bitcoin miner contractor Bitcoin OpenStack Squid ...

AGA. (Gem Call)

AGA
https://etherscan.io/address/0x2d80f5f5328fdcb6eceb7cacf5dd8aedaec94e20
Uniswap
Meet AGA, the mining backed, high APY, DEFI, governance token managed by an experienced team of professionals with diverse experience in technology and construction at companies like Accenture, Microsoft, NetApp and University Mechanical Contractors!
Today there are countless tokens offering various levels of staking rewards. Decred voting, XTZ staking, ZEN nodes, and many more. New generation of DeFi tokens have cropped up and offer yield farming rewards in return for pooled liquidity on Uniswap, Balancer and others. Some even offer 10,000% APY returns (in their native unlimited supply token). Unfortunately, with only few exceptions most of these tokens don’t have any source of revenue to fund these rewards and to justify their price. Furthermore, these rewards dilute the supply and ultimately drive the price down.
AGA Token changes this by using Cryptocurrency mining to fund its staking rewards and to back its price. This simple, yet, revolutionary approach aims to deliver substantial returns to all AGA Token holders through liquidity pool staking and price appreciation. Aga Platform is a profitable ASIC and FPGA cryptocurrency mining operation with mining facilities located in Eastern Washington, where electricity prices are one of the lowest in the world. Primarily we mine Bitcoin, Bitcoin Cash, Litecoin, Dash, Digibyte, Verge and Decred. You can monitor mining profitability via our NiceHash dashboard by clicking the screen on the right.
AGA Token and Aga Platform are managed by an experienced team of professionals with diverse experience in technology and construction at companies like Accenture, Microsoft, NetApp and University Mechanical Contractors.
📌 MC at time of writing ~ 800K 📌 Total supply: 10.9M 📌 Circulating supply 843K
‼️SOME IMPORTANT LINKS ‼️ 📍CMC - https://coinmarketcap.com/currencies/aga/ 📍Website -https://agatoken.com/ 📍Etherscan - https://etherscan.io/token/0x2d80f5f5328fdcb6eceb7cacf5dd8aedaec94e20 📍Telegram - https://t.me/agatokengroup 📍Twitter - https://twitter.com/agatkn 📍Facebook: https://www.facebook.com/Aga-Token-107736531016089 📍AGA Rewards: https://agatoken.com/promotions/#agatoken 💹💹 Where to Buy: https://app.uniswap.org/#/swap?inputCurrency=0x2d80f5f5328fdcb6eceb7cacf5dd8aedaec94e20
Found By: @BlueDemise Written By: @alexanderthethrid
submitted by hamoudii31 to CryptoMoonShots [link] [comments]

Decred Journal – July 2018

Note: you can read this on Medium, GitHub or old Reddit to view all the links

Development

dcrd: Several steps towards multipeer downloads completed: an optimization to use in-memory block index and a new 1337 chain view. Maintenance: improved test coverage, upgrading dependency management system and preparing for the upcoming Go 1.11 release.
dcrwallet: A big change introducing optional privacy-preserving SPV sync mode was merged. In this mode dcrwallet does not download the full blockchain but only gets the "filters", uses them to determine which blocks it needs and fetches them from random nodes on the network. This has on-disk footprint of 300-400 MB and sync time of minutes, compared to ~3.4 GB and sync time of hours for full sync (these are rough estimates).
jy-p: the server side of SPV (in dcrd) was deployed in v1.2.0, the client side of SPV (in dcrwallet) is in our next release, v1.3.0. Still some minor bugs in SPV that are being worked out. There will be an update to add the latest features from BIP 157/158 in the next few months. SPV will be optional in v1.3.0, but it will become the default after we get a proper header commitment for it (#general)
Decrediton: besides regular bugfixes and design improvements, several components are being developed in parallel like SPV mode, Politeia integration and Trezor support.
Politeia: testing started on mainnet, thanks to everyone who is participating. A lot of testing, bugfixing and polishing is happening in preparation for full mainnet launch. There are also a few missing features to be added before launch, e.g. capacity to edit a proposal and versioning for that, discussion to remain open once voting starts. Decrediton integration is moving forward, check out this video for a demo and this meta issue for the full checklist.
Trezor: Decrediton integration of initial Trezor support is in progress and there is a demo.
Android: app design version 2.0 completed.
dcrdata: development of several chart visualizations was completed and is awaiting deployment. Specifically, voting agendas and historic charts are merged while ticket pool visualization is in testing.
atomicswap: @glendc is seeking reviews of his Ethereum support pull request.
Dev activity stats for July: 252 active PRs, 220 master commits, 34,754 added and 12,847 deleted lines spread across 6 repositories. Contributions came from 6-10 developers per repository. (chart)

Network

Hashrate: the month started at 40.5 and ended at 51.6 PH/s, with a low of 33.3 and a new all time high of 68.4 PH/s. F2Pool is leading with 40-45%, followed by the new BeePool at 15-25% and coinmine.pl at 18-23%.
Staking: 30-day average ticket price is 92.6 DCR (-2.1). The price started the month at 94.6 and quickly retreated to month's low of 85 until 1,860 tickets were bought within a single period (versus target 720). This pushed the pool of tickets to 41,970 (2.5% above target), which in turn caused 10 price increases in a row to the month's high of 100.4. This was the highest ticket price seen on the new ticket price algorithm which has been in effect since Jul 2017. Second half of the month there was unusually low volatility between 92 and 94 DCR per ticket. Locked DCR held between 3.75 and 3.87 million or 46.6-48.0% of supply (+0.1% from previous peak).
Nodes: there are 212 public listening and 216 normal nodes per dcred.eu. Version distribution: 67% on v1.2.0 (+10%), 24% on v1.1.2 (-1%), 7% on v1.1.0 (-7%). Node count data is not perfect but we can see the steady trend of upgrading to v1.2.0. This version of dcrd is notable for serving compact filters. The increased count of such full nodes allows the developers to test SPV client mode in preparations for the upcoming v1.3.0 release.

ASICs

Obelisk posted three updates in July. For the most recent daily updates join their Discord.
New miner from iBeLink: DSM7T hashes Blake256 at 7 TH/s or Blake2b at 3.5 TH/s, consumes 2,100 W and costs $3,800, shipping Aug 5-10.
There were also speculations about the mysterious Pangolin Whatsminer DCR with the speed of 44 TH/s at 2,200 W and the cost of $3,888, shipping November. If you know more about it please share with us in #pow-mining channel.

Integrations

Meet new stake pool: dcrpool.ibitlin.com has 1% fees and is hosted by @life.
An interesting detail about decredbrasil.com stake pool was posted in chat:
emiliomann: stakebrasil is one of the pools with the lowest number of missed and expired tickets. It was one of the first and has a smaller percentage than the most recent ones who haven’t had the time to do so. (...) The Brazilian pool should be the one with the more servers spread around the world: 6 to decrease the latency. This is to explain to you why the [pool fee] rate of 5% (currently around 0.06 DCR) on the reward is also one of the highest. girino: 8 voting wallets now. I just finished setting up a new one yesterday. All of them in different datacenters, 3 in europe, 3 in north america, 1 in brazil and one in asia. We also have 3 more servers, 1 for the front end, one for "stats" and one for dcrdata. (#general)
On the mining side, Luxor started a new set of pool servers inside mainland China, while zpool has enabled Decred mining.
StatX announced Decred integration into their live dashboard and public chat.
Decred was added to Satowallet with BTC and ETH trading pairs. Caution: do your best to understand the security model before using any wallet software.

Adoption

VotoLegal update:
Marina Silva is the first presidential candidate in Brazil using blockchain to keep all their electoral donations transparent and traceable. VotoLegal uses Decred technology, awesome use case! (reddit)
The story was covered by criptonoticias.com (translated) and livecoins.com.br (translated), the latter received hundreds of upvotes and comments on brasil.
On the OTC trading front, @i2Rav from i2trading reports:
We continue to see institutional interest in DCR. Large block buyers love the concept of staking as a way to earn additional income and appreciate the stakeholder rights it affords them. Likening a DCR investment to an activist shareholdebondholder gives these institutions some comfort while dipping their toes into a burgeoning new asset class.

Marketing

Targeted advertising reports released for June and July. As usual, reach @timhebel for full versions.
Big news in June: Facebook reversed their policy on banning crypto ads. ICO ads are still banned, but we should be OK. My team filled out the appeal today, so we should hopefully hear something within a few days. (u/timhebel on reddit)
After couple weeks Facebook finally responded to the appeal and the next step is to verify the domain name via DNS.
A pack of Stakey Telegram stickers is now available. Have fun!

Events

Attended:
Upcoming:

Media

Featured articles:
Articles:
Some articles are omitted due to low quality or factual errors.
Translations:
Videos:

Community Discussions

Community stats:
Comm systems update:
Articles:
Twitter: Ari Paul debates "There can be only one" aka "highlander argument".
Reddit and Forum: how ticket pool size influences average vote time; roadmap concerns; why ticket price was volatile; ideas for using Reddit chat for dcrtrader and alternative chat systems; insette's write-up on Andrew Stone's GROUP proposal for miner-validated tokenization that is superior to current OP_RETURN-based schemes; James Liu's paper to extend atomic swaps to financial derivatives; what happens when all DCR are mined, tail emission and incentives for miners.
Chats: why tickets don't have 100% chance to vote; ideas for more straightforward marketing; long-running chat about world economy and failure modes; @brandon's thoughts on tokenizing everything, ICOs, securities, sidechains and more; challenges of staking with Trezor; ideas how to use CryptoSteel wallet with Decred; why exchange can't stake your coins, how staking can increase security, why the function to export seed from wallet is bad idea and why dcrwallet doesn't ever store the seed; ticket voting math; discussion about how GitHub workflow forces to depend on modern web browser and possible alternatives; funding marketing and education in developing markets, vetting contractors based on deliverables, "Decred contractor clearance", continued in #governance.
#dex channel continues to attract thinkers and host chats about influence of exchanges, regulation, HFT, lot sizes, liquidity, on-chain vs off-chain swaps, to name a few topics. #governance also keeps growing and hosting high quality conversations.

Markets

In July DCR was trading in USD 56-76 and BTC 0.0072-0.0109 range. A recovery started after a volume boost of up to $10.5 m on Fex around Jul 13, but once Bitcoin headed towards USD ~8,000 DCR declined along with most altcoins.
WalletInvestor posted a prediction on dcrtrader.
Decred was noticed in top 10 mineable coins on coinmarketcap.com.

Relevant External

One million PCs in China were infected via browser plugins to mine Decred, Siacoin and Digibyte.
In a Unchained podcast episode David Vorick shared why ASICs are better than GPUs even if they tend toward mining centralization and also described Obelisk's new Launchpad service. (missed in June issue)
Sia project moved to GitLab. The stated reasons are to avoid the risk of depending on centralized service, to avoid vendor lock-in, better continuous integration and testing, better access control and the general direction to support decentralized and open source projects.
Luxor explained why PPS pools are better.
@nic__carter published slides from his talk "An Overview of Governance in Blockchains" from Zcon0.
This article arguing the importance of governance systems dates back to 2007.
Bancor wallet was hacked. This reminds us about the fake feeling of decentralizaion, that custody of funds is dangerous and that smart contracts must have minimum complexity and be verifiable.
Circle announced official Poloniex mobile apps for iOS and Android.
On Jul 27 Circle announced delisting of 9 coins from Poloniex that led to a loss of 23-81% of their value same day. Sad reminder about how much a project can depend on a single centralized exchange.
DCR supply and market cap is now correct on onchainfx.com and finally, on coinmarketcap.com. Thanks to @sumiflow, @jz and others doing the tedious work to reach out the various websites.

