Hedera Hashgraph

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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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]

Secure paper wallet tutorial

This is my handout for paranoid people who want a way to store bitcoin safely. It requires a little work, but this is the method I use because it should be resistant to risks associated with:
  1. Bad random number generators
  2. Malicious or flawed software
  3. Hacked computers
If you want a method that is less secure but easier, skip to the bottom of this post.
The Secure Method
  1. Download bitaddress.org. (Try going to the website and pressing "ctrl+s")
  2. Put the bitaddress.org file on a computer with an operating system that has not interacted with the internet much or at all. The computer should not be hooked up to the internet when you do this. You could put the bitaddress file on a USB stick, and then turn off your computer, unplug the internet, and boot it up using a boot-from-CD copy of linux (Ubuntu or Mint for example). This prevents any mal-ware you may have accumulated from running and capturing your keystrokes. I use an old android smart phone that I have done a factory reset on. It has no sim-card and does not have the password to my home wifi. Also the phone wifi is turned off. If you are using a fresh operating system, and do not have a connection to the internet, then your private key will probably not escape the computer.
  3. Roll a die 62 times and write down the sequence of numbers. This gives you 2160 possible outcomes, which is the maximum that Bitcoin supports.
  4. Run bitaddress.org from your offline computer. Input the sequence of numbers from the die rolls into the "Brain Wallet" tab. By providing your own source of randomness, you do not have to worry that the random number generator used by your computer is too weak. I'm looking at you, NSA ಠ_ಠ
  5. Brain Wallet tab creates a private key and address.
  6. Write down the address and private key by hand or print them on a dumb printer. (Dumb printer means not the one at your office with the hard drive. Maybe not the 4 in 1 printer that scans and faxes and makes waffles.) If you hand copy them you may want to hand copy more than one format. (WIF and HEX). If you are crazy and are storing your life savings in Bitcoin, and you hand copy the private key, do a double-check by typing the private key back into the tool on the "Wallet Details" tab and confirm that it recreates the same public address.
  7. Load your paper wallet by sending your bitcoin to the public address. You can do this as many times as you like.
  8. You can view the current balance of your paper wallet by typing the public address into the search box at blockchain.info
  9. If you are using an old cell phone or tablet do a factory reset when you are finished so that the memory of the private keys is destroyed. If you are using a computer with a boot-from-CD copy of linux, I think you can just power down the computer and the private keys will be gone. (Maybe someone can confirm for me that the private keys would not be able to be cached by bitaddress?)
  10. To spend your paper wallet, you will need to either create an offline transaction, or import the private key into a hot wallet. Creating an offline transaction is dangerous if you don't know what you are doing. Importing to a client side wallet like Bitcoin-Qt, Electrum, MultiBit or Armory is a good idea. You can also import to an online wallet such as Blockchain.info or Coinbase.
Trusting bitaddress.org
The only thing you need bitaddress.org to do is to honestly convert the brainwallet passphrase into the corresponding private key and address. You can verify that it is doing this honestly by running several test passphrases through the copy of bitaddress that you plan on using, and several other brainwallet generators. For example, you could use the online version of bitaddress, and brainwallet and safepaperwallet and bitcoinpaperwallet. If you are fancy with the linux command line, you can also try "echo -n my_die_rolls | sha256sum". The linux operating system should reply with the same private key that bitaddress makes. This protects you from a malicious paper wallet generator.
Trusting your copy of bitaddress.org
Bitaddress publishes the sha1 hash of the bitaddress.org website at this location:
https://www.bitaddress.org/pgpsignedmsg.txt
The message is signed by the creator, pointbiz. I found his PGP fingerprint here:
https://github.com/pointbiz/bitaddress.org/issues/18
"527B 5C82 B1F6 B2DB 72A0 ECBF 8749 7B91 6397 4F5A"
With this fingerprint, you can authenticate the signed message, which gives you the hash of the current bitaddress.org file. Then you can hash your copy of the file and authenticate the file.
I do not have a way to authenticate the fingerprint itself, sorry. According to the website I linked to, git has cryptographic traceability that would enable a person to do some research and authenticate the fingerprint. If you want to go that far, knock yourself out. I think that the techniques described in this document do not really rely on bitaddress being un-corrupt. Anyway, how do we know pointbiz is a good guy? ;-)
There are a lot of skilled eyes watching bitaddress.org and the signed sha1 hash. To gain the most benefit from all of those eyes, it's probably worthwhile to check your copy by hashing it and comparing to the published hash.
"But we aren't supposed to use brainwallets"
You are not supposed to use brainwallets that have predictable passphrases. People think they are pretty clever about how they pick their passphrases, but a lot of bitcoins have been stolen because people tend to come up with similar ideas. If you let dice generate the passphrase, then it is totally random, and you just need to make sure to roll enough times.
How to avoid spending your life rolling dice
When I first started doing this, I rolled a die 62 times for each private key. This is not necessary. You can simply roll the die 62 times and keep the sequence of 62 numbers as a "seed". The first paper address you create would use "my die rolls-1" as the passphrase, the second would be "my die rolls-2" and so on. This is safe because SHA256 prevents any computable relationship between the resulting private key family.
Of course this has a certain bad security scenario -- if anyone obtains the seed they can reconstruct all of your paper wallets. So this is not for everyone! On the other hand, it also means that if you happen to lose one of your paper wallets, you could reconstruct it so long as you still had the seed.
One way to reduce this risk is to add an easy to remember password like this: "my die rolls-password-1".
If you prefer, you can use a technique called diceware to convert your die rolls to words that still contain the same quantity of entropy, but which could be easier to work with. I don't use diceware because it's another piece of software that I have to trust, and I'm just copy/pasting my high entropy seed, so I don't care about how ugly it is.
Why not input the dice as a Base 6 private key on the Wallet Details tab?
Two reasons. First of all, this option requires that you roll the die 99 times, but you do not get meaningful additional protection by rolling more than 62 times. Why roll more times if you don't have to? Second, I use the "high entropy seed" method to generate multiple private keys from the same die rolls. Using the Base 6 option would require rolling 99 times for every private key.
I'm a big nerd with exotic dice. How many times to roll?
Put this formula in Excel to get the number of times to roll: "=160*LOG(2,f)" where f = number of faces on the die. For example, you would roll a d16 40 times. By the way, somewhat unbelievably casino dice are more fair than ordinary dice
The "Change address" problem:
You should understand change addresses because some people have accidentally lost money by not understanding it.
Imagine your paper wallet is a 10 dollar bill. You use it to buy a candy bar. To do this you give the cashier the entire 10 dollar bill. They keep 1 dollar and give you 9 dollars back as change.
With Bitcoin, you have to explicitly say that you want 9 dollars back, and you have to provide an address where it should go to. If you just hand over the 10 dollar bill, and don't say you want 9 dollars back, then the miner who processes the transaction gives 1 dollar to the store and keeps the remainder themselves.
Wallet software like Bitcoin-Qt handles this automatically for you. They automatically make "change addresses" and they automatically construct transactions that make the change go to the change address.
There are three ways I know of that the change problem can bite you:
  1. You generate a raw transaction by hand, and screw up. If you are generating a transaction "by hand" with a raw transaction editor, you need to be extra careful that your outputs add up to the same number as your inputs. Otherwise, the very lucky miner who puts your transaction in a block will keep the difference.
  2. You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the paper wallet. The change is not in the paper wallet. It is in a change address that the wallet software generated. That means that if you lose your wallet.dat file you will lose all the change. The paper wallet is empty.
  3. You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the change address that the wallet software generated. If the transaction did not need to consume all of the "outputs" used to fund the paper wallet, then there could be some unspent outputs still located at the address of the paper wallet. If you destroyed the paper wallet, and destroyed the copy of the private key imported to the wallet software, then you could not access this money. (E.g. if you restored the software wallet from its seed, thinking all of the money was moved to the wallet-generated change addresses.)
For more on this, see here
The hot paper wallet problem
Your bitcoin in your paper wallet are secure, so long as the piece of paper is secure, until you go to spend it. When you spend it, you put the private key onto a computer that is connected to the internet. At this point you must regard your paper wallet address as hot because the computer you used may have been compromised. It now provides much less protection against theft of your coins. If you need the level of protection that a cold paper wallet provides, you need to create a new one and send your coins to it.
Destroying your paper wallet address
Do not destroy the only copy of a private key without verifying that there is no money at that address. Your client may have sent change to your paper wallet address without you realizing it. Your client may have not consumed all of the unspent outputs available at the paper wallet address. You can go to blockchain.info and type the public address into the search window to see the current balance. I don't bother destroying my used/empty paper wallet addresses. I just file them away.
Encrypting your private key
BIP 0038 describes a standardized way to encrypt your paper wallet private key. A normal paper wallet is vulnerable because if anyone sees the private key they can take the coins. The BIP38 protocol is even resistant to brute force attacks because it uses a memory intensive encryption algorithm called scrypt. If you want to encrypt your wallets using BIP38, I recommend that you use bitcoinpaperwallet because they will let you type in your own private key and will encrypt it for you. As with bitaddress, for high security you should only use a local copy of this website on a computer that will never get connected to the internet.
Splitting your private key
Another option for protecting the private key is to convert it into multiple fragments that must be brought together. This method allows you to store pieces of your key with separate people in separate locations. It can be set up so that you can reconstitute the private key when you have any 2 out of the 3 fragments. This technique is called Shamir's Secret Sharing. I have not tried this technique, but you may find it valuable. You could try using this website http://passguardian.com/ which will help you split up a key. As before, you should do this on an offline computer. Keep in mind if you use this service that you are trusting it to work properly. It would be good to find other independently created tools that could be used to validate the operation of passguardian. Personally, I would be nervous destroying the only copy of a private key and relying entirely on the fragments generated by the website.
Looks like Bitaddress has an implementation of Shamir's Secret Sharing now under the "Split Wallet" tab. However it would appear that you cannot provide your own key for this, so you would have to trust bitaddress.
Durable Media
Pay attention to the media you use to record your paper wallet. Some kinds of ink fade, some kinds of paper disintegrate. Moisture and heat are your enemies.
In addition to keeping copies of my paper wallet addresses I did the following:
  1. Order a set of numeric metal stamps. ($10)
  2. Buy a square galvanized steel outlet cover from the hardware store ($1)
  3. Buy a sledgehammer from the hardware store
  4. Write the die rolls on the steel plate using a sharpie
  5. Use the hammer to stamp the metal. Do all the 1's, then all the 2's etc. Please use eye protection, as metal stamp may emit sparks or fly unexpectedly across the garage. :-)
  6. Use nail polish remover to erase the sharpie
Electrum
If you trust electrum you might try running it on an offline computer, and having it generate a series of private keys from a seed. I don't have experience with this software, but it sounds like there are some slick possibilities there that could save you time if you are working with a lot of addresses.
Message to the downvoters
I would appreciate it if you would comment, so that I can learn from your opinion. Thanks!
The Easy Method
This method is probably suitable for small quantities of bitcoin. I would not trust it for life-altering sums of money.
  1. Download the bitaddress.org website to your hard drive.
  2. Close your browser
  3. Disconnect from the internet
  4. Open the bitaddress.org website from your hard drive.
  5. Print a paper wallet on your printer
  6. Close your browser
submitted by moral_agent to BitcoinWallet [link] [comments]

