If history is any guide, we’re not going to see ETH 2.0 until 2022 at the earliest, even if the earliest phases of “Serenity” begin getting pushed in mid-2020. ETH 2.0’s rollout breaks down into seven (7!!!) phases and brings with it the promise of staking, sharding, a new virtual machine, and more dancing badgers. (One of our analysts,Wilson Withiam, put together an excellent overview of both the ETH 2.0 and ETH 1.x roadmaps for this report. They are critical to track and understand at a high-level given how much Ethereum’s performance will affect other competitive projects and most of the DeFi and Web 3 infrastructure. So these next two sections are longer and more technical.) Here’s what you need to know about the current game plan for crypto’s largest platform. Phase 0 marks the launch of the “beacon chain”, which will serve as the backbone for a new blockchain. The beacon chain will manage network validators (large early stakers like ConsenSys) and ultimately assign validators to individual shards (slicing the new blockchain into smaller chunks is a key, difficult, controversial scaling decision that’s been made). The new chain will support Ethereum’s new proof-of-stake consensus mechanism, and offer inflation rewards with new ETH2 for those that pony up and lock 32 ETH1 tokens into an irreversible contract. That one way bridge into the new system is also contentious, but it means ETH1 supply will start getting “effectively burned”once token holder begin claiming beacon chain validator slots. Initial reports claimed Jan. 3 as a realistic launch date (lol). It will be amazing to see this launched by end of June. Phase 1 will introduce 64 individual shard chains (reduced from 1,024!!!) to the network, with the option to increase the total down the road as the design gets tested. The Ethereum elite see sharding as the “key to future scalability” as shards can parallelize transaction processing, something that could improve network performance and reduce individual validator’s costs (good for decentralization). It comes with big risk: this is still theoretical. No network the size of Ethereum has successfully sharded its blockchain. In Phase 1, shard chains will only contain simple data sets (no smart contracts or transaction executions) to test the system’s structure. As with Phase 0, the beacon chain will continue to run in parallel with ETH 1.x throughout the phase. Don’t expect Phase 1 anytime before 2021. Phase 2 marks the full launch of the ETH2 chain, allowing for on-chain contract execution and introducing the new eWASM virtual machine (dubbed EVM 2.0). At this point, existing dApps can start migrating their contracts from ETH 1.x to a specific shard (one shard per contract) in the new network. Storage rent, charging contract owners for storing data on the network (more on this below), is in the cards as well, which would require mass contract rewrites. Even though Phase 2 intends to replace the original Ethereum blockchain entirely, ETH 1.x may still live on as a shard within ETH2. (How confused are you by now? See why bitcoin will still dominate the macro narrative for a while?) A late 2021 release for Phase 2 is optimistic. Before the end of 2022 would be a win. The final four phases are less defined, and without an attached timeline: Phase 3 implements state-minimized clients (because stateless clients are just too much). Phase 4 allows for cross-shard transactions. Phase 5 improves network security and the availability of data proofs. Phase 6 introduces meta-shards, as in “shards within shards within shards,” for near-infinite scaling. If you’re scratching your head and are sadistic enough to read more, the Sharding Wiki page does note, “this may be difficult.” Scaling and compilation efficiencies aside, the most notable change in Ethereum’s metamorphosis is the transition from proof-of-work to proof-of-stake. PoW is the more battle tested security model for blockchain networks, while PoS may prove to be more efficient but with new and less obvious attack vectors. For the more technical, we recommend reading Bison Trails’ Viktor Bunin on the subject of PoS security threats. Past research has also shown PoS requires an extra layer of “trust” vs. PoW, to help nodes sync to the network. Most models share specific characteristics to address this trust issue, such as allowing for a dynamic set of validators (rotate your security), promoting token holder participation in consensus, and assessing steep penalties (slashing) for any network participant that violates the protocol guidelines. ETH 2.0 will function similarly, but may be able to learn from other PoS networks (and their R&D) as well as those come live and see real world issues. As Vitalik points out, recent research in PoS resulted in “great theoretical progress,” But... Listen, we're talking about practice. Not a game. Not a game. Not a game. We're talking about practice. Not a game….Practice? We're talking about practice, man? We're talking about practice. We're talking about practice. We ain't talking about the game. We're talking about practice, man. Vitalik was eight when this happened, so the clip might help and prove metaphoric.
