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Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
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Polkadot Launch AMA Recap

Polkadot Launch AMA Recap

The Polkadot Telegram AMA below took place on June 10, 2020

https://preview.redd.it/4ti681okap951.png?width=4920&format=png&auto=webp&s=e21f6a9a276d35bb9cdec59f46744f23c37966ef
AMA featured:
Dieter Fishbein, Ecosystem Development Lead, Web3 Foundation
Logan Saether, Technical Education, Web3 Foundation
Will Pankiewicz, Master of Validators, Parity Technologies
Moderated by Dan Reecer, Community and Growth, Polkadot & Kusama at Web3 Foundation

Transcription compiled by Theresa Boettger, Polkadot Ambassador:

Dieter Fishbein, Ecosystem Development Lead, Web3 Foundation

Dan: Hey everyone, thanks for joining us for the Polkadot Launch AMA. We have Dieter Fishbein (Head of Ecosystem Development, our business development team), Logan Saether (Technical Education), and Will Pankiewicz (Master of Validators) joining us today.
We had some great questions submitted in advance, and we’ll start by answering those and learning a bit about each of our guests. After we go through the pre-submitted questions, then we’ll open up the chat to live Q&A and the hosts will answer as many questions as they can.
We’ll start off with Dieter and ask him a set of some business-related questions.

Dieter could you introduce yourself, your background, and your role within the Polkadot ecosystem?

Dieter: I got my start in the space as a cryptography researcher at the University of Waterloo. This is where I first learned about Bitcoin and started following the space. I spent the next four years or so on the investment team for a large asset manager where I primarily focused on emerging markets. In 2017 I decided to take the plunge and join the space full-time. I worked at a small blockchain-focused VC fund and then joined the Polkadot team just over a year ago. My role at Polkadot is mainly focused on ensuring there is a vibrant community of projects building on our technology.

Q: Adoption of Polkadot of the important factors that all projects need to focus on to become more attractive to the industry. So, what is Polkadot's plan to gain more Adoption? [sic]

A (Dieter): Polkadot is fundamentally a developer-focused product so much of our adoption strategy is focused around making Polkadot an attractive product for developers. This has many elements. Right now the path for most developers to build on Polkadot is by creating a blockchain using the Substrate framework which they will later connect to Polkadot when parachains are enabled. This means that much of our adoption strategy comes down to making Substrate an attractive tool and framework. However, it’s not just enough to make building on Substrate attractive, we must also provide an incentive to these developers to actually connect their Substrate-based chain to Polkadot. Part of this incentive is the security that the Polkadot relay chain provides but another key incentive is becoming interoperable with a rich ecosystem of other projects that connect to Polkadot. This means that a key part of our adoption strategy is outreach focused. We go out there and try to convince the best projects in the space that building on our technology will provide them with significant value-add. This is not a purely technical argument. We provide significant support to projects building in our ecosystem through grants, technical support, incubatoaccelerator programs and other structured support programs such as the Substrate Builders Program (https://www.substrate.io/builders-program). I do think we really stand out in the significant, continued support that we provide to builders in our ecosystem. You can also take a look at the over 100 Grants that we’ve given from the Web3 Foundation: https://medium.com/web3foundation/web3-foundation-grants-program-reaches-100-projects-milestone-8fd2a775fd6b

Q: On moving forward through your roadmap, what are your most important next priorities? Does the Polkadot team have enough fundamentals (Funds, Community, etc.) to achieve those milestones?

A (Dieter): I would say the top priority by far is to ensure a smooth roll-out of key Polkadot features such as parachains, XCMP and other key parts of the protocol. Our recent Proof of Authority network launch was only just the beginning, it’s crucial that we carefully and successfully deploy features that allow builders to build meaningful technology. Second to that, we want to promote adoption by making more teams aware of Polkadot and how they can leverage it to build their product. Part of this comes down to the outreach that I discussed before but a major part of it is much more community-driven and many members of the team focus on this.
We are also blessed to have an awesome community to make this process easier 🙂

Q: Where can a list of Polkadot's application-specific chains can be found?

A (Dieter): The best list right now is http://www.polkaproject.com/. This is a community-led effort and the team behind it has done a terrific job. We’re also working on providing our own resource for this and we’ll share that with the community when it’s ready.

Q: Could you explain the differences and similarities between Kusama and Polkadot?

A (Dieter): Kusama is fundamentally a less robust, faster-moving version of Polkadot with less economic backing by validators. It is less robust since we will be deploying new technology to Kusama before Polkadot so it may break more frequently. It has less economic backing than Polkadot, so a network takeover is easier on Kusama than on Polkadot, lending itself more to use cases without the need for bank-like security.
In exchange for lower security and robustness, we expect the cost of a parachain lease to be lower on Kusama than Polkadot. Polkadot will always be 100% focused on security and robustness and I expect that applications that deal with high-value transactions such as those in the DeFi space will always want a Polkadot deployment, I think there will be a market for applications that are willing to trade cheap, high throughput for lower security and robustness such as those in the gaming, content distribution or social networking sectors. Check out - https://polkadot.network/kusama-polkadot-comparing-the-cousins/ for more detailed info!

Q: and for what reasons would a developer choose one over the other?

A (Dieter): Firstly, I see some earlier stage teams who are still iterating on their technology choosing to deploy to Kusama exclusively because of its lower-stakes, faster moving environment where it will be easier for them to iterate on their technology and build their user base. These will likely encompass the above sectors I identified earlier. To these teams, Polkadot becomes an eventual upgrade path for them if, and when, they are able to perfect their product, build a larger community of users and start to need the increased stability and security that Polkadot will provide.
Secondly, I suspect many teams who have their main deployment on Polkadot will also have an additional deployment on Kusama to allow them to test new features, either their tech or changes to the network, before these are deployed to Polkadot mainnet.

Logan Saether, Technical Education, Web3 Foundation

Q: Sweet, let's move over to Logan. Logan - could you introduce yourself, your background, and your role within the Polkadot ecosystem?

A (Logan): My initial involvement in the industry was as a smart contract engineer. During this time I worked on a few projects, including a reboot of the Ethereum Alarm Clock project originally by Piper Merriam. However, I had some frustrations at the time with the limitations of the EVM environment and began to look at other tools which could help me build the projects that I envisioned. This led to me looking at Substrate and completing a bounty for Web3 Foundation, after which I applied and joined the Technical Education team. My responsibilities at the Technical Education team include maintaining the Polkadot Wiki as a source of truth on the Polkadot ecosystem, creating example applications, writing technical documentation, giving talks and workshops, as well as helping initiatives such as the Thousand Validator Programme.

Q: The first technical question submitted for you was: "When will an official Polkadot mobile wallet appear?"

A (Logan): There is already an “official” wallet from Parity Technologies called the Parity Signer. Parity Signer allows you to keep your private keys on an air-gapped mobile device and to interactively sign messages using web interfaces such as Polkadot JS Apps. If you’re looking for something that is more of an interface to the blockchain as well as a wallet, you might be interested in PolkaWallet which is a community team that is building a full mobile interface for Polkadot.
For more information on Parity Signer check out the website: https://www.parity.io/signe

Q: Great thanks...our next question is: If someone already developed an application to run on Ethereum, but wants the interoperability that Polkadot will offer, are there any advantages to rebuilding with Substrate to run as a parachain on the Polkadot network instead of just keeping it on Ethereum and using the Ethereum bridge for use with Polkadot?

A (Logan): Yes, the advantage you would get from building on Substrate is more control over how your application will interact with the greater Polkadot ecosystem, as well as a larger design canvas for future iterations of your application.
Using an Ethereum bridge will probably have more cross chain latency than using a Polkadot parachain directly. The reason for this is due to the nature of Ethereum’s separate consensus protocol from Polkadot. For parachains, messages can be sent to be included in the next block with guarantees that they will be delivered. On bridged chains, your application will need to go through more routes in order to execute on the desired destination. It must first route from your application on Ethereum to the Ethereum bridge parachain, and afterward dispatch the XCMP message from the Polkadot side of the parachain. In other words, an application on Ethereum would first need to cross the bridge then send a message, while an application as a parachain would only need to send the message without needing to route across an external bridge.

Q: DOT transfers won't go live until Web3 removes the Sudo module and token holders approve the proposal to unlock them. But when will staking rewards start to be distributed? Will it have to after token transfers unlock? Or will accounts be able to accumulate rewards (still locked) once the network transitions to NPoS?

