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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?

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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).

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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!

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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.
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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.

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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).

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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.

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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]

EOT - Encryption of things

 **EOT - Encryption of things** 
There is a huge surge in devices attached to the internet, known as the Internet of Things, and it is estimated that over 80 Billion devices will be connected to the internet by 2025, from industrial machines to devices in our home. The constant hacking and cyber attacks have increased not only the demand but the necessity of secure solutions. Our privacy and digital footprint are at risk.
[b]Some examples where encryption plays a role:
[b]Secure messaging - To make messages truly secure we need a process whereby a cryptography can be applied to encrypt transaction.
[b]Secure calling - Secure calling is a process whereby the caller and the recipient of the call are identified and linked via a blockchain enabled cryptocurrency transfer, again creating public and private encryption keys making the call truly private.
[b]Secure media storage - To safely and securely store media a process is required where 1.) Access to the media is encrypted via public and private keys of the person wanting to store the media. 2.) The media itself needs to be encrypted with a set of encryption keys and 3.) Media storage costs need to be paid via cryptocurrency
[b]Secure browsing - To browse the internet securely we need to create a process of verification whereby nodes on the blockchain can verify websites as “safe”. Furthermore, the entire process needs to be encrypted as well.
[b]Verification - This is one of the most important uses of a blockchain, we can verify websites as in the example above but also various other things such as identity, title and ownership, date stamps and source of products as with the verification of the source of agricultural or other products. These are just a few examples. All of this data needs to be encrypted as well.
[b]“Smart home” security - Wi-Fi is often used for remote monitoring and control. Home devices, when remotely monitored and controlled via the Internet, are an important constituent of the Internet of Things - all needing encryption, otherwise, hackers paradise.
[b]EOT in the future - The examples we mentioned above are only “scratching the surface” of where these technologies are applicable and who knows what will be invented in future. Google, Apple and Uber are all testing cars that drive themselves. A major issue with this technology is again the security aspect and the need to protect against hacking and who want’s to get into a spaceship to Mars that might be hacked or hijacked by ransomware?
So the future for the [b]“Encryption of Things” – EOT, looks very interesting indeed and the role of crypto currencies in this will be major.
Read the full white paper here - http://eottoken.com/index.php/whitepape
The first device using EOT Coin is the BitVault®[/b] - the World's first crypto communicator and blockchain phone. The BitVault is a revolutionary new product that is built around security and privacy enabled through Blockchain technology. Biometric Security enabled through fingerprint and iris scan. Iris patterns are unique to you and are virtually impossible to replicate. This means that iris authentication is one of the safest ways to keep your BitVault locked and the contents private. Proven Biometric technology brings a whole new level of security to your crypto currency and blockchain transactions. Creating Military grade security for your device through third party independent Multilayer security.
September 2017 – Swiss Bank in Your Pocket integrates EOT Wallet(Achived)
October 2017 – BitVault®, the world’s first blockchain phone launches in London with integration of EOT for secure calling, secure messaging and secure browsing (First batch shipped)
November 2017 – BitVault® Global App Store launches for developers to develop their own applications (Achived)
November 2017 – Website EOT Payment Gateway for WordPress and WooCommerce (ACHIVED)
December 2017 – Cryptodoc stores all your documents securely and encrypted on your PC
December 2017 – Password Wallet stores all your passwords for applications and websites encrypted on your PC January 2018 – Smart Router for secure, encrypted internet which is direct, safe and easy
January 2018 – EOT Camera, an Encryption of Things connected camera
February 2018 – EOT Development Kit for hardware devices
EOT payment gateway live on swissbankinyourpocket.com, Now you can buy SBIYP and BitVault using EOT coins
More on the BitVault here:- https://swissbankinyourpocket.com/bitvault/]https://swissbankinyourpocket.com/bitvault/ https://swissbankinyourpocket.com/bitvault-apps/]https://swissbankinyourpocket.com/bitvault-apps/ https://bitcointalk.org/index.php?topic=2152534.0]https://bitcointalk.org/index.php?topic=2152534.0
JOIN US ON REDDIT : http://www.reddit.com/EncryptionOfThings]www.reddit.com/EncryptionOfThings JOIN US ON SLACK : [url=https://join.slack.com/t/eot-coin/shared_invite/enQtMjc3NzkxNzY5NzQ0LTFjMWI5NTJjOGEzYjU5ZDk0ZjRjZWE3MzBkNmI0MmQ2NTUzMTBkOGQ1YmEyNTllMmNiYzA3MGZjOGVmY2IyZGU
The EOT Token is trading on the Waves Platform, TOKENS are 1:1 image of EOT coins, EOT coins can be converted to tokens and vice versa using gateway service in SBIYP hardware wallet. if you do not have that hardware wallet, you can contact members on slack who have purchased SBIYP to do that swap for you.
TOKEN DETAILS
Name : EOT Token (Verified)
Identifier : GdnNbe6E3txF63gv3rxhpfxytTJtG7ZYyHAvWWrrEbK5
Total supply : 100,000,000
EOT token (EOT) markets added on the Tidex Exchange https://tidex.com/exchange/eot/btc https://tidex.com/exchange/eot/waves
EOT Coin details (currently minable)
https://github.com/EmbeddedDownloads/EOTCoin
windows wallet[/b] https://github.com/EmbeddedDownloads/EOTCoin/releases/download/v1.0.0.1/EOTCoin-win.exe
windows Desktop wallet[/b] https://github.com/EmbeddedDownloads/EOT-Coin-Windows-Desktop-Wallet/releases/download/1.0/EOTCoinDesktopWallet1-0.zip
MAC Wallet [/b] https://github.com/EmbeddedDownloads/EOTCoin/releases/download/v1.0.0.1/EOTCOIN-Qt-OSX-v1001.dmg
WEB wallet [/b] http://eot.digital (Closing, please withdraw your coins)
ANDROID wallet [/b] https://github.com/EmbeddedDownloads/EOTAndroidWallet/releases
Block Explorer [/b] http://www.eot.digital:3622/
Block Explorer 2 [/b] http://www.eotcoin.info (created by [b]@Luanptit[/b])
[Block reward [/b] 100 Coins, [b] ALGORITHM [/b] SCRYPT, [b] BLOCK TIME [/b] 90 seconds
MINING POOLS
Official mining pool [/b] http://www.eot.digital:3001/ Getting Started [/b] minerd -a scrypt -o stratum+tcp://www.eot.digital:3256 -u WalletAddressWhereYouWantYourMiningCoins -p 1
unofficial Mining pools http://www.altminer.net
http://antminepool.com
http://coinminers.net/
http://www.vivocryptopool.com
[red]Currently EOT is traded on WAVES DEX, Crypto-Bridge DEX and TIDEX. Big exchanges will be available soon, exchanges are in comkmunication.
Opportunities are available with EOT - from Development, Mining, Trading as well as other business opportunities built around the EOT currency and the "Encryption of Things"
[size=34px]Bitvault on Yahoo Finance https://finance.yahoo.com/news/bitvault-worlds-first-blockchain-phone-201600279.html [/size] [center][img width=770]https://i.imgur.com/UMIlRoC.png[/img][/center]
[center][size=30px]Press release 4th October 2017 [/size] [size=30px]yahoo Finance https://finance.yahoo.com/news/bitvault-announces-london-launch-161000826.html?soc_src=community&soc_trk=tw [img]https://i.imgur.com/mBDZnN7.png[/img]
Some Helpful Information
[quote author=Story777 link=topic=2091616.msg21890405#msg21890405 date=1505551168]
You have been keeping a great secret.
I've been doing a bit of research with the technology behind this coin. It looks like ALOT of research has gone into this tech, since about 2004 and shortly after a patent for this P2P system was quickly issued.
Bitvault (https://swissbankinyourpocket.com/product/bitvault/) who are using the worlds first blockchain phone as a secure communication device and ultimately taking [font=Verdana][b]encryption[/b][/font] to the Internet Of Things (IoT) keeping our personal and business data secure. All this is done using [b]EOT coin [/b](Encryption of Things).
In todays world insecure devices are rampant. Here are a couple of links about the CIA being able to use insecure devices to 'cause accidents' http://www.sandiegouniontribune.com/news/cyber-life/sd-me-wikileaks-cia-20170307-story.html and https://www.washingtonpost.com/news/innovations/wp/2017/03/08/what-we-know-about-car-hacking-the-cia-and-those-wikileaks-claims/
It's scary to think a legal entity could posses such power over life. Just the mere fact alone the governing authority can request phone records (e.g. txt msgs, voice msgs or eavesdropping) proves most if not all telecommunication companies do not encrypt, otherwise whats the point on requesting the information!? (legal or not).
Commercially sensitive information needs to be protected and most importantly in my opinion our [font=Verdana][b]rights[/b][/font] and the privacy of all citizens of the human race need to be protected.
From my understanding BitVault is a platform for reference data. This would be data that is stored for compliance reasons such as e-mails, invoicing systems and check imaging (e.g. high quality imaging for x-rays, MRI scans etc) and a prototype was developed in 2004. This would means massive amount of data storage is required with fail-safe systems so a authorised user could access this information very very quickly.
Three goals were needed to be achieved: Low cost, high reliability/availability and simplicity. This is the birth of Bitvault via EOT.
Bitvault ultimately stores immutable objects with each new version being updated and identified with a 160-bit key.
System stability is very important and must be immune to failure sequences. Parallel repair via indexing is one of the many strengths Bitvault has been able to demonstrate.
BitVault is a back-end system that uses [u][b]Applications[/b][/u] to catalog object ID's. Using a catalog utility and indexing within an application prevented scalability bottlenecking under heavy loads.
Fast forward 3 years to 2007 a very important decision was to [u][b]decentralise[/b][/u] BitVaults system. This in my opinion is one of the fundamental principles of cryptocurrency - [u][b]No one entity or person has any control of the data stored and only the authorised user can access this info[/b][/u]. Ultimate Security and thus personal safety (see above articles CIA hacks). BitVault using applications have been able to use provable communication and data storage with ease of retrieval with vital security measures.
BitVault is not alone in researching solutions for security for the IoT, such as Venti and the like are making progress, however, BitVault is 'head and shoulders' above the few competitors and are already offering practical working solutions on the market with huge scalability that is cost effective.
Well Done BitVault, well done EOT your secret is out and let the world embrace.
author=Story777 link=topic=2091616.msg21462424#msg21462424 date=1504428317]
I have had a response in Slack and it has satisfied my questions. Thank-you.
For everyone information here it is:
The currency was created with 200 Million EOT total supply on 7 July 2017 [ we showed it to the community a London Fintech week with the demonstration of the BitVault - fintechweek.com ]
100 Million was pre-mined and another 100 Million are currently being mined, 1 block every 90 seconds @ 100 coins per block.
So the pre-mined coins were listed on waves as a token so that it can create a market for the coins while we are working to get listed on other exchanges.
The 100 Million coins listed were distributed in several ways. Firstly, this was not an ICO because our business is already funded via private capital. We wanted to get the currency distributed a widely as possible. So most of the initial coins were given away to a number of interested parties. We distributed this to our whole development team, business partners, employees as well as to the waves and other communities. So we did not sell all these coins for the current price, most of it was given away for free to people that have an interest in our products and business. The price now is formed by whoever owns these coins.
The tokens on the exchange is really a representation of the currency and as such has value because it can be interchanged, just like Bitcoin and Ethereum are on the waves exchange. This whole process is explained on page 4 of the waves whitepaper, I think they call it an asset-to-asset exchange which makes it possible to list any asset that exist on waves. Unfortunately waves only has gateways currently for Bitcoin, Ethereum, Waves, Euro and USD, so we have to develop our own gateway, which will be available on Nov 1.
So to clarify 100,000,000 tokens costing $190M were not sold. It is a combination of airdrops, private sales and sales on the exchange.
Some EOT coins are needed because: "A lot of EOT will be distributed through our devices. For example our encrypted routers are pre-loaded with EOT, so we need that stock and it will be distributed that way".
And with the response to tokens on the Waves Exchange "This is how Bitcoin works on waves: - They created 21 Million BTC Tokens.. When you deposit Bitcoin into waves account, you receive an equal amount of tokens which you can either trade or even sent via the waves blockchain to another user.. Once you withdraw your tokens are exchanged for BTC and you receive it back into your BTC wallet.. Exactly the same for USD or EUR - You don't send Euro's to another client on waves if you transfer - you send a token that represents EUR -- This works exactly the w0083".
These are the answers I was looking for and make a lot of sense now. This is indeed an exciting project. :)
It's time to trade....
Now I have one question left....
Is there anyone using NiceHash to mine this coin?? I keep being disconnected because of the difficulty being too low. Can any one help?
[quote author=Shews link=topic=2091616.msg22876983#msg22876983 date=1507755312] EOT (coin) is now tradable on the CryptoBridge Decentralised Exchange, you can sign up below.
Please note this is for the EOT COIN ONLY, do not send tokens to this dex. This is a secure means to trade with the backend being on a blockchain. It is still in beta stage but has been working flawlessly so far. If you'd like more info I will post their website link is below.
https://wallet.crypto-bridge.org/?r=388691
You can sign up with a local wallet mode, meaning you are the only one with access to your keys, this is most secure. There is also the option to sign up with and account if you require access to you funds on the go.
More info:
https://crypto-bridge.org/
submitted by johningreece to crypto_currency [link] [comments]

Ravencoin Open Developer Meeting - 2/15/2019

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:02 PM
Hello everybody!

theking - Last Friday at 2:02 PM

Seems likes it’s been so long since this meeting was held. At least a month 📷

Tron - Last Friday at 2:02 PM

Hi all!!!

