Bitcoin Mining Profitability: How Long Does it Take to ...

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

Technical: Taproot: Why Activate?

This is a follow-up on https://old.reddit.com/Bitcoin/comments/hqzp14/technical_the_path_to_taproot_activation/
Taproot! Everybody wants it!! But... you might ask yourself: sure, everybody else wants it, but why would I, sovereign Bitcoin HODLer, want it? Surely I can be better than everybody else because I swapped XXX fiat for Bitcoin unlike all those nocoiners?
And it is important for you to know the reasons why you, o sovereign Bitcoiner, would want Taproot activated. After all, your nodes (or the nodes your wallets use, which if you are SPV, you hopefully can pester to your wallet vendoimplementor about) need to be upgraded in order for Taproot activation to actually succeed instead of becoming a hot sticky mess.
First, let's consider some principles of Bitcoin.
I'm sure most of us here would agree that the above are very important principles of Bitcoin and that these are principles we would not be willing to remove. If anything, we would want those principles strengthened (especially the last one, financial privacy, which current Bitcoin is only sporadically strong with: you can get privacy, it just requires effort to do so).
So, how does Taproot affect those principles?

Taproot and Your /Coins

Most HODLers probably HODL their coins in singlesig addresses. Sadly, switching to Taproot would do very little for you (it gives a mild discount at spend time, at the cost of a mild increase in fee at receive time (paid by whoever sends to you, so if it's a self-send from a P2PKH or bech32 address, you pay for this); mostly a wash).
(technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash, so the Taproot output spends 12 bytes more; spending from a P2WPKH requires revealing a 32-byte public key later, which is not needed with Taproot, and Taproot signatures are about 9 bytes smaller than P2WPKH signatures, but the 32 bytes plus 9 bytes is divided by 4 because of the witness discount, so it saves about 11 bytes; mostly a wash, it increases blockweight by about 1 virtual byte, 4 weight for each Taproot-output-input, compared to P2WPKH-output-input).
However, as your HODLings grow in value, you might start wondering if multisignature k-of-n setups might be better for the security of your savings. And it is in multisignature that Taproot starts to give benefits!
Taproot switches to using Schnorr signing scheme. Schnorr makes key aggregation -- constructing a single public key from multiple public keys -- almost as trivial as adding numbers together. "Almost" because it involves some fairly advanced math instead of simple boring number adding, but hey when was the last time you added up your grocery list prices by hand huh?
With current P2SH and P2WSH multisignature schemes, if you have a 2-of-3 setup, then to spend, you need to provide two different signatures from two different public keys. With Taproot, you can create, using special moon math, a single public key that represents your 2-of-3 setup. Then you just put two of your devices together, have them communicate to each other (this can be done airgapped, in theory, by sending QR codes: the software to do this is not even being built yet, but that's because Taproot hasn't activated yet!), and they will make a single signature to authorize any spend from your 2-of-3 address. That's 73 witness bytes -- 18.25 virtual bytes -- of signatures you save!
And if you decide that your current setup with 1-of-1 P2PKH / P2WPKH addresses is just fine as-is: well, that's the whole point of a softfork: backwards-compatibility; you can receive from Taproot users just fine, and once your wallet is updated for Taproot-sending support, you can send to Taproot users just fine as well!
(P2WPKH and P2WSH -- SegWit v0 -- addresses start with bc1q; Taproot -- SegWit v1 --- addresses start with bc1p, in case you wanted to know the difference; in bech32 q is 0, p is 1)
Now how about HODLers who keep all, or some, of their coins on custodial services? Well, any custodial service worth its salt would be doing at least 2-of-3, or probably something even bigger, like 11-of-15. So your custodial service, if it switched to using Taproot internally, could save a lot more (imagine an 11-of-15 getting reduced from 11 signatures to just 1!), which --- we can only hope! --- should translate to lower fees and better customer service from your custodial service!
So I think we can say, very accurately, that the Bitcoin principle --- that YOU are in control of your money --- can only be helped by Taproot (if you are doing multisignature), and, because P2PKH and P2WPKH remain validly-usable addresses in a Taproot future, will not be harmed by Taproot. Its benefit to this principle might be small (it mostly only benefits multisignature users) but since it has no drawbacks with this (i.e. singlesig users can continue to use P2WPKH and P2PKH still) this is still a nice, tidy win!
(even singlesig users get a minor benefit, in that multisig users will now reduce their blockchain space footprint, so that fees can be kept low for everybody; so for example even if you have your single set of private keys engraved on titanium plates sealed in an airtight box stored in a safe buried in a desert protected by angry nomads riding giant sandworms because you're the frickin' Kwisatz Haderach, you still gain some benefit from Taproot)
And here's the important part: if P2PKH/P2WPKH is working perfectly fine with you and you decide to never use Taproot yourself, Taproot will not affect you detrimentally. First do no harm!

Taproot and Your Contracts

No one is an island, no one lives alone. Give and you shall receive. You know: by trading with other people, you can gain expertise in some obscure little necessity of the world (and greatly increase your productivity in that little field), and then trade the products of your expertise for necessities other people have created, all of you thereby gaining gains from trade.
So, contracts, which are basically enforceable agreements that facilitate trading with people who you do not personally know and therefore might not trust.
Let's start with a simple example. You want to buy some gewgaws from somebody. But you don't know them personally. The seller wants the money, you want their gewgaws, but because of the lack of trust (you don't know them!! what if they're scammers??) neither of you can benefit from gains from trade.
However, suppose both of you know of some entity that both of you trust. That entity can act as a trusted escrow. The entity provides you security: this enables the trade, allowing both of you to get gains from trade.
In Bitcoin-land, this can be implemented as a 2-of-3 multisignature. The three signatories in the multisgnature would be you, the gewgaw seller, and the escrow. You put the payment for the gewgaws into this 2-of-3 multisignature address.
Now, suppose it turns out neither of you are scammers (whaaaat!). You receive the gewgaws just fine and you're willing to pay up for them. Then you and the gewgaw seller just sign a transaction --- you and the gewgaw seller are 2, sufficient to trigger the 2-of-3 --- that spends from the 2-of-3 address to a singlesig the gewgaw seller wants (or whatever address the gewgaw seller wants).
But suppose some problem arises. The seller gave you gawgews instead of gewgaws. Or you decided to keep the gewgaws but not sign the transaction to release the funds to the seller. In either case, the escrow is notified, and if it can sign with you to refund the funds back to you (if the seller was a scammer) or it can sign with the seller to forward the funds to the seller (if you were a scammer).
Taproot helps with this: like mentioned above, it allows multisignature setups to produce only one signature, reducing blockchain space usage, and thus making contracts --- which require multiple people, by definition, you don't make contracts with yourself --- is made cheaper (which we hope enables more of these setups to happen for more gains from trade for everyone, also, moon and lambos).
(technology-wise, it's easier to make an n-of-n than a k-of-n, making a k-of-n would require a complex setup involving a long ritual with many communication rounds between the n participants, but an n-of-n can be done trivially with some moon math. You can, however, make what is effectively a 2-of-3 by using a three-branch SCRIPT: either 2-of-2 of you and seller, OR 2-of-2 of you and escrow, OR 2-of-2 of escrow and seller. Fortunately, Taproot adds a facility to embed a SCRIPT inside a public key, so you can have a 2-of-2 Taprooted address (between you and seller) with a SCRIPT branch that can instead be spent with 2-of-2 (you + escrow) OR 2-of-2 (seller + escrow), which implements the three-branched SCRIPT above. If neither of you are scammers (hopefully the common case) then you both sign using your keys and never have to contact the escrow, since you are just using the escrow public key without coordinating with them (because n-of-n is trivial but k-of-n requires setup with communication rounds), so in the "best case" where both of you are honest traders, you also get a privacy boost, in that the escrow never learns you have been trading on gewgaws, I mean ewww, gawgews are much better than gewgaws and therefore I now judge you for being a gewgaw enthusiast, you filthy gewgawer).