2 ETH 1.x Research/Governance/Roadmap at a glance.
Ok, one more. Bear with us. Let’s reiterate, ETH 2.0 is a brand new blockchain. It’s going to be a chaotic and high-risk transition. In the meantime, the existing network needs to run existing applications (particularly financial settlements for DeFi transactions). More critical upgrades are needed in the current system. To that end, ETH 1.x devs have three goals to boost performance and reduce blockchain bloat: (1) introduce client optimizations that increase transaction capacity; (2) cap disk space requirements and prune old, memory-sucking data (so running a node is less expensive and more decentralized); and (3) upgrade the EVM to eWASM, a newer open standard for code compilers that simplifies debugging, and is also used by all the newer smart contract platforms. ETH 1.x developers have decided to split the major tasks amongst four working groups:
State Rent: Developers today incur a single payment for deploying contracts and storing data on the network. Thanks to the immutable nature of blockchains, this data occupies the disk space of node operators permanently. As the network’s state grows, so do operating costs, which is where “state rent” comes in. It makes sense to charge for ongoing storage needs since the node operators are on the hook in perpetuity. This is a big change as it could break a bunch of contracts, but also limits state growth and creates economic incentives to run a node. What happens to data that users don’t want to pay for? Boot delinquent user data off the network but keep a stub (a hash) of information on hand in case the user wants to later reinstate it.
Pruning: Similar goal. Pruning removes old data that is longer useful, but does so in a way that allows clients to prove past transactions. There are a couple of ways developers think this is possible (e.g. maintain a proof of deleted chain segments, which is similar to a “light client” in bitcoin that makes it possible to run a wallet on your phone), but all current strategies would cap annual “state growth” to prevent spikes in storage costs, at the expense of some new complications (e.g., dApps might be unable to access some data, and nodes might be unable to tell if data was deleted or whether it never existed in the first place).
eWASM: Like ETH 2.0, devs plan to implement eWASM on the flagship Ethereum chain. The eWASM virtual machine, a subset of the well-established WebAssembly compiler, offers improved flexibility for the introduction of “high-performance” smart contracts.
Simulation and Emulation: This group develops tools to help support and evaluate the other groups because, well, someone has to test everything.
Core developers intend to introduce most of these implementations through a series of hard forks, the latest of which activated just over a week ago (Istanbul, Dec. 7). However, Istanbul’s second phase, tentatively scheduled for Q2 next year, has Ethereans at each other’s throats. The controversy boils down to the fork’s inclusion of ProgPoW, an ASIC-resistant hashing algorithm designed to replace Ethereum’s current algo. ProgPoW aims to even the playing field for GPU miners and ward off the entrance of potential ASIC competitors. The miners like that. But many miners and investors see ProgPoW as a threat to their investments. For miners, the change would shift the power dynamic away from mining farms and render expensive, specialized mining hardware useless. Ethereum (and ERC-20) investors intent on securing their assets might balk because ASIC miners typically prop up hash rates (overall chain security) and their costs “naturally create a price-floor for ASK prices of miners’ sell-orders.” This saga is far from over. The infighting will likely continue leading up to ProgPoW’s activation date mid-next year, and presents the strongest potential for a network split since “The DAO” fork that spawned Ethereum Classic. The looming transition to ETH 2.0 (and proof-of-stake) will likely deter investor pushback, because it’s a short-term battle in a war the miners are ultimately going to lose, anyway. Unless the roadmap changes back to supporting a hybrid PoW/PoS system, of course, but... Oh my god, I’m just kidding. This section is mercifully over.
Does ASIC resistance really lead to decentralization?