An Overview of Arizona Primary Races - Part 4: Legislative Races 11-20

Welcome to my omnibus compendium of Arizona’s upcoming primary races (set to take place August 28th – early voting ballots should have been mailed out August 1st). Arizona’s a really interesting state (I may be a hair biased), since it not only is home to two to four swing House seats and a high-profile Senate race, but also a vulnerable governor (thanks to the teacher walkout earlier this year) and tenuous majorities in both state houses that could – theoretically – deliver a Dem trifecta this fall. Other statewide candidates have also been on the attack, and few Republicans are safe in this climate. If Dr. Tipirneni’s massive swing in April can be replicated across the state, the Dems will pull off a coup of stupidly high proportions.
If you’re interested about which district you live in, check https://azredistricting.org/districtlocato. If you want to get involved with your local Democratic party, find your legislative district on the previous link (NOT CD), and then search for your LD’s name at this link. Feel free to attend meetings, they’re a great way to get involved with candidates and like-minded individuals. If you wish to donate to a “clean elections” candidate (mentioned in the post as “running clean”), you will have to live in that candidate’s legislative district to do so. Statewide “clean” candidates can accept from anyone, although al such candidates probably have hit their goals for the cycle.
If you are a registered Independent and do not want to vote at the polls, you will need to request and early ballot using the website of your county’s recorder. Example links for Maricopa, Pima, and Pinal. Others available if needed.
Race ratings for listed primaries will be listed as Solid/Likely/Leans/Tossup and are not indicative of my own preference for that seat. I’ll denote my personal primary preferences at the end of this series.
Some candidates have filed as write-in candidates for their primary. I’m unsure about the rules behind this, and if a win means they automatically appear on the ballot in November – currently in process of verifying. For example, in 2016 Gary Swing and Merissa Hamilton both won their respective Senate primaries (Green/Libertarian) as write-ins, but only Swing was on the ballot in the fall.
If you have any questions about voting in the primary, which races are the most contested, and how to get involved with other Democrats in Arizona, feel free to PM me.
ALL OPINIONS ARE MY OWN IN MY CAPACITY AS A VOTER IN ARIZONA, AND NOT REPRESENTATIVE OF ANY ORGANIZATIONS I WORK/ED FOR OR AM/WAS A MEMBER OF. THIS POST IS IN NO WAY ENDORSED BY THE ARIZONA DEMOCRATIC PARTY OR ANY SUB-ORGANIZATION THEREOF.
View Statewide post here.
View Congressional post here
View Legislative Races 1-10 here

