BAT, USDT, ALGO, TRX, OKB.
How it works
When buying cryptocurrency for the first time, your Bank reserves (holds) the requested amount, then this amount is transferred to the authorization waiting state. As soon as the Bank freezes the fiat funds, the service fixes the exchange rate at the time of creating the application, reserves the cryptocurrency, and provides you with 30–40 minutes to complete verification. After successful verification, the service charges cryptocurrency to the wallet.

Quick verification

Verification takes 2–3 minutes and requires only one time to perform operations every day. The “Know Your Customer” (KYC) procedure is necessary to exchange cryptocurrencies for fiat currencies.

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As you understand, you need to pass verification 1 time, regardless of whether you withdraw funds or buy currency, after passing verification, all services are available to You without any further confirmation.

New currency

Support for other currencies, including TKEY, will be added gradually and highlighted through service updates. As for the TKEY exchange, it will become available in exchange services after listing on the exchange. Listing on an exchange allows you to automate the exchange process, link the necessary services, and most importantly, the exchange provides liquidity, which is key when we talk about exchanging for a particular currency.
We will tell you more about the operation of the service and its advantages, chips, in a separate material dedicated to the withdrawal and purchase of cryptocurrencies for fiat currencies, as well as touch on various banking issues and tell you how you can combine the SWAP service for more efficient exchange and withdrawal to the card.

Charitable activity

By making an exchange or purchase of cryptocurrency, you help children and people who need our help. We deduct 0.1% of the profit from each transaction to charity funds.
This is the fastest and most comfortable way of charity, which allows you to bring together people who are not indifferent to other people’s problems. TKEY enables people to do good deeds, and the resulting turnover profit of 0.1% is sent to charity funds every month. Together with You, we create new opportunities for people in need who need help — “Big things have small beginnings”.
How does it work?
You have made an exchange or purchase operation, the company has accumulated the volume of these operations for a month->the company has chosen a charity Fund->sent funds to the charity Fund’s account. Priority charity funds are children’s aid funds. You can always suggest a candidate for a particular Fund by sending a message to [[email protected]](mailto:[email protected]).
Why do we write Funds and not a Fund?
This is the first launch of the service, so depending on the monthly volume, we will focus on distributing funds to one charity or several. For example, if we have accumulated $ 10,000, we can distribute $ 5,000 to 2 funds. if we have accumulated $ 100, it is logical that we will only send this amount to 1 Fund. With the development of the service, we will be able to focus on several funds, which we will actively help due to the received volume.

New sections, improvements for existing services

Menu logic and site structure

The menu logic has been revised. now more items are available on the menu and they are divided into sections. Navigation through the sections has become much easier and more convenient. for some sections, QR codes are available for Russian and English-speaking audiences, and for representatives of Asian countries, all sections are available by QR code.

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TKEYSPACE Promo Page

New blocks were added, the entire page was fully localized and is available in Chinese, Korean, English and Russian, and QR codes were added for easy navigation for the Asian audience.

Documentation for the exchange

We have already mentioned that there is a section for exchanges with the necessary documentation for listing, now it is available in English. In the next updates, it will be translated into Russian, Chinese (Traditional and Simplified), and Korean.

Market Data (Coin Data)

The market data section has been optimized for mobile apps. Charts are expanded and optimized page borders for most mobile devices, and you can search for cryptocurrencies and tokens that interest you.

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FAQ

Added answers to frequently asked questions in various sections of the site, You can find the information directly on the section page, for example, TKEY-QT, SWAP or Core. Right on the page there is a FAQ section, in which we disclose answers to questions, for example: How are You going to solve the scalability problem, or why did you choose Phoenix as the logo and symbol of the project, or how do you exchange cryptocurrency for pound or dollars? As you can see, you can get answers to different questions, depending on the topic of the site section.

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Footer

For convenience, the site’s footer has been expanded and new sections (quick tabs) are included, which are also available in the QR-code format. In addition to various details, the footer is now accompanied by the company’s coat of arms — the Phoenix, which is the symbol of the entire community, the Phoenix Alliance.

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Page 404

Added page 404, which is also an integral part of the site. now when you go to a non-existent site page, all the necessary menu items are fully available to us, which will quickly Orient You and direct you to the desired section.

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What is waiting for us in the nearest future?

In addition to various improvements, connecting services, our team has been working every day on other main areas of the Tkeycoin project, which are already being prepared for the next release and we will tell you what updates, what plans, events, and what else will be interesting this year.

Online conference with management

An online conference in question-answer format will be organized. The main task of the conference, in addition to questions and answers, is to discuss plans, talk about new directions, touch on issues of legislation, and analyze current issues of users.
The online meeting format will allow you to get feedback and discuss a large number of issues in a short time. Questions related to technical support and other questions that can be answered through the administration will not be discussed.
The meeting involves the development, constructive, and suggestions from users for further development of the Tkeycoin project. If you are interested in participating in the conference, you can also make business proposals during it, please use the time to your advantage. We work for you.