Tom - Last Friday at 2:02 PM

Big boss is here !(edited)

BigZim - Last Friday at 2:03 PM

Oh hi

theking - Last Friday at 2:04 PM

Hi @Tron

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:04 PM

Topics for today: Release 2.2.2, Mobile Wallet, Restricted Assets, SLC Raven Meetup📷1

truedev - Last Friday at 2:05 PM

hello

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:05 PM

Release 2.2.2 GO

J. | ravenland.org - Last Friday at 2:05 PM

Hey

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:05 PM

BTW, blondfrogs won't be able to join us today. 📷

corby - Last Friday at 2:05 PM

Hi all

Chatturga - Last Friday at 2:05 PM

Blondefrogs has been working on the 2.2.2 update. He isnt here today, but he left this tidbit for the meeting:(edited)"Release 2.2.2 has a bunch of new updates. The sync speed fix that was released in 2.2.1 has been updated even more to use less memory/ram and uses less CPU. Each node used to hold all addresses that contained an asset as well as the amount in those addresses. That is now optional with the -assetindex flag. Which can be put into the raven.conf or added as a parameter when starting the wallet. Some other wallet issues were also fixed with this memory update. This is considered an mandatory update, especially if you haven't updated to 2.2.1 which resolved a potential fork bug fix. I would still suggest updating to 2.2.2 even if you are on 2.2.1."📷6

Jeroz - Last Friday at 2:07 PM

wen source?📷1

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:07 PM

There's a PR that was just moved to Develop.When is now

Jeroz - Last Friday at 2:08 PM

great 📷

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:08 PM

It'll be merged by the devs to master and then binaries should be posted soon

truedev - Last Friday at 2:09 PM

any idea when dividends will be functional?

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:09 PM

A bunch of testing has been happening and is currently running on the seed-nodes.

Tron - Last Friday at 2:10 PM

No timeline for dividends, but it is the one function that doesn't need any changes to consensus. And it can be done on tier 2 with a python script. The plan is still to build in a rpc call.📷2

truedev - Last Friday at 2:11 PM

alright

SpyderDev - Last Friday at 2:12 PM

We have been focusing on sync performance and have been running many tests. I've added an image of the results of this testing. Currently we still want to work on getting the Windows QT sync times faster (at least closer to what they are using just ravend). Overall we are very happy with the speeds and hope it will help people that have struggled getting their nodes up to date.(edited)📷

Jeroz - Last Friday at 2:13 PM

Yeah that table completely puzzled me

[Master] Roshii - Last Friday at 2:13 PM

hello!📷6

Jeroz - Last Friday at 2:13 PM

Fast branch is 2.2.1? or 2.2.2? Develop branch is 2.2.0?

SpyderDev - Last Friday at 2:15 PM

Sorry, should have clarified that. I was testing while it was still under development. On the table the top is the new-sync code, the bottom is the old "assets" release. As of about 5 minutes ago all of this code is on the develop branch.

Jeroz - Last Friday at 2:15 PM

Although syncing is mostly bottlenecked by cpu speed, that 16 core windows-qt still looks off to me. I synced windows Qt using 2.2.2 in ~2h on a i5-7600K.ok

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:17 PM

Okay, we good to move to the Mobile update?

SpyderDev - Last Friday at 2:17 PM

The Windows box is an AWS instance and there is some concern that the remote desktop could be slowing the QT UI down causing the horrible sync times. I am working on getting a local Windows 10 resource and will have updated information once that is ready (early next week).

Jeroz - Last Friday at 2:18 PM

ah that might explain. Ubuntu qt was 45 mins for me

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:18 PM

CoolOkay, Mobile!Go!

[Master] Roshii - Last Friday at 2:18 PM

📷📷1

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:19 PM

@[Master] Roshii has been working closely with some of the other devs to get the iOS version out the door.Android will follow closely.

Jeroz - Last Friday at 2:20 PM

is android an easy port?

J. | ravenland.org - Last Friday at 2:20 PM

Usually its the case(?), i mean easier 📷(edited)

SpyderDev - Last Friday at 2:20 PM

Just copy and paste right Roshii 📷

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:20 PM

LOLNo, usually its a completely new development effort.For the RVN Wallets they are both written in native iOS/Android code.

[Master] Roshii - Last Friday at 2:21 PM

So the iOS and Android use the same Core SPV module written in C, and it's the most difficult part.I have already did some work when it comes to Android, and it's 70% finishedHave also to port all the changes we lately did to the iOS wallet ...

boatsandhoes - Last Friday at 2:21 PM

yeah, unfortunately its not as easy as cut and paste for ios to android

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:21 PM

Anybody interested in installing the TestFlight version and helping us test?

boatsandhoes - Last Friday at 2:22 PM

yes

J. | ravenland.org - Last Friday at 2:22 PM

For android? sure.

BW__ - Last Friday at 2:22 PM

Android? yes.(edited)

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:22 PM

I'll talk to Apple about adding Android support to TestFlight.Might be a while.

J. | ravenland.org - Last Friday at 2:22 PM

lol

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:22 PM

Anybody on here using iOS?

Jeroz - Last Friday at 2:22 PM

Yeh me

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:22 PM

besides me...

[Master] Roshii - Last Friday at 2:23 PM

Android is very close, fortunately I'll have enough coffee in Morocco to finish the wallet in two weeks.(edited)📷4📷5

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:23 PM

https://testflight.apple.com/join/NTVQ2FfY (400 installs available)Join the RVN Wallet betaAvailable on iOS📷

theking - Last Friday at 2:23 PM

I will test iOS if needed

[Master] Roshii - Last Friday at 2:23 PM

@shiny

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:24 PM

Some of the devs have been doing a bunch of testing on iOS but we would love others to help.Bugs can be reported on GitHubhttps://github.com/RavenProject/ravenwallet-iosGitHubRavenProject/ravenwallet-iosContribute to RavenProject/ravenwallet-ios development by creating an account on GitHub.📷

truedev - Last Friday at 2:25 PM

how confident are you that apple will allow it on the appstore

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:25 PM

It's already in the App store.

truedev - Last Friday at 2:25 PM

ok

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:25 PM

That wasn't easy though.

truedev - Last Friday at 2:26 PM

yah figured, a lot of coins have been completely rejected(edited)

Chatturga - Last Friday at 2:26 PM

The devs already jumped through Apples 152,315 flaming hoops to get it in there.

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:26 PM

Yup, many meetings and phone calls.

J. | ravenland.org - Last Friday at 2:26 PM

wen rvn modular phone

Jeroz - Last Friday at 2:27 PM

Looking good📷📷7

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:28 PM

Okay, any questions about iOS release?

jaysonb - Last Friday at 2:28 PM

seed word format changed? i seem to have to have same words. did i need to delete and install fresh?

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:29 PM

No, it used your old ones.Always have your 12 words. especially when testing.

ravencoin maximalist 🧘🏻♂ - Last Friday at 2:30 PM

I’ve got iOS

Tron - Last Friday at 2:30 PM

If you use your 12-words, and then sync, and you're missing funds. Go here: https://medium.com/@tronblack/ravencoin-testing-ios-wallet-b713deb2c800MediumRavencoin — Testing iOS Wallet – Tron Black – MediumThank you for helping us test the Ravencoin iOS mobile wallet. Since you are in an early group of testers, you might have used the…

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:30 PM

Sweet, install and report bugs.

Tron - Last Friday at 2:30 PM

Or just go there...

jaysonb - Last Friday at 2:30 PM

that article scared me so i moved everything off.but i'll put some back on now

ravencoin maximalist 🧘🏻♂ - Last Friday at 2:31 PM

📷

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:31 PM

That's unfortunate. You don't need to be scared ever if you have your 12 words.

[Master] Roshii - Last Friday at 2:31 PM

android current state(edited)📷

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:32 PM

Here's the install link one more time for those that have joined late: https://testflight.apple.com/join/NTVQ2FfYJoin the RVN Wallet betaAvailable on iOS📷Okay, Tron's topic: Restricted Tokens

Tron - Last Friday at 2:33 PM

I have an idea.(edited)📷7📷6

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:34 PM

That several other devs have helped with. 📷

Tron - Last Friday at 2:34 PM

📷

SpyderDev - Last Friday at 2:34 PM

and lawyers

Tron - Last Friday at 2:34 PM

When the project started, ICOs were the big thing. Now it is STOsThe main difference is the legal wrapping and rules around securities.If Ravencoin has two more token types (Tags and Restricted Assets), there are lots of ways to make compliant tokens.Importantly, it doesn't affect the existing tokens at all.Tags - Tokens that can be sent only by the issuer once (with metadata).These tokens start with (hashtag)(edited)📷8

SpyderDev - Last Friday at 2:37 PM

^(octothorpe)

Tron - Last Friday at 2:37 PM

The Restricted Assets start with $, and can be frozen by the issuer. But they only move between tagged addresses.(edited)

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:38 PM

Tags can be sent to a user's address after the issuer has done the necessary due diligence for an STO issuance.(edited)

Tron - Last Friday at 2:38 PM

The issuer determines which tags the Restricted Asset will honor.This can be used for lots of different use cases.

EEE - Last Friday at 2:38 PM

Stunning interface guys

boatsandhoes - Last Friday at 2:39 PM

will that determination be a setting in the wallet?

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:39 PM

Restricted assets can then only be sent to addresses that are allowed and have the proper Tags.

boatsandhoes - Last Friday at 2:39 PM

interesting📷1

J. | ravenland.org - Last Friday at 2:39 PM

Did you guys get contacted by some entity* whos forcing the restricted address policy? or is this done as precautionary measure? At first glance your idea sounds good Tron.(edited)

Tron - Last Friday at 2:39 PM

Example: $UBER token only moves among addresses tagged with #KYC

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:40 PM

So Ravenland will have to buy a bunch more spam tokens.📷4

SpyderDev - Last Friday at 2:40 PM

#ravenland.

boatsandhoes - Last Friday at 2:40 PM

so is the $ something that can be added to an existing asset?

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:40 PM

It's not a forced thing. But adding the ability for Raven to be used in new use cases where legal requirements exist.

Tron - Last Friday at 2:40 PM

Not contacted by anyone, and not precautionary. Ravencoin Assets are just tools. This is just another tool that will help issuers of security tokens.📷9📷4

BW__ - Last Friday at 2:41 PM

Love it.

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:41 PM

It'll be a new token type that you can create @boatsandhoes📷1

ravencoin maximalist 🧘🏻♂ - Last Friday at 2:41 PM

That sounds awesome

SpyderDev - Last Friday at 2:41 PM

I for one am very excited about this...📷4

Hans_Schmidt - Last Friday at 2:41 PM

How does the $ token owner specify the required # tags?

DeejayQQ - Last Friday at 2:41 PM

Can the same name have different token type?Sorry need time to digest

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:42 PM

Still working out the details. Tron will be posting additional info about the idea soon.

Steelers - Last Friday at 2:42 PM

Cool

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:42 PM

Feedback is wanted!

