submitted by j0j0r0 to ethereum [link] [comments]
Dragonchain Public Proposal TL;DR:Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.
Hello Reddit and Ethereum community!I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.
Executive summaryDragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.
Response and PoCIn The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.
A live proof of concept showing hundreds of thousands of transactionsOn Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutes
The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:
Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.
How it works & scales
Architectural ScalingDragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.
Economic ScalingAn interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.
Scaled DeploymentDragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.
Flexibility in ScalingDragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees Table
How to run itBuilding on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
ArchitectureDragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.
APIs (on chain & off)
Known issues or tradeoffs
Costs and resources
Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.
This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on Ethereum
Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to considerDragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
Usability Scaling solutions should have a simple end user experience.
Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactionsDragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.
Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.
Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)
Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction Fees
Reddit Ethereum Token Transaction Fees
When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
Users should be able to view their balances & transactions via a blockchain explorer-style interfaceFrom interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.
Exiting is fast & simpleWithdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.
Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.
Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
Documentation should be clear and completeFor full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.
Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.
Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
TIMECommunity points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.
Dragon DenDragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.
Security. Users have full ownership & control of their points.All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.
Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone elseUsers can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.
Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone elseThrough our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw
Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offlineIf necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.
A public, third-party review attesting to the soundness of the design should be availableTo our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.
Bonus pointsSee above
Compatibility with HSMs & hardware walletsFor the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.
Minting/distributing tokens is not performed by Reddit directlyThis operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.
One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalableThis is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).
Fully open-source solutions are strongly preferredDragonchain is fully open source (see section on Disney release after conclusion).
ConclusionWhether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!
Disney Releases Blockchain Platform as Open SourceThe team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.
Open SourceIn 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document
Dragonchain FoundationThe Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
submitted by polkadotnewera to u/polkadotnewera [link] [comments]
Comprehensive Introduction of Polkadot-Overview (1)
We mentioned in previous article that Polkadot is like a foundation. All blockchains built on this foundation can realize business exchanges and can connect to already built blockchains such as Bitcoin and Ethereum. So, starting today, I will systematically introduce Polkadot with straightaway language. Today we will talk about the cross-chain composability of Polkadot. cross-chain composability.
1. The Concept of Cross-chain
Yesterday, someone asked me how Polkadot allows business transactions between different blockchains. There is a professional name, which many friends should be aware of, that we call the communication of data and assets between different blockchains and the interoperability as cross-chain.
Here are the key points: true cross-chain must contain the following functions:
For example, if Bitcoin and Ethereum have achieved cross-chain through Polkadot, then:
Some people have always thought that the so-called cross-chain is asset swap. For example, 1BTC is exchanged for 10ETH, so the assets on the chain are swapped, which is so wrong! And I have to clarify here that asset swap has nothing to do with cross-chain. What is the difference between asset swap and trading on a centralized exchange? Even if it is traded on a decentralized exchange (DEX), this is not cross-chain at all! Some teams claim to do cross-chain projects and advocate that asset swap is cross-chain, but in fact it is just an exchange. Do not confuse the concept.
2. The Cross-chain Architecture of Polkadot
Polkadot is like a foundation, so Polkadot's main chain is like a foundation which many blockchains can be added. We call Polkadot's main chain a relay-chain, and the added blockchain is called a parachain.
In order to allow more blockchains to join, the relay-chain will have a lot of slots on it. As mentioned before, the established blockchains like Bitcoin and Ethereum cannot be directly inserted into the slots, and they can only connect to Polkadot through bridges. We call these the parachain bridges. Let me draw a picture for you to demonstrate and help you better understand:
In the picture, the Polkadot relay-chain is a big ring with many small holes as slots. Other blockchains can be inserted into the slots to become parachains, while Bitcoin and Ethereum cannot be directly inserted into the slots and they need the parachian bridge to help connect.
3. How Polkadot Achieves Cross-chain
In the picture above, the Polkadot relay-chain is like a plug-in strip. Different blockchains can be inserted into the slot to become its parachain. Then this plug-in strip has a function for data transmission. We call it the XCMP protocol.
It is precisely because of the XCMP protocol that it is as if a telephone line is connected between the parachains that the parachains inserted into the slots can send messages and communicate with each other to realize data cross-chain.
So how does Bitcoin get transferred to Ethereum? Many people find it inconceivable as I do. When it is only data be transferred across chains, how can assets be exchanged across chains as well? Here I illustrate as follow:
Mr. Wang owns 1 BTC, and he wants to transfer this BTC to Ethereum to participate in Ethereum's decentralized financial activities. So first, he will transfer 1BTC to the BTC address of the parachain bridge. The parachain bridge will lock the BTC after receiving it to make sure no one can transfer the BTC anymore. Mr. Wang will also need to submit an Ethereum address.