A (Logan): Staking rewards will be distributed starting with the transition to NPoS. Transfers will still be locked during the beginning of this phase, but reward payments are technically different from the normal transfer mechanism. You can read more about the launch process and steps at http://polkadot.network/launch-roadmap

Q: Next question is: I'm interested in how Cumulus/parachain development is going. ETA for when we will see the first parachain registered working on Kusama or some other public testnet like Westend maybe?

A (Logan): Parachains and Cumulus is a current high priority development objective of the Parity team. There have already been PoC parachains running with Cumulus on local testnets for months. The current work now is making the availability and validity subprotocols production ready in the Polkadot client. The best way to stay up to date would be to follow the project boards on GitHub that have delineated all of the tasks that should be done. Ideally, we can start seeing parachains on Westend soon with the first real parachains being deployed on Kusama thereafter.
The projects board can be viewed here: https://github.com/paritytech/polkadot/projects
Dan: Also...check out Basti's tweet from yesterday on the Cumulus topic: https://twitter.com/bkchstatus/1270479898696695808?s=20

Q: In what ways does Polkadot support smart contracts?

A (Logan): The philosophy behind the Polkadot Relay Chain is to be as minimal as possible, but allow arbitrary logic at the edges in the parachains. For this reason, Polkadot does not support smart contracts natively on the Relay Chain. However, it will support smart contracts on parachains. There are already a couple major initiatives out there. One initiative is to allow EVM contracts to be deployed on parachains, this includes the Substrate EVM module, Parity’s Frontier, and projects such as Moonbeam. Another initiative is to create a completely new smart contract stack that is native to Substrate. This includes the Substrate Contracts pallet, and the ink! DSL for writing smart contracts.
Learn more about Substrate's compatibility layer with Ethereum smart contracts here: https://github.com/paritytech/frontier

Will Pankiewicz, Master of Validators, Parity Technologies


Q: (Dan) Thanks for all the answers. Now we’ll start going through some staking questions with Will related to validating and nominating on Polkadot. Will - could you introduce yourself, your background, and your role within the Polkadot ecosystem?

A (Will): Sure thing. Like many others, Bitcoin drew me in back in 2013, but it wasn't until Ethereum came that I took the deep dive into working in the space full time. It was the financial infrastructure aspects of cryptocurrencies I was initially interested in, and first worked on dexes, algorithmic trading, and crypto funds. I really liked the idea of "Generalized Mining" that CoinFund came up with, and started to explore the whacky ways the crypto funds and others can both support ecosystems and be self-sustaining at the same time. This drew me to a lot of interesting experiments in what later became DeFi, as well as running validators on Proof of Stake networks. My role in the Polkadot ecosystem as “Master of Validators” is ensuring the needs of our validator community get met.

Q: Cool thanks. Our first community question was "Is it still more profitable to nominate the validators with lesser stake?"

A (Will): It depends on their commission, but generally yes it is more profitable to nominate validators with lesser stake. When validators have lesser stake, when you nominate them this makes your nomination stake a higher percentage of total stake. This means when rewards get distributed, it will be split more favorably toward you, as rewards are split by total stake percentage. Our entire rewards scheme is that every era (6 hours in Kusama, 24 hours in Polkadot), a certain amount of rewards get distributed, where that amount of rewards is dependent on the total amount of tokens staked for the entire network (50% of all tokens staked is currently optimal). These rewards from the end of an era get distributed roughly equally to all validators active in the validator set. The reward given to each validator is then split between the validators and all their nominators, determined by the total stake that each entity contributes. So if you contribute to a higher percentage of the total stake, you will earn more rewards.

Q: What does priority ranking under nominator addresses mean? For example, what does it mean that nominator A has priority 1 and nominator B has priority 6?

A (Will): Priority ranking is just the index of the nomination that gets stored on chain. It has no effect on how stake gets distributed in Phragmen or how rewards get calculated. This is only the order that the nominator chose their validators. The way that stake from a nominator gets distributed from a nominator to validators is via Phragmen, which is an algorithm that will optimally put stake behind validators so that distribution is roughly equal to those that will get in the validator set. It will try to maximize the total amount at stake in the network and maximize the stake behind minimally staked validators.

Q: On Polkadot.js, what does it mean when there are nodes waiting on Polkadot?

**A (Will):**In Polkadot there is a fixed validator set size that is determined by governance. The way validators get in the active set is by having the highest amount of total stake relative to other validators. So if the validator set size is 100, the top 100 validators by total stake will be in the validator set. Those not active in the validator set will be considered “waiting”.

Q: Another question...Is it necessary to become a waiting validator node right now?

A (Will): It's not necessary, but highly encouraged if you actively want to validate on Polkadot. The longer you are in the waiting tab, the longer you get exposure to nominators that may nominate you.

Q: Will current validators for Kusama also validate for Polkadot? How strongly should I consider their history (with Kusama) when looking to nominate a good validator for DOTs?

A (Will): A lot of Kusama validators will also be validators for Polkadot, as KSM was initially distributed to DOT holders. The early Kusama Validators will also likely be the first Polkadot validators. Being a Kusama validator should be a strong indicator for who to nominate on Polkadot, as the chaos that has ensued with Kusama has allowed validators to battle test their infrastructure. Kusama validators by now are very familiar with tooling, block explorers, terminology, common errors, log formats, upgrades, backups, and other aspects of node operation. This gives them an edge against Polkadot validators that may be new to the ecosystem. You should strongly consider well known Kusama validators when making your choices as a nominator on Polkadot.

Q: Can you go into more details about the process for becoming a DOT validator? Is it similar as the KSM 1000 validators program?

A (Will): The Process for becoming a DOT validators is first to have DOTs. You cannot be a validator without DOTs, as DOTs are used to pay transaction fees, and the minimum amount of DOTs you need is enough to create a validate transaction. After obtaining enough DOTs, you will need to set up your validator infrastructure. Ideally you should have a validator node with specs that match what we call standard hardware, as well as one or more sentry nodes to help isolate the validator node from attacks. After the infrastructure is up and running, you should have your Polkadot accounts set up right with a stash bonded to a controller account, and then submit a validate transaction, which will tell the network your nodes are ready to be a part of the network. You should then try and build a community around your validator to let others know you are trustworthy so that they will nominate you. The 1000 validators programme for Kusama is a programme that gives a certain amount of nominations from the Web3 Foundation and Parity to help bootstrap a community and reputation for validators. There may eventually be a similar type of programme for Polkadot as well.
Dan: Thanks a lot for all the answers, Will. That’s the end of the pre-submitted questions and now we’ll open the chat up to live Q&A, and our three team members will get through as many of your questions as possible.
We will take questions related to business development, technology, validating, and staking. For those wondering about DOT:
DOT tokens do not exist yet. Allocations of Polkadot's native DOT token are technically and legally non-transferable. Hence any publicized sale of DOTs is unsanctioned by Web3 Foundation and possibly fraudulent. Any official public sale of DOTs will be announced on the Web3 Foundation website. Polkadot’s launch process started in May and full network decentralization later this year, holders of DOT allocations will determine issuance and transferability. For those who participated in previous DOT sales, you can learn how to claim your DOTs here (https://wiki.polkadot.network/docs/en/claims).


Telegram Community Follow-up Questions Addressed Below


Q: Polkadot looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention in Polkadot to give it the importance it deserves? What are your planning to achieve with your project?

A (Will): Personally, what I think differentiates it is the governance process. Coordinating forkless upgrades and social coordination helps stand it apart.
A (Dieter): The wiki is awesome - https://wiki.polkadot.network/

Q: Over 10,000 ETH paid as a transaction fee , what if this happens on Polkadot? Is it possible we can go through governance to return it to the owner?

A: Anything is possible with governance including transaction reversals, if a network quorum is reached on a topic.
A (Logan): Polkadot transaction fees work differently than the fees on Ethereum so it's a bit more difficult to shoot yourself in the foot as the whale who sent this unfortunate transaction. See here for details on fees: https://w3f-research.readthedocs.io/en/latest/polkadot/Token%20Economics.html?highlight=transaction%20fees#relay-chain-transaction-fees-and-per-block-transaction-limits
However, there is a tip that the user can input themselves which they could accidentally set to a large amount. In this cases, yes, they could proposition governance to reduce the amount that was paid in the tip.

Q: What is the minimum ideal amount of DOT and KSM to have if you want to become a validator and how much technical knowledge do you need aside from following the docs?

A (Will): It depends on what the other validators in the ecosystem are staking as well as the validator set size. You just need to be in the top staking amount of the validator set size. So if its 100 validators, you need to be in the top 100 validators by stake.