Tron - Last Friday at 2:42 PM

Q: Was this originally the plan for Ravencoin? A: No. This is in response to the regulatory ramp up in 2018 in some jurisdictions which requires that only known individuals or entities to operate peer-to-peer on certain tokens. For jurisdictions that allow unrestricted peer-to-peer transfer, we strongly encourage use of the original Ravencoin assets. The Restricted Assets are an adaptation to satisfy burdensome, privacy-destroying regulations, with a goal of reducing information replication which makes Ravencoin Restricted Assets a better alternative to those being promoted now.

jaysonb - Last Friday at 2:43 PM

all nodes will validate the transactions not just those interested in the transaction - i assume all will validate..

boatsandhoes - Last Friday at 2:43 PM

so essentially any name already secured in the hopes of having that functionality are worth less because they wont be able to?

theking - Last Friday at 2:44 PM

Can the restricted assets be time based in any way? For instance, in some STO regulated environment, there is a lockup for some period of time after issuance, but then after a certain period of time the restriction goes away and the securities can be traded. Is that contemplated at all?

DeejayQQ - Last Friday at 2:44 PM

If I already have Tron as my asset, there could be another Tron but under a different token type such as restricted assets?

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:44 PM

Yes all nodes will do consensus checks.

corby - Last Friday at 2:44 PM

@boatsandhoes there's going to be a grace period where you can purchase $XXX if you own XXXon the order of months

boatsandhoes - Last Friday at 2:45 PM

📷 📷 📷 📷

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:45 PM

Yes, you have the TRON asset and you can also have the $TRON asset.(edited)

Tron - Last Friday at 2:45 PM

Regarding the lockup....

boatsandhoes - Last Friday at 2:45 PM

how many RVN for that?

Tron - Last Friday at 2:45 PM

Rule 144 under the Securities Act of 1933 This is an important rule to be aware of in terms of privately held securities. This rule provides the most commonly used exemption for holders to sell restricted securities (Note: For context, a restricted security is a security sold in an exempt offering, except for Reg A+). The general idea is that you can publicly resell your “restricted” (privately sold) securities only when the restricted legend is removed. The solution Ravencoin Restricted Assets provides is the ability for the Iissuer to Freeze the asset ininto the holders account. The qty will be visible, and the frozen status will be visible. The meta-data for a Freeze can specify 144_Restricted. The issuer can Unfreeze to release the 144 restriction.Similar for Reg D 1-year lockup.@theking

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:46 PM

@theking ^^

DeejayQQ - Last Friday at 2:46 PM

What is the timeline for this restricted asset to be implemented?📷1

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:46 PM

No timelines yetStill in the ideation phase.

SpyderDev - Last Friday at 2:46 PM

Fresh off the press...

DeejayQQ - Last Friday at 2:46 PM

Ok, idea for nowGot it

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:46 PM

Wanting input for the idea.

boatsandhoes - Last Friday at 2:47 PM

a preset for lock up settings would be nice

Jeroz - Last Friday at 2:47 PM

What about the ability to move an asset from restricted to unrestricted after grace period similar to the reissue ability? By the issuer(edited)

boatsandhoes - Last Friday at 2:47 PM

adjustable preset*

DeejayQQ - Last Friday at 2:48 PM

If this restricted assets would help underlying token listed on exchanges for trading by satisfying the legal requirements, I don’t see why not. There are only benefits📷2

boatsandhoes - Last Friday at 2:48 PM

yeah, win win

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:48 PM

There is something similar in vote tokens.

corby - Last Friday at 2:48 PM

@Jeroz the issuer would be able to "reissue" and relax restrictions

DeejayQQ - Last Friday at 2:48 PM

Just throwing things out here. Can we just make all existing tokens crested so far restricted assets?*created

boatsandhoes - Last Friday at 2:49 PM

stupid question, is it possible to have burned rvn cost for the $ to add onto the block reward as a bonus?(edited)

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:49 PM

No, @DeejayQQ there should be both usecases available in the platform.

corby - Last Friday at 2:49 PM

We (my dog and I) are envisioning a differentiated space where we can charge a lot more RVN to keep non-serious people out..(edited)

Tron - Last Friday at 2:49 PM

@Jeroz Yes, as long as the asset is still "reissuable", you could change the logic from (#KYC & #ACCREDITED) to just #KYC📷3

Jeroz - Last Friday at 2:49 PM

I'm just worrying about the name uniqueness if you can have #BANANA and $BANANA

BW__ - Last Friday at 2:50 PM

Is it fair to assume that tags can be standardized for specific purposes? If so, should we create something akin to an 'ERC' in git repo?

Jeroz - Last Friday at 2:50 PM

@Tron sounds cool

truedev - Last Friday at 2:50 PM

honestly, I think you should be able to buy/create an asset in a set, with all types(edited)

boatsandhoes - Last Friday at 2:50 PM

^that part

Hans_Schmidt - Last Friday at 2:51 PM

Since the #KYC tag is just locked to an address, what prevents someone from selling their address and thereby the KYC?

corby - Last Friday at 2:51 PM

The "#" types won't trade -- they're just stamps to stamp addresses as qualified-to-hold-some-stuff..

Tron - Last Friday at 2:51 PM

The tags are created by the users. The system is still jurisidiction agnostic.

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:51 PM

@Hans_Schmidt nothing really, the same thing as selling your username password to any other existing financial app account.

corby - Last Friday at 2:51 PM

@Hans_Schmidt Real world networks, high cost of entry (for serious applications)For non-serious applications, nothing

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:51 PM

You still have the liability associated with that account though.

Jeroz - Last Friday at 2:52 PM

@corby what about BANANA/ vs $BANANA/ ?Or do you want to make them subassets?

boatsandhoes - Last Friday at 2:52 PM

@Jeroz better safe than sorry, just swoop both

Tron - Last Friday at 2:52 PM

A country could require that #SOMECOUNTRY tag has to exist before moving $SPECIALASSET to an address. The users set the rules. #KYC was just an example because it is an industry problem at the moment.

corby - Last Friday at 2:52 PM

#BANANA, $BANANA, TRICYCLE, and BANANA can all coexist just fine I think..

theking - Last Friday at 2:53 PM

Thanks @Tron. This is great and I think something that will enable raven to become an even more widely used platform.📷4

Tron - Last Friday at 2:53 PM

That's the hope. I think it solves some real problems that the industry is trying to solve through incompatible ERC-20 experiments.📷3

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:54 PM

/hacks📷3

boatsandhoes - Last Friday at 2:54 PM

what is the purposed cost for $ in addition to an existing asset?

corby - Last Friday at 2:54 PM

People that own #THESE I am calling "Qualifiers" -- they just stamp their mark on addresses. Issuers of $THESE need to establish trust with #THESE and #THOSE and then decide what restrictions to apply.📷1

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:54 PM

5 mins left. Stay on this topic or switch to meetup?

Tron - Last Friday at 2:55 PM

@boatsandhoes Not determined.

Jeroz - Last Friday at 2:55 PM

yeah the idea is a nice proof of ownership / membership

DeejayQQ - Last Friday at 2:55 PM

Meetup

Chatturga - Last Friday at 2:55 PM

TL;DR - The SLC meetup is in 1 month. Go to https://www.meetup.com/Salt-Lake-City-salt-lake-city-Meetup/ to indicate if you plan on attending so that we have a somewhat accurate headcount.MeetupSalt Lake City Ravencoin (Salt Lake City, UT)Ravencoin is a blockchain and platform optimized for transferring assets, such as tokens, from one holder to another, and is built on a fork of the Bitcoin code. It is intended to prioritize security,📷

corby - Last Friday at 2:55 PM

@boatsandhoes One Million Raven

Chatturga - Last Friday at 2:55 PM

Punch and pie

J. | ravenland.org - Last Friday at 2:56 PM

Can the SLC meetup made interactive for people that cant make it there?

theking - Last Friday at 2:56 PM

What about having just one name ( you first buy the standard raven token under whatever name you like) and then the holder of the owner token is the only one to create restricted tokens ? Might be some way to ensure no name confusion.📷4

boatsandhoes - Last Friday at 2:56 PM

what about that block reward bonus concept for purchasing $. would that work?

Chatturga - Last Friday at 2:56 PM

I dont know that we have the ability to make it interactive as far as Q&A goes, but I'll look into it. We should have it live streaming. @J. | ravenland.org(edited)📷2

BW__ - Last Friday at 2:56 PM

@Tron Is there same kind of logic layer to restricted assets?(edited)

Tron - Last Friday at 2:57 PM

@theking I like that idea.

Jeroz - Last Friday at 2:57 PM

Quick question that is offtopic but I think deserves an answer because it was asked a couple of times earlier this week: Will unique assets get a reissuable function? To change IPFS.(edited)📷2

Tron - Last Friday at 2:57 PM

@BW__ Yes. Simple and, or, not and parenthesis - limited in length.(edited)

boatsandhoes - Last Friday at 2:57 PM

@theking thats a good idea

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:58 PM

@Jeroz There is not a way to do that currently.

BW__ - Last Friday at 2:58 PM

@Tron That makes sense. Thank you.

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 2:58 PM

Just make sure your changes to the information have the same hash as the previous data and your golden. 📷📷1

Jeroz - Last Friday at 2:59 PM

Any plans on changing that, perhaps when introducing new types of assets?

boatsandhoes - Last Friday at 2:59 PM

i like that it cant be changed

corby - Last Friday at 3:00 PM

Thanks everyone!

theking - Last Friday at 3:00 PM

@Tron there was some info floating around about a 2nd later KYC solution ( from your recent podcast w Crypto Koala). Is that a separate solution someone is working on or part of this new concept?📷1

Tron - Last Friday at 3:01 PM

Starting with the introduction of messaging, every transaction can have an IPFS hash. Can be used as an public invoice, details about the transaction, etc.@theking The same new concept.

[Master] Roshii - Last Friday at 3:02 PM

Ok, we're done.

Steelers - Last Friday at 3:02 PM

How would Raven handle for instance a stock split?

BW__ - Last Friday at 3:02 PM

Are there sync concerns if a restricted asset logic layer is added?

Tron - Last Friday at 3:02 PM

@theking The KYC provider would store the KYC info, and send the Tag to an address with meta data that specifies that they're holding the KYC data. The KYC data would not be public, but could be audited.

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 3:02 PM

That way you could update information about the original unique asset with each transaction.@Steelers Just a simple re-issue of the asset

Tron - Last Friday at 3:03 PM

@bw_ The logic layer is only a small db that stores the meta-data about the Restricted Asset, and enforces the restriction in the consensus rules. Rule returns true/false.(edited)

RavencoinDev (Jesse/Wolfsokta) - Last Friday at 3:03 PM

Thanks everybody! I have to run.

Jeroz - Last Friday at 3:04 PM

I'm looking forward to the discussions to let this take shape. Thanks all! 📷📷4

Tron - Last Friday at 3:05 PM

@BW__ It would work very similarly to the way the units works now. Each asset has number of units and any transaction that makes it too granular (more satoshis) will fail in consensus -- even if it gets past the RPC checks.Signing off. Thanks all!!!📷9📷4📷9
submitted by Chatturga to Ravencoin [link] [comments]

Full English Transcript of Gavin's AMA on 8BTC, April 21st. (Part 1)