State Legislative Races

So as mentioned in the intro post, this’ll cover not only the federal and statewide candidates but also the state legislative races. Arizona has 30 districts, each with 1 Senator and 2 Representatives. Republicans hold meh majorities in both chambers (17-13 in the Senate, and 35-25 in the House), but Dems think this is the year for a potential flip of chambers. Due to time constraints I’ll try to focus on races with primaries, and write a primer about important general election races later – but hopefully I can get all of them done. Our party went balls to the wall and recruited 114 Democratic candidates to run this cycle, meaning that there’s a candidate running in every race across Arizona, in even the reddest of red districts. It also means there’s a lot of blurbs to write.
One additional point to make – the vast majority of people using the Arizona Clean Elections funding source are running for the state legislature. Their COH statistics will be denoted as ($XXX COH, Clean). This - for the most part – means that the only additional money they can expect in the race will come afteif they win their respective primaries, roughly to the tune of $20K-$25K or so.
So without further ado, the districts!
District 11
For our first district in the second installment of the legislative series, we head over to Northern Tucson/Casa Grande, a district that – like LD8 before it – is surprisingly only Leans Red despite its demographics and geographical location. The Republican Senate incumbent is noted theocratic asshole Steve Smith, who as mentioned earlier is trying to make the hop over into Congress. His Republican heir apparent is State Representative Vince Leach ($118.5K COH). The other incumbent Republican Representative, Mark Finchem ($44.4K COH) is running for re-election in the House, with Constable Bret Roberts ($16.7K COH, Clean) and retired carpenter Howie Jones ($700 COH) running for the second open spot. Roberts has been endorsed by Finchem and Leach and seems set to take the second nomination. His choice of running clean is odd, especially as a party-approved candidate.
Roberts may make it through to the general, but he’ll most likely run into rural liberal powerhouse Hollace Lyon ($93K COH). Unlike in LD8, the House candidate (Lyon) seems set to drag the Democratic slate, kicking and screaming, into relevancy. Wife of the president of the Arizona School Boards Association (Linda Lyon) and retired USAF Colonel, Lyon brings a great combination of education bona fides, fundraising/campaigning chops (She has outraised everyone in the district - Leach’s COH advantage is only because of his past warchest), and rural appeal (she channels Amy McGrath’s rhetoric to great success. Lyon would be a great single-shot candidate for the candidate.
Except she’s not running alone. Perennial candidate Barry McCain (no link because his website’s dead and he’s a bit of a nut, also $4 COH) managed to qualify for the ballot again this year by some miracle. Local and state party leaders, wary of ceding a ballot slot to nigh-invisible candidate, recruited local teacher and education advocate Marcela Quiroz ($630 COH, Clean – needs $5’s). While Quiroz has had some trouble getting her campaign ff the ground, she is by far a better #2 than McCain. In the Senate, rancher Ralph Atchue ($15.4K, Clean) is taking a second crack at the seat. Atchue didn’t generate many waves last time, and this time – if he does win – it will be on the backs of Lyon and Quiroz. The presence of Green Party write-in Mohammad Arif won’t help.
As mentioned before, the general rests squarely on the shoulders of Hollace Lyon, and partially on Quiroz’s as well. Both House and Senate candidates have a defined rural appeal, but only Lyon seems capable of actually translating that into results. If the statewide wave is large enough, she’ll drag Quiroz and Atchue in on her coattails.
hunter15991 Rating: Dem Senate uncontested. Solid Lyon, Likely Quiroz. GOP Senate uncontested, Solid Finchem, Likely Roberts. Leans GOP Senate, Tossup House Roberts/Lyon, Leans GOP Finchem/Quiroz.
District 12
Popping back up north somewhat, we take a look at LD12 – located in the heart of CD5. Centered in Gilbert and Southeast Mesa, 12 is so stupidly red, only LD1 and LD5 are worse. On the Republican side, incumbent Representative Travis Grantham ($26K COH) is being joined by incumbent Senator Warren Petersen ($49K COH) in their quest for House nominations, and are being primaried from the right by Mr “Ban All Public Schools” Nick Myers ($600 COH), and from the center by adjunct professor Blake Sacha ($36.5K COH). In the Senate, charter school owner and incumbent State Rep. Eddie Farnsworth ($26.2K COH) is running, being challenged from the nominal center by businessman Jimmy Lindblom ($25K COH). Lindblom still holds most of Farnsworth’s conservative views, but is attacking Farnsworth regarding how corrupt of a legislator he is, profiting off of charter school requirements he passes.
On the Democratic side, Elizabeth Brown ($15.5K) is rehashing a 2016 Senate run, and will be joined by two House nominees – currently that looks like teacher Joe Bisaccia ($12K COH, Clean) and lawyer Lynsey Robinson ($16.88K COH, Clean). Robinson is actually running on a slate with 2014 House nominee DJ Rothans ($150 COH, Clean), but his campaign has not gotten as much traction as hers.
Given the breakdown of this district it is highly unlikely a Dem. pulls it off either in the House or Senate, and with the amount of district infighting that’s ongoing (per rumors, Brown and Bisaccia hate each other’s guts and are causing a lot of chaos because of that) that chance goes from slim to none. The best bet in this scenario is for Sacha and Lindblom to pull off the upset in primaries. While they’re at best mediocre friends of public education (Sacha) and at worse a slightly cleaner version of the incumbent (Lindblom), they’re a step up from the clusterfuck currently ongoing in the district.
hunter15991 Rating: Dem Senate uncontested. Likely Bisaccia, Likely Robinson. Leans Farnsworth, Likely Petersen, Leans Finchem. All Solid GOP general.
District 13
District 13 could be a bit of a Roy Moore-ish scenario for Democrats, at least in the Senate.
So I’ll get the House out of the way first. Reps Darin Mitchell ($7.3K COH) and Tim Dunn ($76K COH)- both Republicans – are the current Representatives for the district. Mitchell has built a long-term brand in the district, while Dunn was appointed n February 2018 following…well we’ll get to that in a second. They are being challenged from the right by absolute wackadoodle Trey Terry ($9K COH), and from the center(ish) by Goodyear ViceMayor Joanne Osborne ($10.5K COH). Mitchell and Dunn seem set to make it out of their primaries by virtue of their incumbency (and Dunn’s surprisingly large warchest), although if Osborne can convince enough moderate Republicans to vote for her (she seems to be against some anti-publicEd measures here in AZ) she stands a fraction of a chance. Mitchell and Dunn will face Democrat Thomas Tzitzura ($1.1K COH, Clean), a veteran, former teacher, and adorable old guy. He’s set to lose by 30.
But we’re interested in the Senate.
Currently, the Senate seat is held by farmer Sine Kerr ($40.6K COH), an unimposing backbencher appointed to the seat in February after Steve Motnenegro resigned his seat when he tried – and failed -to win the GOP nomination for CD8. She’s being challenged in the primary by businessman Brent Backus ($4K COH), and in the general by retired Air Force veteran Michelle Harris (4.8K COH, Clean). If Kerr wins the primary, her general election should be relatively easy – the last Democrat to run for Senate here didn’t crack 35%.
But there’s another Republican running.
On February 1st, 2018, the Arizona State House voted to expel sexual assault perpetrator Don Shooter ($18K COH), a longtime Senator and at that time Representative from LD13. A report over 80 pages long detailing his deeds was filed with the House, and they had no choice but to kick him to the curb. His career seemed dead.