About This Issue

This is the 4th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
Chat links were changed to riot.im from the static web viewer that suffered from UX issues (filed here and here). We will consider changing back to the static viewer once they are resolved because it does not require javascript to read chat logs.
In the previous issue we introduced "Featured articles". The judgement is subjective by definition, if you feel unfairness or want to debate the criteria please check this issue.
Feedback is appreciated: please comment on Reddit, GitHub or #writers_room.
Contributions are also welcome, some areas are adding content, pre-release review or translations to other languages.
Credits (Slack names, alphabetical order): bee, Haon and Richard-Red.
submitted by jet_user to decred [link] [comments]

Decred Journal – August 2018

Note: you can read this on GitHub (link), Medium (link) or old Reddit (link) to see all the links.

Development

dcrd: Version 1.3.0 RC1 (Release Candidate 1) is out! The main features of this release are significant performance improvements, including some that benefit SPV clients. Full release notes and downloads are on GitHub.
The default minimum transaction fee rate was reduced from 0.001 to 0.0001 DCkB. Do not try to send such small fee transactions just yet, until the majority of the network upgrades.
Release process was changed to use release branches and bump version on the master branch at the beginning of a release cycle. Discussed in this chat.
The codebase is ready for the new Go 1.11 version. Migration to vgo module system is complete and the 1.4.0 release will be built using modules. The list of versioned modules and a hierarchy diagram are available here.
The testnet was reset and bumped to version 3.
Comments are welcome for the proposal to implement smart fee estimation, which is important for Lightning Network.
@matheusd recorded a code review video for new Decred developers that explains how tickets are selected for voting.
dcrwallet: Version 1.3.0 RC1 features new SPV sync mode, new ticket buyer, new APIs for Decrediton and a host of bug fixes. On the dev side, dcrwallet also migrated to the new module system.
Decrediton: Version 1.3.0 RC1 adds the new SPV sync mode that syncs roughly 5x faster. The feature is off by default while it receives more testing from experienced users. Other notable changes include a design polish and experimental Politeia integration.
Politeia: Proposal editing is being developed and has a short demo. This will allow proposal owners to edit their proposal in response to community feedback before voting begins. The challenges associated with this feature relate to updating censorship tokens and maintaining a clear history of which version comments were made on. @fernandoabolafio produced this architecture diagram which may be of interest to developers.
@degeri joined to perform security testing of Politeia and found several issues.
dcrdata: mainnet explorer upgraded to v2.1 with several new features. For users: credit/debit tx filter on address page, showing miner fees on coinbase transaction page, estimate yearly ticket rewards on main page, cool new hamburger menu and keyboard navigation. For developers: new chain parameters page, experimental Insight API support, endpoints for coin supply and block rewards, testnet3 support. Lots of minor API changes and frontend tweaks, many bug fixes and robustness improvements.
The upcoming v3.0 entered beta and is deployed on beta.dcrdata.org. Check out the new charts page. Feedback and bug reports are appreciated. Finally, the development version v3.1.0-pre is on alpha.dcrdata.org.
Android: updated to be compatible with the latest SPV code and is syncing, several performance issues are worked on. Details were posted in chat. Alpha testing has started, to participate please join #dev and ask for the APK.
iOS: backend is mostly complete, as well as the front end. Support for devices with smaller screens was improved. What works now: creating and recovering wallets, listing of transactions, receiving DCR, displaying and scanning QR codes, browsing account information, SPV connection to peers, downloading headers. Some bugs need fixing before making testable builds.
Ticket splitting: v0.6.0 beta released with improved fee calculation and multiple bug fixes.
docs: introduced new Governance section that grouped some old articles as well as the new Politeia page.
@Richard-Red created a concept repository sandbox with policy documents, to illustrate the kind of policies that could be approved and amended by Politeia proposals.
decred.org: 8 contributors added and 4 removed, including 2 advisors (discussion here).
decredmarketcap.com is a brand new website that shows the most accurate DCR market data. Clean design, mobile friendly, no javascript required.
Dev activity stats for August: 239 active PRs, 219 commits, 25k added and 11k deleted lines spread across 8 repositories. Contributions came from 2-10 developers per repository. (chart)

Network

Hashrate: went from 54 to 76 PH/s, the low was 50 and the new all-time high is 100 PH/s. BeePool share rose to ~50% while F2Pool shrank to 30%, followed by coinmine.pl at 5% and Luxor at 3%.
Staking: 30-day average ticket price is 95.6 DCR (+3.0) as of Sep 3. During the month, ticket price fluctuated between a low of 92.2 and high of 100.5 DCR. Locked DCR represented between 3.8 and 3.9 million or 46.3-46.9% of the supply.
Nodes: there are 217 public listening and 281 normal nodes per dcred.eu. Version distribution: 2% at v1.4.0(pre) (dev builds), 5% on v1.3.0 (RC1), 62% on v1.2.0 (-5%), 22% on v1.1.2 (-2%), 6% on v1.1.0 (-1%). Almost 69% of nodes are v.1.2.0 and higher and support client filters. Data snapshot of Aug 31.

ASICs

Obelisk posted 3 email updates in August. DCR1 units are reportedly shipping with 1 TH/s hashrate and will be upgraded with firmware to 1.5 TH/s. Batch 1 customers will receive compensation for missed shipment dates, but only after Batch 5 ships. Batch 2-5 customers will be receiving the updated slim design.
Innosilicon announced the new D9+ DecredMaster: 2.8 TH/s at 1,230 W priced $1,499. Specified shipping date was Aug 10-15.
FFMiner DS19 claims 3.1 TH/s for Blake256R14 at 680 W and simultaneously 1.55 TH/s for Blake2B at 410 W, the price is $1,299. Shipping Aug 20-25.
Another newly noticed miner offer is this unit that does 46 TH/s at 2,150 W at the price of $4,720. It is shipping Nov 2018 and the stats look very close to Pangolin Whatsminer DCR (which has now a page on asicminervalue).

Integrations

www.d1pool.com joined the list of stakepools for a total of 16.
Australian CoinTree added DCR trading. The platform supports fiat, there are some limitations during the upgrade to a new system but also no fees in the "Early access mode". On a related note, CoinTree is working on a feature to pay household bills with cryptocurrencies it supports.
Three new OTC desks were added to exchanges page at decred.org.
Two mobile wallets integrated Decred:
Reminder: do your best to understand the security and privacy model before using any wallet software. Points to consider: who controls the seed, does the wallet talk to the nodes directly or via middlemen, is it open source or not?

Adoption

Merchants:

Marketing

Targeted advertising report for August was posted by @timhebel. Facebook appeal is pending, some Google and Twitter campaigns were paused and some updated. Read more here.
Contribution to the @decredproject Twitter account has evolved over the past few months. A #twitter_ops channel is being used on Matrix to collaboratively draft and execute project account tweets (including retweets). Anyone with an interest in contributing to the Twitter account can ask for an invitation to the channel and can start contributing content and ideas there for evaluation by the Twitter group. As a result, no minority or unilateral veto over tweets is possible. (from GitHub)

Events

Attended:
For those willing to help with the events:
BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning)
The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)

Media

Decred Assembly episode 21 is available. @jy-p and lead dcrwallet developer @jrick discussed SPV from Satoshi's whitepaper, how it can be improved upon and what's coming in Decred.
Decred Assembly episodes 1-21 are available in audio only format here.
New instructional articles on stakey.club: Decrediton setup, Deleting the wallet, Installing Go, Installing dcrd, dcrd as a Linux service. Available in both English and Portuguese.
Decred scored #32 in the August issue of Chinese CCID ratings. The evaluation model was explained in this interview.
Satis Group rated Decred highly in their cryptoasset valuation research report (PDF). This was featured by several large media outlets, but some did not link to or omitted Decred entirely, citing low market cap.
Featured articles:
Articles:
Videos:

Community Discussions

Community stats:
Comm systems news:
After another debate about chat systems more people began testing and using Matrix, leading to some gardening on that platform:
Highlights:
Reddit: substantive discussion about Decred cons; ecosystem fund; a thread about voter engagement, Politeia UX and trolling; idea of a social media system for Decred by @michae2xl; how profitable is the Obelisk DCR1.
Chats: cross-chain trading via LN; plans for contractor management system, lower-level decision making and contractor privacy vs transparency for stakeholders; measuring dev activity; what if the network stalls, multiple implementations of Decred for more resilience, long term vision behind those extensive tests and accurate comments in the codebase; ideas for process for policy documents, hosting them in Pi and approving with ticket voting; about SPV wallet disk size, how compact filters work; odds of a wallet fetching a wrong block in SPV; new module system in Go; security of allowing Android app backups; why PoW algo change proposal must be specified in great detail; thoughts about NIPoPoWs and SPV; prerequisites for shipping SPV by default (continued); Decred vs Dash treasury and marketing expenses, spending other people's money; why Decred should not invade a country, DAO and nation states, entangling with nation state is poor resource allocation; how winning tickets are determined and attack vectors; Politeia proposal moderation, contractor clearance, the scale of proposals and decision delegation, initial Politeia vote to approve Politeia itself; chat systems, Matrix/Slack/Discord/RocketChat/Keybase (continued); overview of Korean exchanges; no breaking changes in vgo; why project fund burn rate must keep low; asymptotic behavior of Decred and other ccs, tail emission; count of full nodes and incentives to run them; Politeia proposal translations and multilingual environment.
An unusual event was the chat about double negatives and other oddities in languages in #trading.

Markets

DCR started the month at USD 56 / BTC 0.0073 and had a two week decline. On Aug 14 the whole market took a huge drop and briefly went below USD 200 billion. Bitcoin went below USD 6,000 and top 100 cryptos lost 5-30%. The lowest point coincided with Bitcoin dominance peak at 54.5%. On that day Decred dived -17% and reached the bottom of USD 32 / BTC 0.00537. Since then it went sideways in the USD 35-45 / BTC 0.0054-0.0064 range. Around Aug 24, Huobi showed DCR trading volume above USD 5M and this coincided with a minor recovery.
@ImacallyouJawdy posted some creative analysis based on ticket data.

Relevant External

StopAndDecrypt published an extensive article "ASIC Resistance is Nothing but a Blockchain Buzzword" that is much in line with Decred's stance on ASICs.
The ongoing debates about the possible Sia fork yet again demonstrate the importance of a robust dispute resolution mechanism. Also, we are lucky to have the treasury.
Mark B Lundeberg, who found a vulnerability in atomicswap earlier, published a concept of more private peer-to-peer atomic swaps. (missed in July issue)
Medium took a cautious stance on cryptocurrencies and triggered at least one project to migrate to Ghost (that same project previously migrated away from Slack).
Regulation: Vietnam bans mining equipment imports, China halts crypto events and tightens control of crypto chat groups.
Reddit was hacked by intercepting 2FA codes sent via SMS. The announcement explains the impact. Yet another data breach suggests to think twice before sharing any data with any company and shift to more secure authentication systems.
Intel and x86 dumpsterfire keeps burning brighter. Seek more secure hardware and operating systems for your coins.
Finally, unrelated to Decred but good for a laugh: yetanotherico.com.