Taproot and Your Contracts, Part 2: Cryptographic Boogaloo

Now suppose you want to buy some data instead of things. For example, maybe you have some closed-source software in trial mode installed, and want to pay the developer for the full version. You want to pay for an activation code.
This can be done, today, by using an HTLC. The developer tells you the hash of the activation code. You pay to an HTLC, paying out to the developer if it reveals the preimage (the activation code), or refunding the money back to you after a pre-agreed timeout. If the developer claims the funds, it has to reveal the preimage, which is the activation code, and you can now activate your software. If the developer does not claim the funds by the timeout, you get refunded.
And you can do that, with HTLCs, today.
Of course, HTLCs do have problems:
Fortunately, with Schnorr (which is enabled by Taproot), we can now use the Scriptless Script constuction by Andrew Poelstra. This Scriptless Script allows a new construction, the PTLC or Pointlocked Timelocked Contract. Instead of hashes and preimages, just replace "hash" with "point" and "preimage" with "scalar".
Or as you might know them: "point" is really "public key" and "scalar" is really a "private key". What a PTLC does is that, given a particular public key, the pointlocked branch can be spent only if the spender reveals the private key of the given public key to you.
Another nice thing with PTLCs is that they are deniable. What appears onchain is just a single 2-of-2 signature between you and the developemanufacturer. It's like a magic trick. This signature has no special watermarks, it's a perfectly normal signature (the pledge). However, from this signature, plus some datta given to you by the developemanufacturer (known as the adaptor signature) you can derive the private key of a particular public key you both agree on (the turn). Anyone scraping the blockchain will just see signatures that look just like every other signature, and as long as nobody manages to hack you and get a copy of the adaptor signature or the private key, they cannot get the private key behind the public key (point) that the pointlocked branch needs (the prestige).
(Just to be clear, the public key you are getting the private key from, is distinct from the public key that the developemanufacturer will use for its funds. The activation key is different from the developer's onchain Bitcoin key, and it is the activation key whose private key you will be learning, not the developer's/manufacturer's onchain Bitcoin key).
So:
Taproot lets PTLCs exist onchain because they enable Schnorr, which is a requirement of PTLCs / Scriptless Script.
(technology-wise, take note that Scriptless Script works only for the "pointlocked" branch of the contract; you need normal Script, or a pre-signed nLockTimed transaction, for the "timelocked" branch. Since Taproot can embed a script, you can have the Taproot pubkey be a 2-of-2 to implement the Scriptless Script "pointlocked" branch, then have a hidden script that lets you recover the funds with an OP_CHECKLOCKTIMEVERIFY after the timeout if the seller does not claim the funds.)

Quantum Quibbles!

Now if you were really paying attention, you might have noticed this parenthetical:
(technical details: a Taproot output is 1 version byte + 32 byte public key, while a P2WPKH (bech32 singlesig) output is 1 version byte + 20 byte public key hash...)
So wait, Taproot uses raw 32-byte public keys, and not public key hashes? Isn't that more quantum-vulnerable??
Well, in theory yes. In practice, they probably are not.
It's not that hashes can be broken by quantum computes --- they're still not. Instead, you have to look at how you spend from a P2WPKH/P2PKH pay-to-public-key-hash.
When you spend from a P2PKH / P2WPKH, you have to reveal the public key. Then Bitcoin hashes it and checks if this matches with the public-key-hash, and only then actually validates the signature for that public key.
So an unconfirmed transaction, floating in the mempools of nodes globally, will show, in plain sight for everyone to see, your public key.
(public keys should be public, that's why they're called public keys, LOL)
And if quantum computers are fast enough to be of concern, then they are probably fast enough that, in the several minutes to several hours from broadcast to confirmation, they have already cracked the public key that is openly broadcast with your transaction. The owner of the quantum computer can now replace your unconfirmed transaction with one that pays the funds to itself. Even if you did not opt-in RBF, miners are still incentivized to support RBF on RBF-disabled transactions.
So the extra hash is not as significant a protection against quantum computers as you might think. Instead, the extra hash-and-compare needed is just extra validation effort.
Further, if you have ever, in the past, spent from the address, then there exists already a transaction indelibly stored on the blockchain, openly displaying the public key from which quantum computers can derive the private key. So those are still vulnerable to quantum computers.
For the most part, the cryptographers behind Taproot (and Bitcoin Core) are of the opinion that quantum computers capable of cracking Bitcoin pubkeys are unlikely to appear within a decade or two.
So:
For now, the homomorphic and linear properties of elliptic curve cryptography provide a lot of benefits --- particularly the linearity property is what enables Scriptless Script and simple multisignature (i.e. multisignatures that are just 1 signature onchain). So it might be a good idea to take advantage of them now while we are still fairly safe against quantum computers. It seems likely that quantum-safe signature schemes are nonlinear (thus losing these advantages).

Summary

I Wanna Be The Taprooter!

So, do you want to help activate Taproot? Here's what you, mister sovereign Bitcoin HODLer, can do!

But I Hate Taproot!!

That's fine!

Discussions About Taproot Activation

submitted by almkglor to Bitcoin [link] [comments]

An attepmt at explaining DeFi (this week...)

Warning, long post from my mornings contemplation. See https://twitter.com/markjeffrey/status/1300175793352445952 (Mark Jeffery 30 mins) for a video explaining DeFi.
This is my attempt at explaining DeFi.
I’m still learning this stuff, so any corrections are welcomed.
Links are provided for information, none are recommendations, nor referral links. Do your own research (DYOR) before investing :)
I’ll try not to shill YFI too much...
Not all platforms use the same mechanics as I describe, but I think I’ve covered the most common ones.

Stable coins
Crypro currency that is intended to maintain a level value. Normally with respect to USD $. Some rely on a trusted third party who has actual USD sitting in a bank account (USDT aka Tether, USDC…), others are trustless (DAI)

Maker
Lock collateral into the smart contract. Then DIA can be generated, and used for other things. DAI is designed to match the USD, and is completely trustless. You must have more value staked than the DAI removed (at least 150% over collateral) or you will get liquidated.

BTC on ETH
Bitcoin can not be directly used on the etherium chain. So, there are a number ways to make the value availble. Most involve trusting a 3rd party and the most common is wrapped BTC wBTC.
Notes WETH (Wrapped ETH) is used by some contracts to use ETH (direct use of ETH is not possible in some contracts) Unlinke WBTC, WETH is trustless as evrythign is done on the etherium blockchain (I think).

Lending
You deposit a valuable token onto a pool on platform, someone else borrows it. They pay interest to the pool. You get a proportion of the pools interest over time. When there is high demand for a particular token, the interest rate increases dynamically.
e.g. look at the interest rate model and click on the figure for
https://compound.finance/markets/USDC
Borrow rates increase lineally as more of the available pool is loaned. 2% at zero and 12.5% when the pool is emptied.
Earnings are lower than the borrowing rates because: There is more in the pool than borrowed. The platform takes a cut.
e.g. 50% of the pool is borrowed, the borrower pays 7.25%, but the lenders only get 3.38%. 3.38/0.5 = 6.76%, so about 0.5% of the interest is being taken by compound.
Different pools have different interest rate functions, DAI has an inflection point to maintain a buffer https://compound.finance/markets/DAI
The interest rate increases slowly to 4% until 75% of the available pool is loaned out. Then it’s much more expensive to borrow e.g. 16% APR at 90% utilisation.
When lending a single token into a single pool, you should always get the (slightly ?) more of same token back.

How lending works
You deposit ETH, you are given a token back as proof of participation in the pool (cETH for comound.finance).
The exchange rate for cETH to ETH is NOT fixed. Rather is changes over time. As the ETH interest is paid into the pool the cETH becomes more valuable compared to the initial deposit.
e.g. you deposit 10 ETH, and get 499.52 cETH. In a months time, you repay the 499.2 cETH cETH and get 10.1 ETH back. You have just gained 1%.

Taxes
In many jurisdictions, converting ETH to cETH would be classed as a taxable event (DYOR ! )

Lego Bricks
The cETH represents your ETH, so it has value. This means it can be used for other things...
Lego bricks is taken to mean that all these things fit together and you can sue them in different ways.

How borrowing works
You need to be over colarteralised to borrow from most platforms. So, if you deposit 10.0 ETH into a smart contract, you (currently) have $4,000 of collateral to work with. The platform may then let you borrow a % of your collateral in other tokens.
So, you can borrow $2,000 of USDC, to buy more 5 ETH. Then when ETH price goes up you sell $2100 back to USDC and repay the interest. Now you have 10.x ETH.
This is a form of Leverage, when the price goes up, you win. However, if the ETH price goes down, you risk being Liquidated. This means part of your collateral will be sold at the (lower) market price to repay your loan. There will likely be a penalty for you. (e.g. @ ETH = $300, 7.33 of your ETH is sold for $2,400, your USDC loan is repaid, and you keep the remaining 2.67 ETH and the 5 ETH you purchased.

Shorting
Deposit $8,000 collateral, Borrow 10 ETH and sell for $400 each. If the price drops to $380, buy 10.1 ETH and repay the loan and interest. You have just made $162 profit. However, if the price goes up you will still need to buy 10.1 ETH.

Flash Loans
A technomage creates a single transaction that borrows lots of money. Then within the same single ~13 second block uses it to do lots of complex things to hopefully make a profit. As it’s all within a single block, collateral is not required.
See https://mobile.twitter.com/nanexcool/status/1297068546023993349 for a transaction that made ~46,000 USDC profit (without collateral)
If this post is introducing you to the possibilities of flash loans, you are very unlikely to ever do one in the near future.
I think Aave is the most common source for flash loans.

Simple farming lending:
Simply put you token in which ever platform offers the largest interest rate. Moving to the best option costs gas (and attention).