Ever the enigma, Shooter didn’t stop collecting signatures for the Senate run he was planning on this year (pending Montenegro’s resignation), and on the last day to file for the State Senate he submitted signatures to run again in LD13. This upended Kerr’s easy walk to re-election – while Shooter’s statewide brand was kneecapped, the voters in LD13 by and large seemed unphased by his wrongdoings at the state legislature. And with a stronger name-rec in the area and a fundraising system that doesn’t seem to be phased by his misdeeds, Shooter seems set to snatch primary victory from the jaws of defeat. With the anti-sexual abuser vote set to be split by Backus, Arizona’s Roy Moore (I don’t use that lightly, he preyed on college and high school interns as well) could make it to the general.
For all of Harris’s pros, she falters where Lyon succeeds as a candidate – both in funds, branding, and campaign intensity. If Kerr or even Backus win the Senate nomination, Harris is toast. But if Shooter makes it through somehow, the retired Master Sergeant stands a chance at turning this district blue. It will hinge on the morals of LD13 independents, and AZGOP rescinding support for Shooter if he sneaks through the primaries.
Will the stars align for Harris? Will Shooter’s attempt to reclaim his former glory turn this district blue?
Probably not.
But “probably” isn’t good enough in 2018.
hunter15991 Rating: Dem primaries uncontested. Leans Shooter, Likely Mitchell/Kerr. Safe GOP House general. Leans GOP Senate.
District 14
Like past districts, LD14 is more of a question as to who wins the GOP primary than who wins the general. The Dems are fielding businessman Bob Karp ($1K COH, Clean) and businesswoman Shelley Renee-Leon ($1.5K COH, Clean) for the House, while there’s a competitive primary between 2016 nominee Jaime Alvarez ($1.2K COH, Clean), and teacher Mendy Gomez ($1.4K COH, Clean). Alvarez should make it through the primary due to his name rec from 2016, but with teachers gaining prominence in post-strike Arizona, Gomez could take it from him.
A safe GOP district, the main question is how races on the right pan out. The House is rather tame, incumbent Rep. Becky Nutt ($19.3K COH) and outgoing Senator Gail Griffin ($31.4K COH) are uncontested for the nomination there. For Senate, there is a three-way battle between former House speaker David Gowan ($54K COH), incumbent State Rep. Drew John ($38K), and Army vet/businesswoman Lori Kilpatrick ($15.7K COH, Clean). Gowan, a candidate for CD1 back in 2016, has come to reclaim his old LD14 fiefdom, but Drew John seems hesitant to give it up without a fight. If Rep. John can hold steady, he’ll deprive the GOP of a massively-experienced ex-legislator and replace him with a freshman, milquetoast backbencher in John. Any nominee seems set to win the general, but if Gowan strikes out again here the State GOP will be in a slightly weaker position than before.
I realize counting Dems out is bad to do – the district’s a hair bluer than 13 – but if Harris at least fits her rural vibe somewhat, Gomez/Alvarez and the House slate unequivocally don’t. The Dems best hope here is just Gowan losing in the primaries.
hunter15991 Rating: Tossup Dem. Senate. Dem House uncontested. Tossup GOP Senate (John/Gowan), GOP House uncontested. All Safe GOP general.
District 15
If the doom and gloom in LD14 has got you down, you may want to try on LD15 for size. Located smack dab in the middle of AZ-06, LD15 is a microcosm of the fight Heather Ross will be fighting in the congressional district as a whole. Although the district as a whole has been red legislatively for eons, in 2016 both Sherriff Paul Penzone and Maricopa County Community Colleges Boardmember Linda Thor posted good results in LD15 – showing a capacity not only for sane Democratic votes, but also f or pro-education votes.
The GOP field in LD15 is set – former teacher and “moderate” Republican Representative Heather Carter ($45K COH) is dropping massive checks on her quest to secure the Senate seat in this district, while House Majority Leader John Allen ($46.6K COH) and incumbent Senator Nancy Barto ($24K) are running for the two House seats.
The Dem. field is well suited to meet them. In the Senate, teacher Kristin Dybvig-Pawelko ($3.16K COH, Clean – and hereafter KDP) is squaring off against Carter, while 3 Dem. candidates are vying for the two Dem. House nominations in the district. Teacher Jennifer Samuels is running as a ticket with KDP, both heavily emphasizing their education chops. Prosecutor Julie Gunnigle is gunning (pun intended) for the second spot, crafting her campaign around a strong anti-corruption message. Her legal chops are visible in her many livestreams she does, and if she fails at a run here (or for CD6) she’s got a promising practice to return to. 2016 nominee and lawyer Tonya MacBeth is the third candidate in the race – although she has not been able to adapt to the competitive primary Gunnigle and Samuels have thrust on her. With Gunnigle taking a lot of big-name endorsements (like Steve Farley) and Samuels pairing up with KDP, MacBeth is on track to get boxed out of the nomination.
In the general, Samuels and Gunnigle dodge a massive bullet, as moderate Republican Heather Carter is running for the Senate this cycle instead of one of the two House slots. While this does sink KDP (her main strength is education, but Carter counteracts that quite nicely), Samuels and Gunnigle have an opening against Allen and Barto. Both incumbent GOP legislators have been vocally against the recent teacher strike, with Allen leveraging his power as House Majority Leader to whip GOP members (like Carter, coincidentally) into line to vote against Dem. bills designed to find some sort of a fix to the teacher crisis. If the Dem. nominees can adequately tie Barto to Allen and Allen to the funding catastrophe in Arizona, then the same metrics that could push Ross over the finish line can push them over as well. The county party realizes this, having opened up an LD office here far earlier than was expected by anyone.
It likely will remain in GOP hands, but the dark money needed to protect what should be a safe seat for Republicans will absolutely send some Dems across the 50%+1 mark elsewhere in the state.
hunter15991 Rating: Dem. Senate uncontested. Likely Gunnigle/Samuels. GOP primary uncontested. Likely Carter, Leans Allen/Barto.
District 16
Located in deep-red East Mesa and Apache Junction, LD16 is a splash of cold water after such a rosy preview of LD15. Currently held by Senator David Farnsworth ($4K), retiring Representative Doug Coleman, and Tea PartieFurry fan Kelly Townsend ($32.4K). In the running for the second House seat being abandoned by Coleman are Apache PD Officer Stephen Kridler ($2K COH), businessman John Fillmore ($19K COH), activist Liza Godzich ($20K COH), and moderate-ish Tara Phelps ($26K COH, Clean). Phelps has been receiving tacit Democratic support in the area, as the Democratic primary (we’ll get to it in a moment) is relatively uncompetitive. Godzich is receiving Townsend’s stamp of approval, which for the most part sets up a Phelps v. Godzich race for the second slot after Townsend. However, a nominally-even race is slanted by the presence of Fillmore and Kridler, who by nature of their platforms are set to pull more from the right than the center. There’s a decent chance a pro-PublicEd Republican makes it through to the general this November.
On the Senate side, Farnsworth is being challenged in the primary by “Big” Michael Hernandez ($2K COH), an anti-establishment character running a hair left of Farnsworth. Anecdotally, he’s getting along quite well with the Democrat in the race, Ben Carmitchel (bencarmitchelforaz - $710 COH, Clean and needs $5’s). Although Hernandez doesn’t seem like he’ll make it to the general, he’s undoubtedly a cheery face this election. In the general, Carmitchel is joined by former teacher Sharon Stinard ($3.4K COH), as well as by Green Party write-in and former Democratic nominee for WY-AL Richard Grayson) ($0 COH). Stinard, Carmitchel, and Grayson all face a touch climb in the general – the best this district can feasibly hope for is for Phelps to make it through the Republican primary.
hunter15991 Rating: Dem primaries uncontested. Likely Farnsworth, Likely Townsend, Tossup (Phelps/Godzich). Solid GOP General.
District 17
Before I begin this segment, it’s wise for me to inform readers (however many there are) that I was previously employed by the Democratic slate in LD17, before being forced out for what in my mind are senseless reasons. I have tried not to let the firing itself impact my judgement re. this district, but the fact that Dem. staffers in this district (the people I was replaced with) are by-and-large woefully inexperienced cannot be overlooked.