Immediately afterwards, the parachain bridge will pass the data of the locked BTC and the Ethereum address submitted by Mr.Wang through the Polkadot XCMP protocol to the Ethereum parachain bridge.
"Hi, Ethereum parachain bridge, I have successfully locked the BTC, please answer when you receive the message! Mr. Wang's Ethereum address is xxxxx"
The Ethereum parachain bridge received a message and reply: "Known that the BTC is locked, and I have received Mr. Wang’s Ethereum address here."
Everyone knows that the smart contract on Ethereum can issue tokens. Therefore, after the parachain bridge on the Ethereum side receives the message, it immediately issues an Ethereum token of XBTC through the smart contract and sends it to Mr. Wang’s Ethereum address.
This XBTC token represents the BTC locked by the BTC parachain bridge. Then the user (Mr.Wang) can transfer this XBTC token to the Ethereum ecosystem and participate in various decentralized financial activities. In this way, Bitcoin is transferred to Ethereum, realizing asset cross-chain.
The parachain bridge is like a pawnshop. Mr. Wang has pledged gold (BTC) at the pawnshop in China (BTC parachain bridge). Then the pawnshop in China will notify the pawnshop in the United States (Ethereum parachain bridge), and Mr. Wang can go to the pawnshop in the United States and get the gold bill (XBTC). Gold bills represent the gold pledged by Chinese pawnshops, which can be consumed like gold. From China to the United States, it is cross-chain.
What if a user wants to redeem the BTC on his Bitcoin chain? In fact, it is also very easy to achieve. The user only needs to transfer XBTC tokens back to the parachain bridge of Ethereum and submit an BTC address to receive bitcoin. After the parachain bridge receives the XBTC tokens, it will destroyed the tokens through the smart contract immediately.
Similarly, through the Polkadot XCMP protocol, the message of destruction is transmitted to the Bitcoin parachain bridge, unlocking and releasing the BTC to the Bitcoin address provided by the user, so that the user gets the original BTC.
It was as if Mr. Wang didn't want to stay in the United States, so he returned the gold bill (XBTC) to the pawnshop in the United States, the pawnshop tore the bill in person, and then notified the pawnshop in China. After receiving the news that the bill was torn up, the Chinese pawnshop returned the pledged gold to Mr. Wang, who then took back the original gold (BTC) in China.
4. How to Ensure the Safety of the Parachain Bridge
It can be seen that the cross-chain transactions of Bitcoin and Ethereum mainly relies on the parachain bridge. Someone would ask, what should I do if the parachain bridge runs away or does not work?
In fact, the parachain bridge is not centralized. It is also a decentralized blockchain with collators. Each parachain has its own collators. These collators collect data of parachains and send to the relay-chain for verification. So that the relay-chain can monitor the parachains and prevent the occurrence of malicious incidents.
To become a collator, you need to pledge a certain amount of the tokens of the parachain. For example, as a collator of a Bitcoin parachain bridge, you need to pledge BTC. If the collator node goes offline or commits evil, the system will punish the pledged BTC. Of course, if the collector performs well, the system will also have a reward as an incentive for the collector.
Therefore, in the parachain bridge of Bitcoin and Ethereum, the transaction of asset across chains will be charge some commission fee. These fees are used as a reward for the collators. For example, a user transfers to the parachain bridge to lock 1 BTC, and he may only receive 0.99 XBTC tokens in the Ethereum parachain bridge, and the deducted 0.01 BTC is used as a reward for the collator, so that the security of the parachain bridge can be guaranteed through this decentralized method.
I wonder if you have discovered what is the core part of Polkadot's entire cross-chain system. I believe that the core of Polkadot's cross-chain system is the XCMP protocol. In fact, the so-called cross-chain asset trading is also realized through the data transactions across chains. Through the cross-chain communication of data, the process of locking, unlocking, mining and burning of assets between two different blockchains is operated.
Just like Chinese pawnshops and American pawnshops, they pledge gold, issue gold bills, destroy gold bills, and release gold. These operations all need to communicate via telephone (XCMP protocol). Without a telephone, they cannot cooperate.
Back to the title of this article: cross-chain composability, what does composability mean? In fact, Polkadot has a very wide range of parachains, including public chains, private chains, consortium chains, and not even a blockchain. As long as the technology of the chain is excellent enough to add new functions to the prosperity of Polkadot’s ecology, it can be added in this huge cross-chain system of Polkadot. All the parachains under the Polkadot ecology can communicate with each other, transfer assets, and interoperate with each other.