Complex lending farming
Some platforms offer tokens in return for using a platform, so simple APR comparisons aren’t sufficient. If the additional platform token has high value it can distort the market.
E.g. when COMP was initially offered, it was profitable to:

  1. Place collateral on compound.finance
  2. Borrow BAT at 30%
  3. Lend the BAT back to the same platform at 15%
  4. Collect the COMP accrued due to interest paid and interest earned.
  5. Sell the COMP on the open market.
This technique was made less favourable by compound changing the distribution model so smaller pools (like BAT) couldn’t be exploited in this way.

DEX
Decentralised exchanges range from ones that operate with depositing assets, trading with an order book and then withdrawing, to simple interfaces that allow you to swap tokens. of the latter, the most popular is uniswap.

Liquidity provision
The swap based DEX’s rely on liquidity providers (LP). Here you deposit equal values of two tokens e.g. USDC and ETH.
Then any time someone wants to swap USDC for ETH on the exchange, they add USDC and remove ETH from the pool.
Each time someone does a swap, they pay a fee to the liquidity pool and you get a share.

Impairment loss
However, if the price of one asset goes up, the pool with stabilise to have less of it. So you see an overall increase, but not as much as if you had just hold’ed.
See https://twitter.com/ChainLinkGod/status/1270046868932661248 for an example.
Hopefully, the fees accrued are greater than the losses.
https://twitter.com/Tetranode/status/1300326676451057664/photo/1

Stable coin pairs
If you restrict yourself to similar things (e.g. USD stable coins, or different versions of BTC on Ethereum), then the impairment loss is much reduced. Curve.finance focuses on such like for like pools and allows multiple tokens in a single pool.

Complex farming liquidity pools
Taking advantage of governance token rewards for using certain exchanges / pools. This can be done to boot strap liquidity and / or allow a decentralisation of the governance of the DEX.
The tokes received have value because of expected future income, or governance rights (which may be exploited for future income)

Yearn
Yearn is a group of smart farmer protocols that allow pooling to reduce gas costs and benefit from smart developers / contracts.
The simplest EARN take tokens / stable coins and place them in the highest yielding platform for that token. https://yearn.finance/earn
The yCRV vault provides USD stable coin liquidity within curve for trading fees, but also lending fees via Yearn pools for each stable coin (oh and it gets CRV governance tokens…).
Other vaults use more complex strategies. The collateral is used to generate stable coins that then generate income from interest rates, Liquidity provision fees, and accrual of governance tokens. Some governance tokens are sold, others are used to optimise the rewards from other platforms.
For example, see this video on the Link Vault (Mark Jeffrey 13 mins).
https://twitter.com/markjeffrey/status/1300175793352445952
I expect the ETH vault may be similar, but may include Maker to generate the stable coins (rather than borrowing on Aave).
This video is a good intro on curve / yearn products (DeFIDad 31 mins) https://www.youtube.com/watch?v=yP-4pJpKbRU
All of these steps can be done by yourself, however, gas costs would be significant unless you have a large amount invested. Yearn, and vaults pay fees to the YFI protocol.

YFI
YFI is the token for yearn. There are only 30,000 issued. So, you can not earn them, you can:
1) Stake them for governance rewards
2) place in a yYFI vauly to gain more FYI
3) Use them as long term Ventrue capital funds within a DAO (coming soon (tm) ).

YFII, YVFV etc.
Forks of the YFI with different tokens / fees.

YAM, Sushi, YFII, etc.
To be completed…

Synthetix
To be completed...

Finally:
This is not financial advice.
There are multiple risks which get larger as more moving parts are added.
Errors and omissions expected.
Do you own research.
Comments and corrections welcomed
submitted by Over-analyser to ethfinance [link] [comments]

[OWL WATCH] Waiting for "IOTA TIME" 20; Hans's re-defined directions for DLT

Disclaimer: This is my editing, so there could be some misunderstandings...
--------------------------------------------
wellwho오늘 오후 4:50
u/Ben Royce****how far is society2 from having something clickable powered by IOTA?
Ben Royce오늘 오후 4:51
demo of basic tech late sep/ early oct. MVP early 2021
---------------------------------------------------
HusQy
Colored coins are the most misunderstood upcoming feature of the IOTA protocol. A lot of people see them just as a competitor to ERC-20 tokens on ETH and therefore a way of tokenizing things on IOTA, but they are much more important because they enable "consensus on data".
Bob
All this stuff already works on neblio but decentralized and scaling to 3500 tps
HusQy
Neblio has 8 mb blocks with 30 seconds blocktime. This is a throughput of 8 mb / 30 seconds = 267 kb per second. Transactions are 401+ bytes which means that throughput is 267 kb / 401 bytes = 665 TPS. IOTA is faster, feeless and will get even faster with the next update ...
-----------------------------------------------------------------------------
HusQy
Which DLT would be more secure? One that is collaboratively validated by the economic actors of the world (coporations, companies, foundations, states, people) or one that is validated by an anonymous group of wealthy crypto holders?
HusQy
The problem with current DLTs is that we use protection mechanisms like Proof of Work and Proof of Stake that are inherently hard to shard. The more shards you have, the more you have to distribute your hashing power and your stake and the less secure the system becomes.
HusQy
Real world identities (i.e. all the big economic actors) however could shard into as many shards as necessary without making the system less secure. Todays DLTs waste trust in the same way as PoW wastes energy.
HusQy
Is a secure money worth anything if you can't trust the economic actors that you would buy stuff from? If you buy a car from Volkswagen and they just beat you up and throw you out of the shop after you payed then a secure money won't be useful either :P
HusQy
**I believe that if you want to make DLT work and be successful then we need to ultimately incorporate things like trust in entities into the technology.**Examples likes wirecard show that trusting a single company is problematic but trusting the economy as a whole should be at ...
**... least as secure as todays DLTs.**And as soon as you add sharding it will be orders of magnitude more secure. DLT has failed to deliver because people have tried to build a system in vacuum that completely ignores things that already exist and that you can leverage on.
----------------------------------------------------------------------------------
HusQy
Blockchain is a bit like people sitting in a room, trying to communicate through BINGO sheets. While they talk, they write down some of the things that have been said and as soon as one screams BINGO! he hands around his sheet to inform everybody about what has been said.
HusQy
If you think that this is the most efficient form of communication for people sitting in the same room and the answer to scalability is to make bigger BINGO sheets or to allow people to solve the puzzle faster then you will most probably never understand what IOTA is working on.
--------------------------------------------------------------------------------
HusQy
**Blockchain does not work with too many equally weighted validators.****If 400 validators produce a validating statement (block) at the same time then only one can survive as part of a longest chain.**IOTA is all about collaborative validation.
**Another problem of blockchain is that every transaction gets sent twice through the network. Once from the nodes to the miners and a 2nd time from the miners as part of a block.**Blockchain will therefore always only be able to use 50% of the network throughput.
And****the last problem is that you can not arbitrarily decrease the time between blocks as it breaks down if the time between blocks gets smaller than the average network delay. The idle time between blocks is precious time that could be used for processing transactions.
-----------------------------------------------------------------------------
HusQy
I am not talking about a system with a fixed number of validators but one that is completely open and permissionless where any new company can just spin up a node and take part in the network.
------------------------------------------------------------------------
HusQy
Proof of Work and Proof of Stake are both centralizing sybil-protection mechanism. I don't think that Satoshi wanted 14 mining pools to run the network.
And "economic clustering" was always the "end game" of IOTA.
-----------------------------------------------------------------------------
HusQy
**Using Proof of Stake is not trustless. Proof of Stake means you trust the richest people and hope that they approve your transactions. The rich are getting richer (through your fees) and you are getting more and more dependant on them.**Is that your vision of the future?
----------------------------------------------------------------------------

HusQy
Please read again exactly what I wrote. I have not spoken of introducing governance by large companies, nor have I said that IOTA should be permissioned. We aim for a network with millions or even billions of nodes.

HusQy
That can't work at all with a permissioned ledger - who should then drop off all these devices or authorize them to participate in the network? My key message was the following: Proof of Work and Proof of Stake will always be if you split them up via sharding ...

HusQy
... less secure because you simply need fewer coins or less hash power to have the majority of the votes in a shard. This is not the case with trust in society and the economy. When all companies in the world jointly secure a DLT ...

HusQy
... then these companies could install any number of servers in any number of shards without compromising security, because "trust" does not become less just because they operate several servers. First of all, that is a fact and nothing else.

HusQy
Proof of Work and Proof of Stake are contrary to the assumption of many not "trustless" but follow the maxim: "In the greed of miners we trust!" The basic assumption that the miners do not destroy the system that generates income for them is fundamental here for the ...

HusQy
... security of every DLT. I think a similar assumption would still be correct for the economy as a whole: The companies of the world (and not just the big ones) would not destroy the system with which their customers pay them. In this respect, a system would be ...