District 17 is a super-crucial district for the Dems this cycle, being targeted both by the state and national DLCC. It’s the home district of House Speaker JD Mesnard ($143K COH), who is currently running for the open Senate seat in the district. The second Representative, running for re-election, is Jeff Weninger ($79.1K COH), a backbencher who focuses most of his time on passing bills related to bitcoin/blockchain technology. The party-backed candidate for Mesnard’s old seat is Chandler Vice Mayor Nora Ellen ($91.7K COH) – coincidentally Mesnard’s mom. They face RN Julie Willoughby in the primaries, who is receiving a surprising amount of backing from anti-Mesnard forces in the GOP and seems set to make the primary a bit of a slugfest. Still, Ellen most likely will advance to November.
The Democratic nominees for the district are hospital administrator Steve Weichert ($13K COH) and education consultant/former teacher Jennifer Pawlik. Both are running on a strong, education-first platform, and when I left were attacking Mesnard for his connection to Ellen and for his poor education votes.
While the district is inching closer to blue (it’s a lot swingier than one would expect) and party support is increasing, I need to take a moment and comment about the staffing situation. After my friend and I were forced out (pay and responsibilities gradually reduced to a token position), staffing duties were handed over to volunteers and political newbies, who requested training from us in practically every aspect of running a campaign. I don’t claim to be a campaign guru myself, but the current campaign manager had difficulty figuring out basic algebra, and an Excel sheets with a pre-generated set of instructions (click this tab for X, this tab for Y). Combine this with an incredible disdain by both candidates to call for money outside of their immediate circle, and there is cause for concern. Thankfully the party can allocate additional resources to the area, but I don’t know how much they’d be willing to shell out.
The ingredients are all there. The cooks aren’t.
hunter15991 Rating: Dem primaries uncontested. GOP Senate uncontested, Likely Weninger, Leans Ellen. Tossup Senate, Tossup House 1, Solid House GOP 2 (Dem. uncontested).
District 18
Immediately adjacent to LD17 is LD18 – which is just as swingy of a seat. It is currently – surprisingly – majority-Democrat, held by Senator Sean Bowie ($123K COH), a moderate Democrat who won this seat in 2016 by running against a Trumpist Republican who turned off a lot of the swing voters in the district. He faces the same Trumpist Republican, Frank Schmuck (yes, that’s his real name – and $125.7K COH) this fall.
One of his House counterparts, Mitzi Epstein ($37.3K COH), winning alongside Bowie in 2016. The second Representative, however, is GOP loyalist Jill Norgaard ($65.5K COH), a rank-and-file Republican who has had to quickly adopt a moderate stance now that her district is a target for the Dems to fully flip this November. In the general she will face either education activist Jennifer Jermaine ($15.1K COH) or DSA activist/pastry chef LaDawn Stuben ($12.7K COH, Clean). While Stuben was able to raise her $5’s rather quickly, most DSA activist attention has turned elsewhere to Westbrook/Phoenix City Council, and her campaign is slowing down just as Jermaine is catching fire. It’ll most likely be Epstein/Jermaine in the fall.
But Norgaard has a competitive primary to fight through as well. Other candidates include former Arizona Board of Regents member Greg Patterson ($800 COH), former Tempe Union Schoolboard candidate and vocal anti-abortion activist Don Hawker ($600 COH), and AZGOP minority outreach chair Farhana Shifa ($17.7K COH). Shifa seems like the most likely 2nd GOP nominee given her party background, but Patterson matches her tit for tat on the resume (yet has a surprising gap in terms of fundraising).
In the general, this seat will be one the GOP tries to take back from the Democrats, in an attempt to return to their supermajority from pre-2016. However, the changing political attitudes in the area are pretty indicative that, if anything, the district is heading further blue this fall. It’s not without the realm of doubt to see a full Dem. slate here – Bowie, Epstein, Jermaine – where four years prior it was fully red.
hunter15991 Rating: Dem Senate uncontested. GOP Senate uncontested, Likely Epstein/Jermaine. Likely Norgaard, Leans Shifa. Leans Dem Senate, Leans Dem House 1 (Epstein/Shifa), Tossup House 2 (Norgaard/Jermaine).
District 19
Thankfully for me, LD19 is quite a snoozefest. Democratic Senator Lupe Contreras ($73 COH) is running uncontested in both the primary and the general. Democratic Representative Diego Espinoza ($1.5K COH) is running for re-election, with a noticeable battle for the second House seat ongoing. The decision by Rep. Mark Cardenas to pursue higher office (he failed) led to this seat opening up in LD19. Avondale City councilman Lorenzo Sierra ($16.2K COH) is the frontrunner in the race, having secured both Contreras’, Espinoza’s, and Cardenas’s endorsements. But he’s facing opposition from Tolleson Union High School District Governing Board Vice President Devin DelPalacio ($2.9K COH). He is running on a strong pro-education platform, but as a former student of Tolleson Union I don’t consider him to be the best pro-PublicEd example in Arizona.
No Republicans have filed for this district, making the primary the general election.
hunter15991 Rating: Dem Senate uncontested. Likely Espinoza, Leans Sierra. Uncontested general.
District 20
And if LD19 was a snoozefest, LD20 is a wild ride. A Leans-GOP district in a normal year, it’s receiving a lot of attention from both parties. Three of the four possible races (GOP/Dem House, GOP/Dem Senate) are contested primaries. Incumbent Senator Kimberly Yee is running for Treasurer, leaving the State Senate seat up for grabs. I’ll try to be brief.
On the Democratic side, activist Matthew Marquez ($13.3K COH, Clean) and tax auditor Douglas Ervin ($15.7K COH, Clean) face off for the nomination. Marquez – anecdotally – is running behind Ervin in terms of in-district enthusiasm and endorsements, but the race is still close, and he does a small but dedicated progressive bloc of volunteers. Ervin still seems like he’ll get the nomination, but there’s a good chance at Marquez getting it instead.
On the GOP side, State Rep. Paul Boyer ($30.8K) and ASU Professor Charles Loftus ($300 COH) face off for the nomination. Boyer’s past history in the district and financial advantage make this pretty much a one-sided race.
The House is a bit less packed, but still a wild ride – at least on the Dem. side. The GOP only has two candidates running – conservative activist (And wife of AZ superior Court judge Clint Bolick) Shawnna Bolick ($93K COH – she has sizable connections), and incumbent Rep. Anthony Kern ($36K COH).
The Dem. primary is a bit more packed. Lawyer Chris Loftus Gilfillan ($13K COH, Clean – and yes, middle name “Loftus”. No clue about relation), small business owner Patrick Church ($300 COH), non-profit manager Hazel Chandler ($2K COH, Clean) and special needs advocate Dan Anderson ($200 COH) are all running for two spots for the general. Currently I’d guess that Gilfillan and Chandler will make it through due to their strong groundgame and online media presence, but Church could sneak through in a fluke. Anderson, unfortunately, won’t be making it to the general.
In the general, any Dem. candidate that makes it through will be relying heavily on outside party funds to get them to parity with the massive warchests of Kern/BoyeBolick. With the district an under-the-radar target by Dems (it was won by the Maricopa County Recorder, Adrian Fontes, during his 2016 campaign), such cash will be deathly important for flipping both chambers of the legislature. I personally don’t see much hope in the district, but anecdotally real decisionmakers in the party apparatus see it as more than likely to flip.
Here's hoping it does so in November.
EDIT: Christ, forgot there was an independent running. Doug Quelland is a former Republican Senator in that district running to the right of Boyer. Hopefully he helps Ervin flip it.
hunter15991 Rating: Leans Ervin, Likely Boyer, Likely Gilfilan, Leans Chandler. Tossup Senate general, Leans GOP House (x2) general.
submitted by hunter15991 to BlueMidterm2018 [link] [comments]