About This Issue

This is the 5th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack.
Contributions are welcome too. Some areas are collecting content, pre-release review or translations to other languages. Check out @Richard-Red's guide how to contribute to Decred using GitHub without writing code.
Credits (Slack names, alphabetical order): bee, Haon, jazzah, Richard-Red and thedecreddigest.
submitted by jet_user to decred [link] [comments]

Decred Journal — April 2018

This post covers what happened in Decred last month. Let's get down to business and have About section at the end.

Development

Wallet and node software version 1.2.0 has been released. Decrediton wallet highlights: improved startup experience, redesigned overview page, added basic graphs to visualize statistics and an export to CSV (helpful for tax reporting). dcrd node software highlights: significantly faster startup and compact filters to support light clients. See full release notes and downloads here, for Decrediton use 1.2.1 bugfix release.
The release process has been improved. Instead of announcing a release date and trying to meet it, a Release Candidate 1 (RC1) will now be posted. After it has been tested an bugfixed with the help of the community, a second candidate (RC2) will be released. This is repeated until an RC version with no apparent bugs becomes the final release. The new process removes a ton of pressure from developers and users and gives more time for testing. As our primary consumer-facing product, Decrediton, is growing in features and complexity, more testing will be required for new releases.
Politeia is "Getting close to a public beta of voting" (slack). Decred plugin merged, paywall and voting are in the testing stage. Ticket voting works on testnet via CLI.
Trezor support got closer as Decred patch was merged. Please note this is only firmware support, to be usable it also needs wallet integration.
WooCommerce Decred plugin alpha version is ready for testing.
Decred.org received a new sleek exchanges page.
The contributors page has been updated to add 10 new faces. Some of them are new to the project but others have been contributing for a while.
Dev activity stats for April: 152 active PRs, 125 commits, 21,656 added and 10,288 deleted lines spread across 7 repositories done by 2-7 developers per repository. (chart)

Network

Hashrate: April started at 2.0-2.7 PH/s range and seen a general increase with some big fluctuations between lows at 2.2 and new all time high above 5.2 PH/s.
Nodes: there are 200 public listening and 500 normal nodes per dcred.eu as of May 1. 169 nodes already upgraded to version 1.2.0. Some 30 nodes were observed to be testing Release Candidate versions before the final release.
Ticket price 30-day average has seen a steady rise to 87.5 DCR. Stake participation is solid 46.1% with 3.53 million DCR as of May 1.

ASICs

Updates from Obelisk's Taek:
We got results back. They are more or less on line with the simulations I didn't realize this, but we don't get the real chips back for 3 more weeks. The ones we've been testing are hacked together into a DIP package (they are BGA chips) that really screws up the results There's a decent chance that the full bga chips perform better For the time being though, we're pretty much on track for the hashrates estimated on the website (slack, Apr 12)
And regarding the June delivery date:
We're still on track for batch 1. We've ordered most of the parts we'll need, including the chips. We've got working chips, we've got test boards, test units, test everything. We've signed manufacturers to produce everything. Obelisk is going strong. (reddit, Apr 23)
We are thankful for his updates in our #pow-mining channel and hope other ASIC manufacturers will also join.
Fellow Sia miners are discussing the design of Obelisk SC1 case.
Halong: B29 units are shipping. The amount of units in first batch was estimated 450-600 by our community member. Review of DragonMint B29 published, people are discussing shipping and running the miners.
By surprise, Innosilicon announced the sale of D9 DecredMaster ASIC miner with specs identical to Halong B29 while being much cheaper ($6800 Inno vs $10499 Halong). Expected shipping date of the first batch is April 28-30. The company is active on their bitcointalk thread, also see our reddit.
Just 9 days later Innosilicon announced second batch with delivery on May 7-11 and same price of $6800. (reddit)

Integrations

Decred's Brazilian community made good progress with integrations this month.
emiliomann: On April 2nd @Rhama will launch the first BR exchange of altcoins with fiat market and totally within the laws of the Brazilian government. Decred will have the two markets DCBTC and DCBRL. It’s very difficult to fulfill all the legal requirements and get authorization to work with FIAT here.
The exchange turned out to be Profitfy. Profity is innovating by using dcrtime for their blockchain ID login via Original My. Great to see this deeper engagement with the tools that Decred provides, and not a surprise that it comes from @Rhama, who has been a community member since day one.
This seems to have spurred another exchange, Braziliex, to bring forward their launch of DCBRL and DCBTC pairs, coming just 2 hours after Profitfy launched.
Not stopping there,
emiliomann: Hey guys, this is a poll of the biggest Bitcoin exchange in Brazil that is planning to open altcoins markets. Please, help the Brazilian community by voting for Decred! Just one click. Thank you! https://twitter.com/mercadobitcoin/status/981602483268194307
Finally,
viniciusfrias: We're excited to announce PagueCripto.com, a Brazilian crypto-to-fiat payment gateway which accepts Decred among other cryptocurrencies for Brazilians to pay daily bills, such as credit cards, energy, rent, etc, and also to make local bank transfers. Our service is both a web platform and an Android app, and as our community is relevant in Brazil, we are offering a discount coupon (50%) in service fees using DCR until May 14, 2018. Check it out at paguecripto.com and in Google Play Store. (slack)
Moving to other countries, good news from Canada:
michae2xl: Decred is now available on @ezBtcCanada, an exchange with DCCAD trading pair. From Toronto – ezbtc.ca
i2Rav announced i2trading.com, a new trading desk that will be offering DCEUR pair:
Eventually we hope to offer the pair in GBP and YEN as well
changenow.io, a non-custodian exchange for fast conversions, added DCR.
You can see all exchanges known to support Decred in a spreadsheet maintained by snr01. Many of them are missing from coinmarketcap.

Adoption

The Crypto Lawyers, LLP, a crypto exclusive U.S. law firm began accepting Decred (reddit):
RAurelius: I think that a law firm accepting Decred is a worthy distinction from other previously publicized companies that accept Decred for typical consumer products. Legal services are severely lacking in the Crypto-sphere, so the publicity is good for everyone in this arena.
Great to see business owners reaching us directly in chat.
VotoLegal is migrating from Ethereum to Decred blockchain:
emiliomann: VotoLegal, a Brazilian project that uses blockchain technology to allow election campaign funding to be transparent and that all transactions conducted are tracked and made available to the citizens, now uses dcrtime and Decred blockchain. https://twitter.com/decred_bstatus/986610826051276800 (slack)

Partnerships

YBF Ventures and Decred announced partnership in building a blockchain-focused development and business hub in Australia.
With the YBF Ventures partnership, Decred hopes to grow their Australian contractor network and scale their operations throughout the Asia-Pacific region. (btcmanager.com)
We specifically chose Decred for a more robust corporate partnership, and it is the first time that a decentralised autonomous organisation is partnering with a ‘traditional’ organisation in such a capacity. (ybfventures.com)

Marketing

Dustorf joined on the marketing front and is conducting a brand discovery analysis:
Decred is soliciting the input of our user community. In order to better understand you, what you think of Decred, and where you would like it to focus its efforts, we've come up with a short (4 minute) survey. Your input of all varieties is most appreciated https://www.surveymonkey.com/2LHK3FV
April targeted advertising report released (previous March report here). Reach @timhebel for full version.
The iconic "Not Overly Scammy" t-shirt by cryptograffiti is available for purchase. For those wondering, the meme originates from @fluffypony.
Some hilarious promos by @jackliv3r: one two three.

Events

Community event at YBF Ventures in Australia.
Meetup in Wroclaw, Poland.
BBQ with @scalarcapital team in Austin, USA.
Blockchain Expo in London, UK. Decred was well represented at this large-scale industry event. Project Lead Jake took part in several interview and the Decred stand manned by community members was flooded with inquisitive visitors. (video, photo 1 2 3)
First Decred meetup in Hangzhou, China. (slack)
Business of Blockchain at MIT Media Lab in Cambridge, USA. Presentation: Blockchain Sovereignty and Blockchain Integration for Businesses by Jake Yocom-Piatt. (event, reddit, photo 1 2 3)
Cambridge Blockchain Meetup in Cambridge, USA. Talk: Cutting the Head off the Snake by Jake Yocom-Piatt. (event, photo 1 2 3)
Upcoming events:

Media

Second episode of Lightning Network educational series is out, exploring topics such as payment channels, onion routing, centralization risk, and challenges that still lie ahead. (youtube)
A user’s perspective and introduction to blockchain governance (Richard Red)
The Importance of Governance: Analyzing the Aftermath of the Monero Hard Fork by Noah Pierau (btcmanager.com)
The Crypto Show w/ Marco from Decred (youtube)
Interview with Jake at @Blockchain_Expo by Crypto Coin Growth (youtube)
Interview with Jake at @Blockchain_Expo by Cryptocurrency Academy (youtube)
Alternative Blockchain Governance Systems With Jake & Kyle From Decred at @Blockchain_Expo by Crypto Disrupt (youtube)
Decred Looks Ahead: An Interview with Project Lead Jake Yocom-Piatt (Exclusive) (sludgefeed.com)
How Complex Bitcoin Politics Led to the Creation of Decred (btcmanager.com)
Interview with Decred’s Project Lead Jake Yocom-Piatt on Crypto Ad Bans and Market Volatility (cryptoslate.com)
Decred’s Jonathan Zeppettini: The Industry Is Going To Be Displacing Wall Street (blocktribune.com)
On Chain VS. Off Chain Governance: The Ins And Outs (coinjournal.net)
Decred: On true decentralisation, Bitcoin communities, and avoiding the ICO route [Video] (blockchaintechnology-news.com)
Marco in shitcoin talk episode 54 (youtube)

Community Discussions

Reddit highlights: A debate on Decred protocol security and attack cost, a comparison of expected and actual block production times, a write-up on distribution of powers and how Monero could benefit from a PoS governance layer, two other threads on ASIC resistance, and one discussing different types of decentralization.
Very thoughtful discussion on whether it is appropriate to use half naked photos in marketing, followed by meta-discussion how to handle very polarizing issues and unwanted contributions to the marketing efforts of a decentralized project. (slack, continued)
A new #governance channel was created to discuss governance in Decred and other projects.
politeia subreddit was recovered for Decred community. Thanks to Tivra for filing the request. Politeia can bring a lot of value outside Decred so it well deserves its own sub.
A new Slack invite page has been setup and onboarded 40 people in 48 hours.
Decred StackExchange site proposal was closed due to inactivity in a 7 day period, according to Area 51 rules.