Hello Vertcoiners! First of all, let me apologize for my English, its far from perfect. However, I believe you will be able to understand me. What is this post about? Mostly asic resistance and my issues with it. I think that vertcoin dev team is one of the most active, hardworking and delivering in cryptocurrency space. The community is great as well with all the support they are giving. That’s why it bothers me to see it all being used for something I believe counterproductive to your goals. Let me start my argument with what ASIC is. It's a chip created to do a simple task and nothing more. In this case, it does mining or in other words, creating hashes with enough zeros at the beginning. It is much better at this task than CPU or GPU, more cost-effective. Outside of mining certain coin, it is useless. Your case for asic resistance is that you want everyone to be able to mine with enough efficiency for them to be worth it. Which should make the mining network more decentralized. Lovely idea and until I started to think about it in more detail, I was sold for it too. The first issue that comes to mind is secret asic. For a chipmaker, it is usually safer to sell chips then to use them for whatever reason they were developed. But with VTC, the situation is different. Public announcement of an asic would mean new mining algorithm for vertcoin and lots of wasted energy and time for the chipmaker. In VTC asic would end up being secret. Way more dangerous than bitcoin scenario. It's better to have one known than one unknown. I find the probability of this happening fairly low, but still its possible. Economic reasoning is fairly simple. Whoever manages to build them will very likely have no competition. Before the network realizes it, block creation might be almost entirely in hands of one entity. However, I find this scenario more preferable compared to current situation. Why? Right now VTC is efficiently mineable through multipurpose hardware. Now let's look at some example through known threads to POW. The obvious one is 51% attack. Secret asic owning entity could easily make it happen. What is important is the cost. They would have invested in development and manufacturing of hardware with no other use than mining vertcoin. Quite a costly attack for sure. How much would it cost now? When all you need is to lend a mining farm or some server from numerous providers around the globe. And you need it only for a few hours to do real harm. And this farm or server owner doesn't care about vertcoin price drop. His hardware can mine hundreds of other coins or render animations for Hollywood. They have no incentive to keep vertcoin intact. Sorry for not working with numbers, but I find it pretty obvious which approach to mining is more vulnerable to attacks. Please do comment and share your knowledge with me. I will gladly learn something new and can change my mind under good argument. :)
Ethereum. Before I explain why, I need you to understand something. Bitcoin and Ethereum are at two completely different stages within their potential. They also do not share the exact same mission; therefore, you do have to understand their differences to form an opinion about which one has the biggest use. Before we look at the coins in detail, let's start with the potential ROI (100% = 2x Original Investment). Bitcoin’s current market cap is $193,165,354,468 in order for you to make 100% this number would need to double to just under $400 Billion. Ethereum’s current market cap is $44,715,990,083 , roughly 1/5th of Bitcoins. In order for you to make 100%, the price would need to increase to just under $90 Billion. - This is obviously more probable. This will not serve as the only variable in making a decision, we now need to break down their uses and differences. Bitcoin What is Bitcoin? A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as honest nodes control the most CPU power on the network, they can generate the longest chain and outpace any attackers. The network itself requires minimal structure. Messages are broadcasted on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone. Peer-to-Peer (P2P): is a technical way of saying computers (peers) that are connected together via the internet. Timestamps: are a sequence of characters that identify exactly when a certain event occurred, giving the exact time and date. Hashing: is the process of compacting large quantities of data into smaller fixed sizes. Proof-of-work: is the verification that the individual peer created the said hash Nodes: are computers that are connected to the blockchain Bitcoin is a first generation cryptocurrency, that was created in 2009 with the intention to become the currency of the internet. Its Applications Safe Haven Being that billions of people are under the control of a broke economy or volatile dictatorship, Bitcoin is beginning to become a medium in which people within underdeveloped countries feel as a more secure place to store their value. Remittances The current operation costs roughly $600B annually, all at the expense of separated families. Bitcoin can now serve as a tool that operates the exact same way and only costs 1/10th of the price. A transaction on the Bitcoin network also processes faster therefore giving the people a strong reason to make the switch. Currency Bitcoin is recognized as an asset, but can also be identified as an efficient currency in which people can buy and exchange with. With this being an application of Bitcoin, as the market continues to decrease in volatility, the use for Bitcoin will increase within businesses and everyday people that transact on a daily basis. These are just a few, but for the sake of answer length, let’s move onto some of the scalability issues with Bitcoin that hinder my decision of choosing Bitcoin over Ethereum. Bothering Issues with Bitcoin Energy A study from Digiconomist found that each transaction on the Bitcoin blockchain uses 236 KWh worth of electricity, this amount is enough to power 8 U.S households for an entire day. Scalability Energy consumption will hinder the scalability issues of Bitcoin, however the other issue that arises with POW mining is that with the increase in cost associated with mining BTC it is less economical to mine Bitcoin. This would limit the distributed nodes (miners) globally and