Part 2
Part 3
Raw transcript on Google Docs (English+Chinese): https://docs.google.com/document/d/1p3DWMfeGHBL6pk4Hu0efgQWGsUAdFNK6zLHubn5chJo/edit?usp=sharing
Translators/Organizers: emusher, kcbitcoin, nextblast, pangcong, Red Li, WangXiaoMeng. (Ranked in alphabetical order)
1.crypto888
Q: What is your relationship with Blockstream now? Are you in a Cold War? Your evaluation on BS was pretty high “If this amazing team offers you a job, you should take it,” tweeted Gavin Andresen, Chief Scientist, Bitcoin Foundation.” But now, what’s your opinion on BS?
A: I think everybody at Blockstream wants Bitcoin to succeed, and I respect and appreciate great work being done for Bitcoin by people at Blockstream.
We strongly disagree on priorities and timing; I think the risks of increasing the block size limit right away are very small. I see evidence of people and businesses getting frustrated by the limit and choosing to use something else (like Ethereum or a private blockchain); it is impossible to know for certain how dangerous that is for Bitcoin, but I believe it is more danger than the very small risk of simply increasing or eliminating the block size limit.
2. Ma_Ya
Q: 1) Why insist on hard fork at only 75%? You once explained that it is possible to be controlled by 5% if we set the threshold at 95%. I agree, but there should be some balance here. 75% means a high risk in splitting, isn’t it too aggressive? Is it better if we set it to 90%?
A: 1)The experience of the last two consensus changes is that miners very quickly switch once consensus reaches 75% -- the last soft fork went from 75% support to well over 95% support in less than one week. So I’m very confident that miners will all upgrade once the 75% threshold is reached, and BIP109 gives them 28 days to do so. No miner wants to create blocks that will not be accepted by the network.
Q: 2) How to solve the potentially very large blocks problem Classic roadmap may cause, and furthur causing the centralization of nodes in the future?
A: 2)Andreas Antonopoulos gave a great talk recently about how people repeatedly predicted that the Internet would fail to scale. Smart engineers proved them wrong again and again, and are still busy proving them wrong today (which is why I enjoy streaming video over my internet connection just about every night).
I began my career working on 3D graphics software, and saw how quickly we went from being able to draw very simple scenes to today’s technology that is able to render hundreds of millions of triangles per second.
Processing financial transactions is much easier than simulating reality. Bitcoin can easily scale to handle thousands of transactions per second, even on existing computers and internet connections, and even without the software optimizations that are already planned.
Q: 3) Why do you not support the proposal of RBF by Satoshi, and even plan to remove it in Classic completely?
A: 3) Replace-by-fee should be supported by most of the wallets people are using before it is supported by the network. Implementing replace-by-fee is very hard for a wallet, especially multi-signature and hardware wallets that might not be connected to the network all of the time.
When lots of wallet developers start saying that replace-by-fee is a great idea, then supporting it at the network level makes sense. Not before.
Q: 4) . Your opinion on soft fork SegWit, sidechain, lighnting network. Are you for or against, please give brief reasons. Thanks.
A: 4) The best way to be successful is to let people try lots of different things. Many of them won’t be successful, but that is not a problem as long as some of them are successful.
I think segregated witness is a great idea. It would be a little bit simpler as a hard fork instead of a soft fork (it would be better to put the merkle root for the witness data into the merkle root in the block header instead of putting it inside a transaction), but overall the design is good.
I think sidechains are a good idea, but the main problem is finding a good way to keep them secure. I think the best uses of sidechains will be to publish “write-only” public information involving bitcoin. For example, I would like to see a Bitcoin exchange experiment with putting all bids and asks and trades on a sidechain that they secure themselves, so their customers can verify that their orders are being carried out faithfully and nobody at the exchanges is “front-running” them.
Q: 5) Can you share your latest opinion on Brainwallet? It is hard for new users to use long and complex secure passphrase, but is it a good tool if it solves this problem?
A: 5) We are very, very bad at creating long and complex passphrases that are random enough to be secure. And we are very good at forgetting things.
We are much better at keeping physical items secure, so I am much more excited about hardware wallets and paper wallets than I am about brain wallets. I don’t trust myself to keep any bitcoin in a brain wallet, and do not recommend them for anybody else, either.
3. BiTeCui
Q: Gavin, do you have bitcoins now? What is your major job in MIT? Has FBI ever investigated on you? When do you think SHA256 might be outdated, it seems like it has been a bit unsafe?
A: Yes, a majority of my own person wealth is still in bitcoins -- more than a financial advisor would say is wise.
My job at MIT is to make Bitcoin better, in whatever way I think best. That is the same major job I had at the Bitcoin Foundation. Sometimes I think the best way to make Bitcoin better is to write some code, sometimes to write a blog post about what I see happening in the Bitcoin world, and sometimes to travel and speak to people.
The FBI (or any other law enforcement agency) has never investigated me, as far as I know. The closest thing to an investigation was an afternoon I spent at the Securities and Exchange Commission in Washington, DC. They were interested in how I and the other Bitcoin developers created the software and how much control we have over whether or not people choose to run the software that we create.
“Safe or unsafe” is not the way to think about cryptographic algorithms like SHA256. They do not suddenly go from being 100% secure for everything to completely insecure for everything. I think SHA256 will be safe enough to use in the all ways that Bitcoin is using it for at least ten years, and will be good enough to be used as the proof-of-work algorithm forever.
It is much more likely that ECDSA, the signature algorithm Bitcoin is using today, will start to become less safe in the next ten or twenty years, but developer are already working on replacements (like Schnorr signatures).
4. SanPangHenBang
Q: It’s a pleasure to meet you. I only have one question. Which company are you serving? or where do you get your salary?
A: The Media Lab at MIT (Massachusetts Institute of Technology) pays my salary; I don’t receive regular payments from anybody else.
I have received small amounts of stock options in exchange for being a techical advisor to several Bitcoin companies (Coinbase, BitPay, Bloq, Xapo, Digital Currency Group, CoinLab, TruCoin, Chain) which might be worth money some day if one or more of those companies do very well. I make it very clear to these companies that my priority is to make Bitcoin better, and my goal in being an advisor to them is to learn more about the problems they face as they try to bring Bitcoin to more of their customers.
And I am sometimes (once or twice a year) paid to speak at events.
5.SaTuoXi
Q: Would you mind share your opinion on lightning network? Is it complicated to implement? Does it need hard fork?
A: Lightning does not need a hard fork.
It is not too hard to implement at the Bitcoin protocol level, but it is much more complicated to create a wallet capable of handling Lightning network payments properly.
I think Lightning is very exciting for new kinds of payments (like machine-to-machine payments that might happen hundreds of times per minute), but I am skeptical that it will be used for the kinds of payments that are common on the Bitcoin network today, because they will be more complicated both for wallet software and for people to understand.
6. pangcong
Q: 1) There has been a lot of conferences related to blocksize limit. The two took place in HongKong in Decemeber of 2015 and Feberary of 2016 are the most important ones. Despite much opposition, it is undeniable that these two meetings basically determines the current status of Bitcoin. However, as the one of the original founders of Bitcoin, why did you choose to not attend these meetings? If you have ever attended and opposed gmax’s Core roadmap (SegWit Priority) in one of the meetings, we may be in a better situation now, and the 2M hard fork might have already begun. Can you explain your absence in the two meetings? Do you think the results of both meetings are orchestrated by blockstream?
A: 1) I attended the first scaling conference in Montreal in September of 2015, and had hoped that a compromise had been reached.
A few weeks after that conference, it was clear to me that whatever compromise had been reached was not going to happen, so it seemed pointless to travel all the way to Hong Kong in December for more discussion when all of the issues had been discussed repeatedly since February of 2015.
The February 2016 Hong Kong meeting I could not attend because I was invited only a short time before it happened and I had already planned a vacation with my family and grandparents.
I think all of those conferences were orchestrated mainly by people who do not think raising the block size limit is a high priority, and who want to see what problems happen as we run into the limit.
Q: 2) We have already known that gmax tries to limit the block size so as to get investment for his company. However, it is obvious that overthrowing Core is hard in the short term. What if Core continues to dominate the development of Bitcoin? Is it possible that blockstream core will never raise the blocksize limit because of their company interests?
A: 2) I don’t think investment for his company is Greg’s motivation-- I think he honestly believes that a solution like lightning is better technically.
He may be right, but I think it would be better if he considered that he might also be wrong, and allowed other solutions to be tried at the same time.
Blockstream is a funny company, with very strong-willed people that have different opinions. It is possible they will never come to an agreement on how to raise the blocksize limit.
7. HeiYanZhu
Q: I would like to ask your opinion on the current situation. It’s been two years, but a simple 2MB hard fork could not even be done. In Bitcoin land, two years are incredibly long. Isn’t this enough to believe this whole thing is a conspiracy?
A: I don’t think it is a conspiracy, I think it is an honest difference of opinion on what is most important to do first, and a difference in opinion on risks and benefits of doing different things.
Q: How can a multi-billion network with millions of users and investors be choked by a handful of people? How can this be called decentrilized and open-source software anymore? It is so hard to get a simple 2MB hard fork, but SegWig and Lighting Network with thousands of lines of code change can be pushed through so fast. Is this normal? It is what you do to define if you are a good man, not what you say.
A: I still believe good engineers will work around whatever unnecessary barriers are put in their way-- but it might take longer, and the results will not be as elegant as I would prefer.
The risk is that people will not be patient and will switch to something else; the recent rapid rise in developer interest and price of Ethereum should be a warning.
Q: The problem now is that everybody knows Classic is better, however, Core team has controlled the mining pools using their powers and polical approaches. This made them controll the vast majority of the hashpower, no matter what others propose. In addition, Chinese miners have little communication with the community, and do not care about the developement of the system. Very few of them knows what is going on in the Bitcoin land. They almost handed over their own power to the mining pool, so as long as Core controls the pools, Core controls the whole Bitcoin, no matter how good your Classic is. Under this circumstance, what is your plan?
A: Encourage alternatives to Core. If they work better (if they are faster or do more) then Core will either be replaced or will have to become better itself. I am happy to see innovations happening in projects like Bitcoin Unlimited, for example. And just this week I see that Matt Corallo will be working on bringing an optmized protocol for relaying blocks into Core; perhaps that was the plan all along, or perhaps the “extreme thin blocks” work in Bitcoin Unlimited is making that a higher priority. In any case, competition is healthy.
Q: From this scaling debate, do you think there is a huge problem with Bitcoin development? Does there exsit development centrilization? Does this situation need improvment? For example, estabilish a fund from Bitcoin as a fundation. It can be used for hiring developers and maintainers, so that we can solve the development issue once and for all.
A: I think the Core project spends too much time thinking about small probability technical risks (like “rogue miners” who create hard-to-validate blocks or try to send invalid blocks to SPV wallets) and not enough time thinking about much larger non-technical risks.
And I think the Core project suffers from the common open source software problem of “developers developing for developers.” The projects that get worked on are the technically interesting projects-- exciting new features (like the lightning network), and not improving the basic old features (like improving network performance or doing more code review and testing).
I think the situation is improving, with businesses investing more in development (but perhaps not in the Core project, because the culture of that project has become much less focused on short-term business needs and more on long-term exciting new features).
I am skeptical that crowd-funding software development can work well; if I look at other successful open source software projects, they are usually funded by companies, not individuals.
8.jb9802
You are one of the most-repected person in Bitcoin world, I won’t miss the chance to ask some questions. First of all, I am a Classic supporter. I strongly believe that on-chain transcations should not be restrained artificially. Even if there are transcations that are willing to go through Lighting Network in the future, it should be because of a free market, not because of artificial restrication. Here are some of my questions:
Q: 1) For the past two years, you’ve been proposing to Core to scale Bitcoin. In the early days of the discussion, Core devs did agree that the blocksize should be raised. What do you think is the major reason for Core to stall scaling. Does there exist conflict of interest between Blockstream and scaling?
A: 1) There might be unconscious bias, but I think there is just a difference of opinion on priorities and timing.
Q: 2) One of the reason for the Chinese to refuse Classic is that Classic dev team is not technically capable enough for future Bitcoin development. I also noticed that Classic does have a less frequent code release compared to Core. In your opinion, is there any solution to these problems? Have you ever thought to invite capable Chinese programers to join Classic dev team?
A: 2) The great thing about open source software is if you don’t think the development team is good enough (or if you think they are working on the wrong things) you can take the software and hire a better team to improve it.
Classic is a simple 2MB patch on top of Core, so it is intentional that there are not a lot of releases of Classic.
The priority for Classic right now is to do things that make working on Classic better for developers than working on Core, with the goal of attracting more developers. You can expect to see some results in the next month or two.
I invite capable programmers from anywhere, including China, to help any of the teams working on open source Bitcoin software, whether that is Classic or Core or Unlimited or bitcore or btcd or ckpool or p2pool or bitcoinj.
Q: 3) Another reason for some of the Chinese not supporting Classic is that bigger blocks are more vulnerable to spam attacks. (However, I do think that smaller blocks are more vlunerable to spam attack, because smaller amount of money is needed to choke the blockchain.) What’s our opinion on this?
A: 3) The best response to a transaction spam attack is for the network to reject transactions that pay too little fees but to simply absorb any “spam” that is paying as much fees as regular transactions.
The goal for a transaction spammer is to disrupt the network; if there is room for extra transactions in blocks, then the network can just accept the spam (“thank you for the extra fees!”) and continue as if nothing out of the ordinary happened.
Nothing annoys a spammer more than a network that just absorbs the extra transactions with no harmful effects.
Q: 4) According to your understanding on lighting network and sidechains,if most Bitcoin transactions goes throught lighting network or sidechains, it possible that the fees paid on the these network cannot reach the main-chain miners, which leaves miners starving. If yes, how much percent do you think will be given to miners.
A: 4) I don’t know, it will depend on how often lightning network channels are opened and closed, and that depends on how people choose to use lightning.
Moving transactions off the main chain and on to the lightning network should mean less fees for miners, more for lightning network hubs. Hopefully it will also mean lower fees for users, which will make Bitcoin more popular, drive up the price, and make up for the lower transaction fees paid to miners.
Q: 5) The concept of lighting network and sidechains have been out of one or two years already, when do you think they will be fully deployed.
A: 5) Sidechains are already “fully deployed” (unless you mean the version of sidechains that doesn’t rely on some trusted gateways to move bitcoin on and off the sidechain, which won’t be fully deployed for at least a couple of years). I haven’t seen any reports of how successful they have been.