Markets

In April Decred showed a confident recovery after previous months. DCUSD moved from below $40 to nearly $90 and the more liquid DCBTC from 0.0058 to 0.0093.
OOOBTC showed unexpectedly huge DCR trading volume of $19 m on April 10 (reddit), it went back to normal 2 weeks later.
On April 25 a wild rush took the price from 0.00777 to 0.0177 BTC in under 30 minutes on Poloniex, setting a new USD all time high of ~$165 ($141 world average). Prices on other exchanges followed to a lesser degree. Possible causes were discussed on reddit. Talking about all time highs, an indicator tracking difference between ATH and current price shows Decred is competitive at retaining USD value.

Relevant External

Bittrex finally opened registrations again.
ASIC debates are raging after Bitmain stealth-launched ASICs for Sia, Monero and Ethereum. Most opinions reflect on whether and how to resist ASICs, but some are recognizing the Decred way, like this excellent piece.
The importance of governance is gaining recognition as well. One notable example is Mike Hearn's AMA where it was a hot topic.

About This Issue

This project was motivated by the desire to expose just how much is happening in Decred and save the time for people unable to actively follow our channels. It aims to cover all relevant developments with a short description and links to read further. It shows the depth of the project and the involvement of the community. We also plan to launch a newsletter and consider a shorter version if there is such a demand.
This is the first issue and feedback is welcome to discover what is best for our readers. Please join our Slack and write us on #writers_room or comment directly on GitHub. Any help is welcome too.
Credits (Slack names, alphabetical order): bee, jazzah, Richard-Red, snr01 and vj.
submitted by jet_user to decred [link] [comments]

Decred Journal — May 2018

Note: New Reddit look may not highlight links. See old look here. A copy is hosted on GitHub for better reading experience. Check it out, contains photo of the month! Also on Medium

Development

dcrd: Significant optimization in signature hash calculation, bloom filters support was removed, 2x faster startup thanks to in-memory full block index, multipeer work advancing, stronger protection against majority hashpower attacks. Additionally, code refactoring and cleanup, code and test infrastructure improvements.
In dcrd and dcrwallet developers have been experimenting with new modular dependency and versioning schemes using vgo. @orthomind is seeking feedback for his work on reproducible builds.
Decrediton: 1.2.1 bugfix release, work on SPV has started, chart additions are in progress. Further simplification of the staking process is in the pipeline (slack).
Politeia: new command line tool to interact with Politeia API, general development is ongoing. Help with testing will soon be welcome: this issue sets out a test plan, join #politeia to follow progress and participate in testing.
dcrdata: work ongoing on improved design, adding more charts and improving Insight API support.
Android: design work advancing.
Decred's own DNS seeder (dcrseeder) was released. It is written in Go and it properly supports service bit filtering, which will allow SPV nodes to find full nodes that support compact filters.
Ticket splitting service by @matheusd entered beta and demonstrated an 11-way split on mainnet. Help with testing is much appreciated, please join #ticket_splitting to participate in splits, but check this doc to learn about the risks. Reddit discussion here.
Trezor support is expected to land in their next firmware update.
Decred is now supported by Riemann, a toolbox from James Prestwich to construct transactions for many UTXO-based chains from human-readable strings.
Atomic swap with Ethereum on testnet was demonstrated at Blockspot Conference LATAM.
Two new faces were added to contributors page.
Dev activity stats for May: 238 active PRs, 195 master commits, 32,831 added and 22,280 deleted lines spread across 8 repositories. Contributions came from 4-10 developers per repository. (chart)

Network

Hashrate: rapid growth from ~4,000 TH/s at the beginning of the month to ~15,000 at the end with new all time high of 17,949. Interesting dynamic in hashrate distribution across mining pools: coinmine.pl share went down from 55% to 25% while F2Pool up from 2% to 44%. [Note: as of June 6, the hashrate continues to rise and has already passed 22,000 TH/s]
Staking: 30-day average ticket price is 91.3 DCR (+0.8), stake participation is 46.9% (+0.8%) with 3.68 million DCR locked (+0.15). Min price was 85.56. On May 11 ticket price surged to 96.99, staying elevated for longer than usual after such a pump. Locked DCR peaked at 47.17%. jet_user on reddit suggested that the DCR for these tickets likely came from a miner with significant hashrate.
Nodes: there are 226 public listening and 405 normal nodes per dcred.eu. Version distribution: 45% on v1.2.0 (up from 24% last month), 39% on v1.1.2, 15% on v1.1.0 and 1% running outdaded versions.

ASICs

Obelisk team posted an update. Current hashrate estimate of DCR1 is 1200 GH/s at 500 W and may still change. The chips came back at 40% the speed of the simulated results, it is still unknown why. Batch 1 units may get delayed 1-2 weeks past June 30. See discussions on decred and on siacoin.
@SiaBillionaire estimated that 7940 DCR1 units were sold in Batches 1-5, while Lynmar13 shared his projections of DCR1 profitability (reddit).
A new Chinese miner for pre-order was noticed by our Telegram group. Woodpecker WB2 specs 1.5 TH/s at 1200 W, costs 15,000 CNY (~2,340 USD) and the initial 150 units are expected to ship on Aug 15. (pow8.comtranslated)
Another new miner is iBelink DSM6T: 6 TH/s at 2100 W costing $6,300 (ibelink.co). Shipping starts from June 5. Some concerns and links were posted in these two threads.

Integrations

A new mining pool is available now: altpool.net. It uses PPLNS model and takes 1% fee.
Another infrastructure addition is tokensmart.io, a newly audited stake pool with 0.8% fee. There are a total of 14 stake pools now.
Exchange integrations:
OpenBazaar released an update that allows one to trade cryptocurrencies, including DCR.
@i2Rav from i2trading is now offering two sided OTC market liquidity on DCUSD in #trading channel.
Paytomat, payments solution for point of sale and e-commerce, integrated Decred. (missed in April issue)
CoinPayments, a payment processor supporting Decred, developed an integration with @Shopify that allows connected merchants to accept cryptocurrencies in exchange for goods.

Adoption

New merchants:
An update from VotoLegal:
michae2xl: Voto Legal: CEO Thiago Rondon of Appcívico, has already been contacted by 800 politicians and negotiations have started with four pre-candidates for the presidency (slack, source tweet)
Blockfolio rolled out Signal Beta with Decred in the list. Users who own or watch a coin will automatically receive updates pushed by project teams. Nice to see this Journal made it to the screenshot!
Placeholder Ventures announced that Decred is their first public investment. Their Investment Thesis is a clear and well researched overview of Decred. Among other great points it noted the less obvious benefit of not doing an ICO:
By choosing not to pre-sell coins to speculators, the financial rewards from Decred’s growth most favor those who work for the network.
Alex Evans, a cryptoeconomics researcher who recently joined Placeholder, posted his 13-page Decred Network Analysis.

Marketing

@Dustorf published March–April survey results (pdf). It analyzes 166 responses and has lots of interesting data. Just an example:
"I own DECRED because I saw a YouTube video with DECRED Jesus and after seeing it I was sold."
May targeted advertising report released. Reach @timhebel for full version.
PiedPiperCoin hired our advisors.
More creative promos by @jackliv3r: Contributing, Stake Now, The Splitting, Forbidden Exchange, Atomic Swaps.
Reminder: Stakey has his own Twitter account where he tweets about his antics and pours scorn on the holders of expired tickets.
"Autonomy" coin sculpture is available at sigmasixdesign.com.

Events

BitConf in Sao Paulo, Brazil. Jake Yocom-Piatt presented "Decentralized Central Banking". Note the mini stakey on one of the photos. (articletranslated, photos: 1 2 album)
Wicked Crypto Meetup in Warsaw, Poland. (video, photos: 1 2)
Decred Polska Meetup in Katowice, Poland. First known Decred Cake. (photos: 1 2)
Austin Hispanic Hackers Meetup in Austin, USA.
Consensus 2018 in New York, USA. See videos in the Media section. Select photos: booth, escort, crew, moon boots, giant stakey. Many other photos and mentions were posted on Twitter. One tweet summarized Decred pretty well:
One project that stands out at #Consensus2018 is @decredproject. Not annoying. Real tech. Humble team. #BUIDL is strong with them. (@PallerJohn)
Token Summit in New York, USA. @cburniske and @jmonegro from Placeholder talked "Governance and Cryptoeconomics" and spoke highly of Decred. (twitter coverage: 1 2, video, video (from 32 min))
Campus Party in Bahia, Brazil. João Ferreira aka @girino and Gabriel @Rhama were introducing Decred, talking about governance and teaching to perform atomic swaps. (photos)
Decred was introduced to the delegates from Shanghai's Caohejing Hi-Tech Park, organized by @ybfventures.
Second Decred meetup in Hangzhou, China. (photos)
Madison Blockchain in Madison, USA. "Lots of in-depth questions. The Q&A lasted longer than the presentation!". (photo)
Blockspot Conference Latam in Sao Paulo, Brazil. (photos: 1, 2)
Upcoming events:
There is a community initiative by @vj to organize information related to events in a repository. Jump in #event_planning channel to contribute.

Media

Decred scored B (top 3) in Weiss Ratings and A- (top 8) in Darpal Rating.
Chinese institute is developing another rating system for blockchains. First round included Decred (translated). Upon release Decred ranked 26. For context, Bitcoin ranked 13.
Articles:
Audios:
Videos:

Community Discussions

Community stats: Twitter 39,118 (+742), Reddit 8,167 (+277), Slack 5,658 (+160). Difference is between May 5 and May 31.
Reddit highlights: transparent up/down voting on Politeia, combining LN and atomic swaps, minimum viable superorganism, the controversial debate on Decred contractor model (people wondered about true motives behind the thread), tx size and fees discussion, hard moderation case, impact of ASICs on price, another "Why Decred?" thread with another excellent pitch by solar, fee analysis showing how ticket price algorithm change was controversial with ~100x cut in miner profits, impact of ticket splitting on ticket price, recommendations on promoting Decred, security against double spends and custom voting policies.
@R3VoLuT1OneR posted a preview of a proposal from his company for Decred to offer scholarships for students.
dcrtrader gained a couple of new moderators, weekly automatic threads were reconfigured to monthly and empty threads were removed. Currently most trading talk happens on #trading and some leaks to decred. A separate trading sub offers some advantages: unlimited trading talk, broad range of allowed topics, free speech and transparent moderation, in addition to standard reddit threaded discussion, permanent history and search.
Forum: potential social attacks on Decred.
Slack: the #governance channel created last month has seen many intelligent conversations on topics including: finite attention of decision makers, why stakeholders can make good decisions (opposed to a common narrative than only developers are capable of making good decisions), proposal funding and contractor pre-qualification, Cardano and Dash treasuries, quadratic voting, equality of outcome vs equality of opportunity, and much more.
One particularly important issue being discussed is the growing number of posts arguing that on-chain governance and coin voting is bad. Just a few examples from Twitter: Decred is solving an imagined problem (decent response by @jm_buirski), we convince ourselves that we need governance and ticket price algo vote was not controversial, on-chain governance hurts node operators and it is too early for it, it robs node operators of their role, crypto risks being captured by the wealthy, it is a huge threat to the whole public blockchain space, coin holders should not own the blockchain.
Some responses were posted here and here on Twitter, as well as this article by Noah Pierau.

