submitted by sidhujag to ethereum [link] [comments]
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
SolutionsSyscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Syscoin + Matic IntegrationMatic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Proving Performance & Cost SavingsOur POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.
Cost SavingsTotal cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Tools, Infrastructure & Documentation
Syscoin BridgeMainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
APITools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
DocumentationSyscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence
Trade-offThe Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
CostEthereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Z-DAGZero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
APISyscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.
DocumentationZ-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana
Trade-offZ-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin SpecsSyscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
WalletsWeb3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
ExplorersMainnet: https://sys1.bcfn.ca (Blockbook)
Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!
Welcome!I would like to warmly welcome everyone to waltonchain
This is an updated, extended community-written post and I will try to update it regularly over time.
As for the phase 1.0 of the project, the team has developed the clothing system integration scheme based on RFID. The application scenarios at phase 1.0 will establish Golden demonstration template
At phase 2.0, our RFID beacon chip will be massproduced and can be used in clothing, B2C retail and logistics.
At phase 3.0, manufacturers will achieve traceable customization of intelligent packaging.
At the project phase 4.0, with the upgrading and iteration of assets information collection hardware and improvement of blockchain data structure, all assets can be registered in Waltonchain in the future.
Please note that before the token swap,
DO NOT transfer your ERC20 WTC tokens to the WTC wallet!!
Waltonchain (HK) Development Co. Ltd. (Head company)Walton Chain Technology Co. Ltd. (Korea)
Silicon (Shenzhen) Electronic Technology Co. Ltd.
Silicon (Xiamen) Electronic Technology Co.Ltd. (RFID Chip Research)
Silicon (Quanzhou) Electronic Technology Co. Ltd.(IoT Intelligent Switch Chip)
Nanjing Sleewa Information Technology Co. Ltd. (Blockchain)
Quanzhou KEDIHENG Electronic Technology Co. Ltd
Xiamen IOT Technology Co. Ltd.
Bitcoin wallet (bitcoin wallet) is the equivalent of a physical wallet for transactions with bitcoins. Different wallets have been created for different platforms. Just want to say that any option to create a wallet for cryptocurrency is free. The Commission is deducted only for transfers (transactions) between wallets. How to create a bitcoin ... The Cypherpunk movement, founded by Eric Hughes, Timothy C. May, and John Gilmore in 1992, ended up playing a crucial role in the origin and development of Bitcoin. A Cypherpunk’s Manifesto written by Eric Hughes in 1993, 16 years before the launch of Bitcoin, calls for an anonymous transaction system.. Specifically, within the manifesto, it says: “Since we desire privacy, we must ensure ... The crypto wallet allows the user to store, send and receive ETH. It not only allows currency transactions but also houses the identification of the individual. It has private and public keys which help in making transactions. The tokens on the Opera computer browser sync with the Crypto wallet in the Opera browser in the Android smartphone. The transactions are assessed by confirming security ... Encrypt the wallet: in the Bitcoin Core client, click "Settings > Encrypt Wallet". The first wallet program, simply named Bitcoin, and sometimes referred to as the Satoshi client, was released in 2009 by Satoshi Nakamoto as open-source software. In the transaction shown in the screenshot above the recipient’s address is the first output while the others are change addresses belonging to the ... How does the Bitcoin client encrypt the wallet.dat file? What is the algorithm used for encrypting the wallet.dat file? security wallet bitcoin-core. asked Oct 24 '11 at 10:40. ThePiachu. 41.9k 19 19 gold badges 126 126 silver badges 329 329 bronze badges. 17. votes. 3answers 4k views Are there alternatives for proof of work? Bitcoin uses proof of work to secure the network, Ripple uses a ... I/O Digital is also departing from the normal Bitcoin QT wallet. The team has developed the first full HTML5 cryptocurrency wallet in the world, that doesn’t use the classic Bitcoin-QT wallet. Allowing for a more user friendly front end and a more versatile wallet system. How will I/O Digital deal with data bloat? To alleviate data bloat and to enable bitcoin users the ability to use DIONS ... binance bitcoin wallet address - Binance login Until then, we'll have to rely on bitcoin wallet address binance using bitcoins bitcoin wallet download android and ethereum to buy digital coins. Step 3: 3 days ago On November 2nd the world's biggest crypto Reich Werden Sofort exchange Binance, through its blog post announced that they will be supporting Bitcoin - Step 4: How to deposit Bitcoin ... Originally Answered: What is Bitcoin Diamond? Everything You Need to Know About Bitcoin Diamond Bitcoin did another hard fork, the coin created this time is Bitcoin Diamond. The fork occurred at block height 495866. NOTE: Some people tend to think Bitcoin Diamond is a scam. Given that and other unknowns, one should be When Bitcoin started gaining traction in 2011, much of Ripple’s target demographic shifted towards Bitcoin because of the cryptocurrency’s superior architecture. Both payment networks share a similar ideology, and there has been an overlap between the two even in terms of developers. Early Bitcoin pioneer Jed McCaleb joined Ripple in May 2011, with the technology changing significantly in ... After months of research and development, global crypto exchanges finally revealed a new magical weapon in their spellbook with the successful casting of the “Initial Exchange Offering” (IEO) spell earlier this year. Mages from the various exchanges and crypto launchpads caused a highly potent global FOMO effect to take hold on cryptocurrency investors, with analysts now expecting the ...
[index]          
Check out the Cryptocurrency Technical Analysis Academy here: https://bit.ly/2EMS6nY Use the coupon code "April2020" to get $40 off of the Cryptocurrency Technical Analysis Academy! Join the First ... Atomic Wallet — the first wallet with cross-chain Atomic Swaps. Now you can manage all your assets in one secure interface. Download app now at https://AtomicWallet.io 👈 Atomic Swap is the ... In this video we go over the market and the news about Binance developing their new decentralized exchange and how this will benefit its users. As always leave a comment with any questions or ... #Bitcoin #BitcoinToday #BitcoinNews I am not a financial adviser, this is not financial advice. I strongly encourage all to do their own research before doing anything with their money. Binance СЕО LIVE: Bitcoin price prediction & Givе Awaу BTC Binance 3,674 watching Live now Hard Forks Killing Bitcoin, $100,000 TRON Bounty And Ethereum Passes Bitcoin - Duration: 28:07. - Click settings top left of screen. - Select 'Encrypt Wallet' and follow instructions. To support me you can donate $XVG address: DQoFGdaRCMkwAqbTB7fUwN4GBrdN5Ao53c. bitcoin breakdown! weekend action + playing cme gaps! technical analysis, price predictions, trading WEEKEND ACTION + PLAYING CME GAPS! TECHNICAL ANALYSIS, PRICE PREDICTIONS, TRADING - Duration ... TKEYSPACE Wallet is the #1 wallet for users and organizations based on the security and privacy of cryptocurrency assets. Just You and your digital assets. D...