Q: Will Web3 nominate validators? If yes, which criteria to be elected?

A (Will): Web 3 Foundation is running programs like the 1000 validators programme for Kusama. There's a possibility this will continue on for Polkadot as well after transfers are enabled. https://thousand-validators.kusama.network/#/
You will need to be an active validator to earn rewards. Only those active in the validator set earn rewards. I would recommend checking out parts of the wiki: https://wiki.polkadot.network/docs/en/maintain-guides-validator-payout

Q: Is it possible to implement hastables or dag with substrate?

A (Logan): Yes.

Q: Polkadot project looks very futuristic! But, could you tell us the main role of DOT Tokens in the Polkadot Ecosystem?

A (Dan): That's a good question. The short answer is Staking, Governance, Bonding. More here: http://polkadot.network/dot-token

Q: How did you manage to prove that the consensus protocol is safe and unbreakable mathematically?

A (Dieter): We have a research teams of over a dozen scientists with PhDs and post-docs in cryptography and distributed computing who do thorough theoretical analyses on all the protocols used in Polkadot

Q: What are the prospects for NFT?

A: Already being built 🙂

Q: What will be Polkadot next roadmap for 2020 ?

A (Dieter): Building. But seriously - we will continue to add many more features and upgrades to Polkadot as well as continue to strongly focus on adoption from other builders in the ecosystem 🙂
A (Will): https://polkadot.network/launch-roadmap/
This is the launch roadmap. Ideally adding parachains and xcmp towards the end of the year

Q: How Do you stay active in terms of marketing developments during this PANDEMIC? Because I'm sure you're very excited to promote more after this settles down.

A (Dan): The main impact of covid was the impact on in-person events. We have been very active on Crowdcast for webinars since 2019, so it was quite the smooth transition to all-online events. You can see our 40+ past event recordings and follow us on Crowdcast here: https://www.crowdcast.io/polkadot. If you're interested in following our emails for updates (including online events), subscribe here: https://info.polkadot.network/subscribe

Q: Hi, who do you think is your biggest competitor in the space?

A (Dan): Polkadot is a metaprotocol that hasn't been seen in the industry up until this point. We hope to elevate the industry by providing interoperability between all major public networks as well as private blockchains.

Q: Is Polkadot a friend or competitor of Ethereum?

A: Polkadot aims to elevate the whole blockchain space with serious advancements in interoperability, governance and beyond :)

Q: When will there be hardware wallet support?

A (Will): Parity Signer works well for now. Other hardware wallets will be added pretty soon

Q: What are the attractive feature of DOT project that can attract any new users ?

A: https://polkadot.network/what-is-polkadot-a-brief-introduction/
A (Will): Buidling parachains with cross chain messaging + bridges to other chains I think will be a very appealing feature for developers

Q: According to you how much time will it take for Polkadot to get into mainstream adoption and execute all the plans set for this project?

A: We are solving many problems that have held back the blockchain industry up until now. Here is a summary in basic terms:
https://preview.redd.it/ls7i0bpm8p951.png?width=752&format=png&auto=webp&s=a8eb7bf26eac964f6b9056aa91924685ff359536

Q: When will bitpie or imtoken support DOT?

A: We are working on integrations on all the biggest and best wallet providers. ;)

Q: What event/call can we track to catch a switch to nPOS? Is it only force_new_era call? Thanks.

A (Will): If you're on riot, useful channels to follow for updates like this are #polkabot:matrix.org and #polkadot-announcements:matrix.parity.io
A (Logan): Yes this is the trigger for initiating the switch to NPoS. You can also poll the ForceEra storage for when it changes to ForceNew.

Q: What strategy will the Polkadot Team use to make new users trust its platform and be part of it?

A (Will): Pushing bleeding edge cryptography from web 3 foundation research
A (Dan): https://t.me/PolkadotOfficial/43378

Q: What technology stands behind and What are its advantages?

A (Dieter): Check out https://polkadot.network/technology/ for more info on our tech stack!

Q: What problems do you see occurring in the blockchain industry nowadays and how does your project aims to solve these problems?

A (Will): Governance I see as a huge problem. For example upgrading Bitcoin and making decisions for changing things is a very challenging process. We have robust systems of on-chain governance to help solve these coordination problems

Q: How involved are the Polkadot partners? Are they helping with the development?

A (Dieter): There are a variety of groups building in the Polkadot ecosystem. Check out http://www.polkaproject.com/ for a great list.

Q: Can you explain the role of the treasury in Polkadot?

A (Will): The treasury is for projects or people that want to build things, but don't want to go through the formal legal process of raising funds from VCs or grants or what have you. You can get paid by the community to build projects for the community.
A: There’s a whole section on the wiki about the treasury and how it functions here https://wiki.polkadot.network/docs/en/mirror-learn-treasury#docsNav

Q: Any plan to introduce Polkadot on Asia, or rising market on Asia?

**A (Will):**We're globally focused

Q: What kind of impact do you expect from the Council? Although it would be elected by token holders, what kind of people you wish to see there?

A (Will): Community focused individuals like u/jam10o that want to see cool things get built and cool communities form

If you have further questions, please ask in the official Polkadot Telegram channel.
submitted by dzr9127 to dot [link] [comments]

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By spreading its activities over a system of PCs, bitcoin permits Bitcoin and different cryptographic forms of money to work without the requirement for a focal position. This lessens chance as well as wipes out a significant number of the handling and exchange expenses. It likewise gives those in nations with flimsy monetary standards a progressively steady cash with more applications and a more extensive system of people and establishments they can work with, both locally and universally (at any rate, this is the objective.)
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Points of interest and Disadvantages of Bitcoin -
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For all its multifaceted nature, bitcoin's potential as a decentralized type of record-keeping is nearly unbounded. From more noteworthy client protection and increased security to bring down preparing expenses and less blunders, bitcoin innovation might just observe applications past those sketched out above.
Masters -
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Improved precision by evacuating human association in confirmation
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Cons -
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Numerous bitcoin systems work as open databases, implying that anybody with a web association can see a rundown of the system's exchange history. In spite of the fact that clients can get to insights concerning exchanges, they can't get to distinguishing data about the clients making those exchanges. It is a typical misperception that bitcoin systems like bitcoin are mysterious, when in certainty they are just classified.
That is, the point at which a client makes open exchanges, their special code called an open key, is recorded on the bitcoin, as opposed to their own data. Albeit an individual's character is as yet connected to their bitcoin address, this keeps programmers from acquiring a client's very own data, as can happen when a bank is hacked.
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Secure Transactions -
When an exchange is recorded, its validness must be checked by the bitcoin organize. Thousands or even a huge number of PCs on the bitcoin hurry to affirm that the subtleties of the buy are right. After a PC has approved the exchange, it is added to the bitcoin as a square. Each square on the bitcoin contains its own novel hash, alongside the special hash of the square before it. At the point when the data on a square is altered in any capacity, that square's hash code changes—in any case, the hash code on the square after it would not. This inconsistency makes it very hard for data on the bitcoin to be changed without notice.
Innovation Cost -
𝓫𝓲𝓽𝓬𝓸𝓲𝓷 𝓽𝓸𝓵𝓵 𝓯𝓻𝓮𝓮 𝓷𝓾𝓶𝓫𝓮𝓻 +1**833**5400**910.
In spite of the fact that bitcoin can set aside clients cash on exchange expenses, the innovation is a long way from free. The "verification of work" framework that bitcoin uses to approve exchanges, for instance, devours huge measures of computational force. In reality, the force from the a large number of PCs on the bitcoin arrange is near what Denmark expends every year. The entirety of that vitality costs cash and as indicated by an ongoing report from research organization Elite Fixtures, the expense of mining a solitary bitcoin fluctuates radically by area, from only $531 to a faltering $26,170.
Bitcoin support number.
Bitcoin technical support number.
Bitcoin helpline number.
Bitcoin toll free number.
Bitcoin customer care number.
Bitcoin customer service.
𝓫𝓲𝓽𝓬𝓸𝓲𝓷 𝓽𝓸𝓵𝓵 𝓯𝓻𝓮𝓮 𝓷𝓾𝓶𝓫𝓮𝓻 +1**833**5400**910.
submitted by AdLow670 to u/AdLow670 [link] [comments]

𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910 || we support you 24 hours customer service available.

𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
Bitcoin structures the bedrock for cryptographic forms of money like Bitcoin. As we investigated before, monetary forms like the U.S. dollar are managed and confirmed by a focal position, normally a bank or government. Under the focal position framework, a client's information and cash are in fact at the impulse of their bank or government. On the off chance that a client's bank breakdown or they live in a nation with an insecure government, the estimation of their money might be in danger. These are the concerns out of which Bitcoin was borne.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
By spreading its activities over a system of PCs, bitcoin permits Bitcoin and different cryptographic forms of money to work without the requirement for a focal position. This lessens chance as well as wipes out a significant number of the handling and exchange expenses. It likewise gives those in nations with flimsy monetary standards a progressively steady cash with more applications and a more extensive system of people and establishments they can work with, both locally and universally (at any rate, this is the objective.)
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
Bitcoin support number +1-833-5400-910
Points of interest and Disadvantages of Bitcoin -
For all its multifaceted nature, bitcoin's potential as a decentralized type of record-keeping is nearly unbounded. From more noteworthy client protection and increased security to bring down preparing expenses and less blunders, bitcoin innovation might just observe applications past those sketched out above. 𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
Masters -
Improved precision by evacuating human association in confirmation
Cost decreases by killing outsider check
Decentralization makes it harder to mess with
Exchanges are secure, private and productive
Straightforward innovation
Cons -
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
Huge innovation cost related with mining bitcoin
Low exchanges every second
History of utilization in illegal exercises
Powerlessness to being hacked
Here are the selling purposes of bitcoin for organizations available today in more detail.
Productive Transactions -
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
Exchanges put through a focal authority can take up to a couple of days to settle. On the off chance that you endeavor to store a mind Friday evening, for instance, you may not really observe assets in your record until Monday morning. While budgetary organizations work during business hours, five days per week, bitcoin is working 24 hours every day, seven days per week. Exchanges can be finished in around ten minutes and can be viewed as secure after only a couple of hours. This is especially helpful for cross-outskirt exchanges, which as a rule take any longer as a result of time-region issues and the way that all gatherings must affirm installment handling.
Private Transactions -
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
Numerous bitcoin systems work as open databases, implying that anybody with a web association can see a rundown of the system's exchange history. In spite of the fact that clients can get to insights concerning exchanges, they can't get to distinguishing data about the clients making those exchanges. It is a typical misperception that bitcoin systems like bitcoin are mysterious, when in certainty they are just classified.
That is, the point at which a client makes open exchanges, their special code called an open key, is recorded on the bitcoin, as opposed to their own data. Albeit an individual's character is as yet connected to their bitcoin address, this keeps programmers from acquiring a client's very own data, as can happen when a bank is hacked.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
Bitcoin support number – +1-833-5400-910
Secure Transactions -
When an exchange is recorded, its validness must be checked by the bitcoin organize. Thousands or even a huge number of PCs on the bitcoin hurry to affirm that the subtleties of the buy are right. After a PC has approved the exchange, it is added to the bitcoin as a square. Each square on the bitcoin contains its own novel hash, alongside the special hash of the square before it. At the point when the data on a square is altered in any capacity, that square's hash code changes—in any case, the hash code on the square after it would not. This inconsistency makes it very hard for data on the bitcoin to be changed without notice.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
Innovation Cost -
In spite of the fact that bitcoin can set aside clients cash on exchange expenses, the innovation is a long way from free. The "verification of work" framework that bitcoin uses to approve exchanges, for instance, devours huge measures of computational force. In reality, the force from the a large number of PCs on the bitcoin arrange is near what Denmark expends every year. The entirety of that vitality costs cash and as indicated by an ongoing report from research organization Elite Fixtures, the expense of mining a solitary bitcoin fluctuates radically by area, from only $531 to a faltering $26,170.
Bitcoin support number.
Bitcoin technical support number.
Bitcoin helpline number.
Bitcoin toll free number.
Bitcoin customer care number.
Bitcoin customer service.
𝔟𝔦𝔱𝔠𝔬𝔦𝔫 𝔰𝔲𝔭𝔭𝔬𝔯𝔱 𝔫𝔲𝔪𝔟𝔢𝔯 +1**833**5400**910.
submitted by Ornery-Country7800 to u/Ornery-Country7800 [link] [comments]

𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910 || we are here to assist you 24 hours.

𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Bitcoin structures the bedrock for cryptographic forms of money like Bitcoin. As we investigated before, monetary forms like the U.S. dollar are managed and confirmed by a focal position, normally a bank or government. Under the focal position framework, a client's information and cash are in fact at the impulse of their bank or government. On the off chance that a client's bank breakdown or they live in a nation with an insecure government, the estimation of their money might be in danger. These are the concerns out of which Bitcoin was borne.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
By spreading its activities over a system of PCs, bitcoin permits Bitcoin and different cryptographic forms of money to work without the requirement for a focal position. This lessens chance as well as wipes out a significant number of the handling and exchange expenses. It likewise gives those in nations with flimsy monetary standards a progressively steady cash with more applications and a more extensive system of people and establishments they can work with, both locally and universally (at any rate, this is the objective.)
Bitcoin support number +1-833-5400-910
Points of interest and Disadvantages of Bitcoin -
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
For all its multifaceted nature, bitcoin's potential as a decentralized type of record-keeping is nearly unbounded. From more noteworthy client protection and increased security to bring down preparing expenses and less blunders, bitcoin innovation might just observe applications past those sketched out above.
Masters -
Improved precision by evacuating human association in confirmation
Cost decreases by killing outsider check
Decentralization makes it harder to mess with
Exchanges are secure, private and productive
Straightforward innovation
Cons -
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Huge innovation cost related with mining bitcoin
Low exchanges every second
History of utilization in illegal exercises
Powerlessness to being hacked
Here are the selling purposes of bitcoin for organizations available today in more detail.
Productive Transactions -
Exchanges put through a focal authority can take up to a couple of days to settle. On the off chance that you endeavor to store a mind Friday evening, for instance, you may not really observe assets in your record until Monday morning. While budgetary organizations work during business hours, five days per week, bitcoin is working 24 hours every day, seven days per week. Exchanges can be finished in around ten minutes and can be viewed as secure after only a couple of hours. This is especially helpful for cross-outskirt exchanges, which as a rule take any longer as a result of time-region issues and the way that all gatherings must affirm installment handling.
Private Transactions -
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Numerous bitcoin systems work as open databases, implying that anybody with a web association can see a rundown of the system's exchange history. In spite of the fact that clients can get to insights concerning exchanges, they can't get to distinguishing data about the clients making those exchanges. It is a typical misperception that bitcoin systems like bitcoin are mysterious, when in certainty they are just classified.
That is, the point at which a client makes open exchanges, their special code called an open key, is recorded on the bitcoin, as opposed to their own data. Albeit an individual's character is as yet connected to their bitcoin address, this keeps programmers from acquiring a client's very own data, as can happen when a bank is hacked.
Bitcoin support number – +1-833-5400-910
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Secure Transactions -
When an exchange is recorded, its validness must be checked by the bitcoin organize. Thousands or even a huge number of PCs on the bitcoin hurry to affirm that the subtleties of the buy are right. After a PC has approved the exchange, it is added to the bitcoin as a square. Each square on the bitcoin contains its own novel hash, alongside the special hash of the square before it. At the point when the data on a square is altered in any capacity, that square's hash code changes—in any case, the hash code on the square after it would not. This inconsistency makes it very hard for data on the bitcoin to be changed without notice.
Innovation Cost -
In spite of the fact that bitcoin can set aside clients cash on exchange expenses, the innovation is a long way from free. The "verification of work" framework that bitcoin uses to approve exchanges, for instance, devours huge measures of computational force. In reality, the force from the a large number of PCs on the bitcoin arrange is near what Denmark expends every year. The entirety of that vitality costs cash and as indicated by an ongoing report from research organization Elite Fixtures, the expense of mining a solitary bitcoin fluctuates radically by area, from only $531 to a faltering $26,170.
Bitcoin support number
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Bitcoin technical support number.
Bitcoin helpline number.
Bitcoin toll free number.
Bitcoin customer care number.
Bitcoin customer service.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖍𝖊𝖑𝖕𝖑𝖎𝖓𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
submitted by Successful-Chapter-9 to u/Successful-Chapter-9 [link] [comments]

𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910 || we assist you 24 hours customer service.

𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Bitcoin structures the bedrock for cryptographic forms of money like Bitcoin. As we investigated before, monetary forms like the U.S. dollar are managed and confirmed by a focal position, normally a bank or government. Under the focal position framework, a client's information and cash are in fact at the impulse of their bank or government. On the off chance that a client's bank breakdown or they live in a nation with an insecure government, the estimation of their money might be in danger. These are the concerns out of which Bitcoin was borne.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
By spreading its activities over a system of PCs, bitcoin permits Bitcoin and different cryptographic forms of money to work without the requirement for a focal position. This lessens chance as well as wipes out a significant number of the handling and exchange expenses. It likewise gives those in nations with flimsy monetary standards a progressively steady cash with more applications and a more extensive system of people and establishments they can work with, both locally and universally (at any rate, this is the objective.)
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Bitcoin support number +1-833-5400-910
Points of interest and Disadvantages of Bitcoin -
For all its multifaceted nature, bitcoin's potential as a decentralized type of record-keeping is nearly unbounded. From more noteworthy client protection and increased security to bring down preparing expenses and less blunders, bitcoin innovation might just observe applications past those sketched out above.
Masters -
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Improved precision by evacuating human association in confirmation
Cost decreases by killing outsider check
Decentralization makes it harder to mess with
Exchanges are secure, private and productive
Straightforward innovation
Cons -
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Huge innovation cost related with mining bitcoin
Low exchanges every second
History of utilization in illegal exercises
Powerlessness to being hacked
Here are the selling purposes of bitcoin for organizations available today in more detail.
Productive Transactions -
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Exchanges put through a focal authority can take up to a couple of days to settle. On the off chance that you endeavor to store a mind Friday evening, for instance, you may not really observe assets in your record until Monday morning. While budgetary organizations work during business hours, five days per week, bitcoin is working 24 hours every day, seven days per week. Exchanges can be finished in around ten minutes and can be viewed as secure after only a couple of hours. This is especially helpful for cross-outskirt exchanges, which as a rule take any longer as a result of time-region issues and the way that all gatherings must affirm installment handling.
Private Transactions -
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
Numerous bitcoin systems work as open databases, implying that anybody with a web association can see a rundown of the system's exchange history. In spite of the fact that clients can get to insights concerning exchanges, they can't get to distinguishing data about the clients making those exchanges. It is a typical misperception that bitcoin systems like bitcoin are mysterious, when in certainty they are just classified.
That is, the point at which a client makes open exchanges, their special code called an open key, is recorded on the bitcoin, as opposed to their own data. Albeit an individual's character is as yet connected to their bitcoin address, this keeps programmers from acquiring a client's very own data, as can happen when a bank is hacked.
Bitcoin support number – +1-833-5400-910
Secure Transactions -
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
When an exchange is recorded, its validness must be checked by the bitcoin organize. Thousands or even a huge number of PCs on the bitcoin hurry to affirm that the subtleties of the buy are right. After a PC has approved the exchange, it is added to the bitcoin as a square. Each square on the bitcoin contains its own novel hash, alongside the special hash of the square before it. At the point when the data on a square is altered in any capacity, that square's hash code changes—in any case, the hash code on the square after it would not. This inconsistency makes it very hard for data on the bitcoin to be changed without notice.
Innovation Cost -
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
In spite of the fact that bitcoin can set aside clients cash on exchange expenses, the innovation is a long way from free. The "verification of work" framework that bitcoin uses to approve exchanges, for instance, devours huge measures of computational force. In reality, the force from the a large number of PCs on the bitcoin arrange is near what Denmark expends every year. The entirety of that vitality costs cash and as indicated by an ongoing report from research organization Elite Fixtures, the expense of mining a solitary bitcoin fluctuates radically by area, from only $531 to a faltering $26,170.
Bitcoin support number.
Bitcoin technical support number.
Bitcoin helpline number.
Bitcoin toll free number.
Bitcoin customer care number.
Bitcoin customer service.
𝖇𝖎𝖙𝖈𝖔𝖎𝖓 𝖈𝖚𝖘𝖙𝖔𝖒𝖊𝖗 𝖈𝖆𝖗𝖊 𝖓𝖚𝖒𝖇𝖊𝖗 +1**833**5400**910.
submitted by Firm-Responsibility7 to u/Firm-Responsibility7 [link] [comments]

𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊𝓅𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢 || we support you 24 hours customer service.

𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
Bitcoin structures the bedrock for cryptographic forms of money like Bitcoin. As we investigated before, monetary forms like the U.S. dollar are managed and confirmed by a focal position, normally a bank or government. Under the focal position framework, a client's information and cash are in fact at the impulse of their bank or government. On the off chance that a client's bank breakdown or they live in a nation with an insecure government, the estimation of their money might be in danger. These are the concerns out of which Bitcoin was borne.
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
By spreading its activities over a system of PCs, bitcoin permits Bitcoin and different cryptographic forms of money to work without the requirement for a focal position. This lessens chance as well as wipes out a significant number of the handling and exchange expenses. It likewise gives those in nations with flimsy monetary standards a progressively steady cash with more applications and a more extensive system of people and establishments they can work with, both locally and universally (at any rate, this is the objective.)
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
Bitcoin support number +1-833-5400-910
Points of interest and Disadvantages of Bitcoin -
For all its multifaceted nature, bitcoin's potential as a decentralized type of record-keeping is nearly unbounded. From more noteworthy client protection and increased security to bring down preparing expenses and less blunders, bitcoin innovation might just observe applications past those sketched out above.
Masters -
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
Improved precision by evacuating human association in confirmation
Cost decreases by killing outsider check
Decentralization makes it harder to mess with
Exchanges are secure, private and productive
Straightforward innovation
Cons -
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
Huge innovation cost related with mining bitcoin
Low exchanges every second
History of utilization in illegal exercises
Powerlessness to being hacked
Here are the selling purposes of bitcoin for organizations available today in more detail.
Productive Transactions -
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
Exchanges put through a focal authority can take up to a couple of days to settle. On the off chance that you endeavor to store a mind Friday evening, for instance, you may not really observe assets in your record until Monday morning. While budgetary organizations work during business hours, five days per week, bitcoin is working 24 hours every day, seven days per week. Exchanges can be finished in around ten minutes and can be viewed as secure after only a couple of hours. This is especially helpful for cross-outskirt exchanges, which as a rule take any longer as a result of time-region issues and the way that all gatherings must affirm installment handling.
Private Transactions -
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
Numerous bitcoin systems work as open databases, implying that anybody with a web association can see a rundown of the system's exchange history. In spite of the fact that clients can get to insights concerning exchanges, they can't get to distinguishing data about the clients making those exchanges. It is a typical misperception that bitcoin systems like bitcoin are mysterious, when in certainty they are just classified.
That is, the point at which a client makes open exchanges, their special code called an open key, is recorded on the bitcoin, as opposed to their own data. Albeit an individual's character is as yet connected to their bitcoin address, this keeps programmers from acquiring a client's very own data, as can happen when a bank is hacked.
Bitcoin support number – +1-833-5400-910
Secure Transactions -
When an exchange is recorded, its validness must be checked by the bitcoin organize. Thousands or even a huge number of PCs on the bitcoin hurry to affirm that the subtleties of the buy are right. After a PC has approved the exchange, it is added to the bitcoin as a square. Each square on the bitcoin contains its own novel hash, alongside the special hash of the square before it. At the point when the data on a square is altered in any capacity, that square's hash code changes—in any case, the hash code on the square after it would not. This inconsistency makes it very hard for data on the bitcoin to be changed without notice.
Innovation Cost -
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
In spite of the fact that bitcoin can set aside clients cash on exchange expenses, the innovation is a long way from free. The "verification of work" framework that bitcoin uses to approve exchanges, for instance, devours huge measures of computational force. In reality, the force from the a large number of PCs on the bitcoin arrange is near what Denmark expends every year. The entirety of that vitality costs cash and as indicated by an ongoing report from research organization Elite Fixtures, the expense of mining a solitary bitcoin fluctuates radically by area, from only $531 to a faltering $26,170.
Bitcoin support number.
Bitcoin technical support number.
Bitcoin helpline number.
Bitcoin toll free number.
Bitcoin customer care number.
Bitcoin customer service.
𝒷𝒾𝓉𝒸𝑜𝒾𝓃 𝓉𝑒𝒸𝒽𝓃𝒾𝒸𝒶𝓁 𝓈𝓊��𝓅𝑜𝓇𝓉 𝓃𝓊𝓂𝒷𝑒𝓇 +𝟣**𝟪𝟥𝟥**𝟧𝟦𝟢𝟢**𝟫𝟣𝟢.
submitted by Ancient-South8700 to u/Ancient-South8700 [link] [comments]

Why i’m bullish on Zilliqa (long read)

Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analysed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralised and scalable in my opinion.
 