Markets

The month of May has seen Decred earn some much deserved attention in the markets. DCR started the month around 0.009 BTC and finished around 0.0125 with interim high of 0.0165 on Bittrex. In USD terms it started around $81 and finished around $92, temporarily rising to $118. During a period in which most altcoins suffered, Decred has performed well; rising from rank #45 to #30 on Coinmarketcap.
The addition of a much awaited KRW pair on Upbit saw the price briefly double on some exchanges. This pair opens up direct DCR to fiat trading in one of the largest cryptocurrency markets in the world.
An update from @i2Rav:
We have begun trading DCR in large volume daily. The interest around DCR has really started to grow in terms of OTC quote requests. More and more customers are asking about trading it.
Like in previous month, Decred scores high by "% down from ATH" indicator being #2 on onchainfx as of June 6.

Relevant External

David Vorick (@taek) published lots of insights into the world of ASIC manufacturing (reddit). Bitmain replied.
Bitmain released an ASIC for Equihash (archived), an algorithm thought to be somewhat ASIC-resistant 2 years ago.
Three pure PoW coins were attacked this month, one attempting to be ASIC resistant. This shows the importance of Decred's PoS layer that exerts control over miners and allows Decred to welcome ASIC miners for more PoW security without sacrificing sovereignty to them.
Upbit was raided over suspected fraud and put under investigation. Following news reported no illicit activity was found and suggested and raid was premature and damaged trust in local exchanges.
Circle, the new owner of Poloniex, announced a USD-backed stablecoin and Bitmain partnership. The plan is to make USDC available as a primary market on Poloniex. More details in the FAQ.
Poloniex announced lower trading fees.
Bittrex plans to offer USD trading pairs.
@sumiflow made good progress on correcting Decred market cap on several sites:
speaking of market cap, I got it corrected on coingecko, cryptocompare, and worldcoinindex onchainfx, livecoinwatch, and cryptoindex.co said they would update it about a month ago but haven't yet I messaged coinlib.io today but haven't got a response yet coinmarketcap refused to correct it until they can verify certain funds have moved from dev wallets which is most likely forever unknowable (slack)

About This Issue

Some source links point to Slack messages. Although Slack hides history older than ~5 days, you can read individual messages if you paste the message link into chat with yourself. Digging the full conversation is hard but possible. The history of all channels bridged to Matrix is saved in Matrix. Therefore it is possible to dig history in Matrix if you know the timestamp of the first message. Slack links encode the timestamp: https://decred.slack.com/archives/C5H9Z63AA/p1525528370000062 => 1525528370 => 2018-05-05 13:52:50.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
Your feedback is precious. You can post on GitHub, comment on Reddit or message us in #writers_room channel.
Credits (Slack names, alphabetical order): bee, Richard-Red, snr01 and solar.
submitted by jet_user to decred [link] [comments]

Cosmos Hub ATOM Token and the commonly misunderstood staking token - Yield does not equal Profit

Cosmos Hub ATOM Token and the commonly misunderstood staking token - Yield does not equal Profit
This is part three where we look at the ATOM token and general misconceptions around staking tokens. Part one can be found here and part Two can be found here

The ATOM token

I often see a lot of confusion around what the ATOM token is used for, so let me clarify:
  • The ATOM token is NOT used for all staking / transactions across the entire Cosmos Ecosystem. It is specific to only the Cosmos Hub. The Cosmos hub is one of many hubs / zones within the Cosmos Ecosystem. There are other hubs live today such as IRIS (which has its own token IRIS) and Sentinel due to launch later this month (which has its own token SENT). Each Zone will also have its own token to incentivise validators to secure their zone.
  • Transactions fees paid for the Cosmos Hub Do Not have to be paid using ATOM, a wide selection of different tokens will be able to be used to pay transaction fees such as BTC, ETH etc. The incentive for staking is that you will receive a proportion of these fees in the various currencies depending on the number of ATOMs staked.
  • It is NOT a currency, nor your normal token that you invest in and just HODL on your ledger. It is a staking token used to secure the Cosmos Hub. ATOM is hyper inflationary (which rewards those that stake the token to provide security to the Cosmos Hub and punishes those that don’t stake via decrease in value per ATOM via inflation.
  • The Top 100 Validators which stake the most atoms are selected for validating / creating new transactions
ATOMs are like ASICs, just as ASICs are a piece of capital you need in order to mine POW chains like Bitcoin, ATOMs are a piece of capital that you need in order to stake on the cosmos hub and earn transaction fees going through that hub. If a lot of ASICs are already in use it is very difficult to attack the network and similarly if a lot of ATOMs are staked, then it is very difficult for someone to buy a large portion of the ATOMs to attack the network. You can read the document explaining the token by the team here as well as the video below (time stamped from 44:30) as well as here

https://www.youtube.com/watch?v=hREydu6Llac&t=2670s

Staking Tokens

Staking tokens are very commonly misunderstood by people, they assume its a passive income where they can earn 10–20% for doing nothing but staking their tokens. Rewards are created by minting new tokens via Inflation, this depreciates the asset of each token by increasing total supply of the tokens. To counter the negative effect of inflation, you can stake your tokens to earn a reward which is greater than the inflation increases. If there was 20% inflation and 100% of the tokens were staked, then there would be no rewards. It’s would just be like projects increased their total supply when doing coin swaps such as VEN going to VET where they increased the total supply of the tokens and everyone received the same proportion. Those that do not stake are punished as they are not receiving the % increase in new supply and so their proportion is diluted.
There are many examples of some version of the following: “Earn a 15% yield per annum when you stake on x network!” This is at best misleading and at worst potentially fraudulent depending on the jurisdiction where these claims are being made. It causes token holders to evaluate and hold PoS tokens on a basis that isn’t applicable or relevant. Even worse, using these words incorrectly can lead regulators to draw unnecessary negative conclusions about how to tax and regulate these networks/tokens: “If you are calling it yield then it should be taxed as income…” Staking rewards — and the possibility of slashing — are a set of incentives that encourage token holders and validators to secure a PoS blockchain. In return, they maintain or grow their relative share of token holdings in the network. Staking creates the “skin in the game” necessary for good behavior such as running nodes in the network and discouraging bad behaviors like failing to remain online or double signing. Staking rewards do NOT exist to provide an income stream to token holders. Think instead, “by staking I can increase my network participation (ownership if you like) by 0.3% over the following year” or “if I do not stake, my relative participation/ownership in the network will be diluted by 1.5% over the next 12 months”. The economic rationale for staking a PoS token is not to receive “yield” (it doesn’t exist) but because you believe that by doing so you will be growing your relative interest in the network and also contributing to significant token appreciation.
The above is taken from a great article which can be found here which explains the commonly misunderstood Staking Token and related terms such as Yield and Inflation.

Basic Example of how this works

To see how it works let’s look at a basic example. For simplicity assume there are only 2 Validators, “Validator 1" and “Validator 2" and there is a current total supply of 1000 tokens. 300 tokens are being staked with each Validator, with the validator for each staking 150 tokens and the delegators also staking 150 tokens. 60% of the total supply is staked whilst 40% is not staked.

https://preview.redd.it/en0kuks1deb31.png?width=1100&format=png&auto=webp&s=b8a16460fa277be3f1a7d8000af672573b884f51

Again, to keep it simple rather than do the rewards per block i am just going to use the yearly figures. So, if total supply is 1000 and inflation is set at 20% then there will be 200 tokens to be minted over a year to be used for rewards and added to the total supply. So total supply now becomes 1200 and the 200 tokens are distributed according to the diagram below (and using the commission / staking values in the diagram above)

https://preview.redd.it/5iwj4bo3deb31.png?width=2640&format=png&auto=webp&s=9519f8d171e78b2a255644a07e3887b8ee15ab9c
So now that the 200 tokens have been minted the total supply has now increased to 1200 and we can compare how the proportions of supply have changed.
The users that didn’t stake — initially had 40% of the supply, they have been penalized for not staking and now only own 33.33% of the supply. (Note they haven’t had any tokens removed from them it’s because additional tokens have been minted and they haven’t received a proportion of them by not staking.) — a decrease of 6.66%
Delegator using validator charging 20% commission — Initially had 15% of the supply and now has 15.84% of the supply — an increase of 0.84%
Validator charging 20% commission — Initially had 15% of the supply now has 17.5% of the supply — an increase of 2.5%
Validator charging 10% commission — Initially had 15% of the supply now has 17.08% of the supply — an increase of 2.08%
Delegator using validator charging 10% commission — Initially had 15% of the supply and now has 16.26% of the supply — an increase of 1.25%

https://preview.redd.it/2s0yutj5deb31.png?width=1100&format=png&auto=webp&s=481e4073b3ea25d9f2919693b94c7863ed44f652
You can see how the users that don’t stake get penalized by not receiving rewards with the increase of additional supply. The proportion of supply that they lose gets transferred to those that stake.

21 Day unbonding period

To protect against a validator attacking the network and then immediately withdrawing his stake, the Cosmos Hub is enforcing a 21-day unbonding period. During this period, staked Atoms do not receive rewards anymore, but slashing is still possible. This means your Atoms are illiquid for 21-days after you decide to stop staking. You will not be able to trade them on an exchange etc until the 21 days have passed. There are however exchanges now looking at offering services where you keep your ATOM on their exchange, and they stake them for you. This has advantages of being able to day trade etc whilst still earning rewards to counter inflation. The downsides are that they normally charge high commission (30%), plus security wise its not great to have everyone leaving their tokens on an exchange as has been proven time and time again. The other potential issue is that it gives the exchanges a lot of voting power over the network if everyone uses them which creates centralisation and may be more inclined to vote on for governance that benefits them. EOS has this issue.
Whale Exchange, Newdex, Hufu, Bigone, and several other exchanges and wallets, have been elected as the top 10 BPs. In the meanwhile, the original supernodes, EOS Newyork, EOS42, EOS Authority, and EOS Canada, all have dropped out the top 21 rankings. Huobi Pool continues to see its dominance. At present, two of the top 5 ranked super nodes belong to one entity: EOSLaomao and Bigone exchanges both belong to the individual Laomao and team. The interests of the two are closely tied, and the strong essentially becomes stronger. And now we are seeing a phenomenon where an overarching number of top BPs are coming from mainland China, and in other words, we are seeing EOS even more centralized than before. Most of the top supernodes currently as of publishing date are either based in China or ran by a Chinese team Brian, the head of the EOS Amsterdam community, also believes that the exchange is considered to be the “leader in the ecosystem”. He is more worried, however, that the supernodes are almost occupied by mainland China nodes, leading to network security vulnerability, centralization and long-term negative PR. This would subsequently bring down the price of the token.
https://globalcoinresearch.com/2019/07/11/the-rising-trend-of-exchanges-participating-as-eos-bps-eos-becoming-even-more-centralized/?source=post_page---------------------------

Slashing

Staking is not without its risks and it’s important to choose a secure and trusted validator or risk having your tokens that are staked slashed. On the 29th June the first validator had all tokens that were staked with them slashed by 5% due to a misconfiguration which caused them to double sign a block. Whilst in this case, the slashing was neither the consequence of an attack on the network nor the result of a compromised validator key, it demonstrates that slashing is real and that validators should carefully design their infrastructure to mitigate the risk of losing their own and their delegators’ funds.

https://preview.redd.it/m0iqeqpddeb31.png?width=542&format=png&auto=webp&s=aaa36fc6a95a4f9f366e8cc7e980343117cb8cca

How to choose which Validator to delegate to?