As we defined Polkadot in the end of the previous article:
So what you say Polkadot is, it is nothing, but if there are more blockchain projects join in, it will be everything.
My name is Joie. I am a big fan of Polkadot and I founded the Polkadot New Era community. My Twitter account is @ joieCui, If you support me, you can nominate my node:
I made a website about Polkadot, which will be launched this month, please stay tuned.
Thanks for your support !
pip3 install -r requirements.txt python3 bip39\_gui.py
In Game Theory, Tragedy of the Commons is a market failure scenario where a common good is produced in lower quantities than the public desires, or consumed in greater quantities than desired. One example is pollution - it is in the public's best interest not to pollute, but every individual has incentive to pollute (e.g. because burning fossil fuel is cheap, and individually each consumer doesn't affect the environment much). The relevance to Bitcoin is a hypothetical market failure that might happen in the far future when the block reward from mining drops near zero. In the current Bitcoin design, the only fees miners earn at this time are Transaction fees. Miners will accept transactions with any fees (because the marginal cost of including them is minimal) and users will pay lower and lower fees (in the order of satoshis). It is possible that the honest miners will be under-incentivized, and that too few miners will mine, resulting in lower difficulty than what the public desires. This might mean various 51% attacks will happen frequently, and the Bitcoin will not function correctly. The Bitcoin protocol can be altered to combat this problem - one proposed solution is Dominant Assurance Contracts. Another more radical proposal (in the sense that the required change won't be accepted by most bitcoiners) is to have a perpetual reward that is constant in proportion to the monetary base. That can be achieved in two ways. An ever increasing reward (inflatacoin/expocoin) or a constant reward plus a demurrage fee in all funds that caps the monetary base (freicoin). This scenario was discussed on several threads: - Tragedy of the Commons - Disturbingly low future difficulty equilibrium https://bitcointalk.org/index.php?topic=6284.0 - Stack Exchange http://bitcoin.stackexchange.com/questions/3111/will-bitcoin-suffer-from-a-mining-tragedy-of-the-commons-when-mining-fees-drop-t Currently there is no consensus whether this problem is real, and if so, what is the best solution.Source: https://en.bitcoin.it/wiki/Tragedy_of_the_Commons
Dominant assurance contractsMonero doesn't have a lot of scripting options to work with currently so it is very hard for me to understand how one might go about creating a Dominant Assurance Contract using Monero, especially in regards to paying out to a miner address.
Dominant assurance contracts, created by Alex Tabarrok, involve an extra component, an entrepreneur who profits when the quorum is reached and pays the signors extra if it is not. If the quorum is not formed, the signors do not pay their share and indeed actively profit from having participated since they keep the money the entrepreneur paid them. Conversely, if the quorum succeeds, the entrepreneur is compensated for taking the risk of the quorum failing. Thus, a player will benefit whether or not the quorum succeeds; if it fails he reaps a monetary return, and if it succeeds, he pays only a small amount more than under an assurance contract, and the public good will be provided.
Tabarrok asserts that this creates a dominant strategy) of participation for all players. Because all players will calculate that it is in their best interests to participate, the contract will succeed, and the entrepreneur will be rewarded. In a meta-game, this reward is an incentive for other entrepreneurs to enter the DAC market, driving down the cost disadvantage of dominant assurance contract versus regular assurance contracts.
This scheme is an attempt at Mike Hearn's exercise for the reader: an implementation of dominant assurance contracts. The scheme requires the use of multisignature transactions, nLockTime and transaction replacement which means it won't work until these features are available on the Bitcoin network.
A vendor agrees to produce a good if X BTC are raised by date D and to pay Y BTC to each of n contributors if X BTC are not raised by date D, or to pay nY BTC if X BTC are raised and the vendor fails to produce the good to the satisfaction of 2 of 3 independent arbitrators picked through a fair process
The arbitrators specify a 2-of-3 multisignature script to use as an output for the fundraiser with a public key from each arbitrator, which will allow them to judge the performance on actually producing the good
For each contributor:
The vendor and the contributor exchange public keys
They create a 2-of-2 multisignature output from those public keys
With no change, they create but do not sign a transaction with an input of X/n BTC from the contributor and an input of Y BTC from the vendor, with X/n+Y going to the output created in 3.2
The contributor creates a transaction where the output is X+nY to the address created in step 2 and the input is the output of the transaction in 3.3, signs it using SIGHASH_ALL | SIGHASH_ANYONECANPAY, with version = UINT_MAX and gives it to the vendor
The vendor creates a transaction of the entire balance of the transaction in 3.3 to the contributor with nLockTime of D and version < UINT_MAX, signs it and gives it to the contributor
The vendor and contributor then both sign the transaction in 3.3 and broadcast it to the network, making the transaction in 3.4 valid when enough contributors participate and the transaction in 3.5 valid when nLockTime expires
As date D nears, nLockTime comes close to expiration.