allow a larger percentage of control to the dominant mining pools / farms. This would lead to a more centralized blockchain, where they can change the rules of BTC as they please. The supply of Bitcoin is finite, capped at 21 million. Eventually (currently predicted for 2140) Bitcoin's supply will run out. Once this happens, miners will no longer receive rewards for completing blocks but instead will be given fees. The fees will be drastically high in relative terms, and people will stop using the blockchain. Also, if miners decide that this is uneconomical for them to process the transactions and use their computing power elsewhere the speed of transactions for Bitcoin will drastically slow down, rendering one of the fundamental values of a Bitcoin (speed) useless. Blue chip Companies This is more so for all cryptocurrencies, but Bitcoin in particular. It’s not a matter of if but a matter of when a blue-chip company such as Facebook, Amazon or Google decides to implement their own cryptocurrency. Another possibility is a potential ‘world coin’ which global governments will all agree on using, this may seem unrealistic but it is definitely not impossible and many benefits would arise from having such a currency. Quantum Computing Bitcoin is said to be Quantum resistant, on the whitepaper it mentions that: ‘To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases.’ This may seem quantum resistant but it is important to understand that the difficulty is changed every 10 minutes and this is more than enough time for QC to mine all of Bitcoin’s remaining coins. Bitcoin Bubble The last point of this section is to recognize that the Bitcoin bubble could pop loud enough to crash the market. Due to a whole lot of hype, and even more speculative and uneducated buyers, Bitcoin could face a peak in which a simple spark Ethereum What is Ethereum? Ethereum is an open source platform with the mission to build and inspire next-generation decentralized applications. In other words, the applications being built on the Ethereum network would have no middle men. Users are able to interact safely with social and financial systems to transact peer to peer, therefore opening a new realm of opportunity within decentralized development on specifically the exchange of value. Like the Bitcoin network exchanges Bitcoin, applications within the Ethereum network would exchange ETHER. Therefore, making the Ethereum network have its own digital currency or, cryptocurrency that these decentralized applications would run on. On the Ethereum network, developers are able to build these decentralized applications simply, within this seemingly complicated new technology. Think of it as Shopify or Volusion, these are centralized networks in which users/developers can build e-commerce stores more efficiently and cost effectively. Ethereum is similar in this aspect, the network was essentially created to assist and fuel the growth of decentralized blockchain applications within its network. Smart Contracts Now, what Ethereum is based on, is a thing called “Smart Contracts” Developers are extremely excited about this tool, a smart contract is similar to how it sounds, it’s a digital contract that self-executes… Think of it as a virtual vending machine. A smart contract is a digital contract between two people in which the technology or tool handles the management, performance, enforcement and payment of the agreement. The smart contract has its own digital bank account of ETHER and settles once the product is received or the service is completed therefore greatly improving the efficiency of data tracking, payment processing and user friendliness of each decentralized application. Let’s dive into an example Music The first age of the internet brought quite a bit of disruption to the music industry… Idk if you knew, but if you we’re a songwriter 25 years ago and produced a hit song that got a million singles you would acquire royalties of up to $50,000. Now if you were to produce a hit song that gets a million streams you don’t get $50,000, you get $45… Enough to cover the first round at the bar. In result, musicians are now finding other ways to produce revenue with their music. One being the utilization of a blockchain ecosystem like Ethereum. Music applications are now being built for musicians to reclaim their content, smart contracts are being implemented into the music itself, therefore the music protects the intellectual property rights of the artist. You want to listen to the song? It’s free… or maybe a few micro pennies to download. You want to put the song in your video or movie? Make it your ringtone? These each cost a different price and presented at the point of purchase would be its underlying IP rights for the use of that piece of music. Musicians are absolutely hyped about this because now, the song becomes a business. It’s out there on this platform marketing itself, protecting the rights of the author and because the song has a payment system; in the sense of a bank account, all of the money then flows back to the artist, and they control the industry rather than these powerful intermediaries. This concept could apply not only to just songwriters but any creator of content, from art, to inventions, to scientific discoveries or the work from independent journalists. There are endless industries in which people do not gain fair compensation in which the underlying technology of Ethereum could benefit in a big way. Other examples: · A smart contract can be created to pay a worker for every hour they work, they log their hours on the blockchain and then after verification the funds are instantly transferred to them · Buying goods internationally can be tracked and verified – reducing fraud. · Property buying can be facilitated through the contract · Every industry that has a contract in place will be able to use the blockchain of Ethereum It is also worth noting that Ethereum is also a lot quicker than Bitcoin, average block time being 15 seconds for Ethereum opposed to 10 minutes for Bitcoin. Personally, I am invested into both. If I HAD to choose, like I said it would be Ethereum simply because of where it is now in comparison to its potential as well as its very transparent, direct, opportunistic mission towards the hosting of decentralized blockchain applications.