HusQy
... which is validated by society and the economy as a whole probably just as "safely" as a system which is validated by a few anonymous miners. Why a small elite of miners should be better validators than any human and ...

HusQy
... To be honest, companies in this world do not open up to me. As already written in my other thread, safe money does not bring you anything if you have to assume that Volkswagen will beat you up and throw you out of the store after you ...

HusQy
... paid for a car. The thoughts I discussed say nothing about the immediate future of IOTA (we use for Coordicide mana) but rather speak of a world where DLT has already become an integral part of our lives and we ...

HusQy
... a corresponding number of companies, non-profit organizations and people have used DLT and where such a system could be implemented. The point here is not to create a governance solution that in any way influences the development of technology ...

HusQy
... or have to give nodes their OK first, but about developing a system that enables people to freely choose the validators they trust. For example, you can also declare your grandma to be a validator when you install your node or your ...

HusQy
... local supermarket. Economic relationships in the real world usually form a close-knit network and it doesn't really matter who you follow as long as the majority is honest. I also don't understand your criticism of censorship, because something like that in IOTA ...

HusQy
... is almost impossible. Each transaction confirms two other transactions which is growing exponentially. If someone wanted to ignore a transaction, he would have to ignore an exponential number of other transactions after a very short time. In contrast to blockchain ...

HusQy
... validators in IOTA do not decide what is included in the ledger, but only decide which of several double spends should be confirmed. Honest transactions are confirmed simply by having other transactions reference them ...

HusQy
... and the "validators" are not even asked. As for the "dust problem", this is indeed something that is a bigger problem for IOTA than for other DLTs because we have no fees, but it is also not an unsolvable problem. Bitcoin initially has a ...

HusQy
Solved similar problem by declaring outputs with a minimum amount of 5430 satoshis as invalid ( github.com/Bitcoin/Bitcoi…). A similar solution where an address must contain a minimum amount is also conceivable for IOTA and we are discussing ...

HusQy
... several possibilities (including compressing dust using cryptographic methods). Contrary to your assumption, checking such a minimum amount is not slow but just as fast as checking a normal transaction. And mine ...

HusQy
... In my opinion this is no problem at all for IOTA's use case. The important thing is that you can send small amounts, but after IOTA is feeless it is also okay to expect the recipients to regularly send their payments on a ...

HusQy
... merge address. The wallets already do this automatically (sweeping) and for machines it is no problem to automate this process. So far this was not a problem because the TPS were limited but with the increased TPS throughput of ...

HusQy
... Chrysalis it becomes relevant and appropriate solutions are discussed and then implemented accordingly. I think that was the most important thing first and if you have further questions just write :)

HusQy
And to be very clear! I really appreciate you and your questions and don't see this as an attack at all! People who see such questions as inappropriate criticism should really ask whether they are still objective. I have little time at the moment because ...

HusQy
... my girlfriend is on tour and has to take care of our daughter, but as soon as she is back we can discuss these things in a video. I think that the concept of including the "real world" in the concepts of DLT is really exciting and ...

HusQy
... that would certainly be exciting to discuss in a joint video. But again, that's more of a vision than a specific plan for the immediate future. This would not work with blockchain anyway but IOTA would be compatible so why not think about such things.
-----------------------------------------------------------------------

HusQy
All good my big one :P But actually not that much has changed. There has always been the concept of "economic clustering" which is basically based on similar ideas. We are just now able to implement things like this for the first time.
----------------------------------------------------------------------------------

HusQy
Exactly. It would mean that addresses "cost" something but I would rather pay a few cents than fees for each transaction. And you can "take" this minimum amount with you every time you change to a new address.

HusQy
All good my big one :P But actually not that much has changed. There has always been the concept of "economic clustering" which is basically based on similar ideas. We are just now able to implement things like this for the first time.
-----------------------------------------------------------------------------------

Relax오늘 오전 1:17
Btw. Hans (sorry for interrupting this convo) but what make people say that IOTA is going the permissioned way because of your latest tweets? I don't get why some people are now forecasting that... Is it because of missing specs or do they just don't get the whole idea?

Hans Moog [IF]오늘 오전 1:20
its bullshit u/Relaxan identity based system would still be open and permissionless where everybody can choose the actors that they deem trustworthy themselves but thats anyway just sth that would be applicable with more adoption
[오전 1:20]
for now we use mana as a predecessor to an actual reputation system

Sissors오늘 오전 1:31
If everybody has to choose actors they deem trustworthy, is it still permissionless? Probably will become a bit a semantic discussion, but still

Hans Moog [IF]오늘 오전 1:34
Of course its permissionless you can follow your grandma if you want to :p

Sissors오늘 오전 1:36
Well sure you can, but you will need to follow something which has a majority of the voting power in the network. Nice that you follow your grandma, but if others dont, her opinion (or well her nodes opinion) is completely irrelevant

Hans Moog [IF]오늘 오전 1:37
You would ideally follow the people that are trustworthy rather than your local drug dealers yeah

Sissors오늘 오전 1:38
And tbh, sure if you do it like that is easy. If you just make the users responsible for only connection to trustworthy nodes

Hans Moog [IF]오늘 오전 1:38
And if your grandma follows her supermarket and some other people she deems trustworthy then thats fine as well
[오전 1:38]
+ you dont have just 1 actor that you follow

Sissors오늘 오전 1:38
No, you got a large list, since yo uwant to follow those which actually matter. So you jsut download a standard list from the internet

Hans Moog [IF]오늘 오전 1:39
You can do that
[오전 1:39]
Is bitcoin permissionless? Should we both try to become miners?
[오전 1:41]
I mean miners that actually matter and not find a block every 10 trillion years 📷
[오전 1:42]
If you would want to become a validator then you would need to build up trust among other people - but anybody can still run a node and issue transactions unlike in hashgraph where you are not able to run your own nodes(수정됨)
[오전 1:48]
Proof of Stake is also not trustless - it just has a builtin mechanism that downloads the trusted people from the blockchain itself (the richest dudes)

Sissors오늘 오전 1:52
I think most agree it would be perfect if every person had one vote. Which is pr oblematic to implement of course. But I really wonder if the solution is to just let users decide who to trust. At the very least I expect a quite centralized network

Hans Moog [IF]오늘 오전 1:53
of course even a trust based system would to a certain degree be centralized as not every person is equally trustworthy as for example a big cooperation
[오전 1:53]
but I think its gonna be less centralized than PoS or PoW
[오전 1:53]
but anyway its sth for "after coordicide"
[오전 1:54]
there are not enough trusted entities that are using DLT, yet to make such a system work reasonably well
[오전 1:54]
I think the reason why blockchain has not really started to look into these kind of concepts is because blockchain doesnt work with too many equally weighted validators
[오전 1:56]
I believe that DLT is only going to take over the world if it is actually "better" than existing systems and with better I mean cheaper, more secure and faster and PoS and PoW will have a very hard time to deliver that
[오전 1:56]
especially if you consider that its not only going to settle value transfers

Relax오늘 오전 1:57
I like this clear statements, it makes it really clear that DLT is still in its infancy

Hans Moog [IF]오늘 오전 1:57
currently bank transfers are order of magnitude cheaper than BTC or ETH transactions

Hans Moog [IF]오늘 오전 1:57
and we you think that people will adopt it just because its crypto then I think we are mistaken
[오전 1:57]
The tech needs to actually solve a problem
[오전 1:57]
and tbh. currently people use PayPal and other companies to settle their payments
[오전 1:58]
having a group of the top 500 companies run such a service together is already much better(수정됨)
[오전 1:58]
especially if its fast and feeless
[오전 2:02]
and the more people use it, the more decentralized it actually becomes
[오전 2:02]
because you have more trustworthy entities to choose of

Evaldas [IF]오늘 오전 2:08
"in the greed of miners we trust"


submitted by btlkhs to Iota [link] [comments]

Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

How EpiK Protocol “Saved the Miners” from Filecoin with the E2P Storage Model?

How EpiK Protocol “Saved the Miners” from Filecoin with the E2P Storage Model?