I think Lightning will take longer than people estimate. Seven months ago Adam Back said that the lightning network might be ready “as soon as six months from now” … but I would be surprised if there was a robust, ready-for-everybody-to-use lightning-capable wallet before 2018.
Q: 6)Regarding the hard fork, Core team has assumed that it will cause a chain-split. (Chinese miners are very intimitated by this assumption, I think this is the major reason why most of the Chinese mining pools are not switching to Classic). Do you think Bitcoin will have a chain-split?
A: 6) No, there will not be a chain split. I have not talked to a single mining pool operator, miner, exchange, or major bitcoin business who would be willing to mine a minority branch of the chain or accept bitcoins from a minority branch of the main chain.
Q: 7) From your point of view, do you think there is more Classic supporters or Core supporters in the U.S.?
A: 7) All of the online opinion pools that have been done show that a majority of people worldwide support raising the block size limit.
9. btcc123
Q: Which is more in line with the Satoshi’s original roadmap, Bitcoin Classic or Bitcoin Core? How to make mining pools support and adopt Bitcoin Classic?
A: Bitcoin Classic is more in line with Satoshi’s original roadmap.
We can’t make the mining pools do anything they don’t want to do, but they are run by smart people who will do what they think is best for their businesses and Bitcoin.
10.KuHaiBian
Q: Do you have any solution for mining centralization? What do you think about the hard fork of changing mining algorithms?
A: I have a lot of thoughts on mining centralization; it would probably take ten or twenty pages to write them all down.
I am much less worried about mining centralization than most of the other developers, because Satoshi designed Bitcoin so miners make the most profit when they do what is best for Bitcoin. I have also seen how quickly mining pools come and go; people were worried that the DeepBit mining pool would become too big, then it was GHash.io…
And if a centralized mining pool does become too big and does something bad, the simplest solution is for businesses or people to get together and create or fund a competitor. Some of the big Bitcoin exchanges have been seriously considering doing exactly that to support raising the block size limit, and that is exactly the way the system is supposed to work-- if you don’t like what the miners are doing, then compete with them!
I think changing the mining algorithm is a complicated solution to a simple problem, and is not necessary.
11. ChaLi
Q: Last time you came to China, you said you want to "make a different". I know that in USA the opposition political party often hold this concept, in order to prevent the other party being totally dominant. Bitcoin is born with a deep "make a different" nature inside. But in Chinese culture, it is often interpreted as split “just for the sake of splitting”, can you speak your mind on what is your meaning of "make a different"?
A: I started my career in Silicon Valley, where there is a lot of competition but also a lot of cooperation. The most successful companies find a way to be different than their competitors; it is not a coincidence that perhaps the most successful company in the world (Apple Computer) had the slogan “think different.”
As Bitcoin gets bigger (and I think we all agree we want Bitcoin to get bigger!) it is natural for it to split and specialize; we have already seen that happening, with lots of choices for different wallets, different exchanges, different mining chips, different mining pool software.
12. bluestar
Q: 1) The development of XT and Classic confirmed my thoughts that it is nearly impossible to use a new version of bitcoin to replace the current bitcoin Core controlled by Blockstream. I think we will have to live with the power of Blockstream for a sufficient long time. It means we will see the deployment of SegWit and Lighting network. If it really comes to that point, what will you do? Will you also leave like Mike Hearn?
A: 1) With the development of Blockchain, bitcoin will grow bigger and bigger without any doubts, And also there will be more and more companies related to the bitcoin network. When it comes to money, there will be a lot of fights between these companies. Is it possible to form some kind of committee to avoid harmful fights between these companies and also the situation that a single company controlling the direction of the bitcoin development? Is there any one doing this kind of job right now?
Q: 2) My final question would be, do you really think it is possible that we can have a decentralized currency? Learning from the history, it seems like every thing will become centralized as long as it involves human. Do you have any picture for a decentralized currency or even a society? Thanks.
A: 2) I think you might be surprised at what most people are running a year or three from now. Perhaps it will be a future version of Bitcoin Core, but I think there is a very good chance another project will be more successful.
I remember when “everybody” was running Internet Explorer or Firefox, and people thought Google was crazy to think that Chrome would ever be a popular web browser. It took four years for Chrome to become the most popular web browser.
In any case, I plan on working on Bitcoin related projects for at least another few years. Eventually it will become boring or I will decide I need to take a couple of years of and think about what I want to do next.
As for fights between companies: there are always fights between companies, in every technology. There are organizations like the IETF (Internet Engineering Task Force) that try to create committees so engineers at companies can spend more time cooperating and less time fighting; I’m told by people who participate in IETF meetings that they are usually helpful and create useful standards more often than not.
Finally, yes, I do think we can have a “decentralized-enough” currency. A currency that might be controlled at particular times by a small set of people or companies, but that gives everybody else the ability to take control if those people or businesses misbehave.
13. satoshi
Hi Gavin, I have some questions:
Q: 1) I noticed there are some new names added to the classic team list. Most people here only know you and Jeff. Can you briefly introduce some others to the Chinese community?
A: 1)
Tom Zander has been acting as lead developer, and is an experienced C++ developer who worked previously on the Qt and Debian open source projects.
Pedro Pinheiro is on loan from Blockchain.info, and has mostly worked on continuous integration and testing for Classic.
Jon Rumion joined recently, and has been working on things that will make life for developers more pleasant (I don’t want to be more specific, I don’t want to announce things before they are finished in case they don’t work out).
Jeff has been very busy starting up Bloq, so he hasn’t been very active with Classic recently. I’ve also been very busy traveling (Barbados, Idaho, London and a very quick trip to Beijing) so haven’t been writing much code recently.
Q: 2) if bitcoin classic succeeded (>75% threshold), what role would you play in the team after the 2MB upgrade finished, as a leader, a code contributor, a consultant, or something else?
A: 2)Contributor and consultant-- I am trying not to be leader of any software project right now, I want to leave that to other people who are better at managing and scheduling and recruiting and all of the other things that need to be done to lead a software project.
Q: 3) if bitcoin classic end up failed to achieve mainstream adoption (<75% 2018), will you continue the endeavor of encouraging on-chain scaling and garden-style growth of bitcoin?
A: 3) Yes. If BIP109 does not happen, I will still be pushing to get a good on-chain solution to happen as soon as possible.
Q: 4) Have you encountered any threat in your life, because people would think you obviously have many bitcoins, like what happened to Hal Finney (RIP), or because some people have different ideas about what bitcoin's future should be?
A: 4) No, I don’t think I have received any death threats. It upsets me that other people have.
Somebody did threaten to release my and my wife’s social security numbers and other identity information if I did not pay them some bitcoins a couple of years ago. I didn’t pay, they did release our information, and that has been a little inconvenient at times.
Q: 5) Roger Ver (Bitcoin Jesus) said bitcoin would worth thousands of dollars. Do you have similar thoughts? If not, what is your opinion on bitcoin price in future?
A: 5) I learned long ago to give up trying to predict the price of stocks, currencies, or Bitcoin. I think the price of Bitcoin will be higher in ten years, but I might be wrong.
Q: 6) You've been to China. What's your impression about the country, people, and the culture here? Thank you!
A: 6) I had a very quick trip to Beijing a few weeks ago-- not nearly long enough to get a good impression of the country or the culture.
I had just enough time to walk around a little bit one morning, past the Forbidden City and walk around Tianmen Square. There are a LOT of people in China, I think the line to go into the Chairman Mao Memorial Hall was the longest I have ever seen!
Beijing reminded me a little bit of London, with an interesting mix of the very old with the very new. The next time I am in China I hope I can spend at least a few weeks and see much more of the country; I like to be in a place long enough so that I really can start to understand the people and cultures.
14. Pussinboots
Q: Dear Gavin, How could I contact you, we have an excellent team and good plans. please confirm your linkedin.
A: Best contact for me is [email protected] : but I get lots of email, please excuse me if your messages get lost in the flood.
15. satoshi
Q: Gavin, you've been both core and classic code contributor. Are there any major differences between the two teams, concerning code testing (quality control) and the release process of new versions?
A: Testing and release processes are the same; a release candidate is created and tested, and once sufficiently tested, a final release is created, cryptographically signed by several developers, and then made available for download.
The development process for Classic will be a little bit different, with a ‘develop’ branch where code will be pulled more quickly and then either fixed or reverted based on how testing goes. The goal is to create a more developer-friendly process, with pull requests either accepted or rejected fairly quickly.
16. tan90d
I am a bitcoin enthusiast and a coin holder. I thank you for your great contribution to bitcoin. Please allow me to state some of my views before asking:
  1. I'm on board with classic
  2. I support the vision to make bitcoin a powerful currency that could compete with Visa
  3. I support segwit, so I'll endorse whichever version of bitcoin implementation that upgrades to segwit, regardless of block size.
  4. I disagree with those who argue bitcoin main blockchain should be a settlement network with small blocks. My view is that on the main chain btc should function properly as a currency, as well as a network for settlement.
  5. I'm against the deployment of LN on top of small block sized blockchain. Rather, it should be built on a chain with bigger blocks.
  6. I also won’t agree with the deployment of many sidechains on top of small size block chain. Rather, those sidechains should be on chain with bigger blocks.
With that said, below are my questions:
Q: 1) If bitcoin is developed following core's vision, and after the 2020 halving which cuts block reward down to 6.125BTC, do you think the block transaction fee at that time will exceed 3BTC?
A: 1) If the block limit is not raised, then no, I don’t think transaction fees will be that high.
Q: 2) If bitcoin is developed following classic's vision, and after the 2020 halving which cuts block reward down to 6.125BTC, do you think the block transaction fee at that time will exceed 3BTC?
A: 2) Yes, the vision is lots of transactions, each paying a very small fee, adding up to a big total for the miners.
Q: 3) If bitcoin is developed following core's vision, do you think POW would fail in future, because the mining industry might be accounted too low value compared with that of the bitcoin total market, so that big miners could threaten btc market and gain profit by shorting?
*The questioner further explained his concern.
Currently, its about ~1.1 billion CNY worth of mining facilities protecting ~42 billion CNY worth (6.5 Billion USD) of bitcoin market. The ratio is ~3%. If bitcoin market cap continues to grow and we adopt layered development plan, the mining portion may decrease, pushing the ratio go even down to <1%, meaning we are using very small money protecting an huge expensive system. For example, in 2020 if bitcoin market cap is ~100 billion CNY, someone may attempt to spend ~1 billion CNY bribe/manipulate miners to attack the network, thus making a great fortune by shorting bitcoin and destroying the ecosystem.
A: 3) Very good question, I have asked that myself. I have asked people if they know if there have been other cases where people destroyed a company or a market to make money by shorting it -- as far as I know, that does not happen. Maybe because it is impossible to take a large short position and remain anonymous, so even if you were successful, you would be arrested for doing whatever you did to destroy the company or market (e.g. blow up a factory to destroy a company, or double-spend fraud to try to destroy Bitcoin).
Q: 4) If bitcoin is developed following classic's vision, will the blocks become too big that kill decentralization?
A: 4) No, if you look at how many transactions the typical Internet connection can support, and how many transactions even a smart phone can validate per second, we can support many more transactions today with the hardware and network connections we have now.
And hardware and network connections are getting faster all the time.
Q: 5) In theory, even if we scale bitcoin with just LN and sidechains, the main chain still needs blocks with size over 100M, in order to process the trading volume matching Visa's network. So does core have any on-chain scaling plan other than 2MB? Or Core does not plan to evolve bitcoin into something capable of challenging visa?
A: 5) Some of the Core developer talk about a “flexcap” solution to the block size limit, but there is no specific proposal.
I think it would be best to eliminate the limit all together. That sounds crazy, but the most successful Internet protocols have no hard upper limits (there is no hard limit to how large a web page may be, for example), and no protocol limit is true to Satoshi’s original design.
Q: 6) If (the majority of) hash rate managed to switch to Classic in 2018, will the bitcoin community witness the deployment of LN in two years (~2018)?
A: 6) The bottleneck with Lightning Network will be wallet support, not support down at the Bitcoin protocol level. So I don’t think the deployment schedule of LN will be affected much whether Classic is adopted or not.
Q: 7) If (majority) hash rate upgraded to blocks with segwit features in 2017 as specified in core's roadmap, would classic propose plans to work on top of that (blocks with segwit)? Or insist developing simplified segwit blocks as described in classic's roadmap?
A: 7) Classic will follow majority hash rate. It doesn’t make sense to do anything else.
Q: 8) If most hash rate is still on core's side before 2018, will you be disappointed with bitcoin, and announce that bitcoin has failed like what Mike did, and sell all your stashed coins at some acceptable price?
A: 8) No-- I have said that I think if the block size limit takes longer to resolve, that is bad for Bitcoin in the short term, but smart engineers will work around whatever road blocks you put in front of them. I see Bitcoin as a long-term project.
Q: 9) If we have most hash rate switched to classic's side before 2018, what do you think will be the fate of Blockstream company?
A: 9) I think Blockstream might lose some employees, but otherwise I don’t think it will matter much. They are still producing interesting technology that might become a successful business.
Q: 10) If we have most hash rate still on core's side before 2018, what do you think will be the fate of Blockstream company?
A: 10) I don’t think Blockstream’s fate depends on whether or not BIP109 is adopted. It depends much more on whether or not they find customers willing to pay for the technology that they are developing.
Q: 11) If we have most hash rate still on core's side before 2018, what do you think will be the fate of companies that support classic, such as Coinbse, bitpay, and Blockchain.info?
A: 11) We have already seen companies like Kraken support alternative currencies (Kraken supports Litecoin and Ether); if there is no on-chain scaling solution accepted by the network, I think we will see more companies “hedging their bets” by supporting other currencies that have a simpler road map for supporting more transactions.
Q: 12) If we have most hash rate switched to classic's side before 2018, will that hinder the development of sidechain tech? What will happen to companies like Rockroot(Rootstock?) ?
A: 12) No, I think the best use of sidechains is for things that might be too risky for the main network (like Rootstock) or are narrowly focused on a small number of Bitcoin users. I don’t think hash rate supporting Classic will have any effect on that.
Q: 13) Between the two versions of bitcoin client, which one is more conducive to mining industry, classic or core?
A: 13) I have been working to make Classic better for the mining industry, but right now they are almost identical so it would be dishonest to say one is significantly better than the other.
17. Alfred
Q: Gavin, can you describe what was in your mind when you first learned bitcoin?
A: I was skeptical that it could actually work! I had to read everything I could about it, and then read the source code before I started to think that maybe it could actually be successful and was not a scam.
submitted by kcbitcoin to btc [link] [comments]