The Master Plan for BitcoinDiscussion: An Outline of the Goals and Intentions and Response to Moderation Questions

Introduction

There's been a surge in users and interest over the past few weeks. Welcome! It's a pleasure to have you join us here! Along with this new influx of users, there have been a lot of questions about this sub and its moderation.
A lot of questions should already be answered in the manifesto, and the posting rules and guidelines, so make sure you've read them both. I'm going to answer questions from these two threads here and here. If you asked a question there, and feel that I still haven't answered it in here, please post below.
There will be three main sections in this thread.
 

The Destination

This is already described in the manifesto, but I'm also going to clarify several things. Make sure you read it first.
This is a place for high quality, serious content. To my knowledge, there does not yet exist a publicly accessible space in the Bitcoin ecosystem that caters to the exchange of ideas in a thoughtful, respectful, and meaningful way. This does not mean a place to say whatever you want. It also does not mean a place where you can surround yourself with people who agree with you and ridicule anyone else.
I would also love to have a place where the top experts and creators feel comfortable reaching out and communicating in public without fear of abuse or harassment. Sadly, most of the top names avoid open online fora at this point because of the toxicity. It would be great to have more of them back and willing to interact on here.
Take a look through science, geopolitics, and spacex. Those are good examples of subs to for us to emulate.
You do not see insults thrown around, there are no memes, and users put real effort into their comments. You will also notice, if you look carefully, that they are aggressively moderated. Which brings us to our next section:
 

The Administration

There are 4 parts to this section: governance, moderators, transparency, and rule enforcement.

Governance:

The sub is not a public agora, where everyone is entitled to come and have their say.
It is a salon or a coffeehouse.
I am your host, and you are my valued guests. As such, I have the final say on issues.
There are two reasons for this:
  • That's how reddit is built. There is no other model, and every other sub you go to is under the same model. If you think there is a democracy anywhere on reddit, you have been fooled. If there is a community that takes actions based on community votes or willpower, that is just because the head mod has allowed this to happen.
  • I don't believe it wouldn't otherwise work. If there were some kind of mechanism to allow the enforcement of the community's will, then we would be royally screwed. Any group larger than ours could simply subscribe en masse, and then vote this place into a sub to discuss stamp collecting. And on top of that, reddit is highly sybillable and vulnerable to vote manipulation. As such, I think it is a highly desirable that reddit has the model it does. (And yes, I know I am biased and might be wrong. If that is the case, then I will learn a harsh lesson as my time investment here goes to waste.)
Everything you see about the goals for this place are declarations of things that I will strive for. It is a statement from myself to you as the community. In the manifesto, there is a reference to accountability to the community. This does not mean doing whatever the community wants. This means making an extra effort to be accessible, transparent, and fair to the community.
I do not expect anyone to trust me. Rather, I expect to earn your trust over time if I succeed in cultivating a useful space for you. For those who have joined early on, I thank you for your energy, and for placing at least some confidence in me not throwing your efforts away.