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On October 20, Eric Yao, Head of EpiK China, and Leo, Co-Founder & CTO of EpiK, visited Deep Chain Online Salon, and discussed “How EpiK saved the miners eliminated by Filecoin by launching E2P storage model”. ‘?” The following is a transcript of the sharing.
Sharing Session
Eric: Hello, everyone, I’m Eric, graduated from School of Information Science, Tsinghua University. My Master’s research was on data storage and big data computing, and I published a number of industry top conference papers.
Since 2013, I have invested in Bitcoin, Ethereum, Ripple, Dogcoin, EOS and other well-known blockchain projects, and have been settling in the chain circle as an early technology-based investor and industry observer with 2 years of blockchain experience. I am also a blockchain community initiator and technology evangelist
Leo: Hi, I’m Leo, I’m the CTO of EpiK. Before I got involved in founding EpiK, I spent 3 to 4 years working on blockchain, public chain, wallets, browsers, decentralized exchanges, task distribution platforms, smart contracts, etc., and I’ve made some great products. EpiK is an answer to the question we’ve been asking for years about how blockchain should be landed, and we hope that EpiK is fortunate enough to be an answer for you as well.
Q & A
Deep Chain Finance:
First of all, let me ask Eric, on October 15, Filecoin’s main website launched, which aroused everyone’s attention, but at the same time, the calls for fork within Filecoin never stopped. The EpiK protocol is one of them. What I want to know is, what kind of project is EpiK Protocol? For what reason did you choose to fork in the first place? What are the differences between the forked project and Filecoin itself?
Eric:
First of all, let me answer the first question, what kind of project is EpiK Protocol.
With the Fourth Industrial Revolution already upon us, comprehensive intelligence is one of the core goals of this stage, and the key to comprehensive intelligence is how to make machines understand what humans know and learn new knowledge based on what they already know. And the knowledge graph scale is a key step towards full intelligence.
In order to solve the many challenges of building large-scale knowledge graphs, the EpiK Protocol was born. EpiK Protocol is a decentralized, hyper-scale knowledge graph that organizes and incentivizes knowledge through decentralized storage technology, decentralized autonomous organizations, and generalized economic models. Members of the global community will expand the horizons of artificial intelligence into a smarter future by organizing all areas of human knowledge into a knowledge map that will be shared and continuously updated for the eternal knowledge vault of humanity
And then, for what reason was the fork chosen in the first place?
EpiK’s project founders are all senior blockchain industry practitioners and have been closely following the industry development and application scenarios, among which decentralized storage is a very fresh application scenario.
However, in the development process of Filecoin, the team found that due to some design mechanisms and historical reasons, the team found that Filecoin had some deviations from the original intention of the project at that time, such as the overly harsh penalty mechanism triggered by the threat to weaken security, and the emergence of the computing power competition leading to the emergence of computing power monopoly by large miners, thus monopolizing the packaging rights, which can be brushed with computing power by uploading useless data themselves.
The emergence of these problems will cause the data environment on Filecoin to get worse and worse, which will lead to the lack of real value of the data in the chain, high data redundancy, and the difficulty of commercializing the project to land.
After paying attention to the above problems, the project owner proposes to introduce multi-party roles and a decentralized collaboration platform DAO to ensure the high value of the data on the chain through a reasonable economic model and incentive mechanism, and store the high-value data: knowledge graph on the blockchain through decentralized storage, so that the lack of value of the data on the chain and the monopoly of large miners’ computing power can be solved to a large extent.
Finally, what differences exist between the forked project and Filecoin itself?
On the basis of the above-mentioned issues, EpiK’s design is very different from Filecoin, first of all, EpiK is more focused in terms of business model, and it faces a different market and track from the cloud storage market where Filecoin is located because decentralized storage has no advantage over professional centralized cloud storage in terms of storage cost and user experience.
EpiK focuses on building a decentralized knowledge graph, which reduces data redundancy and safeguards the value of data in the distributed storage chain while preventing the knowledge graph from being tampered with by a few people, thus making the commercialization of the entire project reasonable and feasible.
From the perspective of ecological construction, EpiK treats miners more friendly and solves the pain point of Filecoin to a large extent, firstly, it changes the storage collateral and commitment collateral of Filecoin to one-time collateral.
Miners participating in EpiK Protocol are only required to pledge 1000 EPK per miner, and only once before mining, not in each sector.
What is the concept of 1000 EPKs, you only need to participate in pre-mining for about 50 days to get this portion of the tokens used for pledging. The EPK pre-mining campaign is currently underway, and it runs from early September to December, with a daily release of 50,000 ERC-20 standard EPKs, and the pre-mining nodes whose applications are approved will divide these tokens according to the mining ratio of the day, and these tokens can be exchanged 1:1 directly after they are launched on the main network. This move will continue to expand the number of miners eligible to participate in EPK mining.
Secondly, EpiK has a more lenient penalty mechanism, which is different from Filecoin’s official consensus, storage and contract penalties, because the protocol can only be uploaded by field experts, which is the “Expert to Person” mode. Every miner needs to be backed up, which means that if one or more miners are offline in the network, it will not have much impact on the network, and the miner who fails to upload the proof of time and space in time due to being offline will only be forfeited by the authorities for the effective computing power of this sector, not forfeiting the pledged coins.
If the miner can re-submit the proof of time and space within 28 days, he will regain the power.
Unlike Filecoin’s 32GB sectors, EpiK’s encapsulated sectors are smaller, only 8M each, which will solve Filecoin’s sector space wastage problem to a great extent, and all miners have the opportunity to complete the fast encapsulation, which is very friendly to miners with small computing power.
The data and quality constraints will also ensure that the effective computing power gap between large and small miners will not be closed.
Finally, unlike Filecoin’s P2P data uploading model, EpiK changes the data uploading and maintenance to E2P uploading, that is, field experts upload and ensure the quality and value of the data on the chain, and at the same time introduce the game relationship between data storage roles and data generation roles through a rational economic model to ensure the stability of the whole system and the continuous high-quality output of the data on the chain.
Deep Chain Finance:
Eric, on the eve of Filecoin’s mainline launch, issues such as Filecoin’s pre-collateral have aroused a lot of controversy among the miners. In your opinion, what kind of impact will Filecoin bring to itself and the whole distributed storage ecosystem after it launches? Do you think that the current confusing FIL prices are reasonable and what should be the normal price of FIL?
Eric:
Filecoin mainnet has launched and many potential problems have been exposed, such as the aforementioned high pre-security problem, the storage resource waste and computing power monopoly caused by unreasonable sector encapsulation, and the harsh penalty mechanism, etc. These problems are quite serious, and will greatly affect the development of Filecoin ecology.
These problems are relatively serious, and will greatly affect the development of Filecoin ecology, here are two examples to illustrate. For example, the problem of big miners computing power monopoly, now after the big miners have monopolized computing power, there will be a very delicate state — — the miners save a file data with ordinary users. There is no way to verify this matter in the chain, whether what he saved is uploaded by himself or someone else. And after the big miners have monopolized computing power, there will be a very delicate state — — the miners will save a file data with ordinary users, there is no way to verify this matter in the chain, whether what he saved is uploaded by himself or someone else. Because I can fake another identity to upload data for myself, but that leads to the fact that for any miner I go to choose which data to save. I have only one goal, and that is to brush my computing power and how fast I can brush my computing power.
There is no difference between saving other people’s data and saving my own data in the matter of computing power. When I save someone else’s data, I don’t know that data. Somewhere in the world, the bandwidth quality between me and him may not be good enough.
The best option is to store my own local data, which makes sense, and that results in no one being able to store data on the chain at all. They only store their own data, because it’s the most economical for them, and the network has essentially no storage utility, no one is providing storage for the masses of retail users.
The harsh penalty mechanism will also severely deplete the miner’s profits, because DDOS attacks are actually a very common attack technique for the attacker, and for a big miner, he can get a very high profit in a short period of time if he attacks other customers, and this thing is a profitable thing for all big miners.
Now as far as the status quo is concerned, the vast majority of miners are actually not very well maintained, so they are not very well protected against these low-DDOS attacks. So the penalty regime is grim for them.
The contradiction between the unreasonable system and the demand will inevitably lead to the evolution of the system in a more reasonable direction, so there will be many forked projects that are more reasonable in terms of mechanism, thus attracting Filecoin miners and a diversion of storage power.
Since each project is in the field of decentralized storage track, the demand for miners is similar or even compatible with each other, so miners will tend to fork the projects with better economic benefits and business scenarios, so as to filter out the projects with real value on the ground.
For the chaotic FIL price, because FIL is also a project that has gone through several years, carrying too many expectations, so it can only be said that the current situation has its own reasons for existence. As for the reasonable price of FIL there is no way to make a prediction because in the long run, it is necessary to consider the commercialization of the project to land and the value of the actual chain of data. In other words, we need to keep observing whether Filecoin will become a game of computing power or a real value carrier.