If enough (n) people contribute, all of the inputs from 3.4 can combine to make the output valid when signed by the vendor, creating a valid transaction sending that money to the arbitrators, which only agree to release the funds when the vendor produces a satisfactory output
If not enough people (
Note that there is a limit at which it can be more profitable for the vendor to make the remaining contributions when D approaches
Now the arbitrators have control of X (the payment from the contributors) + nY (the performance bond from the vendor) BTC and pay the vendor only when the vendor performs satisfactorily
Such contracts can be used for crowdfunding. Notable examples from Mike Hearn include:
Funding Internet radio stations which don't want to play ads: donations are the only viable revenue source as pay-for-streaming models allow undercutting by subscribers who relay the stream to their own subscribers
Automatically contributing to the human translation of web pages
I have a draft writeup for a merged-input system called MoJoin that allows multiple parties to generate a single transaction. The goal is to complete the transaction merging with no trust in any party, but this introduces significant complexity and may not be possible with the known Bulletproofs multiparty computation scheme. My current version of MoJoin assumes partial trust in a dealer, who learns the mappings between input rings and outputs (but not true spends or Pedersen commitment data).
submitted by alexngn201 to Tomochain [link] [comments]
Hi everyone. Pleased to be here! Thank you for taking your time to join me.
I’m the Chief Business Development Officer for TomoChain.
Educationally I graduated university with degrees in both Industrial Engineering and Economics from Georgia Tech, and later earned an MBA from the Wharton School of Business.
I grew up as a gaming addict and have a video game collection that is a bit unwieldy. Dozens of consoles and, at one point, over 13 classic arcade machines.
So, before crypto, I spent much of my profession in the gaming space. I was a Game Designer, Game Producer, and eventually Studio Head for a major games studio that was recently purchased by Rockstar Games. I have run my own game-related tech businesses as well.
I fell into crypto back in 2014, and over time it became a second passion of mine as I began to truly understand the value of decentralization. True ownership of data was not possible until Bitcoin came along and that is simply a powerful and game-changing message to a world structure built on an opposing foundation.
TomoChain is a Public Blockchain powered by Proof-of-Stake Voting. TomoChain launched into Mainnet 1 year ago in December 2018. It is secured by 150 Masternodes, of which I’m proud to be an operator myself. TomoChain is EVM Compatible and runs at a speedy 2000 TPS with a 2 Sec Blocktime. Gas fees are almost zero too.
Based out of Vietnam, TomoChain is Southeast Asia’s largest public blockchain. We are focusing on developing a full suite of DeFi products. We also have commercial and enterprise clients. TomoChain has a number of major crypto-partnerships including notables like Neo Blockchain, Chainlink and Crypto.com. Our Masternode network is run by some of the most recognizable players in the space as well, including Neo Global Capital, CoinGecko, HashQuark, KuCoin, and more large players are on the way.
TomoChain earned its place onto Binance.com with a fee-free listing last year by winning the BinanceDEX community vote in August 2019. Binance has written us up in a detailed Binance Research Report and awarded us the V-Label. We have also been in a number of their reports, including those related to Dapps and DeFi. We have been interviewed by Forbes.com official and had an in-person interview at NASDAQ, in the heart of Times Square, about TomoChain and our upcoming TomoX Protocol.
In China, specifically, we have been integrated into and have solid relationships with various blockchain players including HashQuark, HashKey, CoboWallet, Conflux, and many others. We launched an Ecosystem Development partnership with Neo Blockchain last December and co-hosted a meetup + workshop with them as well.
GEARED FOR REAL WORLD USE
Now, let’s talk about how TomoChain has been built for real-world use.
We’re looking at Payments & DeFi as low hanging fruit when it comes to user adoption and TomoChain is developing a suite of tools to support this. The biggest challenge for having users benefit from Blockchain on a day-to-day basis is how much friction is involved to acquire, store and use it. Even stable coins are dual currency systems. The Stablecoin and then the Native Token to pay gas fees. Blockchain is simply not user-friendly.
Our view is that the true solution for Blockchain adoption by the world is end-users shouldn’t need to know they are using blockchain technology at all. It should be a hidden technology layer, similar to payment processor settlements or even the internet distribution centers/routers that power this very AMA we’re all participating in right now. Do we need to know the underlying technology infrastructure to use them? Nope.