Moderators:

I have been asked about how other moderators have been and will be chosen. I will start with the first.
The other moderators at the moment are personal friends of mine. This is rather embarrassing, but the reason they are there is because it was quite lonely with just me here at the beginning, and I felt super uncool inviting people to a subreddit with just me. I asked them if they would be moderators so that the place looked a little less pathetic. They agreed. And if you check the moderator's logs, you will see that they have done precisely zero moderation (which is totally fine).
I'll be removing all of them (except one in case something happens to me and the place needs to get passed on), and from now on I will only add new moderators as they are needed.
For now, new moderators will be chosen at my discretion. Depending on the situation, I may consult the membership for advice, but the final say will be mine. Again, this is how all subreddits function.

Transparency:

I am committed to running this subreddit in a transparent manner.
  • publicmodlogs is here to stay.
  • if a non-spam comment is removed for breaking rules, the moderator doing so will leave it publicly visible that a comment has been deleted, and reply with an explanation.

Rule Enforcement:

The posting rules and guidelines leave room for interpretation.
Myself and any other future moderators will be responsible for interpreting the rules and acting accordingly.
If there is a a grey area, the determining factor will be answering the question: "Does this comment contribute to the community's goals?"
Content will not be removed because we disagree or just don't like your opinion. Content will not be removed because we are trying to hide something (remember, publicmodlogs).
Memes and jokes? Price speculation? They will be removed.
Content will be removed for being low-effort[*]. Content will be removed for being unkind. Content will be removed for being off-topic. Content will be removed for being aggressive toward an individual or entity.
Content will be removed for dragging in the meta-war going on between the two big subreddits and their respective tribes. This will not become another battleground, and I will be extra strict about enforcing that. Now, you can talk about that whole dispute. You can make calm observations about the goings-on, but if it even seems like an attempt to wage that war here, that content will be removed.
Trying to get the moderators to pick a side of the war is not allowed in this subreddit. I will neither condemn nor defend the actions of moderators on other forums. This is my first time moderating any kind of online community, and I intend to run it very differently than how the other Bitcoin communities are run. Any opinions that myself or the moderators express outside this subreddit are 100% personal, and are irrelevant to the moderation of this sub. Trying to drag that into our little garden here will get you banned really quickly. Speaking of which:
Bans will happen. Basically, users will get a single warning for breaking the rules. After that, they will get continually lengthier bans for each infringement. First ban is 1 day. Second ban is 3 days. Then 9 days. Then 27. You get the idea: 3x where x = number of previous bans. This is experimental and might change if it sucks.
 
[*] Just to be clear, low effort does not necessarily mean short. Sometimes short comments are acceptable, such as when asking for clarification, providing a source, etc.
 

The Plan

There are three phases to the plan:

(1) Bootstrapping

This has been the initial six months of the this sub's existence (since I acquired it earlier this year). It involved me personally reaching out to users one by one and trying to get people to join. It involved me posting 95% of the content, and responding to every single comment that anyone posted here.
During this phase, moderation was much more relaxed than it will be once we have reached The Destination. This was because having more traffic was a higher priority, so I was willing to tolerate a wider range of comments and posts than usual. I also made a point to reach out to users and explain in detail why they had content removed, and to thank them for their interest. Myself and any future moderators may not have the time to do this in future phases, though I'll try to do it as long as is reasonable.
We've more or less reached the end of this phase because now most of the content is produced by you, the members, and I believe that the survival and growth of the sub is no longer dependent on my comments and promotion.
This brings us to:

(2) Transition

We are just beginning this phase now. At this point, priorities shift from growth to content quality. In phase 1, growth was top priority. Now, they are on equal footing.
Moderation will tighten up, but still not to how strict it will be once we are in phase 3. I'll still err on the side of welcoming content over hardcore quality, but you might notice a growing expectation that you must put more effort and thought into expressing yourself clearly and kindly.
Comments and threads like these will no longer be tolerated: link, link
Near the end, we will also start phasing out threads like this: link

(3) Maintenance

At this phase, growth is no longer a priority, and the job of the moderators (hopefully plural at this point) will be to ensure high quality.
We won't be actively promoting the sub (although you still can!) and will likely have our hands full with quality control as the bar is at its highest.
Moderation will be strictest. Lazy comments will be removed for being low-effort. If there was a calm way to say something, but you were snarky, your comment will be gone. You get the idea.
Comments like these will no longer be tolerated: link, link
At this point, submission statements will also be required. If you post a link to an idea or piece of news, you will be expected to start the conversation by writing a single-paragraph introduction in the comments.
 

Conclusion

And that's where things will be going.
A lot of that might have sounded heavy-handed. That is intentional.
I would rather push away potential users now than have members be disappointed and angry later on when their expectations aren't met.
I will be stickying this thread and will continue to answer questions in the comments below.
[nice mode: activate]
Thank you so much to everyone who has come here so far. I know I sound like a hard-ass right now, but almost everyone new has been fucking fantastic, and it's been great to see real constructive dialogue going on. And please tell me what you think about this place and my moderation especially if you are happy with it! Even though I will call the shots around here, I want to know what people think, and people who are displeased tend to be much more vocal than those who are happy or content.
Again, thanks for all your help. I'm super excited about how things have gone, and where they'll go next!
submitted by makriath to BitcoinDiscussion [link] [comments]