Deep Chain Finance:
Leo, we just mentioned that the pre-collateral issue of Filecoin caused the dissatisfaction of miners, and after Filecoin launches on the main website, the second round of space race test coins were directly turned into real coins, and the official selling of FIL hit the market phenomenon, so many miners said they were betrayed. What I want to know is, EpiK’s main motto is “save the miners eliminated by Filecoin”, how to deal with the various problems of Filecoin, and how will EpiK achieve “save”?
Leo:
Originally Filecoin’s tacit approval of the computing power makeup behavior was to declare that the official directly chose to abandon the small miners. And this test coin turned real coin also hurt the interests of the loyal big miners in one cut, we do not know why these low-level problems, we can only regret.
EpiK didn’t do it to fork Filecoin, but because EpiK to build a shared knowledge graph ecology, had to integrate decentralized storage in, so the most hardcore Filecoin’s PoRep and PoSt decentralized verification technology was chosen. In order to ensure the quality of knowledge graph data, EpiK only allows community-voted field experts to upload data, so EpiK naturally prevents miners from making up computing power, and there is no reason for the data that has no value to take up such an expensive decentralized storage resource.
With the inability to make up computing power, the difference between big miners and small miners is minimal when the amount of knowledge graph data is small.
We can’t say that we can save the big miners, but we are definitely the optimal choice for the small miners who are currently in the market to be eliminated by Filecoin.
Deep Chain Finance:
Let me ask Eric: According to EpiK protocol, EpiK adopts the E2P model, which allows only experts in the field who are voted to upload their data. This is very different from Filecoin’s P2P model, which allows individuals to upload data as they wish. In your opinion, what are the advantages of the E2P model? If only voted experts can upload data, does that mean that the EpiK protocol is not available to everyone?
Eric:
First, let me explain the advantages of the E2P model over the P2P model.
There are five roles in the DAO ecosystem: miner, coin holder, field expert, bounty hunter and gateway. These five roles allocate the EPKs generated every day when the main network is launched.
The miner owns 75% of the EPKs, the field expert owns 9% of the EPKs, and the voting user shares 1% of the EPKs.
The other 15% of the EPK will fluctuate based on the daily traffic to the network, and the 15% is partly a game between the miner and the field expert.
The first describes the relationship between the two roles.
The first group of field experts are selected by the Foundation, who cover different areas of knowledge (a wide range of knowledge here, including not only serious subjects, but also home, food, travel, etc.) This group of field experts can recommend the next group of field experts, and the recommended experts only need to get 100,000 EPK votes to become field experts.
The field expert’s role is to submit high-quality data to the miner, who is responsible for encapsulating this data into blocks.
Network activity is judged by the amount of EPKs pledged by the entire network for daily traffic (1 EPK = 10 MB/day), with a higher percentage indicating higher data demand, which requires the miner to increase bandwidth quality.
If the data demand decreases, this requires field experts to provide higher quality data. This is similar to a library with more visitors needing more seats, i.e., paying the miner to upgrade the bandwidth.
When there are fewer visitors, more money is needed to buy better quality books to attract visitors, i.e., money for bounty hunters and field experts to generate more quality knowledge graph data. The game between miners and field experts is the most important game in the ecosystem, unlike the game between the authorities and big miners in the Filecoin ecosystem.
The game relationship between data producers and data storers and a more rational economic model will inevitably lead to an E2P model that generates stored on-chain data of much higher quality than the P2P model, and the quality of bandwidth for data access will be better than the P2P model, resulting in greater business value and better landing scenarios.
I will then answer the question of whether this means that the EpiK protocol will not be universally accessible to all.
The E2P model only qualifies the quality of the data generated and stored, not the roles in the ecosystem; on the contrary, with the introduction of the DAO model, the variety of roles introduced in the EpiK ecosystem (which includes the roles of ordinary people) is not limited. (Bounty hunters who can be competent in their tasks) gives roles and possibilities for how everyone can participate in the system in a more logical way.
For example, a miner with computing power can provide storage, a person with a certain domain knowledge can apply to become an expert (this includes history, technology, travel, comics, food, etc.), and a person willing to mark and correct data can become a bounty hunter.
The presence of various efficient support tools from the project owner will lower the barriers to entry for various roles, thus allowing different people to do their part in the system and together contribute to the ongoing generation of a high-quality decentralized knowledge graph.
Deep Chain Finance:
Leo, some time ago, EpiK released a white paper and an economy whitepaper, explaining the EpiK concept from the perspective of technology and economy model respectively. What I would like to ask is, what are the shortcomings of the current distributed storage projects, and how will EpiK protocol be improved?
Leo:
Distributed storage can easily be misunderstood as those of Ali’s OceanDB, but in the field of blockchain, we should focus on decentralized storage first.
There is a big problem with the decentralized storage on the market now, which is “why not eat meat porridge”.
How to understand it? Decentralized storage is cheaper than centralized storage because of its technical principle, and if it is, the centralized storage is too rubbish for comparison.
What incentive does the average user have to spend more money on decentralized storage to store data?
Is it safer?
Existence miners can shut down at any time on decentralized storage by no means save a share of security in Ariadne and Amazon each.
More private?
There’s no difference between encrypted presence on decentralized storage and encrypted presence on Amazon.
Faster?
The 10,000 gigabytes of bandwidth in decentralized storage simply doesn’t compare to the fiber in a centralized server room. This is the root problem of the business model, no one is using it, no one is buying it, so what’s the big vision.
The goal of EpiK is to guide all community participants in the co-construction and sharing of field knowledge graph data, which is the best way for robots to understand human knowledge, and the more knowledge graph data there is, the more knowledge a robot has, the more intelligent it is exponentially, i.e., EpiK uses decentralized storage technology. The value of exponentially growing data is captured with linearly growing hardware costs, and that’s where the buy-in for EPK comes in.
Organized data is worth a lot more than organized hard drives, and there is a demand for EPK when robots have the need for intelligence.
Deep Chain Finance:
Let me ask Leo, how many forked projects does Filecoin have so far, roughly? Do you think there will be more or less waves of fork after the mainnet launches? Have the requirements of the miners at large changed when it comes to participation?
Leo:
We don’t have specific statistics, now that the main network launches, we feel that forking projects will increase, there are so many restricted miners in the market that they need to be organized efficiently.
However, we currently see that most forked projects are simply modifying the parameters of Filecoin’s economy model, which is undesirable, and this level of modification can’t change the status quo of miners making up computing power, and the change to the market is just to make some of the big miners feel more comfortable digging up, which won’t help to promote the decentralized storage ecology to land.
We need more reasonable landing scenarios so that idle mining resources can be turned into effective productivity, pitching a 100x coin instead of committing to one Fomo sentiment after another.
Deep Chain Finance:
How far along is the EpiK Protocol project, Eric? What other big moves are coming in the near future?
Eric:
The development of the EpiK Protocol is divided into 5 major phases.
(a) Phase I testing of the network “Obelisk”.
Phase II Main Network 1.0 “Rosetta”.
Phase III Main Network 2.0 “Hammurabi”.
(a) The Phase IV Enrichment Knowledge Mapping Toolkit.
The fifth stage is to enrich the knowledge graph application ecology.
Currently in the first phase of testing network “Obelisk”, anyone can sign up to participate in the test network pre-mining test to obtain ERC20 EPK tokens, after the mainnet exchange on a one-to-one basis.
We have recently launched ERC20 EPK on Uniswap, you can buy and sell it freely on Uniswap or download our EpiK mobile wallet.
In addition, we will soon launch the EpiK Bounty platform, and welcome all community members to do tasks together to build the EpiK community. At the same time, we are also pushing forward the centralized exchange for token listing.
Users’ Questions
User 1:
Some KOLs said, Filecoin consumed its value in the next few years, so it will plunge, what do you think?
Eric:
First of all, the judgment of the market is to correspond to the cycle, not optimistic about the FIL first judgment to do is not optimistic about the economic model of the project, or not optimistic about the distributed storage track.
First of all, we are very confident in the distributed storage track and will certainly face a process of growth and decline, so as to make a choice for a better project.
Since the existing group of miners and the computing power already produced is fixed, and since EpiK miners and FIL miners are compatible, anytime miners will also make a choice for more promising and economically viable projects.
Filecoin consumes the value of the next few years this time, so it will plunge.
Regarding the market issues, the plunge is not a prediction, in the industry or to keep learning iteration and value judgment. Because up and down market sentiment is one aspect, there will be more very important factors. For example, the big washout in March this year, so it can only be said that it will slow down the development of the FIL community. But prices are indeed unpredictable.
User2:
Actually, in the end, if there are no applications and no one really uploads data, the market value will drop, so what are the landing applications of EpiK?
Leo: The best and most direct application of EpiK’s knowledge graph is the question and answer system, which can be an intelligent legal advisor, an intelligent medical advisor, an intelligent chef, an intelligent tour guide, an intelligent game strategy, and so on.
submitted by EpiK-Protocol to u/EpiK-Protocol [link] [comments]