New content: reports, new categories, useful information

Based on user feedback, we introduce new categories to our content plan:
Reports This section will be accompanied by information about the work done by the team for the month, the format of submission — abstracts, highlights. This format will help establish feedback between users and developers.
Question-answer
In addition to the content that we produce ourselves, users have questions that arise during the process of working with the project’s services, as well as during interaction with the project itself. To avoid making guesses and making up stories, we have introduced the question-answer category.
Users ask questions in comments, and the company prepares answers based on the questions and they are published in the post. Depending on the number of questions, the post generates all the answers, or the post is divided into parts if the number of questions for the past period was the largest. In addition to asking questions, you can make suggestions to the project, for example, about new features or directions.
This format also builds feedback and helps to improve all services. the most important thing is that it can not only help us but also you, as the offer and questions will help you focus on the tasks that the end-user wants to see.

TKEY-POOL (Tkeycoin pool)

We are completing the work and debugging of the official pool for Tkeycoin, this is a completely new approach for mining Tkeycoin. The pool will feature higher performance and stable architecture, a light interface, and objective commissions.
A pool is a highly loaded system that works 24/7/365, it turns out that such a product hides a sufficient number of lines of code and, most importantly, is built on a reliable architecture that can withstand +50000–100000 miners, not to mention the number of connected devices for this number of miners.
A cryptocurrency pool is a combination of the hardware power of many miners at once to increase the probability of finding a block. The reward for a block obtained by the pool is distributed among all participants.
The TKEY pool is developed taking into account the features of the Tkeycoin blockchain, including multi-blockchain, transaction model, hashing, blocks, and other nuances that are an upgrade of the blockchain among others. Together with the pool, the TKEY network is being tested: high loads, attacks, and other tests that show positive results, proving that the TKEY blockchain can work under any loads and is protected from attacks.
Our task was to: 1. Stable system for handling high loads; 2. Adaptation pool for any software; 3. Connecting any hardware for mining cryptocurrency Tkeycoin; 4. Fair remuneration calculation; 5. Security.
The main goal is for any user, regardless of the software and hardware used, to be able to connect to Tkeycoin mining via a pool. The first releases will be accompanied by a simple user-friendly interface, easy connection, instructions for various mining programs that can be connected.
In future releases, we will optimize the operation of the pool, add new features, as well as tracking functions and other nice things. any suggestions from miners and the community are interesting to us and will be implemented, so do not hesitate to send your suggestions after the launch.

TKEYSPACE updates


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Work on the TkeySpace mobile app is also not standing still. We will soon release updates for TkeySpace on Android and iOS.
This release is a complete transition to the most stable version of the mobile wallet. This means that after the update, even with the largest changes, the user will not need to completely reinstall or restore to use the new features, as before, just update the app via the AppStore or GooglePlay.
Between the previous update has been a sufficient amount of time, on average, updates are released once a month. This update will be one of the major ones. We are finishing work on the code to prepare the app for the new features that will be available this year. Besides, we are improving the app’s logic, data processing speed, optimizing the code, restoring order, and preparing for the global market.

Exchange, purchase of cryptocurrency and withdrawal to the Debit/Credit Card


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In addition to pleasant optimizations, the app will display the exchange and withdrawal to a Bankcard, tab with an optimized page for exchange, withdrawal, and the purchase will be available directly in the mobile app. This upgrade will also capture the cryptocurrency exchange SWAP page, which can be evaluated after the update. Other features and new features will be announced by the developers immediately after the release.

SWAP Update

The development team is finishing work on optimizing the SWAP service. Regardless of updates, it is available in working mode 24/7/365. The team is working on improving the operation, optimizing the page, changing the interfaces, improving navigation, and speeding up query processing. This update is also among the upcoming ones, along with the pool, mobile wallets, and other news that will excite.

Network Statistics

In the network statistics section, there are several sections that will be fixed — this is the hash rate of the network and the volume of Tkeycoin. Now the volume of Tkeycoin is displayed by mTKEY, and the graph itself indicates M TKEY, the user may incorrectly understand the volume of transactions in the network, so, given the current volume, it is advisable to switch the display to TKEY, and in the future switch to mTKEY for large volumes.
TKEY is divided into cryptograms (CryptoGramm, cgr), uTKEY (keys), and mTKEY. 1 TKEY = 100 000 000 cryptograms. 1 mTKEY = 100,000 cryptograms. 1 TKEY contains 1000 mTKEY. 1 mTKEY = 0.00100000 TKEY 1 uTKEY =100 cryptograms 1 TKEY contains 1,000,000 utkeys. 1 uTKEY (keys) = 0.00000100 TKEY 1 cgr = 0.00000001 TKEY