Wrapping up the block size debate with voting | jl2012 at xbt.hk | Aug 04 2015

jl2012 at xbt.hk on Aug 04 2015:
As now we have some concrete proposals
(https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-July/009808.html),
I think we should wrap up the endless debate with voting by different
stakeholder groups.
Candidate proposals
Candidate proposals must be complete BIPs with reference implementation
which are ready to merge immediately. They must first go through the
usual peer review process and get approved by the developers in a
technical standpoint, without political or philosophical considerations.
Any fine tune of a candidate proposal may not become an independent
candidate, unless it introduces some “real” difference. “No change” is
also one of the voting options.
Voter groups
There will be several voter groups and their votes will be counted
independently. (The time frames mentioned below are just for example.)
Miners: miners of blocks with timestamp between 1 to 30 Sept 2015 are
eligible to vote. One block one vote. Miners will cast their votes by
signing with the bitcoin address in coinbase. If there are multiple
coinbase outputs, the vote is discounted by output value / total
coinbase output value.
Many well-known pools are reusing addresses and they may not need to
digitally sign their votes. In case there is any dispute, the digitally
signed vote will be counted.
Bitcoin holders: People with bitcoin in the UTXO at block 372500 (around
early September) are eligible to vote. The total “balance” of each
scriptPubKey is calculated and this is the weight of the vote. People
will cast their votes by digital signature.
Special output types:
Multi-sig: vote must be signed according to the setting of the
multi-sig.
P2SH: the serialized script must be provided
Publicly known private key: not eligible to vote
Non-standard script according to latest Bitcoin Core rules: not eligible
to vote in general. May be judged case-by-case
Developers: People with certain amount of contribution in the past year
in Bitcoin Core or other open sources wallet / alternative
implementations. One person one vote.
Exchanges: Centralized exchanges listed on Coindesk Bitcoin Index,
Winkdex, or NYSE Bitcoin index, with 30 days volume >100,000BTC are
invited. This includes Bitfinex, BTC China, BitStamp, BTC-E, itBit,
OKCoin, Huobi, Coinbase. Exchanges operated for at least 1 year with
100,000BTC 30-day volume may also apply to be a voter in this category.
One exchange one vote.
Merchants and service providers: This category includes all bitcoin
accepting business that is not centralized fiat-currency exchange, e.g.
virtual or physical stores, gambling sites, online wallet service,
payment processors like Bitpay, decentralized exchange like
Localbitcoin, ETF operators like Secondmarket Bitcoin Investment Trust.
They must directly process bitcoin without relying on third party. They
should process at least 100BTC in the last 30-days. One merchant one
vote.
Full nodes operators: People operating full nodes for at least 168 hours
(1 week) in July 2015 are eligible to vote, determined by the log of
Bitnodes. Time is set in the past to avoid manipulation. One IP address
one vote. Vote must be sent from the node’s IP address.
Voting system
Single transferable vote is applied.
(https://en.wikipedia.org/wiki/Single_transferable_vote). Voters are
required to rank their preference with “1”, “2”, “3”, etc, or use “N” to
indicate rejection of a candidate.
Vote counting starts with every voter’s first choice. The candidate with
fewest votes is eliminated and those votes are transferred according to
their second choice. This process repeats until only one candidate is
left, which is the most popular candidate. The result is presented as
the approval rate: final votes for the most popular candidate / all
valid votes
After the most popular candidate is determined, the whole counting
process is repeated by eliminating this candidate, which will find the
approval rate for the second most popular candidate. The process repeats
until all proposals are ranked with the approval rate calculated.
Interpretation of results:
It is possible that a candidate with lower ranking to have higher
approval rate. However, ranking is more important than the approval
rate, unless the difference in approval rate is really huge. 90% support
would be excellent; 70% is good; 50% is marginal; <50% is failed.
Technical issues:
Voting by the miners, developers, exchanges, and merchants are probably
the easiest. We need a trusted person to verify the voters’ identity by
email, website, or digital signature. The trusted person will collect
votes and publish the named votes so anyone could verify the results.
For full nodes, we need a trusted person to setup a website as an
interface to vote. The votes with IP address will be published.
For bitcoin holders, the workload could be very high and we may need
some automatic system to collect and count the votes. If people are
worrying about reduced security due to exposed raw public key, they
should move their bitcoin to a new address before voting.
Double voting: people are generally not allowed to change their mind
after voting, especially for anonymous voters like bitcoin holders and
solo miners. A double voting attempt from these classes will invalidate
all related votes.
Multiple identity: People may have multiple roles in the Bitcoin
ecology. I believe they should be allowed to vote in all applicable
categories since they are contributing more than other people.
original: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-August/009887.html
submitted by bitcoin-devlist-bot to bitcoin_devlist [link] [comments]

BITCOIN BAKKT BREAKOUT! Pump or Epic Dump? Countdown Begins! 10 Best Date Stamps 2019 Pull Live Stock Data in Excel  Excel Tutorial - YouTube Market Correction Time (Ripple, Tron, Bitcoin Gold) cryptostamp

The 3rd generation public ledger. Bitcoin pioneered decentralized infrastructure and Ethereum brought programmability. But earlier proof-of-work blockchains consume massive amounts of energy and process transactions slowly in order to achieve acceptable levels of security. In bitcoin the service string is encoded in the block header data structure, and includes a version field, the hash of the previous block, the root hash of the merkle tree of all transactions in the block, the current time, and the difficulty. Bitcoin stores the nonce in the extraNonce field which is part of the coinbase transaction, which is ... I need to parse an ISO8601 date/time format with an included timezone (from an external source) in Excel/VBA, to a normal Excel Date. As far as I can tell, Excel XP (which is what we're using) doesn't have a routine for that built-in, so I guess I'm looking at a custom VBA function for the parsing. ISO8601 datetimes look like one of these: As well as the fix for column BM better to . process all the rows that may have changed rather than exit withput any record; turn-off ScreenUpdating for speed; code. Private Sub Worksheet_Change(ByVal Target As Range) Dim rng1 As Range Dim rng2 As Range Set rng1 = Intersect(Target, Range("A2:BL9999")) If rng1 Is Nothing Then Exit Sub With Application .ScreenUpdating = False .EnableEvents ... I'd like to be able to add a timestamp at the click of a button to an excel cell. Unfortunately doing =Now() will always update to the current time, and thus is not static. I could do F5 in notepad, and then transfer it to excel, but i'd rather cut out the middle man. Thanks.

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BITCOIN BAKKT BREAKOUT! Pump or Epic Dump? Countdown Begins!

Extract Date from Date and Time Stamp in Excel - Duration: 2:21. Computergaga 29,691 views. ... How to connect an Excel Spreadsheet to CoinMarketCap (bitcoin) - Duration: 18:32. Add and Calculate All Currencies in Real time in Excel Sheet also update currency.. Click here for more detail... http://www.bsocialshine.com/2016/04/how-to-... Bitcoin is fitting into a 5 month symmetrical pattern, with expiry happening on the launch of the Bakkt Bitcoin Futures Platform. Will the BTC price breakout, and pump or will we see an epic dump? Date stamps included in this wiki include the maxmark max dater ii, pyramid 3500, trodat professional 4.0, excelmark r100, trodat printy do it yourself, sparco 4 band, maxmark xl, trodat printy ... Bitcoins biggest threat is here! Custodian and Paper Bitcoin....These two concepts can artificially inflate the Bitcoin supply over the 21 million hard-cap!!...

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