RESEARCH REPORT ABOUT ARYACOIN

RESEARCH REPORT ABOUT ARYACOIN
Author: Gamals Ahmed, CoinEx Business Ambassador

https://preview.redd.it/a7jv4azk86u51.jpg?width=1600&format=pjpg&auto=webp&s=e4a4dbb5afacd5747076beaa59e6343b805c3392

ABSTRACT

Aryacoin is a new cryptocurrency, which allows for decentralized, peer to peer transactions of electronic cash. It is like Bitcoin and Litecoin, but the trading of the coin occurs on sales platforms that have no restriction to use. Further, it was created with the goal of addressing the double spend issues of Bitcoin and does so using a timestamp server to verify transactions. It works by taking the hash of a block of items to be timestamped and widely publishing the hash. The timestamp proves that the data must have existed at the time in order to get the hash. Each timestamp then includes the previous timestamp in its hash, forming a chain.
The Aryacoin team is continuously developing new use cases for the coin, including exchanges where users can exchange the coins without any fees or restrictions, and offline options where the coins can be bought and sold for cash. The coins can also be used on the company’s other platform, mrdigicoin.io. Along with the coin, there is a digital wallet that can be created and controlled by the user entirely, with no control being retained by the Aryacoin team.

1.INTRODUCTION

The concept of Blockchain first came to fame in October 2008, as part of a proposal for Bitcoin, with the aim to create P2P money without banks. Bitcoin introduced a novel solution to the age-old human problem of trust. The underlying blockchain technology allows us to trust the outputs of the system without trusting any actor within it. People and institutions who do not know or trust each other, reside in different countries, are subject to different jurisdictions, and who have no legally binding agreements with each other, can now interact over the Internet without the need for trusted third parties like banks, Internet platforms, or other types of clearing institutions.
When bitcoin was launched it was revolutionary allowing people to transfer money to anytime and anywhere with very low transaction fees . It was decentralized and their is no third party involved in the transaction , only the sender and receiver were involved.
This paper provide a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency.
Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.

1.1 OVERVIEW ABOUT ARYACOIN

Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.
Aryacoin is a blockchain based project that allows users to access their wallet on the web and mobile browsers, using their login details.
Aryacoin can be mined; it also can be exchanged by other digital currencies in several world-famous exchanges such as Hitbtc, CoinEx, P2pb2b, WhiteBit, Changelly and is also listed in reputable wallets such as Coinomi and Guarda.
Aryacoin is a coin, which can be used by anyone looking to use cryptocurrency which allows them to keep their privacy even when buying/selling the coin along with while using the coin during transactions. Proof of work and cryptographic hashes allows transactions to verified.
Stable Fee Per AYA is a unique feature of Aryacoin, so by increasing the amount or volume of the transaction, there is no change in the fee within the network, which means that the fee for sending an amount less than 1 AYA is equal to several hundred million AYA. Another unique feature of Aryacoin is the undetectability of transactions in Explorer, such as the DASH and Monero, of course, this operation is unique to Aryacoin.
Using Aryacoin digital currency, like other currencies, international transactions can be done very quickly and there are no limitations in this area as the creators claim.
Aryacoin aims to allow users to access the Aryacoin wallet via the web and mobile browsers using their login details.
Aryacoin is a peer-to-peer electronic cash system that enables users to send and receive payments directly from one party to another, and allow them to transfer funds across borders with no restriction or third party involvement. The blockchain-based system embraces the digital signature, which prevents double spending and low transfer fees, which enables users to transfer huge amounts with very low fees. The proof-of-work consensus mechanism allows each transaction to be verified and confirmed, while anonymity enables users to use the coin anywhere at any time.
According to the website of the operation, each wallet is divided into 2 or more AYA wallet addresses for each transaction, and depending on the volume of the transaction block, the origin, and destination of transactions in the network can not be traced and displayed to the public.
In fact, each wallet in Aryacoin consists of a total of several wallets. The number of these wallets increases per transaction to increase both security and privacy. Aryacoin also uses the dPoW protocol. In the dPoW protocol, a second layer is added to the network to verify transactions, which makes “51% attack” impossible even with more than half of the network hash, and blocks whose Blockchain uses this second layer of security never run the risk of 51% attacks.
AYA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by
first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin.

1.1.1 ARYACOIN HISTORY

Aryacoin (AYA) is a new cryptocurrency, which has been created by a group of Iranian developers, is an altcoin which allows for decentralised, peer to peer transactions of electronic cash without any fees whatsoever. Along with the coin, there is a digital wallet that can be created and managed by the user entirely, with no control being retained by the Aryacoin team.
Aryacoin’s founder, Kiumars Parsa, has been a fan of alternative currencies and particularly Bitcoin.
We see people from all around the world using Blockchain technology and the great benefits that came with it and it then that I decided to solve this puzzle for find a way of bringing the last missing piece to the jigsaw. The idea for Aryacoin was born.” Parsa said.
Parsa and his team of Iranian ex-pats not only persevered but expedited the project and just a year later, in the summer of 2019, the first version of Aryacoin was released. In 2020, Aryacoin is the first and only Iranian coin listed on CMC.
Parsa goes on to state that it is now the strength of the community that has invested in the coin that will ultimately drive its success, alongside its robust technology and appealing 0% network fees.
We have thousands of voices behind Aryacoin. People for the people make this coin. It is a massive shout out for democracy. This had made us base the whole team strategy on the benefits for both our users and our traders.
One key example is that the network fee on AYA Blockchain is 0%. Yes, absolutely nothing, which which differentiates us from other networks. What also differentiates us from other coins is that we have AYAPAY which is the first cryptocurrency Gateway in the world which does not save funds on third party storage with all funds being forwarded directly to any wallet address that the Gateway owner requests”.
So for the first time ever, and unlike other gateways, incoming funds will be saved on the users account with submitted withdrawal requests then made on the Gateway host website. In AYAPAY which has also been developed by the Aryacoin team, all funds without extra fees or extra costs will directly forwarded to users wallets. We have named this technology as CloudWithdrawal.
We are continuously challenging ourselves as it is a crowded marketplace. We are striving to have a safer Blockchain against 51% attacks, faster confirmations speeds of transactions, cheaper network fee, growing the market by cooperation with Top tier Exchangers.

1.1.2 ARYACOIN’S MAIN GOAL

Aryacoin’s main goal is to educate people and give them the freedom to use cryptocurrency in any way they want. Aryacoin empowers the users to transfer, pay, trade cryptocurrency from any country around the globe.
Platforms that have been created by Aryacoin Team, as well as those that will go live in future, operate on the same principle and exclude absolutely no one.

1.1.3 PROBLEM ARYACOIN SEEKS TO SOLVE

Aryacoin aims to provide a long-term solution to the problem of double spending, which is still common in the crypto market. The developers of the system have created a peer-to-peer distributed timestamp server that generates computational proof of the transactions as they occur.
Besides, the system remains secure provided honest nodes control more CPU power than any cooperating group of attacker nodes. While Bitcoin was designed not to be regulated or controlled, many exchanges and governments have put regulatory measures on the pioneer cryptocurrency at every step. Aryacoin aims to overcome these restrictions as a free digital currency.

1.1.4 BENEFITS OF USING ARYACOIN

Aryacoin solution offers the following benefits:
  • Real-time update: whether you’re going on a holiday or a business trip, no problem. You can access your coins all over the world.
  • Instant operations: Aryacoin makes it quite easy for you to use your digital wallet and perform various operations with it.
  • Safe and secure: all your data is stored encrypted and can only be decrypted with your private key, seed, or password.
  • Strong security: The system has no control over your wallet. You are 100% in charge of your wallet and funds.

1.1.5 ARYACOIN FEATURES

1. Anonymity
The coin provides decent level of anonymity for all its users. The users can send their transactions to any of the public nodes to be broadcasted , the transaction sent to the nodes should be signed by the private key of the sender address . This allows the users to use the coin anywhere any time , sending transactions directly to the node allows users from any place and country .
2. Real Life Usage
aryacoin’s team is continuously developing new and innovative ways to use the coins , they are currently developing exchanges where the users can exchange the coins without any fees and any restrictions . They also are currently developing other innovative technologies, which would allow users to spend our coins everywhere and anywhere.
3. Offline Exchanges
They are also working with different offline vendors which would enable them to buy and sell the coins directly to our users on a fixed/variable price this would allow easy buy/sell directly using cash . This would allow the coins to be accessible to users without any restrictions which most of the online exchanges have, also increase the value and number of users along with new ways to spend the coin. This would increase anonymity level of the
coin. In addition, introduce new users into the cryptomarket and technology. Creating a revolution, which educates people about crypto and introduce them to the crypto world, which introduces a completely new group of people into crypto and a move towards a Decentralized future!
4. Transactions
When it comes to transactions, Aryacoin embraces a chain of digital signatures, where each owner simply transfers the coin to the next person by digitally signing a hash of the previous transaction and the public key of the next owner. The recipient can then verify the signatures to confirm the chain of ownership. Importantly, Aryacoin comes with a trusted central authority that checks every transaction for double spending.
5. Business Partner with Simplex
Aryacoin is the first and only Iranian digital currency that managed to obtain a trading license in other countries.
In collaboration with the foundation and financial giant Simplex, a major cryptocurrency company that has large companies such as Binance, P2P, Changelly, etc. Aryacoin has been licensed to enter the world’s major exchanges, as well as the possibility of purchasing AYA through Credit Cards, which will begin in the second half of 2020.
Also, the possibility of purchasing Aryacoin through Visa and MasterCard credit cards will be activated simultaneously inside the Aryacoin site. plus, in less than a year, AYA will be placed next to big names such as CoinCapMarket, Coinomi, P2P, Coinpayments and many other world-class brands today.