Below I post my analysis why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since end of January 2019 with daily transaction rate growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralised and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. Maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realised early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralised, secure and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in amount of nodes. More nodes = higher transaction throughput and increased decentralisation. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue disecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as:
“A peer-to-peer, append-only datastore that uses consensus to synchronise cryptographically-secure data”.
 
Next he states that: >“blockchains are fundamentally systems for managing valid state transitions”.* For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralised and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimisation on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (>66%) double spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT etc. Another thing we haven’t looked at yet is the amount of decentralisation.
 
Decentralisation
 
Currently there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralised nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching their transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public.They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers.The 5% block rewards with an annual yield of 10.03% translates to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS & shard nodes and seed nodes becoming more decentralised too, Zilliqa qualifies for the label of decentralised in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. Faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time stamped so you’ll start right away with a platform introduction, R&D roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalised: programming languages can be divided into being ‘object oriented’ or ‘functional’. Here is an ELI5 given by software development academy: > “all programmes have two basic components, data – what the programme knows – and behaviour – what the programme can do with that data. So object-oriented programming states that combining data and related behaviours in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behaviour are different things and should be separated to ensure their clarity.”
 
Scilla is on the functional side and shares similarities with OCaml: > OCaml is a general purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognised by academics and won a so called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities safety is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa for Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue:
In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships  
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organisations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggest that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already taking advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, AirBnB, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are build on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”*
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They dont just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities) also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiatives (correct me if I’m wrong though). This suggest in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures & Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

Dive Into Tendermint Consensus Protocol (I)

Dive Into Tendermint Consensus Protocol (I)
This article is written by the CoinEx Chain lab. CoinEx Chain is the world’s first public chain exclusively designed for DEX, and will also include a Smart Chain supporting smart contracts and a Privacy Chain protecting users’ privacy.
longcpp @ 20200618
This is Part 1 of the serialized articles aimed to explain the Tendermint consensus protocol in detail.
Part 1. Preliminary of the consensus protocol: security model and PBFT protocol
Part 2. Tendermint consensus protocol illustrated: two-phase voting protocol and the locking and unlocking mechanism
Part 3. Weighted round-robin proposer selection algorithm used in Tendermint project
Any consensus agreement that is ultimately reached is the General Agreement, that is, the majority opinion. The consensus protocol on which the blockchain system operates is no exception. As a distributed system, the blockchain system aims to maintain the validity of the system. Intuitively, the validity of the blockchain system has two meanings: firstly, there is no ambiguity, and secondly, it can process requests to update its status. The former corresponds to the safety requirements of distributed systems, while the latter to the requirements of liveness. The validity of distributed systems is mainly maintained by consensus protocols, considering the multiple nodes and network communication involved in such systems may be unstable, which has brought huge challenges to the design of consensus protocols.

The semi-synchronous network model and Byzantine fault tolerance

Researchers of distributed systems characterize these problems that may occur in nodes and network communications using node failure models and network models. The fail-stop failure in node failure models refers to the situation where the node itself stops running due to configuration errors or other reasons, thus unable to go on with the consensus protocol. This type of failure will not cause side effects on other parts of the distributed system except that the node itself stops running. However, for such distributed systems as the public blockchain, when designing a consensus protocol, we still need to consider the evildoing intended by nodes besides their failure. These incidents are all included in the Byzantine Failure model, which covers all unexpected situations that may occur on the node, for example, passive downtime failures and any deviation intended by the nodes from the consensus protocol. For a better explanation, downtime failures refer to nodes’ passive running halt, and the Byzantine failure to any arbitrary deviation of nodes from the consensus protocol.
Compared with the node failure model which can be roughly divided into the passive and active models, the modeling of network communication is more difficult. The network itself suffers problems of instability and communication delay. Moreover, since all network communication is ultimately completed by the node which may have a downtime failure or a Byzantine failure in itself, it is usually difficult to define whether such failure arises from the node or the network itself when a node does not receive another node's network message. Although the network communication may be affected by many factors, the researchers found that the network model can be classified by the communication delay. For example, the node may fail to send data packages due to the fail-stop failure, and as a result, the corresponding communication delay is unknown and can be any value. According to the concept of communication delay, the network communication model can be divided into the following three categories:
  • The synchronous network model: There is a fixed, known upper bound of delay $\Delta$ in network communication. Under this model, the maximum delay of network communication between two nodes in the network is $\Delta$. Even if there is a malicious node, the communication delay arising therefrom does not exceed $\Delta$.
  • The asynchronous network model: There is an unknown delay in network communication, with the upper bound of the delay known, but the message can still be successfully delivered in the end. Under this model, the network communication delay between two nodes in the network can be any possible value, that is, a malicious node, if any, can arbitrarily extend the communication delay.
  • The semi-synchronous network model: Assume that there is a Global Stabilization Time (GST), before which it is an asynchronous network model and after which, a synchronous network model. In other words, there is a fixed, known upper bound of delay in network communication $\Delta$. A malicious node can delay the GST arbitrarily, and there will be no notification when no GST occurs. Under this model, the delay in the delivery of the message at the time $T$ is $\Delta + max(T, GST)$.
The synchronous network model is the most ideal network environment. Every message sent through the network can be received within a predictable time, but this model cannot reflect the real network communication situation. As in a real network, network failures are inevitable from time to time, causing the failure in the assumption of the synchronous network model. Yet the asynchronous network model goes to the other extreme and cannot reflect the real network situation either. Moreover, according to the FLP (Fischer-Lynch-Paterson) theorem, under this model if there is one node fails, no consensus protocol will reach consensus in a limited time. In contrast, the semi-synchronous network model can better describe the real-world network communication situation: network communication is usually synchronous or may return to normal after a short time. Such an experience must be no stranger to everyone: the web page, which usually gets loaded quite fast, opens slowly every now and then, and you need to try before you know the network is back to normal since there is usually no notification. The peer-to-peer (P2P) network communication, which is widely used in blockchain projects, also makes it possible for a node to send and receive information from multiple network channels. It is unrealistic to keep blocking the network information transmission of a node for a long time. Therefore, all the discussion below is under the semi-synchronous network model.
The design and selection of consensus protocols for public chain networks that allow nodes to dynamically join and leave need to consider possible Byzantine failures. Therefore, the consensus protocol of a public chain network is designed to guarantee the security and liveness of the network under the semi-synchronous network model on the premise of possible Byzantine failure. Researchers of distributed systems point out that to ensure the security and liveness of the system, the consensus protocol itself needs to meet three requirements:
  • Validity: The value reached by honest nodes must be the value proposed by one of them
  • Agreement: All honest nodes must reach consensus on the same value
  • Termination: The honest nodes must eventually reach consensus on a certain value
Validity and agreement can guarantee the security of the distributed system, that is, the honest nodes will never reach a consensus on a random value, and once the consensus is reached, all honest nodes agree on this value. Termination guarantees the liveness of distributed systems. A distributed system unable to reach consensus is useless.