We are developing a system to hide this friction, so the TomoChain blockchain can be integrated into real-world applications that you use every day on mobile or web.
There are 3 protocols that we are building to enable this future: (1) TomoZ: Zero Friction (2) TomoX: The DEX Protocol (3) TomoP: The Privacy Suite.
TomoZ: Zero Friction - Our TomoZ protocol is a core starting point to the solution for mass market use of blockchain technology. TomoZ: Zero Friction allows for token issuance and use by having gas fees paid by the token itself. That means you don’t need TOMO to send transactions. You don’t even need to know you’re using the TomoChain blockchain.
So you could buy a cup of coffee at a café using loyalty points that are TomoZ tokens. The customers redeem for their coffee or earn it, but they don’t even have to know it’s a blockchain token which they actually own.
This approach is structured to enable the next million-plus users to utilize blockchain as a technology layer. After all, the real value of any Blockchain is in its utilization of high-quality transactions.
Now, TomoZ transactions aren’t FREE. It actually does use TOMO, but that’s hidden from the end-user. The way it works is that the token issuer deposits a small amount of TOMO into a pool. Every time the token is sent, TOMO is taken from this pool to pay the Masternodes.
The key is that the end-user doesn’t need to get involved with internal workings, which is why we call it the Zero Friction protocol
Now let’s talk about TomoX: The DEX Protocol
TomoX is an upcoming DEX Protocol that allows anyone to launch their on permissionless Decentralized Exchange in minutes. It requires very little technical knowledge making it a near turn-key solution.
TomoX is the fastest DEX experience since it’s a Layer 1 protocol. This means it’s run and secured by the entire TomoChain network. Our Masternodes manage the DEX instructions directly, rather than other DEXs that operate as a Layer 2 protocol. What this means is TomoX DEXs will operate at about 50x faster than a typical 0x exchange. That significantly improves the end-user experience.
TomoX DEX operators have access to a shared liquidity pool across all DEXs. That means a user buying on one DEX can be matched with a user selling on another DEX. Of course, Operators can customize and choose which tokens to include.
TomoX is fully decentralized since the Order Book is on-chain. Many other semi-decentralized exchanges store the OB on a centralized service in order to speed up the execution. That means there is a centralized point of weakness for them. TomoX minimizes custody and security challenges that centralized exchanges have too since all users are always in possession of their assets.
TomoX is currently in testnet and you can checkout TomoChain’s own DEX, aptly called TomoDEX, here: https://dex.testnet.tomochain.com/
Here is a link to get some free Testnet TOMO that can be used on the testnet version of TomoDEX: https://faucet.testnet.tomochain.com/
And finally, there is TomoP: Privacy Suite - TomoP is currently in testnet and is going to be the FASTEST way to send tokens privately. 2-4 seconds fast!
Any token issued on TomoChain will be able to utilize TomoP to send privately and anonymously. And that’s not all. We are including access to wrapped BTC, ETH, USDT, and other tokens that can also utilize the blazing speed and privacy that TomoP will offer.
Dapp privacy is a major part of TomoP. It is going to allow for the creation of Dapps to be built to handle customer data with true privacy, including from the Dapp operators themselves. This can jumpstart a new wave of applications geared towards hiding user information, transactions, assets owned, etc.
We are issuing a new token standard (TRC21p) which will be purely private. The only data available will be on its token supply. Token issuers can optionally provide auditing access to enforcement authorities to meet regulatory compliance. What this means is if the next Global PayPal/Skrill/Alipay competitor can build their service right on TomoChain and meet the most basic criteria required to stay above board in many jurisdictions.
If you guys want to check TomoP on testnet go here and login: https://wallet.testnet.tomochain.com/
Get some free Testnet TOMO that can be used with the TomoP testnet: https://faucet.testnet.tomochain.com/
Questions from the host
1. It’s been stated that TomoChain was on track to be a cash flow positive business, is it currently cash flow positive? What services or products is it offering to bring in this revenue?
Yes, absolutely. Our plan is to be cash flow positive this year. This really goes back to the level of experience our executive team has. Everyone is seasoned, having come from different fields, in big business and startups. Before the crazy boom of ICOs and IEOs, raising funding for traditional startups required considerable proof that there was market fit, that there were actual customers to drive revenue, and a model for growth.