The first metric I look at when evaluating validators is how much self-bond they have. If they have 30% or higher self-bond, this gives me confidence that they don’t want to get slashed as much as I (delegator) don’t want to get slashed. When a validator has low self-bond (1% or less), it makes me less likely to bond to them because they are playing with other peoples’ money, and there’s less incentive for them to bolster their setups. Many of the top validators are highly visible by making their contributions to the ecosystem known. A lot of them have built useful tools that add to the richness of the Cosmos ecosystem, and thus you recognize their brand through their contribution. For example, you would know about a validator because you’ve used their block explorer. All this of course isn’t telling of the hardness of their setups. This part is hard to verify yourself without going into their data centers and auditing their servers yourself. For now, doing your research on what they’ve got set up as described by their website/content is the best option to understanding what kind of setup they’ve built.
https://medium.com/@huobiwallet/cosmos-ama-on-huobi-wallet-d6b75f6ed492
Tendermint uses Proof of Stake where all validators are known before hand. The current maximum amount of Validators is 100. Validators run a full node for the Cosmos hub and provide its security, as well as being able to vote on Governance about future decisions for the Hub. The 100 Validators which stake the most ATOMs are selected. Currently the minimum amount of ATOM staked to be in the top 100 is 39,047 ATOMs.
The amount of ATOMs staked by a Validator is a combination of ATOM’s that the validator personally holds as well as Delegators, those that rather than run a validator, delegate their stake to another validator and receive a % of their rewards depending on the amount they delegate. There is normally a commision fee that the validator takes as a fee as a % of the rewards received for delegating to them which can normally ranges from 0% to 30% (can see in the picture below). This pays for the equipment, wages etc needed to run a secure validator.
https://preview.redd.it/w7fudoigdeb31.png?width=770&format=png&auto=webp&s=49835b8cb0972090187765a69366a143baadf342
Tendermint requires 2/3 of votes for consensus to be reached. Currently 2/3 of the vote are controlled by the Top 16 Validators (so effectively if these all agree to vote on a proposal then that would be sufficient without the input of the other 84).
If a validator / group of validators control more than 1/3 of the vote then whilst they can’t force any changes through, they can prevent any further proposals from being accepted that they don’t agree with regardless of what other validators vote. So the idea is to have the voting power distributed widely throughout the top 100 for more decentralisation.

Calculating the values for Cosmos

Current Total Supply:

There is no fixed total supply of ATOMs and the total supply will increase each year by between 7% and 20% due to inflation.
https://stargate.cosmos.network/staking/pool
{ "not_bonded_tokens": "71341288426570", "bonded_tokens": "170079253911157" }
Bonded Tokens + Not Bonded Tokens = Total Supply.
The values in the API include 6 decimal places so you need to divide the number by 1,000,000. So to work out the total supply it would be:
(71341288426570 + 170079253911157) / 1,000,000 = 241,420,542.337727‬ ATOM
You then have a minimum of 7% and a maximum of 20% inflation per year on top of that depending on how much has been staked.

Circulating Supply:

The only tokens that are under a vesting period are for All in Bits Inc (AiB, the company doing business as “Tendermint”). They have a total of 23,619,895.81 ATOMs vested which are split into two sets, each subject to a different form of vesting.
The first set consists of 1,777,707 ATOMs allocated to 44 addresses owned by AiB founders, contractors, and employees, current and past. These atoms are non-transferable for 12 months, but can be used for staking and governance. These will become unlocked on the 13th March 2020.
The remaining set of AiBs atoms are held in an AiB multisig and vest continuously starting 2 months after genesis. This is a total of 21,842,188.81 ATOMs.
Each month 992,826.76 of these are released on the 13th (Starting May 13th 2019 and finishing on March 13th 2021.
So Circulating Supply = Total Supply — (Amount Vested by AIB)
Circulating Supply = 241,039,982.546951 — (1,777,707– (21,842,188.81 — (3 x 992,826.76)) (represents 3 months which have been released so far)
Circulating Supply = 220,398,567.016951 ATOMs
Current Market Cap: $872,778,325.39

How to work out Profit from Staking

The Annual reward yield is currently 10.19 % which can be seen from sites such as here
This is the bit where people get confused with staking. They see 10.19 % reward and think easy money, passive income etc. What you need to understand is that these rewards are from new ATOMs being minted and added to the supply via inflation. And so with a higher supply the value of each ATOM is worth less.

Calculate effective reward rate in ATOMs

((100% — Commission Rate%) * Yield Rate) — Inflation
So if you delegate with a validator which charges 20% commission
It would be (0.8 * 10.19) — 7.66 = 0.492% a year in ATOMs

Calculate effective profit in FIAT terms

ATOMs hasn’t been trading for a full year but if we take the first value in CMC which is $6.44 and is currently $3.95 which is a decrease of 38.66% per ATOM. The yearly reward yield is 10.19% so in profit terms its 10.19–38.66 = -28.47%
Profit in USD Terms = 10.19–38.66 = a loss of 28.47% in USD

Calculate effective profit in BTC terms

At the start of trading each ATOM was worth 0.00164490 satoshis, as of the time of this writing they are now 0.00037155 satoshis which is a decrease of 77.41%
Profit in BTC terms = Reward Rate + Change in Price per ATOM in BTC over year
Profit in BTC Terms = 10.19–77.41 = a loss of 67.22 % in BTC
Note that these calculations do not include transaction costs for traffic going through the Hub. Once IBC is released (minimum viable product version is supposed to be at the end of this year, so i would estimate mid next year for full feature version to be released), adoption of the ecosystem will increase and zones will be transferring between each other over hubs then additional revenue is earned via transaction fees of other tokens.
This site you can see the correct value for Total Supply, % Bonded and Inflation Rate https://www.mintscan.io/
Be warned there are some other sites such as https://stakingrewards.com/asset/atom which show incorrect values (for example they say the staking ratio is currently 88.06% which is incorrect and skews the figures for rewards. Mintscan is accurate and the API site that i listed before is direct from the Cosmos Official website so is correct.
https://medium.com/@CryptoSeq/cosmos-atom-token-and-the-commonly-misunderstood-staking-tokens-part-three-958c295c5b78
submitted by xSeq22x to CryptoCurrency [link] [comments]