The CAP theorem and Byzantine Generals Problem

In a semi-synchronous network, is it possible to design a Byzantine fault-tolerant consensus protocol that satisfies validity, agreement, and termination? How many Byzantine nodes can a system tolerance? The CAP theorem and Byzantine Generals Problem provide an answer for these two questions and have thus become the basic guidelines for the design of Byzantine fault-tolerant consensus protocols.
Lamport, Shostak, and Pease abstracted the design of the consensus mechanism in the distributed system in 1982 as the Byzantine Generals Problem, which refers to such a situation as described below: several generals each lead the army to fight in the war, and their troops are stationed in different places. The generals must formulate a unified action plan for the victory. However, since the camps are far away from each other, they can only communicate with each other through the communication soldiers, or, in other words, they cannot appear on the same occasion at the same time to reach a consensus. Unfortunately, among the generals, there is a traitor or two who intend to undermine the unified actions of the loyal generals by sending the wrong information, and the communication soldiers cannot send the message to the destination by themselves. It is assumed that each communication soldier can prove the information he has brought comes from a certain general, just as in the case of a real BFT consensus protocol, each node has its public and private keys to establish an encrypted communication channel for each other to ensure that its messages will not be tampered with in the network communication, and the message receiver can also verify the sender of the message based thereon. As already mentioned, any consensus agreement ultimately reached represents the consensus of the majority. In the process of generals communicating with each other for an offensive or retreat, a general also makes decisions based on the majority opinion from the information collected by himself.
According to the research of Lamport et al, if there are 1/3 or more traitors in the node, the generals cannot reach a unified decision. For example, in the following figure, assume there are 3 generals and only 1 traitor. In the figure on the left, suppose that General C is the traitor, and A and B are loyal. If A wants to launch an attack and informs B and C of such intention, yet the traitor C sends a message to B, suggesting what he has received from A is a retreat. In this case, B can't decide as he doesn't know who the traitor is, and the information received is insufficient for him to decide. If A is a traitor, he can send different messages to B and C. Then C faithfully reports to B the information he received. At this moment as B receives conflicting information, he cannot make any decisions. In both cases, even if B had received consistent information, it would be impossible for him to spot the traitor between A and C. Therefore, it is obvious that in both situations shown in the figure below, the honest General B cannot make a choice.
According to this conclusion, when there are $n$ generals with at most $f$ traitors (n≤3f), the generals cannot reach a consensus if $n \leq 3f$; and with $n > 3f$, a consensus can be reached. This conclusion also suggests that when the number of Byzantine failures $f$ exceeds 1/3 of the total number of nodes $n$ in the system $f \ge n/3$ , no consensus will be reached on any consensus protocol among all honest nodes. Only when $f < n/3$, such condition is likely to happen, without loss of generality, and for the subsequent discussion on the consensus protocol, $ n \ge 3f + 1$ by default.
The conclusion reached by Lamport et al. on the Byzantine Generals Problem draws a line between the possible and the impossible in the design of the Byzantine fault tolerance consensus protocol. Within the possible range, how will the consensus protocol be designed? Can both the security and liveness of distributed systems be fully guaranteed? Brewer provided the answer in his CAP theorem in 2000. It indicated that a distributed system requires the following three basic attributes, but any distributed system can only meet two of the three at the same time.
  1. Consistency: When any node responds to the request, it must either provide the latest status information or provide no status information
  2. Availability: Any node in the system must be able to continue reading and writing
  3. Partition Tolerance: The system can tolerate the loss of any number of messages between two nodes and still function normally

https://preview.redd.it/1ozfwk7u7m851.png?width=1400&format=png&auto=webp&s=fdee6318de2cf1c021e636654766a7a0fe7b38b4
A distributed system aims to provide consistent services. Therefore, the consistency attribute requires that the two nodes in the system cannot provide conflicting status information or expired information, which can ensure the security of the distributed system. The availability attribute is to ensure that the system can continuously update its status and guarantee the availability of distributed systems. The partition tolerance attribute is related to the network communication delay, and, under the semi-synchronous network model, it can be the status before GST when the network is in an asynchronous status with an unknown delay in the network communication. In this condition, communicating nodes may not receive information from each other, and the network is thus considered to be in a partitioned status. Partition tolerance requires the distributed system to function normally even in network partitions.
The proof of the CAP theorem can be demonstrated with the following diagram. The curve represents the network partition, and each network has four nodes, distinguished by the numbers 1, 2, 3, and 4. The distributed system stores color information, and all the status information stored by all nodes is blue at first.
  1. Partition tolerance and availability mean the loss of consistency: When node 1 receives a new request in the leftmost image, the status changes to red, the status transition information of node 1 is passed to node 3, and node 3 also updates the status information to red. However, since node 3 and node 4 did not receive the corresponding information due to the network partition, the status information is still blue. At this moment, if the status information is queried through node 2, the blue returned by node 2 is not the latest status of the system, thus losing consistency.
  2. Partition tolerance and consistency mean the loss of availability: In the middle figure, the initial status information of all nodes is blue. When node 1 and node 3 update the status information to red, node 2 and node 4 maintain the outdated information as blue due to network partition. Also when querying status information through node 2, you need to first ask other nodes to make sure you’re in the latest status before returning status information as node 2 needs to follow consistency, but because of the network partition, node 2 cannot receive any information from node 1 or node 3. Then node 2 cannot determine whether it is in the latest status, so it chooses not to return any information, thus depriving the system of availability.
  3. Consistency and availability mean the loss of the partition tolerance: In the right-most figure, the system does not have a network partition at first, and both status updates and queries can go smoothly. However, once a network partition occurs, it degenerates into one of the previous two conditions. It is thus proved that any distributed system cannot have consistency, availability, and partition tolerance all at the same time.

https://preview.redd.it/456x2blv7m851.png?width=1400&format=png&auto=webp&s=550797373145b8fc1471bdde68ed5f8d45adb52b
The discovery of the CAP theorem seems to declare that the aforementioned goals of the consensus protocol is impossible. However, if you’re careful enough, you may find from the above that those are all extreme cases, such as network partitions that cause the failure of information transmission, which could be rare, especially in P2P network. In the second case, the system rarely returns the same information with node 2, and the general practice is to query other nodes and return the latest status as believed after a while, regardless of whether it has received the request information of other nodes. Therefore, although the CAP theorem points out that any distributed system cannot satisfy the three attributes at the same time, it is not a binary choice, as the designer of the consensus protocol can weigh up all the three attributes according to the needs of the distributed system. However, as the communication delay is always involved in the distributed system, one always needs to choose between availability and consistency while ensuring a certain degree of partition tolerance. Specifically, in the second case, it is about the value that node 2 returns: a probably outdated value or no value. Returning the possibly outdated value may violate consistency but guarantees availability; yet returning no value deprives the system of availability but guarantees its consistency. Tendermint consensus protocol to be introduced is consistent in this trade-off. In other words, it will lose availability in some cases.
The genius of Satoshi Nakamoto is that with constraints of the CAP theorem, he managed to reach a reliable Byzantine consensus in a distributed network by combining PoW mechanism, Satoshi Nakamoto consensus, and economic incentives with appropriate parameter configuration. Whether Bitcoin's mechanism design solves the Byzantine Generals Problem has remained a dispute among academicians. Garay, Kiayias, and Leonardos analyzed the link between Bitcoin mechanism design and the Byzantine consensus in detail in their paper The Bitcoin Backbone Protocol: Analysis and Applications. In simple terms, the Satoshi Consensus is a probabilistic Byzantine fault-tolerant consensus protocol that depends on such conditions as the network communication environment and the proportion of malicious nodes' hashrate. When the proportion of malicious nodes’ hashrate does not exceed 1/2 in a good network communication environment, the Satoshi Consensus can reliably solve the Byzantine consensus problem in a distributed environment. However, when the environment turns bad, even with the proportion within 1/2, the Satoshi Consensus may still fail to reach a reliable conclusion on the Byzantine consensus problem. It is worth noting that the quality of the network environment is relative to Bitcoin's block interval. The 10-minute block generation interval of the Bitcoin can ensure that the system is in a good network communication environment in most cases, given the fact that the broadcast time of a block in the distributed network is usually just several seconds. In addition, economic incentives can motivate most nodes to actively comply with the agreement. It is thus considered that with the current Bitcoin network parameter configuration and mechanism design, the Bitcoin mechanism design has reliably solved the Byzantine Consensus problem in the current network environment.

Practical Byzantine Fault Tolerance, PBFT

It is not an easy task to design the Byzantine fault-tolerant consensus protocol in a semi-synchronous network. The first practically usable Byzantine fault-tolerant consensus protocol is the Practical Byzantine Fault Tolerance (PBFT) designed by Castro and Liskov in 1999, the first of its kind with polynomial complexity. For a distributed system with $n$ nodes, the communication complexity is $O(n2$.) Castro and Liskov showed in the paper that by transforming centralized file system into a distributed one using the PBFT protocol, the overwall performance was only slowed down by 3%. In this section we will briefly introduce the PBFT protocol, paving the way for further detailed explanations of the Tendermint protocol and the improvements of the Tendermint protocol.
The PBFT protocol that includes $n=3f+1$ nodes can tolerate up to $f$ Byzantine nodes. In the original paper of PBFT, full connection is required among all the $n$ nodes, that is, any two of the n nodes must be connected. All the nodes of the network jointly maintain the system status through network communication. In the Bitcoin network, a node can participate in or exit the consensus process through hashrate mining at any time, which is managed by the administrator, and the PFBT protocol needs to determine all the participating nodes before the protocol starts. All nodes in the PBFT protocol are divided into two categories, master nodes, and slave nodes. There is only one master node at any time, and all nodes take turns to be the master node. All nodes run in a rotation process called View, in each of which the master node will be reelected. The master node selection algorithm in PBFT is very simple: all nodes become the master node in turn by the index number. In each view, all nodes try to reach a consensus on the system status. It is worth mentioning that in the PBFT protocol, each node has its own digital signature key pair. All sent messages (including request messages from the client) need to be signed to ensure the integrity of the message in the network and the traceability of the message itself. (You can determine who sent a message based on the digital signature).
The following figure shows the basic flow of the PBFT consensus protocol. Assume that the current view’s master node is node 0. Client C initiates a request to the master node 0. After the master node receives the request, it broadcasts the request to all slave nodes that process the request of client C and return the result to the client. After the client receives f+1 identical results from different nodes (based on the signature value), the result can be taken as the final result of the entire operation. Since the system can have at most f Byzantine nodes, at least one of the f+1 results received by the client comes from an honest node, and the security of the consensus protocol guarantees that all honest nodes will reach consensus on the same status. So, the feedback from 1 honest node is enough to confirm that the corresponding request has been processed by the system.