We knew that TomoChain’s funds raised during the ICO were for a space that has yet to prove itself so the company had to be smart in budgeting for an uncertain future. And part of that initial preparation was selling much of the ICO proceeds into fiat. Something MANY blockchain startups did not do, largely due to ambitious teams that are also headed by very inexperienced leaders. So while the bubble burst, we had capital to continue operations and to even scale it.
And, we ARE running a business. A sustainable business requires us to identifying areas to generate income in order to minimize risk and to sustain the business in the long term. So we do both consulting and services work by helping clients to develop wallets, launch tokens (Orbyt), build exchanges (AIS), and of course enterprise solutions on the blockchain of which we have clients based out of Japan and in the Middle East using blockchain for traceability solutions across various industries from automotive, healthcare, and food.
2. What is the most strategical step TOMO is doing to bring adoption of TOMO coin to our daily lives?
Empowering businesses with a truly scalable blockchain that can be used by thousands and millions of users. We see user adoption of blockchain coming from businesses that base their solutions on blockchain technology. And, TomoChain has a number of real income-generating companies that have built on us, from exchanges to payment services to enterprise clients. Not bad for 1 year I say, especially during a stagnant market. Here are some examples.
UcarPac – A Top 10 User Car company in Japan is building traceability solutions on the blockchain. We completed a POC at the end of last year. After the assessment, the client decided it was solid and commissioned Phase 2 to expand the development of the project for commercialization purposes
Triip Protocol – Triip is a destination service for travelers to book vacations powered by Blockchain. Triip is a Shark Tank Vietnam alumnus, and the first ICO on TomoChain. Users can book tours and staycations using Triip or TOMO tokens.
WisePass – A service that sells subscription services to get discounted Starbucks, Singha Beer, and even makeup (of all things) integrated TomoChain as a payment solution
“Undisclosed Vendor” – Soon to be announced, a large player in the corporate gift giving business is also launching a Dapp on TomoChain to allow for them to make purchases with TOMO across thousands of items.
Maka - A peer-to-peer marketplace to conveniently buy/sell TOMO and other blockchain tokens using standard payment gateways, including e-wallets and bank transfers.
Coin98 – A local Vietnam crypto media company launched an App to allow for their community to earn their TomoChain token called C98 and use it for products and services geared around investors and gamers. The reception has been HUGE. 95,000 users and generating 500K+ transactions on our blockchain within 3 months of their launch! They are proving that innovative new business models can be adopted relying on and being blockchain specific.
3. Do you have any plans to collaborate with developers or attract more Dapps built on TomoChain?
We are today. Our founders run the largest Blockchain Developer community in Vietnam and we work with a number of them to help develop solutions on the blockchain.
Our team has held Hackathons a few times over the last couple years and we have done developer workshops too, including one with Neo Blockchain. And this year we are working closely with educational institutions to launch blockchain courses in Vietnam.
Every Dapp developer we work with is a partner. We try to provide as much support as possible, both technical and marketing. A number of Dapps are games on TomoChain and we hold contests regularly to promote the developers and their titles.
Since we are focusing on alleviating the friction of blockchain technology, we are building out an API that will make it even easier for developers to integrate blockchain into standard applications. This is intended to allow standard non-blockchain application developers to operate in an environment they are accustomed to while also having the benefit of blockchain technology accessible.
Onboarding more developers will take time. However, I’m confident we’re on the cusp of something wonderful in the coming years that will change the relationship between users and applications enabled by blockchain. Entirely new economic structures can be set up since it’ll be the users owning all of their data for the first time in digital history. And true ownership is a powerful motivator that can be harnessed by innovative blockchain businesses.
Hoo.com is a world’s leading blockchain assets service platform, aiming to provide safe and reliable assets management and blockchain services to users worldwide.submitted by Hooexchange to HooExchange [link] [comments]
HistoryFounded in 2017 as a cryptocurrency wallet, Hoo.com quickly grew into a well reputed wallet in the field in just two years.
In June 2019, the company announced its acquisition to Chaince and OAX, two start-up exchanges in China and fully upgraded to a blockchain assets service platform whose business expanded to crypto exchanges, wallets, custody and mining industry.In September 2019, Hoo officially launched its initiative “Hoo Power” after several trial fundraisings which were hugely welcomed by the users. Hoo Power is a program which digitalizes the assets rights of Hoo users, such as Gain Right, Refund Right and Buy Back Right, etc. The “Digitalization of Assets Rights” at Hoo Power is to digitalize the rights of your cryptocurrency assets and turn them into tradable tokens which can be circulated and transferred in the secondary market. Users who hold digitalized right tokens (ticker name starting with a T) will be able to exercise their rights in a certain period of time with “1 token + 1 digitalized right token”.