Choice of Entity: Legal Concerns Associated With Founding a Mining Business

Hey everyone, I just wrote something up about the nuances associated with forming a mining business in the United States. It's meant to help people comply with tax reporting requirements in the most business-owner friendly way possible. As always, please consult with your accountant and/or lawyer before acting on any of this information, it's meant to be used as a resource, not as legal advice. I'll be writing up more legal-related news like this in the future, if you'd like more info, let me know and I'll give you the URL of the website I'm working on (still in development but will eventually have lots and lots of useful info like this).
*Please keep in mind I am NOT a lawyer (I am in law school, but I have zero credentials as of yet). This should NOT be relied on as your exclusive source of legal information.
Without further ado:
-------------|Choice of Entity: Legal Concerns Associated With Founding A Mining Business|-----------
You're probably wondering, what is the most efficient way to structure a new mining business. While the facts do vary, in the most instances, the answer is as an S-Corporation. Odds are, you're either thinking about setting the business up as an LLC or an S-Corp. Although many think the tax consequences are the same because these are both pass through entities, this assumption is false.
S-Corporations are usually going to the be the most efficient tax vehicle for a new mining business. The reason for this is self-employment tax.
LLC co-venturers must pay self-employment tax, in addition to their normal individual rate tax, of approximately 17% if they provide a 'service.' Mining is a service!
-------------------------------------------|Why is Mining A 'Service'?|------------------------------------------
At first glance, mining may seem like a passive activity. All you do is plug in the miner and it runs in the background all by itself with little to no maintenance required. Where's the service?
The easiest way to conceptualize mining as a service is to think about the actual passive version of investing in whatever cryptocurrency one plans to mine. Truly passive cryptocurrency investing simply entails buying a cryptocurrency on an exchange and holding it with the hope of turning a profit. Unlike mining, passive cryptocurrency investing requires no specialized hardware, limited internet connectivity, and minimal power inputs (just the amount required to use your computer to access the internet to buy/sell the cryptocurrency).
Unlike investing in cryptocurrency, mining is a business like activity (although in certain instances, it may only constitute hobby income; see section 183 of the Internal Revenue Code and the associated Treasury regulations for more information) that utilizes high tech machinery to solve a variety of complex equations and hash functions. In exchange for solving these equations, miners are rewarded with blocks of cryptocurrency that function as rewards. The cryptocurrency network benefits from miners (unless using a pure Proof of Stake framework, but that is outside the scope of this article) because miners process network transactions in a way that helps secure network stability and security.
To hammer the point home, Bitcoin would collapse without miners. Think about the magnitude of that statement. Mining is an essential service for a multi-billion dollar asset class that benefits the national investing public AND the international investing public. Thus, mining is a service.
-------------------------------------|Why Does It Matter if Mining Is A Service?|-------------------------------
Knowing that mining is considered a 'service' is important when deciding what sort of limited liability entity to use when forming your client's mining business because it drastically affects their future tax liability.
------------------------------|Self-Employment Tax Implications of Operating a LLC|-------------------------
LLCs are generally seen as desirable entities for new businesses because of lax corporate governance requirements, extreme freedom of contract, and favorable pass-through tax treatment (unless the founder elects to 'check-the-box' to be taxed as a corporation on the appropriate documents). Additionally, single member LLCs are seen as disregards and have a special tax treatment that will be discussed further elsewhere. For the purposes of self-employment tax, however, single member LLCs (a/k/a disregards) are afflicted by the same malady as member managed LLCs and Manager Managed LLCs--self-employment tax!
Self-employment tax has an effective rate of roughly 17% (check these numbers). This tax is ADDED to the LLC member's pass-through tax liability on their tax returns.
The governing statute (for self-employment related taxes) is 26 U.S.C. § 1402(a) and the regulations can be found at 26 C.F.R. 1.1402(a)-1, 1.1492(a)-2, and 1.1492(a)-3.
This means that if a LLC co-venturer is in the highest tax bracket, they will be paying 37% in individual income tax on all earned income (whether or not distributed to members) PLUS 17% self-employment tax for an EFFECTIVE TAX RATE OF 54%!!!!!!!
Even if a shareholder is only in the 25% individual income-tax rate, they will still have an effective tax rate of 42%, way too high to justify!
Note that, at time of writing (and since 2015), the self-employment tax (when required to be paid) must be paid on the first $118,500 of "combined wages, tips, and net earnings;" note that the business will still be responsible for 2.9% Medicare tax on all self employment income (including all income about $118,500). [cites directly below].
See Self-Employment Tax (Social Security and Medicare Taxes), IRS, https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes (last accessed Jan. 21, 2018); see also Tony Nitti, S Corporation Shareholder Compensation: How Much Is Enough?, THE TAX ADVISOR (Aug. 1, 2011), https://www.thetaxadviser.com/issues/2011/aug/nitti-aug2011.html#fnref_6.
--------------------------|Self-Employment Tax Implications of Operating a S-Corporation|-----------------
Forming an S-Corporation instead of an LLC offers many tax benefits for potential mining businesses. For example, S-Corporations offer the same beneficial tax pass-through treatment as LLCs. S-Corporations also offer the ability to AVOID ANY SELF-EMPLOYMENT TAX WHATSOEVER (in theory)!!!!!!!
DISTRIBUTING INCOME
S-Corporations have three main ways of distributing income: (1) employee salaries and payments to other creditors; (2) expansion / improvement expenses; and (3) making distributions to shareholders.
EMPLOYMENT TAXES
It is generally disadvantageous to pay yourself a salary when running an S-Corp. because salaries come with concomitant payroll tax requirements (the payroll tax is in place of a self-employment tax). Generally, shareholders prefer receiving distributions because no payroll tax is imposed on such distributions. Furthermore, these distributions are often tax free events if the shareholder has a positive basis in the corporation in excess of the amount of money being distributed to the shareholder.
Rev. Rul. 59-221, 1959-1 C.B. 225 holds that a shareholder’s undistributed share of S corporation income is not treated as self-employment income.
BASIS
As a shareholder receives tax free distributions, their basis decreases dollar-for-dollar measured against tax-free received. Once a shareholders basis is zero, they will owe taxes on any additional income earned that year. Shareholders will pay long-term capital gain rates (in most instances) on distributions in excess of the shareholder's basis in the S-Corporation.
------------------------|SHAREHOLDERS PERFORMING SERVICES FOR THE CORPORATION|------------------ S-Corporation employee shareholders (i.e., a shareholder who also performs employee-like functions for the S-Corp) MUST be paid a "REASONABLE SALARY" for the performance of "SUBSTANTIAL SERVICES."
For years, there was very little guidance on the meaning of "reasonable salary" or "substantial services." Luckily, we now have a much better idea of what these terms mean. For a great overview of case law and administrative rulings governing these issues, check out this article (also cited above) entitled S Corporation Shareholder Compensation: How Much Is Enough? (written by a CPA, MST).
Essentially, within the context of a cryptocurrency mining business, your clients can avoid employment taxes (in most cases) because there is very little your clients will be doing that would qualify as substantial services. The term "substantial services" has been interpreted to require a fair amount of work (case law examples often talk about someone working for 35 hours a week, 52 weeks a year as constituting "substantial services"). Running a small to medium scale mining business is a fairly barebones operation.
---------------------------------|Fundamentals of Running a Mining Business|---------------------------------
STARTING UP
Most mining operations require only the following startup materials: (1) mining hardware; (2) internet connection; and (3) adequate power source. These are the minimum components required for a mining business. Medium to large scale mining operations will likely also require some sort of separate area (i.e., signing a commercial lease) to put the mining hardware as it can get quite loud with $50,000 or more of equipment running on a non-stop basis.
The mining business operator need only set up his mining hardware once and maybe troubleshoot occasionally or add/upgrade a machine. While setting up a miner can sometimes be a pain in the rear, it seldom takes more than a couple hours (keep in mind, this estimate is for businesses using commercial ASIC miners; people building their own miners warrant special considerations due to extreme time commitments required for such build-outs).
PRINCIPAL FUNCTIONS
As the principal function of the business is to solve transactions with complex hashing functions only solvable with specific computerized technology, the other duties associated with running a mining business are largely administrative, can be easily automated, and require only minimal supervision and monitoring. These other duties include: (1) sending mined coins from the mining pool to their wallet; (2) recording the value of a mined coin at the time it is mined (or transferred from the mining pool to the miner's business wallet if done on a consistent incremental basis); (3) keeping accurate financial records; (4) paying overhead costs; (5) occasionally logging into mining pool or miner IP address to ensure miner is running properly; (6) occasionally research new equipment for future purchases; and (7) make occasional but simple business decisions regarding whether to reinvest profits or distribute them to shareholders.
TOTAL HOURS WORKED (WEEKLY BASIS)
In the author's experience (running a very small three miner mining business), the average amount of time it takes to get a commercial ASIC miner running and to join a mining pool is about one hour of research and three hours of tinkering (and this was for someone with little previous experience in such matters) for a total of four hours per miner, plus or minus two hours depending on the type of miner and person. In terms of the other tasks associated with running a mining business, the author estimates that a total of roughly 20 hours per year is the maximum amount of work required to operate a small mining business. A medium-sized mining business in a commercial building should expect to spend between 10 and 50 hours per year performing employee-like tasks. A large-scale mining operation's employee-like annual hour requirements will vary substantially depending on the business owners' automation and efficiency skills but may reasonably range anywhere between 10-200 hours.
Looking at the above numbers, regarding hours spent performing employee-like tasks, it is relatively simple to figure out if the shareholders of a mining business may end up performing substantial services (see S-Corp info in section above) for the corporation. For small businesses, such as mine, the mining operator may only spend a maximum of 0.3846 hours per week (20 hours per year divided by 52 weeks) working on employee-like tasks. It is safe to assume 0.3846 hours per week does not constitute "substantial services." As such, no reasonable salary need be paid to the shareholder performing this amount of work.
For medium-sized mining businesses, the average amount of hours worked per week may range (based on 10-50 hour annual estimate provided above) between 0.1923 hours per week and and 0.9615 hours per week (# of hours per year divided by 52 weeks). Once again, it is safe to assume that 0.9615 hours per week (the highest end of the average) does not constitute "substantial services." As such, no reasonable salary need be paid to the shareholder performing this amount of work (especially if this amount of work is spread out over multiple shareholders).
For large-scale mining businesses, a special evaluation will be necessary as setup may require a substantial amount of upfront effort and may skew the number of hours being worked. Additionally, it is possible for the amount of employee-like annual hours to vary substantially year-to-year which would cause the corporation's employment tax liabilities to vary accordingly. If we assume that the 10-200 hour estimate provided above is reasonable, we can calculate an average weekly hourly output of between 0.1923 hours per week and 3.84 hours per week (# of hours per year divided by 52 weeks). If a single employee is performing 3.84 hours of work per week, it is possible this constitutes "substantial services" when performed on a consistent basis over a continuous 52-week period. Contra Davis v. United States, No. 93-C-1173 (D. Colo. 1994) (holding that an average work week of 12 hours per week does not constitute substantial services). That said, it is entirely possible that 3.84 hours per week may fall well below the standard established by Radtke v. United States, 712 F. Supp. 143 (E.D. Wis. 1989) (distinguished on other grounds) (holding "where the corporation’s only director had the corporation pay himself, the only significant employee, no salary for substantial services . . . [h]is ‘dividends’ functioned as remuneration for employment."). As always, do your own research and advise your clients accordingly. The sources identified in this article should steer you in the right direction.
Keep in mind that hiccups happen in business, and sometimes, a mining business may require long and consistent employee-like working hours by the shareholder-operator (i.e., in the event of unexpected problems). In these cases, the general principles elucidated above become muddled. As hours increase in an upward fashion, the more likely it becomes that a shareholder may need to be paid a "reasonable salary." Make sure your client is aware of this and have them call you if they anticipate working substantially more hours than expected in any given year.
Should your client encounter an unexpected and substantial increase in weekly hourly requirements, one possible option to avoid incurring employment tax liabilities is to break up the total amount of work among as many shareholders as possible to keep individual hours low. Please note that the IRS may take umbrage at this sort of gamesmanship and audit your client (please note that I have not researched this tax position; it is possible existing case law or Treasury Regulations already explicitly allow or disallow this; as always, do your own research).
Davis v. United States, No. 93-C 1173 (D. Colo. 1994) (pertains to hours worked and duties performed)
One case, Davis v. United States, No. 93-C-1173 (D. Colo. 1994), provides strong support for the position that S-Corporation shareholder mining operators, in most instances, are unlikely to be considered to have provided substantial services requiring reasonable compensation.
In Davis, the taxpayer is a S-Corporation shareholder who performed "part-time clerical duties for the company, including paying bills, submitting invoices, making bank deposits, and communicating with independent contractor truck drivers." Ms. Davis also made business decisions for Mile High and took a few business trips.
Ms. Davis was not paid a salary for her performance of these duties. Rather, Ms. Davis was paid in shareholder distributions. The IRS argued that such shareholder distributions were improper as the income received should have been classified as salary income as it was actually compensation for performance of substantial services.
Davis held for the taxpayer voiding the IRS's imposition of employment taxes by holding that such taxes were assessed in a manner that was arbitrary and capricious.
If Davis can be reasonably relied on (make your own judgment), most S-Corporation mining business shareholders will not be required to pay themselves a salary. Figure out your facts and apply the information above accordingly!
submitted by NicoRatkowski to CryptoMiningTalk [link] [comments]

REAL LEGIT and PRO Ekrane - a platform for providing services in all mining process

Ekrane - a platform for providing services, for working with the use of cloud mining, PoS -forging mining and browser-based mining.

Fundamental crypto-business : Cloud mining, Masternode, Browser mining, Mining-mix

The legal side is the company EGALITY (LMD), technical development - E-GAME (AVG).

Ekrane - implemented as a multifunctional tool, a unique service for business, with a user-friendly interface and a simple management model.

The goal of the development was to simplify the provision of services in the field of cryptichesh extraction with available methods and to unite into a single mechanism, in the form of a business building strategy, accessible to each participant of the process.

Equipment:
Rental capacity.
Now Ekrane not only leases the computing power of a hasht for bitcoin, litecoin, ethereum and other complex algorithms, but also invests in the power of partners to increase the flow of profits.

At the moment, we are expanding the spectrum and increasing the capacity of cloud-based crypteshesh, using a hash lease in special cloud services, accumulating power in their data centers and farms. This is a new model of earnings, which creates groups (mining pools), with one goal: to get more revenue, in comparison with the usual distributed mining, due to the equipment management by the contractor, the technical and software components.

The capacity rent spectrum is directed to special crypto-currency farms, which are computer complexes with a large number of ASIC-devices united into a single computer network of algorithms.

Contracts for cloud mining with services: Lifetime Technology (Thailand) Co. Ltd (cryptominingfarm); (Flymining); (Eobot); (Bits2u); (Hashing24); (F2Pool Discus Fish); (BWPool) allow you to provide rental and power purchase services, under the algorithms SHA3, SHA256, Scrypt, Scrypt-N, X11, X13, X15, accumulated data centers and farms.

You can apply for a loan to purchase hashrate power (the maximum size is 0.01 BTC) or a loan for the Masternode investment (maximum is 0.03 BTC).
The loan period - until maturity, the interest rate is fixed and amounts to 12%.
Loans have a designated purpose and can be used to purchase or increase the power of a hashrate. After the loan is issued, the funds must be used as intended within a period of not more than 168 hours from the moment of registration, otherwise the loan amount and interest will be withdrawn from the wallet for purchase balance and the loan service will not be available in the future.
Repayment of the loan is as follows: for any accruals to your wallet for payouts, 50% of the accrued funds are automatically withdrawn in order to repay the loan. Withdrawal of funds will be stopped after the loan amount and the discounted interest rate has been fully repaid (12%).