Two problems with vSphere 6 on Intel NUC Skull Canyons
Hey all, hopefully this post belongs here. I'm running 2 Intel NUC Skull Canyons (https://www.intel.com/content/www/us/en/nuc/nuc-kit-nuc6i7kyk-features-configurations.html) at home. Using 32-GB RAM in each: https://www.amazon.com/gp/product/B015YPB8ME/ref=oh_aui_detailpage_o05_s00?ie=UTF8&psc=1 Using 1TB Storage in each: https://www.amazon.com/gp/product/B01639694M/ref=oh_aui_detailpage_o05_s01?ie=UTF8&psc=1 They are both using the free version of vSphere 6 from vmware's site. I run vSphere from USB thumb drives and use Storage Pools on the SSDs linked above. I've seen recommendations to install vSphere on an SD card but I never read if this was an advantage over USB thumb drive. Basically one vSphere runs a Windows Server where I just try random homelab crap like running DHCP and DNS and more recently Plex media server along with a Ubuntu server for some home automation stuff like Home Assistant. Nothing too taxing in my opinion, and there's plenty of room for running more VMs. The other one is running various Windows 10 boxes for work-related and hobby development stuff. In both cases, I'm not running render farms or mining bitcoins or anything that I can think is too taxing... They've been running about 9 months or so now. For the most part, they have been reliable. I've experienced uptimes of up to 45 days. Problem #1: At certain times, I've experienced issues that only a cold reboot (via hard power off/on) will address. All VMs become unresponsive to SSH/RDP, and while the vSphere web client will load the login screen, I will get a login timeout. I can usually ssh to the hypervisor but will be unable to reboot via command. I see some vmkernel griping in the logs about storage i/o (re)attempts (I'll try to copy and paste this later) but I have no idea of knowing if this is just typical log spam or part of the issue. This seems to happen more often if I am running more than 2 or so VMs. I can't say for sure if this is happening more frequently because of bad h/w, or if it's because I'm doing more stuff in the VMs. Issue #2: One of the USB thumbdrives running vSphere crapped out on me last week, so I re-installed the installer with Rufus and let the install install back onto itself, and I while the install worked fine, now the vSphere web client is extremely slow and prone to timeouts. To be clear, I know the web client is kind of crappy in general, but my second vSphere on the SAME h/w config and versions does not have this symptom. Does this sound like perhaps a USB controller issue? I tried multiple thumb drives to no avail. The VMs themselves run snappy. Any advice I would appreciate, even if it's a simple "your hardware is shit" - (I picked the NUCs because they are small and quiet.)
What kind of problems do ordinary people face when they try to purchase cryptocurrency?
The Ubcoin Market team prepared a new article on how difficult it might be to buy cryptocurrency for the first time. We made a short analysis of exchanges, ICOs, P2P platforms and mining as means of purchasing cryptocoins for the first time. The analysis concluded that all these methods have drawbacks. Ubcoin Market is designed to be a platform that facilitates the process of becoming a crypto investor by giving the ability to people to sell their possessions for cryptomoney. If you need to buy some greens for your dinner, you go to the grocery store. If you need some fish you go to the fish market. If you need a book you go to the nearest bookshop or shop online using Amazon. But what if you want to buy cryptocurrency? Where do you go? 2017 appeared to be the year of ICO. Unlike most predictions the cryptocurrency hype train is still on the rails. One can see that the fluctuations of Bitcoin are keeping the whole topic on the boil with increasingly more people becoming interested in cryptocurrency. Many people consider cryptocurrency as an investment tool or believe enticing stories of an easy and lucrative investment. The new aspiring crypto investors often are not only from the upper or business class or so called active ‘classical’ investors, but also includes non-classical grassroots investors. Many people from various backgrounds keep wondering how they can jump on the cryptocurrency bandwagon and become part of the new trend. Alas, there are more questions than answers. Exchanges The first and most probable choice an aspiring crypto investor might make is choosing an exchange. An exchange is where one can buy cryptocoins for fiat money. The mechanism seems pretty easy and similar to the typical trading on mainstream fiat exchanges. However, with cryptocurrency various difficulties arise. First of all, the boom of cryptocurrencies over the last few years induced the establishment of numerous exchanges all over the world and they keep rising in number. A number of such exchanges are fraudulent and may close without notice, taking all your money. The main problem here is that for now in many countries there are no external regulators for these crypto-exchanges. In the worst scenario you won’t be able to address your loss to any governmental body to obtain your money back. Therefore, choosing a safe and appropriate exchange to store your cryptocoins is not a straightforward task. Moreover, in many countries cryptocurrency in general and crypto-exchanges remain a grey area for legislation. Although, some countries have already articulated their attitude towards cryptocurrency negatively or positively. For example, China keeps shutting down everything related to cryptocurrency. The government has already banned ICO and ordered to close all domestic Bitcoin exchanges, what BTCC did. The authorities go further and shoot down the access to any overseas exchanges and platforms. One of the local banks of Hong Kong even suspended a company account of Hong Kong-based cryptocurrency exchange. If authorities shut down an exchange, very little can be done for customers of the exchange platform. Meaning the customers may irreversibly lose their cryptocurrency due to the closure of the exchange by authorities. Barely anything can help a private customer to escape the same destiny if his or her account is somehow related to cryptocurrency transactions. Japan in the past has had a much less hostile cryptocurrency environment compared to other Asian