The Monero Missives (weekly report) - September 16th, 2014

Original post is here
Monero Missives
September 15th, 2014
Hello, and welcome to our twelfth Monero Missive! This is our first Missive after a bit of a break whilst we thwarted two related blockchain attacks. Nonetheless, we have not sat by idly, we have been finalising and completing a brand new aspect of Monero designed to protect your privacy now and in the future: the Monero Research Lab
Major Updates
  1. The Monero Research Lab is an open collective and a multi-faceted academic group focused on the ongoing improvement of Monero. Membership is not fixed, and comes and goes as researchers become interested in Monero. This isn't a group focused on the addition of "features" to Monero, but rather the analysis and improvement of the underlying core of Monero to make sure that the theories and cryptography behind Monero continue to remain robust and sound. With that in mind, we are proud to announce the release of the first two publications out of the Monero Research Lab: MRL-0001 - A Note on Chain Reactions in Traceability in CryptoNote 2.0 - this is a research bulletin that investigates how a chain reaction could weaken the blockchain resistance properties of CryptoNote's ring signatures if low mixin values are consistently chosen MRL-0002 - Counterfeiting via Merkle Tree Exploits within Virtual Currencies Employing the CryptoNote Protocol - in this research bulletin we investigate how the block 202612 attack occurred and what it exploited, and also covers the permanent fix we have put in place
  2. This week Friday we're going to have our second #Monero-Dev Fireside Chat this week Friday, September 19th, 2014, at 10:00 EST which is 14:00 UTC and 16:00 UTC +2. For a full table of the time zones you can refer to this image, or you can use this online tool to add your city and make sure you have the correct starting time. Please note that this is a developer event, and so most of the focus will be from that perspective.
  3. To pick up where we left off with our last Missive, we are also happy to announce the availability of Monero merchandise on the Monero Gear store, powered by Zazzle. The advantage of us using Zazzle is that it is on-demand and we never have to worry about print runs or stock or anything. In return we get 15% of each sale as a "royalty" that will go towards enabling further Monero development, although Zazzle do not (yet!) accept Bitcoin or Monero. We hope to add new designs to the store on a regular basis. You can check the store out here: http://www.zazzle.com/monerogear* or take a peek at some of the new designs right here
  4. We are also pleased to announce the release of URS, a Monero project written in Go that allows you to sign messages using ring signatures as part of a group. The signature can be verified, but it cannot be determined which one of the signatories in the group did the actual signing (just like Monero uses for transactional unlinkability!). You can take a look at the project here: https://github.com/monero-project/urs, and the Bitcointalk thread dedicated to the project is here: https://bitcointalk.org/index.php?topic=768499.0
  5. We have a new tagged release, 0.8.8.4, available for download (binaries: Windows, Mac, Linux, FreeBSD). This adds the following features: Testnet: we now have an operating testnet. When using bitmonerod or simplewallet you can now use the --testnet flag to use testnet instead of mainnet. Feel free to run a mining node or just a testnet node, we will be setting up email alerts for testnet nodes when an update is pending (although having a few older testnet nodes on the network won't hurt testing). FreeBSD Compatability: Monero now works on FreeBSD out the box. We will add it to the ports tree soon. At the moment compilation is no different from regular Linux and Unix compilation, and the same dependencies apply. GPG commits: we have begun GPG-signing commits and merges. This is an important step in maintaining the integrity of the codebase, and will ensure that any compromise of our computers or even the github account won't allow a malicious attacker to push code to the repository without the unsigned commits being spotted. Verification can be done by running 'git log --show-signature', which will show and verify signatures. An example of what you should see can be found here Versioning: versioning is a lot easier, now, as tagged releases from 0.8.8.4 onwards will show version-final (eg. 0.8.8.4-final) as their version, and those built between tagged releases will show version-commithash (eg. 0.8.8.4-9088ea1). We expect this will greatly aid in debugging problems, as we can immediately pinpoint the actual version / commit a user is on. Logging: default log levels have been adjusted so that non-critical warnings are now relegated to log-level 1 and above. Apart from the normal reorganisation notifications, the only messages in red that should show up in the daemon are actual errors.
  6. We have slowed down development on the GUI to give us a bit more time to focus on the Monero internals. This is especially important given the recent attack. However, work has not come to a complete halt, and so we wanted to show off a couple of pages from the first start wizard. Bear in mind that these aren't mockups, this is the actual running Qt interface: http://i.imgur.com/jzUvSEP.jpg, http://i.imgur.com/Bj1PTcU.jpg, http://i.imgur.com/oirzi9n.jpg, http://i.imgur.com/ACDmOFJ.jpg
  7. Monero has been added to another exchange, Coin Swap. You can find the market here: https://coin-swap.net/market/XMBTC
Dev Diary
Core: because of all of the rapid changes that we had to merge into master to deal with the aftermath of the block 202612 attack, we have to bring the development branch in sync. At this stage the development branch should not be considered usable until the rebase is complete.
Build: the big change is FreeBSD compatibility, as mentioned above. A more subtle change is that the build will now first look for miniupnpc on the local system, and use that if found. If it fails to find miniupnpc it will fall back to the local copy.
Build: there is a new Makefile target, release-static, that builds statically linked binaries for redistribution. At this stage it forces 64-bit builds, once we have the embedded database working cleanly we can remove this.
Wallet: per-kb fees are nearly complete, and will be deployed to testnet within the next week or so. Once some thorough testing has been done on testnet we can merge this into master, and transaction fees can return to "normal".
Blockchain: this took a bit of a backseat with the blockchain attacks. Now that things are back to some semblance of normality, the first implementation can be written. We have chosen LMDB for the initial implementation, as this will allow us to rapidly write a Berkeley DB interface based off of it (they use similar APIs) and thus have a baseline for performance comparisons.
Core: all non-critical "errors" and warnings have been moved to log-level 1. As a developer, you may find it useful to run log-level 1 or 2 as your default.
Until next week!
submitted by fluffyponyza to Monero [link] [comments]

Full English Transcript of Gavin's AMA on 8BTC, April 21st. (Part 1)