Products1. Hoo Exchange
Being one of the key features at Hoo.com, Hoo Exchange aims to become the world’s leading cryptocurrency trading platform. As of writing, the exchange has listed 69 coins with 80 trading markets. Users are also able to swap their tokens for free with a “Quick Swap” feature on the website and in the APP.
2. Hoo Financing
Hoo supports the financing of various mainstream digital currencies such as BTC, ETH, EOS and USDT as well as other tokens, including current and regular financial management methods.
Collateral Loaning is a loan service for digital currency launched by Hoo, aiming to help users with their capital problems in time. The borrower gets the loan by staking the blockchain assets he holds, with a daily interests as low as 0.005%. Coins that can be used for staking include BTC, ETH, EOS, HC, USDT, BCH, LTC, etc.
3. HD Wallet
HD Wallet is the on-chain wallet of Hoo. Users control their private key and are able to manage multi chain wallet with one set of mnemonics. The HD Wallet now supports Bitcoin, Ethereum, EOS, Ho and BTC Lightening Network and the integration with Dapps and Lapps.
4. Hoo Custody
Hoo Custody includes commercial wallet services and large asset trusting services.
Hoo Custody provides mature and reliable wallet service solutions to help companies such as exchanges, OTC platforms, wallet service providers, game operators and other companies to deposit, transfer, query and redeem products, which improves development efficiency and reduce operational risk.
Hoo TeamCore team of Hoo Exchange are composed of early Bitcoin lovers, blockchain developers and technicians who have abundant experience in blockchain development and marketing.
Fouder & CEO - Ruixi Wang (Twitter)
Ruixi Wang is a Chinese crypto investor and entrepreneur, who is the founder and CEO of Hoo.com.Wang first came across Bitcoin in the first half of 2013 when the One Foundation announced that they received 81 BTC donation. Not long after which he started a blockchain explorer called BtcMini, aiming to help people to get to know more about Bitcoin.When the agency went bankrupt, he joined the BitFountain, a Bitcoin miner company, one of the top three miner companies at the time.Two years later in January 2015, the founder of BitFountain ran away with 17,597 BTC. Wang bought the machines left in the company and started his new career as a miner owner.In the end of 2016, Wang fully-purchased PoW8.com, a well-known Chinese digital currency cloud mining and trading platform, with 5 million RMB.In the middle of 2017, Wang started his own ICO platform icooo.com, which was forced to be closed when Chinese government banned ICOs in September that year.In May 2018, Wang founded Hoo Wallet that was registered in Hong Kong.In June 2018, Hoo announced its acquisition to Chaince and OAX, two start-up exchanges in China and fully upgraded to a blockchain assets service platform (hoo.com) whose business expanded to crypto exchanges, wallets, custody and mining industry.
COO - Chaohua Deng (Twitter)Deng has been active on Bitcointalk since 2013. At the end of that year, he joined the marketing team of AEX exchange.In 2017, he started an ICO platform ICO365 which was also closed due to policy reasons.In 2018, Deng joined OAX exchange and worked as COO.In June 2019, he worked as COO at hoo.com after the acquisition.CMO - Xiaohai Chen ( LinkedIn)Chen got her Master's degree in Finance in University of Denve after she worked five years in PricewaterhouseCoopers. She started her crypto journey in 2017 as a co-founder in OAX exchange.In June 2019, Chen worked for Hoo.com as CMO after its aquisition to OAX.
Twitter | Telegram | Facebook | Instagram | Medium
submitted by GTE_IO to u/GTE_IO [link] [comments]
The NBA’s Sacramento Kings are the first U.S. professional sports team to develop a crypto token for fan rewards.
“Fans can get those points and put them in their wallets and experience it all on the blockchain platform,” Kings CTO Ryan Montoya told CoinDesk.
Further, Montoya said the token, called Kings Token, will pair with a predictive gaming platform the team has developed in anticipation of the legalization of sports betting in California (the U.S. Supreme Court overturned the federal restriction on sports betting in May 2018).
The Kings Token is a joint effort with blockchain-based event ticketing platform Blockparty.
“In our opinion, the blockchain has a role in the entire event experience,” Vladislav Ginzburg, Blockparty’s chief development officer, told CoinDesk. “Whether it’s a sports game, music festival or Broadway show.”
Blockparty is putting together a case study on the project, CEO Shiv Madan added, in the hope that it will be shared with other NBA teams if the project is deemed a success.
All-tech teamIt’s just the latest foray into blockchain technology for the Sacramento team, which is based 90 miles northeast of San Francisco.