countries. Nevertheless, Japan appears to be reconsidering its policy towards exchanges after a massive breach in one of the biggest Japanese cryptocurrency exchanges. Initial Coin Offering(s) The second feasible way to obtain some cryptocurrency is to participate in an ICO. According to statistics nearly 350 fully completed ICO were carried out in 2017. The number of ICOs this year so far stands at 92. In addition to the previous stated amounts of ICO, there were also numerous ICO that either failed or never intended to fulfill their projected promises in order to steal investors’ money. The first question is how to navigate through the ocean of ICO and how to decide whether an altcoin is worth your investments. Even if you’ve researched and studied about cryptocurrency there are many dynamics and unknowns. For example, as a small private investor you cannot bear all the risks as a big investment firm can. On the other hand you will still need to use an exchange to procure altcoins since they are usually not traded for fiat money. After the first step, you then have to exchange your tokens for fiat money or the cryptocurrency that is actually accepted through the exchange of fiat money. Unfortunately, the convoluted process is only one of the issues of exchanges. For example, China banned ICO. Furthermore, Japan is not particularly friendly towards the new way of raising capital for startups. After a series of fraudulent ICO in Austria, the authorities in Vienna are now trying to involve Interpol to track down dishonest crypto-entrepreneurs. Austria is working on the restriction of transactions and any activities in the field of cryptocurrencies. The USA has a generally friendly regulation policy towards cryptocurrency. However, since the US Securities and Exchange Commission equated ICO to an IPO, the companies issuing tokens and also exchanges trading them are subject to the same laws. That implies that that all transactions must be registered as transactions with stocks or securities. The US neighbor, Canada, holds the same positions on policy. Canadian authorities are considering the potential applicability of Canadian securities laws to cryptocurrencies and related trading and marketplace operations. The overall result for ordinary people, willing to purchase and trade tokens, is that all these transactions have to be registered with corresponding governmental or regulatory bodies, but no such procedures have been adapted for the crypto market yet. Additionally, such transactions are going to be taxed in the future similar to security transactions. One should be extremely cautious when taking part in an ICO. One can very easily find himself involved with a scam ICO resulting in a loss of funds. One also must keep in mind that even if the entrepreneur you trusted with your money is, in fact, honest, your activity can become subject to taxation or other laws, which could render your venture illegal. However, there is a third way. Peer-to-Peer Platforms With the spread of cryptocurrency and as the number of people wanting to purchase cryptocurrency grows, the demand has led to the rise in platforms that conduct crypto-to-fiat exchange offline. Most well-known platform is Local Bitcoins. Usually, if you are interested in the topic and join various crypto-related chats and forums, they find you on their own. The most commonly exchanged coin on such peer-to-peer offline platforms is Bitcoin, however sometimes they offer transactions with other popular altcoins. If you decide to use such a service, you may find yourself entering some real life detective or thriller film. The scenario may unfold itself something similar to this: your online counterpart suggests an offline meeting place, hopefully, a public one. The location is where you will exchange your fiat money for some crypto-tokens. Now you have to use some muscle and drag a big sports bag stuffed with fiat cash, across the city to meet your contact. Once you meet, you verify each other’s identity and signal the successful transaction through numbers or QR codes on your mobile devices. In the end, if you are a fan of thriller films with briefcases stuffed with cash, this would be a decent way to roleplay such. However, in reality, the security and safety of your money and your own self are extremely questionable when employing this method of buying cryptocurrency. Moreover, if the transaction wasn’t fraudulent and everything went smoothly, then you still will face the question ‘what do I do next?’. And the paths are more or less the same. You either go to an exchange and have to cope with all the previously stated problems, or you wait some time to switch sides and become a ‘dealer’ yourself. Mining The last, and for many reasons, the least feasible way to obtain cryptocurrency is mining. Mining was the initial way of getting tokens. It was a bonanza for early miners, but nowadays the entry threshold is too high. The mining boom a few years ago hugely impacted the market of graphics cards pushing the prices to their highest points resulting in doubled or tripled prices for the most popular devices. Some of the biggest producers on the market even launched new series of specialized hardware tailored to mining certain cryptocurrency. The costs per one ‘mining farm’ and electricity now are covered, at best, within 6–9 months, compared to 3–4 months at the beginning of the more recent ‘mining fever’. Moreover, it is hard to compete with ‘mass-mining’ in countries like China. Over the last year Chinese bitcoin miners made up over 50 percent of the worldwide mining population, building farms with high capacities. So as for now, this hype-train is way out of reach for private aspiring crypto-investors. Up to this moment, everything related to cryptocurrencies was more about it’s first part — ‘crypto’. But how can one actually derive value and use it as means of exchange for benefits in everyday life? Our team understands all the risks and issues in addition to the interests of aspiring crypto-investors. Therefore, we decided to create an advanced platform that is transparent, easy to use, easy to understand and ultimately a simple way into the world of cryptocurrency. Our project is called the Ubcoin Market. A platform where people can purchase and sell real goods in a secure and simple manner using our specialized eretheum based altcoin.