1.1.6 WHY CHOOSE ARYACOIN?

If you want to use a cryptocurrency that allows you to keep your privacy online even when buying and selling the coins, the Aryacoin team claims that AYA is the way to go. Aryacoin is putting in the work: with more ways to buy and sell, and fixing the issues that were present in the original Bitcoin, plus pushing the boundaries with innovative solutions in cryptocurrencies. You can get started using Aryacoin (AYA) payments simply by having a CoinPayments account!

1.1.7 ARYANA CENTRALIZED EXCHANGE

Aryana, the first Iranian exchange is a unique platform with the following features:
  • The first real international Persian exchange that obtains international licenses and is listed in CoinMarketCap.
  • The first Iranian exchange that has been cooperating with a legal and European exchange for 3 years.
  • The possibility of trading in Tomans (available currency in Iran) at the user’s desired price and getting rid of the transaction prices imposed by domestic sites inside Iran.
  • There is an internal fee payment plan by Iranian domestic banks for depositing and withdrawing Tomans for Aryacoin holders in Aryana Exchange.
  • The number that you see on the monitor and in your account will be equal to the number that is transferred to your bank account without a difference of one Rial.
  • The last but not least, noting the fact that there is a trading in Tomans possibility in Aryana exchange.
Aryana Exchange is using the most powerful, fastest, and most expensive server in the world, Google Cloud Platform (GCP), which is currently the highest quality server for an Iranian site, so that professional traders do not lag behind the market even for a second.
The feature of Smart Trading Robots is one of the most powerful features for digital currency traders. Digital cryptocurrency traders are well aware of how much they will benefit from smart trading robots. In the Aryana exchange, it is possible to connect exchange user accounts to intelligent trading bots and trade even when they are offline.
The injection of $ 1 million a day in liquidity by the WhiteBite exchange to maintain and support the price of Tether and eliminate the Tether fluctuations with Bitcoin instabilities used by profiteers to become a matter of course.

1.1.8 HOW DOES ARYACOIN WORK?

Aryacoin (AYA) tries to ensure a high level of security and privacy. The team has made sure to eliminate any trading restrictions for the network users: no verification is required to carry out transactions on AYA, making the project truly anonymous, decentralized, and giving it a real use in day-to-day life. The Delayed-Proof-of-Work (dPoW) algorithm makes the Aryacoin blockchain immune to any attempts of a 51% attack. AYA defines a coin as a chain of digital signatures — each owner transfers the coin to the next owner by digitally signing the hash of the previous transaction and the public key of the next owner, and the receiver verifies the signatures and the chain of ownership.

2. ARYACOIN TECHNOLOGY

2.1 PROOF-OF-WORK

They use a proof-of-work system similar to Adam Back’s Hashcash to implement a distributed timestamp server on a peer-to-peer basis, rather than newspaper or Usenet publications. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash.
For their timestamp network, they implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block’s hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.
The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If honest nodes control a majority of CPU power, the honest chain will grow the fastest and outpace any competing chains. To modify a past
block, an attacker would have to redo the proof-of-work of the block and all blocks after it, then catch up with, and surpass the work of the honest nodes.

2.2 NETWORK

The steps to run the network are as follows:
  • New transactions are broadcast to all nodes.
  • Each node collects new transactions into a block.
  • Each node works on finding a difficult proof-of-work for its block.
  • When a node finds a proof-of-work, it broadcasts the block to all nodes.
  • Nodes accept the block only if all transactions in it are valid and not already spent.
This is a very simple system that makes the network fast and scalable, while also providing a decent level of anonymity for all users. Users can send their transactions to any of the public nodes to be broadcast, and the private key of the sender’s address should sign any transaction sent to the nodes. This way, all transaction info remains strictly confidential. It also allows users to send transactions directly to the node from any place at any time and allows the transferring of huge amounts with very low fees.

2.3 AYAPAY PAYMENT SERVICES GATEWAY:

According to creators Aryacoin, the development team has succeeded in inventing a new blockchain technology for the first time in the world, which is undoubtedly a big step and great news for all digital currency enthusiasts around the world.
This new technology has been implemented on the Aryacoin AYAPAY platform and was unveiled on October 2. AYAPAY payment platform is the only payment gateway in the world that does not save money in users’ accounts and transfers incoming coins directly to any wallet address requested by the gateway owner without any additional transaction or fee.
In other similar systems or even systems such as PayPal, money is stored in the user account.

2.4 CONSENSUS ALGORITHM IN ARYACOIN

The devs introduced the Delayed-Proof-of-Work (dPoW) algorithm, which represents a hybrid consensus method that allows one blockchain to take advantage of the security provided by the hashing power of another blockchain. The AYA blockchain works on dPoW and can use such consensus methods as Proof-of-Work (PoW) or Proof-of-Stake (PoS) and join to any desired PoW blockchain. The main purpose of this is to allow the blockchain to continue operating without notary nodes on the basis of its original consensus method. In this situation, additional security will no longer be provided through the attached blockchain, but this is not a particularly significant problem. dPoW can improve the security level and reduce energy consumption for any blockchain.

2.5 DOUBLE-SPEND PROBLEM AND SOLUTION

One of the main problems in the blockchain world is that a receiver is unable to verify whether or not one of the senders did not double-spend. Aryacoin provides the solution, and has established a trusted central authority, or mint, that checks every transaction for double-spending. Only the mint can issue a new coin and all the coins issued directly from the mint are trusted and cannot be double-spent. However, such a system cannot therefore
be fully decentralized because it depends on the company running the mint, similar to a bank. Aryacoin implements a scheme where the receiver knows that the previous owners did not sign any earlier transactions. The mint is aware of all transactions including which of them arrived first. The developers used an interesting solution called the Timestamp Server, which works by taking a hash of a block of items to be ‘timestamped’ and publishing the hash. Each timestamp includes the previous timestamp in its hash, forming a chain. To modify a block, an attacker would have to redo the proof-of-work of all previous blocks, then catch up with, and surpass the work of the honest nodes. This is almost impossible, and makes the network processes more secure. The proof-of-work difficulty varies according to circumstances. Such an approach ensures reliability and high throughput.

3. ARYACOIN ROADMAP

April 2019: The launch of Aryacoin; AYA ICO, resulting in over 30BTC collected
December 2019: The launch of AYA Pay
April 2020: The successful Hamedan Hardfork, supported by all AYA exchanges, aimed at integrating the dPoW algorithm, improving the security of the AYA blockchain.
June 2020: Aryana Exchange goes live, opening more trading opportunities globally
July 2020: The enabling of our Coin Exchanger
November 2020: The implementation of Smart Contracts into the Aryacoin Ecosystem
Q1 2021: Alef B goes live (more details coming soon)

4. THE NUCYBER NETWORK COMMUNITY & SOCIAL

Website: https://aryacoin.io/
Explorer: https://explorer.aryacoin.io/
Github: https://github.com/Aryacoin/Aryacoin
Twitter: 1.1k followers https://twitter.com/AryacoinAYA
Reddit: 442 members https://github.com/nucypher
Instagram: 3.8k followers https://www.instagram.com/mrdigicoin/ Telegram: 5.9k subscribers https://t.me/AYA_Global

5. SUMMARY

Aryacoin (AYA) is a new age cryptocurrency that combines the best of the blockchain technology and strives to deliver high trading and mining standards, enabling users to make peer-to-peer decentralized transactions of electronic cash. Aryacoin is part of an ecosystem that includes payment gateway Ayapay and the Ayabank. AYA has a partnership with the Microsoft Azure cloud platform, which provides the ability to develop applications and store data on servers located in distributed data centers. The network fee for the AYA Blockchain is 0%. In Ayapay service, which has been developed by the Aryacoin team, all funds without extra fees or costs are directly forwarded to users’ wallets with technology called CloudWithdrawal. The devs team is introducing new use cases including exchanges where users will exchange AYA without any restrictions. You can buy AYA on an exchange of your choice, create an Aryacoin wallet, and store it in Guarda.

6. REFERENCES

1) https://coincodex.com/crypto/aryacoin/
2) https://www.icosandstos.com/coin/Aryacoin%20AYA/YuXO60UPF3
3) https://www.publish0x.com/iran-and-cryptocurrency/a-brief-introduction-of-aryacoin-first-ever-iranian-cryptocu-xoldlom
4) https://techround.co.uk/cryptocurrency/aryacoin-the-digital-currency-created-by-iranians/
5) https://bitcoinexchangeguide.com/aryacoin/
6) https://blog.coinpayments.net/coin-spotlight/aryacoin
7) https://guarda.com/aryacoin-wallet
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