In 2014, the Kings became the first NBA team to accept bitcoin as payment in its arena. Last year, the Kings became the first professional sports team to mine cryptocurrency, setting up a program called MiningForGood that donates the funds to charity.
Kings Tokens will exist within a token wallet added to the team’s Golden 1 Center app, which tracks the engagement and accumulated points of fans. Fans can earn rewards through the predictive gaming platform and redeem those points for access to unique events, signed merchandise or courtside tickets, for example.
The ERC-20 token will run on ethereum but will only initially be usable within the team’s Golden 1 Center arena. While fans won’t be able to trade the token for another currency or have a private key, they will be able to show a QR code to redeem points and see the confirmation of transactions through a block explorer. In testnet now, the Kings plans to launch the token by opening night on Oct. 25.
In future iterations, token users may be able to transfer tokens to their peers, and earn rewards by eating at nearby restaurants or making it to the game before tip-off, Ginzburg added.
“This is a mass adoption story,” Ginzburg said, adding:
“Forty-one games of 20,000 people — I’m going to go ahead and say that many of those people don’t own any crypto whatsoever. Suddenly by downloading the Golden 1 Center app, they are going to have an ERC-20 wallet with an ERC-20 token.”Golden 1 Center image via Shutterstock
OP_DUP OP_HASH160 4e9856671c3abb2f03b7d80b9238e8f5ecd9f050 OP_EQUALVERIFY OP_CHECKSIGNow, without getting too technical, this means something like this:
26 4E9856671C3ABB2F03B7D80B9238E8F5ECD9F050 F8F1F945The first byte (0x26, or 38) is the version byte. This tells the clients how the interpret the rest of the script. In our case 38 means Pay-to-Public-Key-Hash (P2PKH), or in other words the script mentioned above. The part after that is just the SHA1 hash of the public key and the final 4 bytes are a checksum to verify you did not make a typo when entering the address.
00 4e9856671c3abb2f03b7d80b9238e8f5ecd9f050Yes. That’s it.
OP_HASH160 35521b9e015240942ad6b0735c6e7365354b0794 OP_EQUALHuh? Yeah, these are a very special type of transactions, that kind of go back to the “hey, can you send some coins to the network in such a way that only the private key that corresponds to public key XYZ can unlock them?” issue.
00 4e9856671c3abb2f03b7d80b9238e8f5ecd9f050Or 00144e9856671c3abb2f03b7d80b9238e8f5ecd9f050 in low-level hex. The P2SH script for this would be:
OP_HASH160 a059c8385124aa273dd3feaf52f4d94d42f01796 OP_EQUALWhich would give us address MNX1uHyAQMXsGiGt5wACiyMUgjHn1qk1Kw. This is what is now widely known and used as SegWit. But this is P2SH-wrapper SegWit, not native or "real" SegWit. Native would be using the data-only SegWit script directly.
Redeem Script (SegWit) Private key (save it!) Show. Private key (AES256 encrypted key) Bitcoin Address: Amount, BTC: Transaction Fee: Donation: Send Cancel What is a Bitcoin Wallet BitcoinOfficial.org? BitcoinOfficial.org is a simple and free Bitcoin wallet online. We created a Bitcoin Official wallet in accordance with the principles laid down by Satoshi Nakamoto, the creator of Bitcoin: The ... Individuals, businesses, developers: learn from our simple Bitcoin guides. How Bitcoin works, what is Bitcoin, what is blockchain, how to buy Bitcoin, what is Bitcoin mining and more. I’ve personally used this method to extract my own Bitcoin Gold from my Ledger Nano S wallet, and I can testify that it works. However, use this guide at your own risk—I don’t want to be responsible for anyone losing their funds. TL;DR version. Move your current Bitcoins to a new Bitcoin wallet with a new seed/private key. Redeem Script (SegWit) Privater Schlüssel. Zeigen. Privater Schlüssel (AES256 encrypted key) Bitcoin Adresse: Betrag, BTC: Transaktionsgebühr: Spende: Senden Stornieren Über BitcoinDe.org. BitcoinDe.org - es ist eine einfache, bequeme und kostenlose online Bitcoin Wallet. Vorteile von online Wallet BitcoinDe.org: Ihr Geld ist gesichert und wird von Ihnen kontrolliert. Ihr Konto kann von ... Bitcoin mining Every ten minutes, one lucky Bitcoin miner earns a reward for extending the block chain by one block. In 2009, the reward was 50 BTC. Today it is 25 BTC. (See https://blockchain.info/q to issue queries about the block chain.) Mining is the only mechanism for creating new bitcoins. The total number of Bitcoins will never exceed 21M.
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