PRELIMINARY Mining can be termed as the validation of transactions or cryptocurrency mining could also be termed as the procedure by which new coins or tokens are introduced (mined) into the current supply in circulation, also a procedure used to secure the system in which the coin operates on. Those who mine a coin are called miners. Miners often face numerous challenges when mining, it is safe to say that they are in need of an in all solution to their current challenges to help curb the problems for a probable solution. Cryptocurrency mining is very expensive with its high consumption of electricity. INTRODUCING BATMINE PLATFORM BATMINE is a blockchain based project whose aim is to eradicate complexities faced by cryptocurrency miners, they intend to provide mining amenities at an affordable rate. They offer miners the opportunity to buy state of the art miners which they can run in any of #batmine establishments, proceeds these miners derives are theirs to keep, they only have to pay a service fee for electricity consumed, operation, service & management. The team behind the scene of BATMINE are renowned entrepreneurs with expertise in the business, and they’ve invested a lot of time and funds to ensure they get their ideas & formulas right for BATMINE project to succeed. The team is well read and researched in matters of the blockchain technology as well as mining. The mission of#batmine is to make available a safe environment, low electricity cost, and a high hash rate that will generate more proceeds than what miners formally receive. Miners mostly use Antminer S9 which is nothing compared with 55Th/sec #batmine is offering that is nearly the double of what miners are able to mine. ￼ BATMINE mining platform will mine Bitcoin, Litecoin, Ethereum and some others initially but they will watch the crypto market for new altcoins doing great and start mining them. Different types of mining hardware will be used with an eye for their life expectancy, hash power rate, energy usage, electricity usage, easy accessibility of spare parts in case of damaged parts, and ability to switch from mining one cryptocurrency to another BATMINE MINING LOCATIONS Various factors will be considered before opening any mining center, below are key things to note before a location can be chosen. ♦ A cool climate is very essential because mining hardware do not need a hot environment, it needs proper air ventilation to avoid overheating. ♦ A secure location that allows quick response in case of any emergency. ♦ A good structured building that suits commercial mining operation. ♦ A region with cheap & affordable electricity bills. ♦ A region with adequate green energy at around 4 cents per kilowatt. BATMINE TOKEN (BATM) BATM is the acronym of BATMINE TOKEN (BATM) token, this is a utility token which was created on the ethereum blockchain (smart contract) which will be used as the standard mode of payment for services rendered on the platform. #batm will be the driving force in which batmine will ride on, as mentioned above there will be discounts on cryptocurrency mining pool which highly depends on the amount of tokens owned, the more BATM in a particular user’s wallet the more discount they are entitled to. Benefits of users are numerous, but I'll mention a few, holders will be entitled to earnings gotten from mining activities on#batmine network, earnings gotten from sales of #batmine miner hardware, earnings over custodial services agreement, and earnings over MaaS (hash power, electricity, and related costs) service agreements. These benefits will continue until March 2029 (A period of 10 years). Holders of BATM will be able to vote for changes they want to be enforced, be part of development planning, discuss community events and matters arising with the executive team members. The amount of BATM owned will determine the weight of the vote casted. To protect the value of WBT, the team plans to burn unsold and undistributed tokens after the sales, no other token will ever be created, minted or mined. TOKEN ECONOMICS TOKEN NAME: BATMINE TICKER: BATM NETWORK: ERC-20 COMPATIBLE SOT CAP: 1 MLLION EURO HARD CAP: 19 MILLION EURO ACCEPTED CRYPTOCURRENCY FOR PURCHASE: ETH TOKEN DISTRIBUTION TEAM: 5% BOUNTY, AIRDROP & ADVISORY: 10% RESERVE: 15% PRIVATE SALE: 30% PUBLIC SALE: 40% FUNDS DISTRIBUTION MARKEING: 10% OPERATIONS: 10% R & D: 20% FARM CONSTRUCTION, MINERS & FIRST YEAR RESERVE: 60% PARTNERS ￼ ♦ CEZ BG ♦ NEK EAD ♦ CEZ CZ ROADMAP ￼ TEAM ￼ CONTACT INFORMATION FOR NEWS & UPDATES ♦ WEBSITE ♦ WHITEPAPER ♦ ONE PAGER ♦ TELEGRAM ♦ SUBSCRIBE ♦ TWITTER ♦ MEDIUM ♦ FACEBOOK ARTICLE WRITTEN BY TIVERE AKPORODE ♦ BOUNTY0X PROFILE: TIVERE