Part 2
Part 3
Raw transcript on Google Docs (English+Chinese): https://docs.google.com/document/d/1p3DWMfeGHBL6pk4Hu0efgQWGsUAdFNK6zLHubn5chJo/edit?usp=sharing
Translators/Organizers: emusher, kcbitcoin, nextblast, pangcong, Red Li, WangXiaoMeng. (Ranked in alphabetical order)
1.crypto888
Q: What is your relationship with Blockstream now? Are you in a Cold War? Your evaluation on BS was pretty high “If this amazing team offers you a job, you should take it,” tweeted Gavin Andresen, Chief Scientist, Bitcoin Foundation.” But now, what’s your opinion on BS?
A: I think everybody at Blockstream wants Bitcoin to succeed, and I respect and appreciate great work being done for Bitcoin by people at Blockstream.
We strongly disagree on priorities and timing; I think the risks of increasing the block size limit right away are very small. I see evidence of people and businesses getting frustrated by the limit and choosing to use something else (like Ethereum or a private blockchain); it is impossible to know for certain how dangerous that is for Bitcoin, but I believe it is more danger than the very small risk of simply increasing or eliminating the block size limit.
2. Ma_Ya
Q: 1) Why insist on hard fork at only 75%? You once explained that it is possible to be controlled by 5% if we set the threshold at 95%. I agree, but there should be some balance here. 75% means a high risk in splitting, isn’t it too aggressive? Is it better if we set it to 90%?
A: 1)The experience of the last two consensus changes is that miners very quickly switch once consensus reaches 75% -- the last soft fork went from 75% support to well over 95% support in less than one week. So I’m very confident that miners will all upgrade once the 75% threshold is reached, and BIP109 gives them 28 days to do so. No miner wants to create blocks that will not be accepted by the network.
Q: 2) How to solve the potentially very large blocks problem Classic roadmap may cause, and furthur causing the centralization of nodes in the future?
A: 2)Andreas Antonopoulos gave a great talk recently about how people repeatedly predicted that the Internet would fail to scale. Smart engineers proved them wrong again and again, and are still busy proving them wrong today (which is why I enjoy streaming video over my internet connection just about every night).
I began my career working on 3D graphics software, and saw how quickly we went from being able to draw very simple scenes to today’s technology that is able to render hundreds of millions of triangles per second.
Processing financial transactions is much easier than simulating reality. Bitcoin can easily scale to handle thousands of transactions per second, even on existing computers and internet connections, and even without the software optimizations that are already planned.
Q: 3) Why do you not support the proposal of RBF by Satoshi, and even plan to remove it in Classic completely?
A: 3) Replace-by-fee should be supported by most of the wallets people are using before it is supported by the network. Implementing replace-by-fee is very hard for a wallet, especially multi-signature and hardware wallets that might not be connected to the network all of the time.
When lots of wallet developers start saying that replace-by-fee is a great idea, then supporting it at the network level makes sense. Not before.
Q: 4) . Your opinion on soft fork SegWit, sidechain, lighnting network. Are you for or against, please give brief reasons. Thanks.
A: 4) The best way to be successful is to let people try lots of different things. Many of them won’t be successful, but that is not a problem as long as some of them are successful.
I think segregated witness is a great idea. It would be a little bit simpler as a hard fork instead of a soft fork (it would be better to put the merkle root for the witness data into the merkle root in the block header instead of putting it inside a transaction), but overall the design is good.
I think sidechains are a good idea, but the main problem is finding a good way to keep them secure. I think the best uses of sidechains will be to publish “write-only” public information involving bitcoin. For example, I would like to see a Bitcoin exchange experiment with putting all bids and asks and trades on a sidechain that they secure themselves, so their customers can verify that their orders are being carried out faithfully and nobody at the exchanges is “front-running” them.
Q: 5) Can you share your latest opinion on Brainwallet? It is hard for new users to use long and complex secure passphrase, but is it a good tool if it solves this problem?
A: 5) We are very, very bad at creating long and complex passphrases that are random enough to be secure. And we are very good at forgetting things.
We are much better at keeping physical items secure, so I am much more excited about hardware wallets and paper wallets than I am about brain wallets. I don’t trust myself to keep any bitcoin in a brain wallet, and do not recommend them for anybody else, either.
3. BiTeCui
Q: Gavin, do you have bitcoins now? What is your major job in MIT? Has FBI ever investigated on you? When do you think SHA256 might be outdated, it seems like it has been a bit unsafe?
A: Yes, a majority of my own person wealth is still in bitcoins -- more than a financial advisor would say is wise.
My job at MIT is to make Bitcoin better, in whatever way I think best. That is the same major job I had at the Bitcoin Foundation. Sometimes I think the best way to make Bitcoin better is to write some code, sometimes to write a blog post about what I see happening in the Bitcoin world, and sometimes to travel and speak to people.
The FBI (or any other law enforcement agency) has never investigated me, as far as I know. The closest thing to an investigation was an afternoon I spent at the Securities and Exchange Commission in Washington, DC. They were interested in how I and the other Bitcoin developers created the software and how much control we have over whether or not people choose to run the software that we create.
“Safe or unsafe” is not the way to think about cryptographic algorithms like SHA256. They do not suddenly go from being 100% secure for everything to completely insecure for everything. I think SHA256 will be safe enough to use in the all ways that Bitcoin is using it for at least ten years, and will be good enough to be used as the proof-of-work algorithm forever.
It is much more likely that ECDSA, the signature algorithm Bitcoin is using today, will start to become less safe in the next ten or twenty years, but developer are already working on replacements (like Schnorr signatures).
4. SanPangHenBang
Q: It’s a pleasure to meet you. I only have one question. Which company are you serving? or where do you get your salary?
A: The Media Lab at MIT (Massachusetts Institute of Technology) pays my salary; I don’t receive regular payments from anybody else.
I have received small amounts of stock options in exchange for being a techical advisor to several Bitcoin companies (Coinbase, BitPay, Bloq, Xapo, Digital Currency Group, CoinLab, TruCoin, Chain) which might be worth money some day if one or more of those companies do very well. I make it very clear to these companies that my priority is to make Bitcoin better, and my goal in being an advisor to them is to learn more about the problems they face as they try to bring Bitcoin to more of their customers.
And I am sometimes (once or twice a year) paid to speak at events.
5.SaTuoXi
Q: Would you mind share your opinion on lightning network? Is it complicated to implement? Does it need hard fork?
A: Lightning does not need a hard fork.
It is not too hard to implement at the Bitcoin protocol level, but it is much more complicated to create a wallet capable of handling Lightning network payments properly.
I think Lightning is very exciting for new kinds of payments (like machine-to-machine payments that might happen hundreds of times per minute), but I am skeptical that it will be used for the kinds of payments that are common on the Bitcoin network today, because they will be more complicated both for wallet software and for people to understand.
6. pangcong
Q: 1) There has been a lot of conferences related to blocksize limit. The two took place in HongKong in Decemeber of 2015 and Feberary of 2016 are the most important ones. Despite much opposition, it is undeniable that these two meetings basically determines the current status of Bitcoin. However, as the one of the original founders of Bitcoin, why did you choose to not attend these meetings? If you have ever attended and opposed gmax’s Core roadmap (SegWit Priority) in one of the meetings, we may be in a better situation now, and the 2M hard fork might have already begun. Can you explain your absence in the two meetings? Do you think the results of both meetings are orchestrated by blockstream?
A: 1) I attended the first scaling conference in Montreal in September of 2015, and had hoped that a compromise had been reached.
A few weeks after that conference, it was clear to me that whatever compromise had been reached was not going to happen, so it seemed pointless to travel all the way to Hong Kong in December for more discussion when all of the issues had been discussed repeatedly since February of 2015.
The February 2016 Hong Kong meeting I could not attend because I was invited only a short time before it happened and I had already planned a vacation with my family and grandparents.
I think all of those conferences were orchestrated mainly by people who do not think raising the block size limit is a high priority, and who want to see what problems happen as we run into the limit.
Q: 2) We have already known that gmax tries to limit the block size so as to get investment for his company. However, it is obvious that overthrowing Core is hard in the short term. What if Core continues to dominate the development of Bitcoin? Is it possible that blockstream core will never raise the blocksize limit because of their company interests?
A: 2) I don’t think investment for his company is Greg’s motivation-- I think he honestly believes that a solution like lightning is better technically.
He may be right, but I think it would be better if he considered that he might also be wrong, and allowed other solutions to be tried at the same time.
Blockstream is a funny company, with very strong-willed people that have different opinions. It is possible they will never come to an agreement on how to raise the blocksize limit.
7. HeiYanZhu
Q: I would like to ask your opinion on the current situation. It’s been two years, but a simple 2MB hard fork could not even be done. In Bitcoin land, two years are incredibly long. Isn’t this enough to believe this whole thing is a conspiracy?
A: I don’t think it is a conspiracy, I think it is an honest difference of opinion on what is most important to do first, and a difference in opinion on risks and benefits of doing different things.
Q: How can a multi-billion network with millions of users and investors be choked by a handful of people? How can this be called decentrilized and open-source software anymore? It is so hard to get a simple 2MB hard fork, but SegWig and Lighting Network with thousands of lines of code change can be pushed through so fast. Is this normal? It is what you do to define if you are a good man, not what you say.
A: I still believe good engineers will work around whatever unnecessary barriers are put in their way-- but it might take longer, and the results will not be as elegant as I would prefer.
The risk is that people will not be patient and will switch to something else; the recent rapid rise in developer interest and price of Ethereum should be a warning.
Q: The problem now is that everybody knows Classic is better, however, Core team has controlled the mining pools using their powers and polical approaches. This made them controll the vast majority of the hashpower, no matter what others propose. In addition, Chinese miners have little communication with the community, and do not care about the developement of the system. Very few of them knows what is going on in the Bitcoin land. They almost handed over their own power to the mining pool, so as long as Core controls the pools, Core controls the whole Bitcoin, no matter how good your Classic is. Under this circumstance, what is your plan?
A: Encourage alternatives to Core. If they work better (if they are faster or do more) then Core will either be replaced or will have to become better itself. I am happy to see innovations happening in projects like Bitcoin Unlimited, for example. And just this week I see that Matt Corallo will be working on bringing an optmized protocol for relaying blocks into Core; perhaps that was the plan all along, or perhaps the “extreme thin blocks” work in Bitcoin Unlimited is making that a higher priority. In any case, competition is healthy.
Q: From this scaling debate, do you think there is a huge problem with Bitcoin development? Does there exsit development centrilization? Does this situation need improvment? For example, estabilish a fund from Bitcoin as a fundation. It can be used for hiring developers and maintainers, so that we can solve the development issue once and for all.
A: I think the Core project spends too much time thinking about small probability technical risks (like “rogue miners” who create hard-to-validate blocks or try to send invalid blocks to SPV wallets) and not enough time thinking about much larger non-technical risks.
And I think the Core project suffers from the common open source software problem of “developers developing for developers.” The projects that get worked on are the technically interesting projects-- exciting new features (like the lightning network), and not improving the basic old features (like improving network performance or doing more code review and testing).
I think the situation is improving, with businesses investing more in development (but perhaps not in the Core project, because the culture of that project has become much less focused on short-term business needs and more on long-term exciting new features).
I am skeptical that crowd-funding software development can work well; if I look at other successful open source software projects, they are usually funded by companies, not individuals.
8.jb9802
You are one of the most-repected person in Bitcoin world, I won’t miss the chance to ask some questions. First of all, I am a Classic supporter. I strongly believe that on-chain transcations should not be restrained artificially. Even if there are transcations that are willing to go through Lighting Network in the future, it should be because of a free market, not because of artificial restrication. Here are some of my questions:
Q: 1) For the past two years, you’ve been proposing to Core to scale Bitcoin. In the early days of the discussion, Core devs did agree that the blocksize should be raised. What do you think is the major reason for Core to stall scaling. Does there exist conflict of interest between Blockstream and scaling?
A: 1) There might be unconscious bias, but I think there is just a difference of opinion on priorities and timing.
Q: 2) One of the reason for the Chinese to refuse Classic is that Classic dev team is not technically capable enough for future Bitcoin development. I also noticed that Classic does have a less frequent code release compared to Core. In your opinion, is there any solution to these problems? Have you ever thought to invite capable Chinese programers to join Classic dev team?
A: 2) The great thing about open source software is if you don’t think the development team is good enough (or if you think they are working on the wrong things) you can take the software and hire a better team to improve it.
Classic is a simple 2MB patch on top of Core, so it is intentional that there are not a lot of releases of Classic.
The priority for Classic right now is to do things that make working on Classic better for developers than working on Core, with the goal of attracting more developers. You can expect to see some results in the next month or two.
I invite capable programmers from anywhere, including China, to help any of the teams working on open source Bitcoin software, whether that is Classic or Core or Unlimited or bitcore or btcd or ckpool or p2pool or bitcoinj.
Q: 3) Another reason for some of the Chinese not supporting Classic is that bigger blocks are more vulnerable to spam attacks. (However, I do think that smaller blocks are more vlunerable to spam attack, because smaller amount of money is needed to choke the blockchain.) What’s our opinion on this?
A: 3) The best response to a transaction spam attack is for the network to reject transactions that pay too little fees but to simply absorb any “spam” that is paying as much fees as regular transactions.
The goal for a transaction spammer is to disrupt the network; if there is room for extra transactions in blocks, then the network can just accept the spam (“thank you for the extra fees!”) and continue as if nothing out of the ordinary happened.
Nothing annoys a spammer more than a network that just absorbs the extra transactions with no harmful effects.
Q: 4) According to your understanding on lighting network and sidechains,if most Bitcoin transactions goes throught lighting network or sidechains, it possible that the fees paid on the these network cannot reach the main-chain miners, which leaves miners starving. If yes, how much percent do you think will be given to miners.
A: 4) I don’t know, it will depend on how often lightning network channels are opened and closed, and that depends on how people choose to use lightning.
Moving transactions off the main chain and on to the lightning network should mean less fees for miners, more for lightning network hubs. Hopefully it will also mean lower fees for users, which will make Bitcoin more popular, drive up the price, and make up for the lower transaction fees paid to miners.
Q: 5) The concept of lighting network and sidechains have been out of one or two years already, when do you think they will be fully deployed.
A: 5) Sidechains are already “fully deployed” (unless you mean the version of sidechains that doesn’t rely on some trusted gateways to move bitcoin on and off the sidechain, which won’t be fully deployed for at least a couple of years). I haven’t seen any reports of how successful they have been.