Cryptocurrency Exchange

This issue has become the cause of mass discussions, disputes, investigations, the subject of memes, kitchen, and online conversations, that just did not happen, that TKEY is not taken anywhere, someone made guesses that we are waiting for everyone to run away, or TKEY is a world conspiracy and around some actors, you can write a book or shoot a great series, not worse than Breaking Bad.
Jokes, jokes, but the question is serious. Since the 4th quarter of last year, the company has been actively working on the issue of listing, prepared the necessary platform for this, held several meetings, negotiations, released the necessary products, figured out various transfers of funds to the blockchain, worked out many small things, many major issues that were behind the scenes. Everything is ready, and it’s time to start soon. This will be a surprise, believe it or not, and we will meet you on the stock exchanges :)

What other plans does the company have?

Enabling payment at retail outlets

After entering the exchange, we will actively engage in connecting payments to implement them and link them to TKEY. The plan, strategy, and legal component are ready.

Payment development

This implies the development of payments and services that will expand the use of digital currencies in the commercial sphere. Application on the territory of Russia will depend on the Federal law on the CFA, in any case, we plan to analyze the law, after its release, to find a legal way to implement payments based on blockchain and digital assets. Therefore, until the law is released, we are keeping this initiative in the future, and we will work on other jurisdictions that will support it.
We left some plans behind the scenes, because they will make the greatest impact on the market and the value of our asset, and this — likes silence.

What useful materials will be released soon?

How to effectively use the SWAP service together with the exchange and purchase of cryptocurrency from a Bank card?

We will tell you in detail how to use these 2 services, how to save on payments and purchases, how to exchange tokens that are very difficult to exchange, how to quickly get money for them to the card, and much more.

The law CFA

Our opinion about the law of cryptocurrencies in Russia, what to pay attention to, what to prepare for, how to act if there is a complete ban. Let’s talk about legal nuances and banking practices.

TKEY blockchain

In this material, we will talk about the blockchain, analyze the issues of the system, expand the questions on attacks, payment processing, and touch on the system of multiple chains. The article suggests your suggestions, perhaps someone will have ideas that we will implement in the chain.
At the end,
Don’t forget to ask questions in the comments or send suggestions to [[email protected]](mailto:[email protected]) we will be happy to respond and consider your requests for any of our services. Collaboration, feedback, help us make the whole platform better.
Thank you for being with us! Until new meetings, stay tuned for news, updates, because the most unexpected news comes spontaneously.
submitted by tkeycoin to Tkeycoin_Official [link] [comments]

What is Bitcoin Mining? - YouTube Bitcoin Mining Calculator What Bitcoin Miners Actually Do Bitcoin - What Is The Cost Of Mining? What Do Bitcoin Miners Calculate - YouTube

Buying a bitcoin miner is not as easy as it may seem. Bitcoin miners in stationary stores do not occur, like, for instance, ordinary computer equipment. There are two ways to buy a cryptocurrency miner: Directly from the manufacturer - it is best to search among manufacturers from China. As for now, Bitmain is the largest Chinese company ... In order to start from scratch, one is best introduced to the matter of Bitcoin mining through its primary functions. As mentioned in the introduction above, this process serves to validate the Bitcoin transactions on the blockchain. Simply put, if Sally wants to send 3 BTC to John, she would do so by entering John’s e-wallet address and sending the money across the blockchain. what do btc miners do exactly. Close • Posted by. u/algerbanane. 1 hour ago. what do btc miners do exactly. so i know vageuly about bitcoin and blockchain but dont realy knowunderstand mining. as in what work do they do and how does it make new bitcoins?? all articles i found with google are either too vague or too technical. 3 comments. share . save hide report. 100% Upvoted. Log in or sign ... Bitcoin mining requires a great deal of computational power, but what do miners calculate? They repeatedly calculate the double SHA256 hash6 of slight variations of certain information, called the block header, in their new block. When a block of transactions is created, the block header contains a summary of information about the block, including the time it was created, a hash of the ... Bitcoin mining is done by specialized computers. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).. For this service, miners are rewarded with newly-created Bitcoins and transaction fees.

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What is Bitcoin Mining? - YouTube

Try watching this video on www.youtube.com, or enable JavaScript if it is disabled in your browser. For more information: https://www.bitcoinmining.com and https://www.weusecoins.com What is Bitcoin Mining? Have you ever wondered how Bitcoin is generated? T... What do you need to mine one Bitcoin BTC coin in 2020? Let's review Bitcoin mining profitability and what BTC mining rigs you would need to mine an entire co... Blockchain explorers: blockchain.info, blockr.io, blockexplorer.com To do a SHA 256 on a string of text: http://www.xorbin.com/tools/sha256-hash-calculator T... Before you do any calculation, please take a moment to read the notes below the calculator. These said, let's run a simulation. Suppose you have around 3000$ to invest in your mining activities ...

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