My late night 1/2 baked idea to fix bitcoin + private asic farm issues
Link to topic that inspired this idea: http://www.reddit.com/Bitcoin/comments/1tpo2p/is_anyone_else_concerned_about_ghashio/ceaeit2 Anyway, as satoshi himself said there is no reason the algorithm cant be changed by adding "if block height is > X use NEWALGO" So the detraction (for many) of this idea is that their million dollar investments into private asic farms / individual purchases of mining hard are rendered useless, network may suffer from reduced security etc etc etc. So here is my simple solution, excuse the crappy pseudo code its late, and Im seriously hung over from the family xmas lunch :P
I feel this idea has many benefits such as: + the network retains a large amount of power. + Scrypt (with good parameters) is very asic resistant. + building longer chains of successive blocks to double spend requires double the hardware (at least) due to every second block not being able to be crunched with highly efficient asics. Also, merry xmas/ happy holidays everyone :) edit: this solution would require 2 difficulties due to the difference in nature of the 2 algos but imho it would be a trivial addition.
I think the crash is a good thing. sort of, let me explain.
With all the "recent" big bucks buying all kinds of hardware and starting up HUGE GOD DAMN farms in china and elsewhere...simple market dynamics come into play here. See these people have huge fixed costs, and huge electricity bills. they rent buildings (pay fiat), they buy electricity (pay fiat) and hire workers (btc and fiat). Lastly, their profits are taken out in fiat also because you can't buy real estate, hookers and gambling on btc (im looking at you ,china) In my opinion, most btc they mine is sold for fiat fast, and thus supply completly overwhelms the buyers (as their relative importance has grown). Btc price will go down to their cost + electricity price and LOWER as they hold on to their delusional investments. Note they pay 15cents to 40cents a kw/h in most of these big farms apparently. Now. No panic. Let them drive eachother out of business, and have innovation render all their hardware obsolete. they are leeches, and have nothing to contribute to the system, other than a BIG SUCKING SOUND. This won't take long. So don't worry, but i think price is going lower until they close up shop. I on the other hand, who lives in a cold place (at least in winter), has a quite frankly, smart system that i'd like to share with you. I heat my garage with bitcoin miners. thats it. Imagine all those people that actually buy garage heaters for winter had bitcoin miners....i mean....i pay 5-7c a kw/h, so really i heat my garage (and it heats up the floor above it) and i have bitcoin left over to replace my equipment when it becomes obsolete. or i could run obsolete equipment, it will still turn a profit if it has a dual purpose as a heater. someone smart could sell an ethernet/wifi controlled garage heater....installed in every home...decentralize.... my 2 cents. edit: or you know, the russian ban thingy, whatever
GPU RENDER FARM. GPU RENDERING ON RENDERSTREET. ... so you are always rendering on the latest hardware. Our intelligent analysis and allocation systems make sure all your renders are completed in the most efficient way, for the benefit of both your time and your budget. ... From Bitcoin mining to deep learning, the highly parallel architecture ... $\begingroup$ @DuarteFarrajotaRamos that is a machine for "mining" bitcoins. $\endgroup$ – David Jun 16 '17 at 13:09 $\begingroup$ Oh I see thanks for the clarification, for a moment there I though he just miss-typed "mini-rig" as in some sort of small computer case $\endgroup$ – Duarte Farrajota Ramos ♦ Jun 16 '17 at 16:44 These GPUs might be primarily designed to render complex graphics when playing games, but they also lend themselves well to coping with the complex calculations involved in Bitcoin mining. Step 1: Purchase bitcoin mining hardware. ... To maximize safety, backup your bitcoin address as loss of either the address or the private key will render the account forever inaccessible and make the available bitcoins completely useless. Step 4: Join a mining pool. It is marketed as a Mining computer for mining Bitcoin etc., but it struck me that if you could plug in say 8 GTX1080s (or whatever used Nvidia cards I found on eBay), then it could also be a pretty meaty renderfarm. Does anyone know whether Blender would access and fully use all those GPUs if it was run on such a system?
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