https://preview.redd.it/sz8so5ly7m851.png?width=1400&format=png&auto=webp&s=d472810e76bbc202e91a25ef29a51e109a576554
For the status synchronization of all honest nodes, the PBFT protocol has two constraints on each node: on one hand, all nodes must start from the same status, and on the other, the status transition of all nodes must be definite, that is, given the same status and request, the results after the operation must be the same. Under these two constraints, as long as the entire system agrees on the processing order of all transactions, the status of all honest nodes will be consistent. This is also the main purpose of the PBFT protocol: to reach a consensus on the order of transactions between all nodes, thereby ensuring the security of the entire distributed system. In terms of availability, the PBFT consensus protocol relies on a timeout mechanism to find anomalies in the consensus process and start the View Change protocol in time to try to reach a consensus again.
The figure above shows a simplified workflow of the PBFT protocol. Where C is the client, 0, 1, 2, and 3 represent 4 nodes respectively. Specifically, 0 is the master node of the current view, 1, 2, 3 are slave nodes, and node 3 is faulty. Under normal circumstances, the PBFT consensus protocol reaches consensus on the order of transactions between nodes through a three-phase protocol. These three phases are respectively: Pre-Prepare, Prepare, and Commit:
  • The master node of the pre-preparation node is responsible for assigning the sequence number to the received client request, and broadcasting the message to the slave node. The message contains the hash value of the client request d, the sequence number of the current viewv, the sequence number n assigned by the master node to the request, and the signature information of the master nodesig. The scheme design of the PBFT protocol separates the request transmission from the request sequencing process, and the request transmission is not to be discussed here. The slave node that receives the message accepts the message after confirming the message is legitimate and enter preparation phase. The message in this step checks the basic signature, hash value, current view, and, most importantly, whether the master node has given the same sequence number to other request from the client in the current view.
  • In preparation, the slave node broadcasts the message to all nodes (including itself), indicating that it assigns the sequence number n to the client request with the hash value d under the current view v, with its signaturesig as proof. The node receiving the message will check the correctness of the signature, the matching of the view sequence number, etc., and accept the legitimate message. When the PRE-PREPARE message about a client request (from the main node) received by a node matches with the PREPARE from 2f slave nodes, the system has agreed on the sequence number requested by the client in the current view. This means that 2f+1 nodes in the current view agree with the request sequence number. Since it contains information from at most fmalicious nodes, there are a total of f+1 honest nodes that have agreed with the allocation of the request sequence number. With f malicious nodes, there are a total of 2f+1 honest nodes, so f+1represents the majority of the honest nodes, which is the consensus of the majority mentioned before.
  • After the node (including the master node and the slave node) receives a PRE-PREPARE message requested by the client and 2f PREPARE messages, the message is broadcast across the network and enters the submission phase. This message is used to indicate that the node has observed that the whole network has reached a consensus on the sequence number allocation of the request message from the client. When the node receives 2f+1 COMMIT messages, there are at least f+1 honest nodes, that is, most of the honest nodes have observed that the entire network has reached consensus on the arrangement of sequence numbers of the request message from the client. The node can process the client request and return the execution result to the client at this moment.
Roughly speaking, in the pre-preparation phase, the master node assigns a sequence number to all new client requests. During preparation, all nodes reach consensus on the client request sequence number in this view, while in submission the consistency of the request sequence number of the client in different views is to be guaranteed. In addition, the design of the PBFT protocol itself does not require the request message to be submitted by the assigned sequence number, but out of order. That can improve the efficiency of the implementation of the consensus protocol. Yet, the messages are still processed by the sequence number assigned by the consensus protocol for the consistency of the distributed system.
In the three-phase protocol execution of the PBFT protocol, in addition to maintaining the status information of the distributed system, the node itself also needs to log all kinds of consensus information it receives. The gradual accumulation of logs will consume considerable system resources. Therefore, the PBFT protocol additionally defines checkpoints to help the node deal with garbage collection. You can set a checkpoint every 100 or 1000 sequence numbers according to the request sequence number. After the client request at the checkpoint is executed, the node broadcasts messages throughout the network, indicating that after the node executes the client request with sequence number n, the hash value of the system status is d, and it is vouched by its own signature sig. After 2f+1 matching CHECKPOINT messages (one of which can come from the node itself) are received, most of the honest nodes in the entire network have reached a consensus on the system status after the execution of the client request with the sequence numbern, and then you can clear all relevant log records of client requests with the sequence number less than n. The node needs to save these2f+1 CHECKPOINTmessages as proof of the legitimate status at this moment, and the corresponding checkpoint is called a stable checkpoint.
The three-phase protocol of the PBFT protocol can ensure the consistency of the processing order of the client request, and the checkpoint mechanism is set to help nodes perform garbage collection and further ensures the status consistency of the distributed system, both of which can guarantee the security of the distributed system aforementioned. How is the availability of the distributed system guaranteed? In the semi-synchronous network model, a timeout mechanism is usually introduced, which is related to delays in the network environment. It is assumed that the network delay has a known upper bound after GST. In such condition, an initial value is usually set according to the network condition of the system deployed. In case of a timeout event, besides the corresponding processing flow triggered, additional mechanisms will be activated to readjust the waiting time. For example, an algorithm like TCP's exponential back off can be adopted to adjust the waiting time after a timeout event.
To ensure the availability of the system in the PBFT protocol, a timeout mechanism is also introduced. In addition, due to the potential the Byzantine failure in the master node itself, the PBFT protocol also needs to ensure the security and availability of the system in this case. When the Byzantine failure occurs in the master node, for example, when the slave node does not receive the PRE-PREPARE message or the PRE-PREPARE message sent by the master node from the master node within the time window and is thus determined to be illegitimate, the slave node can broadcast to the entire network, indicating that the node requests to switch to the new view with sequence number v+1. n indicates the request sequence number corresponding to the latest stable checkpoint local to the node, and C is to prove the stable checkpoint 2f+1 legitimate CHECKPOINT messages as aforementioned. After the latest stable checkpoint and before initiating the VIEWCHANGE message, the system may have reached a consensus on the sequence numbers of some request messages in the previous view. To ensure the consistency of these request sequence numbers to be switched in the view, the VIEWCHANGE message needs to carry this kind of the information to the new view, which is also the meaning of the P field in the message. P contains all the client request messages collected at the node with a request sequence number greater than n and the proof that a consensus has been reached on the sequence number in the node: the legitimate PRE-PREPARE message of the request and 2f matching PREPARE messages. When the master node in view v+1 collects 2f+1 VIEWCHANGE messages, it can broadcast the NEW-VIEW message and take the entire system into a new view. For the security of the system in combination with the three-phase protocol of the PBFT protocol, the construction rules of the NEW-VIEW information are designed in a quite complicated way. You can refer to the original paper of PBFT for more details.

https://preview.redd.it/x5efdc908m851.png?width=1400&format=png&auto=webp&s=97b4fd879d0ec668ee0990ea4cadf476167a2948
VIEWCHANGE contains a lot of information. For example, C contains 2f+1 signature information, P contains several signature sets, and each set has 2f+1 signature. At least 2f+1 nodes need to send a VIEWCHANGE message before prompting the system to enter the next new view, and that means, in addition to the complex logic of constructing the information of VIEWCHANGE and NEW-VIEW, the communication complexity of the view conversion protocol is $O(n2$.) Such complexity also limits the PBFT protocol to support only a few nodes, and when there are 100 nodes, it is usually too complex to practically deploy PBFT. It is worth noting that in some materials the communication complexity of the PBFT protocol is inappropriately attributed to the full connection between n nodes. By changing the fully connected network topology to the P2P network topology based on distributed hash tables commonly used in blockchain projects, high communication complexity caused by full connection can be conveniently solved, yet still, it is difficult to improve the communication complexity during the view conversion process. In recent years, researchers have proposed to reduce the amount of communication in this step by adopting aggregate signature scheme. With this technology, 2f+1 signature information can be compressed into one, thereby reducing the communication volume during view change.
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