I think Lightning will take longer than people estimate. Seven months ago Adam Back said that the lightning network might be ready “as soon as six months from now” … but I would be surprised if there was a robust, ready-for-everybody-to-use lightning-capable wallet before 2018.
Q: 6)Regarding the hard fork, Core team has assumed that it will cause a chain-split. (Chinese miners are very intimitated by this assumption, I think this is the major reason why most of the Chinese mining pools are not switching to Classic). Do you think Bitcoin will have a chain-split?
A: 6) No, there will not be a chain split. I have not talked to a single mining pool operator, miner, exchange, or major bitcoin business who would be willing to mine a minority branch of the chain or accept bitcoins from a minority branch of the main chain.
Q: 7) From your point of view, do you think there is more Classic supporters or Core supporters in the U.S.?
A: 7) All of the online opinion pools that have been done show that a majority of people worldwide support raising the block size limit.
9. btcc123
Q: Which is more in line with the Satoshi’s original roadmap, Bitcoin Classic or Bitcoin Core? How to make mining pools support and adopt Bitcoin Classic?
A: Bitcoin Classic is more in line with Satoshi’s original roadmap.
We can’t make the mining pools do anything they don’t want to do, but they are run by smart people who will do what they think is best for their businesses and Bitcoin.
10.KuHaiBian
Q: Do you have any solution for mining centralization? What do you think about the hard fork of changing mining algorithms?
A: I have a lot of thoughts on mining centralization; it would probably take ten or twenty pages to write them all down.
I am much less worried about mining centralization than most of the other developers, because Satoshi designed Bitcoin so miners make the most profit when they do what is best for Bitcoin. I have also seen how quickly mining pools come and go; people were worried that the DeepBit mining pool would become too big, then it was GHash.io…
And if a centralized mining pool does become too big and does something bad, the simplest solution is for businesses or people to get together and create or fund a competitor. Some of the big Bitcoin exchanges have been seriously considering doing exactly that to support raising the block size limit, and that is exactly the way the system is supposed to work-- if you don’t like what the miners are doing, then compete with them!
I think changing the mining algorithm is a complicated solution to a simple problem, and is not necessary.
11. ChaLi
Q: Last time you came to China, you said you want to "make a different". I know that in USA the opposition political party often hold this concept, in order to prevent the other party being totally dominant. Bitcoin is born with a deep "make a different" nature inside. But in Chinese culture, it is often interpreted as split “just for the sake of splitting”, can you speak your mind on what is your meaning of "make a different"?
A: I started my career in Silicon Valley, where there is a lot of competition but also a lot of cooperation. The most successful companies find a way to be different than their competitors; it is not a coincidence that perhaps the most successful company in the world (Apple Computer) had the slogan “think different.”
As Bitcoin gets bigger (and I think we all agree we want Bitcoin to get bigger!) it is natural for it to split and specialize; we have already seen that happening, with lots of choices for different wallets, different exchanges, different mining chips, different mining pool software.
12. bluestar
Q: 1) The development of XT and Classic confirmed my thoughts that it is nearly impossible to use a new version of bitcoin to replace the current bitcoin Core controlled by Blockstream. I think we will have to live with the power of Blockstream for a sufficient long time. It means we will see the deployment of SegWit and Lighting network. If it really comes to that point, what will you do? Will you also leave like Mike Hearn?
A: 1) With the development of Blockchain, bitcoin will grow bigger and bigger without any doubts, And also there will be more and more companies related to the bitcoin network. When it comes to money, there will be a lot of fights between these companies. Is it possible to form some kind of committee to avoid harmful fights between these companies and also the situation that a single company controlling the direction of the bitcoin development? Is there any one doing this kind of job right now?
Q: 2) My final question would be, do you really think it is possible that we can have a decentralized currency? Learning from the history, it seems like every thing will become centralized as long as it involves human. Do you have any picture for a decentralized currency or even a society? Thanks.
A: 2) I think you might be surprised at what most people are running a year or three from now. Perhaps it will be a future version of Bitcoin Core, but I think there is a very good chance another project will be more successful.
I remember when “everybody” was running Internet Explorer or Firefox, and people thought Google was crazy to think that Chrome would ever be a popular web browser. It took four years for Chrome to become the most popular web browser.
In any case, I plan on working on Bitcoin related projects for at least another few years. Eventually it will become boring or I will decide I need to take a couple of years of and think about what I want to do next.
As for fights between companies: there are always fights between companies, in every technology. There are organizations like the IETF (Internet Engineering Task Force) that try to create committees so engineers at companies can spend more time cooperating and less time fighting; I’m told by people who participate in IETF meetings that they are usually helpful and create useful standards more often than not.
Finally, yes, I do think we can have a “decentralized-enough” currency. A currency that might be controlled at particular times by a small set of people or companies, but that gives everybody else the ability to take control if those people or businesses misbehave.
13. satoshi
Hi Gavin, I have some questions:
Q: 1) I noticed there are some new names added to the classic team list. Most people here only know you and Jeff. Can you briefly introduce some others to the Chinese community?
A: 1)
Tom Zander has been acting as lead developer, and is an experienced C++ developer who worked previously on the Qt and Debian open source projects.
Pedro Pinheiro is on loan from Blockchain.info, and has mostly worked on continuous integration and testing for Classic.
Jon Rumion joined recently, and has been working on things that will make life for developers more pleasant (I don’t want to be more specific, I don’t want to announce things before they are finished in case they don’t work out).
Jeff has been very busy starting up Bloq, so he hasn’t been very active with Classic recently. I’ve also been very busy traveling (Barbados, Idaho, London and a very quick trip to Beijing) so haven’t been writing much code recently.
Q: 2) if bitcoin classic succeeded (>75% threshold), what role would you play in the team after the 2MB upgrade finished, as a leader, a code contributor, a consultant, or something else?
A: 2)Contributor and consultant-- I am trying not to be leader of any software project right now, I want to leave that to other people who are better at managing and scheduling and recruiting and all of the other things that need to be done to lead a software project.
Q: 3) if bitcoin classic end up failed to achieve mainstream adoption (<75% 2018), will you continue the endeavor of encouraging on-chain scaling and garden-style growth of bitcoin?
A: 3) Yes. If BIP109 does not happen, I will still be pushing to get a good on-chain solution to happen as soon as possible.
Q: 4) Have you encountered any threat in your life, because people would think you obviously have many bitcoins, like what happened to Hal Finney (RIP), or because some people have different ideas about what bitcoin's future should be?
A: 4) No, I don’t think I have received any death threats. It upsets me that other people have.
Somebody did threaten to release my and my wife’s social security numbers and other identity information if I did not pay them some bitcoins a couple of years ago. I didn’t pay, they did release our information, and that has been a little inconvenient at times.
Q: 5) Roger Ver (Bitcoin Jesus) said bitcoin would worth thousands of dollars. Do you have similar thoughts? If not, what is your opinion on bitcoin price in future?
A: 5) I learned long ago to give up trying to predict the price of stocks, currencies, or Bitcoin. I think the price of Bitcoin will be higher in ten years, but I might be wrong.
Q: 6) You've been to China. What's your impression about the country, people, and the culture here? Thank you!
A: 6) I had a very quick trip to Beijing a few weeks ago-- not nearly long enough to get a good impression of the country or the culture.
I had just enough time to walk around a little bit one morning, past the Forbidden City and walk around Tianmen Square. There are a LOT of people in China, I think the line to go into the Chairman Mao Memorial Hall was the longest I have ever seen!
Beijing reminded me a little bit of London, with an interesting mix of the very old with the very new. The next time I am in China I hope I can spend at least a few weeks and see much more of the country; I like to be in a place long enough so that I really can start to understand the people and cultures.
14. Pussinboots
Q: Dear Gavin, How could I contact you, we have an excellent team and good plans. please confirm your linkedin.
A: Best contact for me is [email protected] : but I get lots of email, please excuse me if your messages get lost in the flood.
15. satoshi
Q: Gavin, you've been both core and classic code contributor. Are there any major differences between the two teams, concerning code testing (quality control) and the release process of new versions?
A: Testing and release processes are the same; a release candidate is created and tested, and once sufficiently tested, a final release is created, cryptographically signed by several developers, and then made available for download.
The development process for Classic will be a little bit different, with a ‘develop’ branch where code will be pulled more quickly and then either fixed or reverted based on how testing goes. The goal is to create a more developer-friendly process, with pull requests either accepted or rejected fairly quickly.
16. tan90d
I am a bitcoin enthusiast and a coin holder. I thank you for your great contribution to bitcoin. Please allow me to state some of my views before asking:
  1. I'm on board with classic
  2. I support the vision to make bitcoin a powerful currency that could compete with Visa
  3. I support segwit, so I'll endorse whichever version of bitcoin implementation that upgrades to segwit, regardless of block size.
  4. I disagree with those who argue bitcoin main blockchain should be a settlement network with small blocks. My view is that on the main chain btc should function properly as a currency, as well as a network for settlement.
  5. I'm against the deployment of LN on top of small block sized blockchain. Rather, it should be built on a chain with bigger blocks.
  6. I also won’t agree with the deployment of many sidechains on top of small size block chain. Rather, those sidechains should be on chain with bigger blocks.
With that said, below are my questions:
Q: 1) If bitcoin is developed following core's vision, and after the 2020 halving which cuts block reward down to 6.125BTC, do you think the block transaction fee at that time will exceed 3BTC?
A: 1) If the block limit is not raised, then no, I don’t think transaction fees will be that high.
Q: 2) If bitcoin is developed following classic's vision, and after the 2020 halving which cuts block reward down to 6.125BTC, do you think the block transaction fee at that time will exceed 3BTC?
A: 2) Yes, the vision is lots of transactions, each paying a very small fee, adding up to a big total for the miners.
Q: 3) If bitcoin is developed following core's vision, do you think POW would fail in future, because the mining industry might be accounted too low value compared with that of the bitcoin total market, so that big miners could threaten btc market and gain profit by shorting?
*The questioner further explained his concern.
Currently, its about ~1.1 billion CNY worth of mining facilities protecting ~42 billion CNY worth (6.5 Billion USD) of bitcoin market. The ratio is ~3%. If bitcoin market cap continues to grow and we adopt layered development plan, the mining portion may decrease, pushing the ratio go even down to <1%, meaning we are using very small money protecting an huge expensive system. For example, in 2020 if bitcoin market cap is ~100 billion CNY, someone may attempt to spend ~1 billion CNY bribe/manipulate miners to attack the network, thus making a great fortune by shorting bitcoin and destroying the ecosystem.
A: 3) Very good question, I have asked that myself. I have asked people if they know if there have been other cases where people destroyed a company or a market to make money by shorting it -- as far as I know, that does not happen. Maybe because it is impossible to take a large short position and remain anonymous, so even if you were successful, you would be arrested for doing whatever you did to destroy the company or market (e.g. blow up a factory to destroy a company, or double-spend fraud to try to destroy Bitcoin).
Q: 4) If bitcoin is developed following classic's vision, will the blocks become too big that kill decentralization?
A: 4) No, if you look at how many transactions the typical Internet connection can support, and how many transactions even a smart phone can validate per second, we can support many more transactions today with the hardware and network connections we have now.
And hardware and network connections are getting faster all the time.
Q: 5) In theory, even if we scale bitcoin with just LN and sidechains, the main chain still needs blocks with size over 100M, in order to process the trading volume matching Visa's network. So does core have any on-chain scaling plan other than 2MB? Or Core does not plan to evolve bitcoin into something capable of challenging visa?
A: 5) Some of the Core developer talk about a “flexcap” solution to the block size limit, but there is no specific proposal.
I think it would be best to eliminate the limit all together. That sounds crazy, but the most successful Internet protocols have no hard upper limits (there is no hard limit to how large a web page may be, for example), and no protocol limit is true to Satoshi’s original design.
Q: 6) If (the majority of) hash rate managed to switch to Classic in 2018, will the bitcoin community witness the deployment of LN in two years (~2018)?
A: 6) The bottleneck with Lightning Network will be wallet support, not support down at the Bitcoin protocol level. So I don’t think the deployment schedule of LN will be affected much whether Classic is adopted or not.
Q: 7) If (majority) hash rate upgraded to blocks with segwit features in 2017 as specified in core's roadmap, would classic propose plans to work on top of that (blocks with segwit)? Or insist developing simplified segwit blocks as described in classic's roadmap?
A: 7) Classic will follow majority hash rate. It doesn’t make sense to do anything else.
Q: 8) If most hash rate is still on core's side before 2018, will you be disappointed with bitcoin, and announce that bitcoin has failed like what Mike did, and sell all your stashed coins at some acceptable price?
A: 8) No-- I have said that I think if the block size limit takes longer to resolve, that is bad for Bitcoin in the short term, but smart engineers will work around whatever road blocks you put in front of them. I see Bitcoin as a long-term project.
Q: 9) If we have most hash rate switched to classic's side before 2018, what do you think will be the fate of Blockstream company?
A: 9) I think Blockstream might lose some employees, but otherwise I don’t think it will matter much. They are still producing interesting technology that might become a successful business.
Q: 10) If we have most hash rate still on core's side before 2018, what do you think will be the fate of Blockstream company?
A: 10) I don’t think Blockstream’s fate depends on whether or not BIP109 is adopted. It depends much more on whether or not they find customers willing to pay for the technology that they are developing.
Q: 11) If we have most hash rate still on core's side before 2018, what do you think will be the fate of companies that support classic, such as Coinbse, bitpay, and Blockchain.info?
A: 11) We have already seen companies like Kraken support alternative currencies (Kraken supports Litecoin and Ether); if there is no on-chain scaling solution accepted by the network, I think we will see more companies “hedging their bets” by supporting other currencies that have a simpler road map for supporting more transactions.
Q: 12) If we have most hash rate switched to classic's side before 2018, will that hinder the development of sidechain tech? What will happen to companies like Rockroot(Rootstock?) ?
A: 12) No, I think the best use of sidechains is for things that might be too risky for the main network (like Rootstock) or are narrowly focused on a small number of Bitcoin users. I don’t think hash rate supporting Classic will have any effect on that.
Q: 13) Between the two versions of bitcoin client, which one is more conducive to mining industry, classic or core?
A: 13) I have been working to make Classic better for the mining industry, but right now they are almost identical so it would be dishonest to say one is significantly better than the other.
17. Alfred
Q: Gavin, can you describe what was in your mind when you first learned bitcoin?
A: I was skeptical that it could actually work! I had to read everything I could about it, and then read the source code before I started to think that maybe it could actually be successful and was not a scam.
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