Loans are available only to users who used the starting hashrate power of cloud mining. The user can not make more than one loan at a time. The next loan is possible only after the full repayment of the previous one. Be careful, activate the credit limit only for the use of funds for the intended purpose. Be careful, activate the credit limit only for the use of funds for the intended purpose.

The minimum deposit amout:
- For Rent: 0.0075 BTC.
- For Purchase: 0.05 BTC.
- For Masternode: 0.1 BTC.
- For Mining-mix: 0.002747 BTC.
The minimum payout amount: 0.0015 BTC.

Referral program depending the Level:
- Partner-Mining: 2.5%+1.5%+1%+0.75%+0.5%+0.25%+0.2%+0.15%+0.1%.
- Partner-Invest: 6%+4%+1.5%+1%+0.5%+0.4%+0.3%+0.2%+0.1%.
- Partner-Masternode: 5%+2.5%+1%.

The fee is fixed and amounts to 1000 satoshi per partner. Charging is carried out on the wallet for withdrawal.
Under the terms of the program, all invited partners must be active:
- activation of the account is obligatory by confirmation by email;
- activation of the bonus capacity of cloud mining in the "Base" tab is mandatory.
Payment methods: Bitcoin.

START HERE AND BE A REAL PROFESSIONAL of Mining:
https://ekrane.net?reg=bevzeogwepcfdhx
submitted by Ninobrown998 to u/Ninobrown998 [link] [comments]

Log of AMA with Skycoin

boldninja Let's all give a warm welcome to @synth from SkyCoin.net and for taking the time to do this AMA
synth *hello
mike Hi Synth
jakethepanda Hey @synth
thrice.pi Hey synth
dr10 Hi
boldninja I think we can start - you guys know the drill. Give him some time to respond (no more than 2-3 questions on backlog so he can catch up)
dr10 How would you - shortly & in easy words - sum-up the advantages of SkyCoin to magazines and non-crypto people?
mgaruccio Can you explain a bit about the mesh net? Is it just an mpls network between nodes or is there something deeper going on?
michaelthecryptoguy Whassup @synth
tranzer hi synth. I have a question - are those coins that are not in circulation in any cold wallets since only a portion is currently available according to CMC? What would you say is the 1 unique feature that Skycoin has?
synth It is very difficult, because Skycoin is a very large project and already has +6 years of development. Different parts of the project have different objectives.
The cryto, coin part is about solving the problems with the existing consensus algorithms. Being able to do +300 transactions a second, transactions in seconds instead of minutes (faster than credit cards), eliminating miners, eliminating block rewards (eliminating inflation) and eliminating 51% attack and the other problems with mining.
then there are other repos and experimental projects under github.com/skycoin such as a meshnet and distributed VPN prototype, where people will be paid coins for forwarding traffic. Also prototypes of distributed social media application, with peer to peer data replication and different experimental projects. Research into immutable data structures for next generation internet. Some of them are very radical.
dr10 How does the Network consensus algorithm Obelisk work and differ from widely known algorithms like Proof of Work and Proof of Stake?
mgaruccio So how much exists today? Could I build an app on the platform if I wanted to?
mike In terms of the rate of progress, what is currently your greatest limiting factor - like funding, manpower, currently available technology?
synth
Can you explain a bit about the mesh net? Is it just an mpls network between nodes or is there something deeper going on?
It is not actually a meshnet. It is software defined networking, it is much more powerful than just meshnet. Its a new type of networking and new completely new protocol and networking namespace, independent of the existing internet.
It supports source routing, while the existing internet does hot potato routing, so never achieves optimal latencies.
It supports multi-homing, which IPv6 does not (Which is critical for when we have gigabit or terabit networking and multi-redundant bandwidth paths)
It has default oppurunistic crypto, both link layer and end to end; so everything is encrypted by default, unlike the current internet.
It has store and forward networking and will operate in Africa or even under conditions where latencies are in the minutes or hours and packet loss is excessive. Where existing protocols cannot operate reliability. It is much more robust than IPv4/IPv6 or TCP/ip
It has improved privacy. If a packet takes a route that is 10 hops, each hop only knows the previous node in the route and the next node in the route. It is not like IPv4 where each packet gives the source and destination. The privacy level is something that does not exist on the current internet.
IP addresses are replaced by public key and no one can read traffic to a destination, without knowing the private key of the public key that identifies the destination. The system does not need 3rd parties or certificate authorities. The design is a revolution.
are those coins that are not in circulation in any cold wallets since only a portion is currently available according to CMC?
The coins are locked into 100 addresses, each with 1 million coins each. And they are released sequentially.
There is a complicated locking procedure and releasing new coins requires unamious consent and a shared secret among a group of developers. Anyone in the shared secret group can block distribution of more coins (to stop the problem that killed NXT). So by design the coins were supposed to be difficult to distribut, there had to be a good reason or justification before a distribution would be approved.
mike What are the hardware requirements to operate a wireless Skywire (the name for the protocol described above) Node?
arc-over-water nxt i think is doing ok..
synth
How does the Network consensus algorithm Obelisk work and differ from widely known algorithms like Proof of Work and Proof of Stake?
PoS and PoW use miners. Miners receive new coins every block as a block reward. So miners are making money and will fight to control the network. An everyone will suffer because the newly created coins represent inflation.
Skycoin was designed to eliminate mining and eliminate the inflation. No block rewards, no new coins. And we needed to develop a new consensus algorithm to do that and there are only a few methods that work, for these constraints. The consensus algorithm is based upon Ben-Or's randomization procedure for achieving consensus in a distributed system, with some improvements for detecting adversarial or malicious nodes who are trying to prevent the consensus process.
There are white papers on skycoin.net about the specifics. I would call it "network consensus" and it uses a sort of Web of Trust (WoT), where if the people creating blocks are doing a bad job or attacking the network, then the community can get rid of them. At the same time, the people who control the network, do not have any real power to attack the network except by slowing down transactions and being annoying, so even if they become malicious the only issue is how to get rid of them and select new people.
mike Any idea when Skywire will be released and ready to test on hardware nodes (testnet or mainnet)?
mgaruccio So if there is no block reward what is the incentive to run a node?
vega What will be the actual function of Skycoin (the coin itself)? Will the coin be used as currency, as transfer of value in and between all these various developing functionalities, semi-separate projects to tie them all together or it's function will be more limited?
michaelthecryptoguy Do you have an idea on the specs of a node that would be required? In the beginning? What about with 10,000 users? (edited)
synth
nxt i think is doing ok..
There were three people that each owned 30% of the coin. One decided he wanted out and began dumping. NXT was over 150 million I think. When he started dumping, it basicly killed NXT.
Skycoin's distribution was designed to stop dumping by the founders and early people.
After Skycoin gets to 30% of the total coins distributed, there will probably a hard time lock on the remaining coins, so that a maximum of 5% of the remaining coins can be released per year. So the distribution for the other 70% of the coins will take a minimum of 14 years (and could be longer).
We cannot even sell the rest of the coins, because if we sold 10% of the total now at $5 per coin, it would be 50 million or something and we cannot spend or even use that amount of money. Not at this stage.
Ethereum spent 30 million or 70 million in their first year or two after the ICO and then nearly went bankrupt. Silicon Valley wages and offices etc. We have been very conservative and have kept costs down and kept them responsible. Now we have coins like EOS and they want to raise a billion dollars and have not produced anything yet, do not hav a blockchain and I have no idea what they would spend that money on, but they are throwing $350,000 parties in time square for marketing/PR etc...
arc-over-water what prevents you from selling? anybody can spend that amount of money?
nxt is a newer platform than sky, market value is $220 million plus $166 million, I get what you are saying but the evidence is wrong. Community is huge and active in Nxt. But you say it is killed, i dont get it?
synth
What will be the actual function of Skycoin (the coin itself)? Will the coin be used as currency, as transfer of value in and between all these various developing functionalities, semi-separate projects to tie them all together or it's function will be more limited?
Yes. Bitcoin has no purpose. An altcoin does two things - check your balance - send money to other people
Two features - check balance - send
For a coin to have value, people need to be forced to buy it to consume specific services. There has to be stuff for people to spend the coin on, that there is demand for.
So Bitcoin is really just a purely speculative asset. It generates no cashflow and its value is determined by perception or social convention.
Ideally, Skycoin would start off as a "better Bitcoin" (faster, more secure, new algorithm, simplier, etc), then over time we would build up an ecosystem and have some type of backing and tie the coin's value into the network and usebase.
The mesh netork (skywire) is good, because it gives something for people to do to get coins and it allows people to consume the coins. You can run your internet traffic through a VPN that tunnels over Skywire and maybe it will be a nominal amount (actually absurdly small amount of money), but there would be real economic activity and a real userbase and community using the coin. Not just speculation.
Later on the scope is much wider.
arc-over-water So the skycoin wallet will be a VPN for our internet usage?
synth
nxt is a newer platform than sky, market value is $220 million plus $166 million, I get what you are saying but the evidence is wrong. Community is huge and active in Nxt. But you say it is killed, i dont get it?
What I am saying, is that NXT would be a lot further along than it is now and probably around where Ethereum is, except for that mistake in the distribution and keeping it too concentrated. It set them back by years. They did not consider what the impact on the price would be, over the long term, when one of the early whales started selling off or decided he wanted out.
arc-over-water But they did the same again with IOTA, same lead dev.. Its over a $Billion
they released and let the market price distribute
synth
So the skycoin wallet will be a VPN for our internet usage?
The VPN is just one application, that uses bandwidth over Skywire. There are several things in development.
This is a BBS like 4chan, that is completely distributed, with CXO. https://github.com/skycoin/bbs
It will run over Skywire also, This is like building a whole new internet from scratch. The apps that run on it are going to specialized and privacy focused, etc GitHub skycoin/bbs Contribute to bbs development by creating an account on GitHub.
mike So Skycoin is a Proof of Resource coin where its value is actually backed by provision of a useful service, in this case private and secure networking? Are there plans to add decentralized storage and even distributed processing to it?
arc-over-water so these 100 separate million coin accounts will be 100 ICOs or how is the distribution patterned? is it written into the code or up to the devs?
rockyj !calculate
slackbot Custom Response https://docs.google.com/spreadsheets/d/1FGo3FkC3uSWXGHatPQyny2brMWjAIJsHFCR-Lhkl_m0/edit#gid=0
synth
So if there is no block reward what is the incentive to run a node?
running a consensus node does not cost anything. You can run it on a raspberry pi.
The important thing is that if the people doing consensus are doing a bad job, that the community can get rid of them and replace them. The other important thing, is that they can be audited and determined automatically if they are obeying the protocol.
the miners in skycoin are not very powerful and cannot do anything except slow down transactions. They are unable to spend other people's money without their private keys, so the consensus/mining nodes are almost irrelevent. It is not like Bitcoin where the miners can hold the network hostage or act selfishly (driving up the transactions fees for their own personal benefit and delaying any innovations that would improve bitcoin for everyone, etc).
So Skycoin is a Proof of Resource coin where its value is actually backed by provision of a useful service, in this case private and secure networking? Are there plans to add decentralized storage and even distributed processing to it?
We have decentralized storage, which is called CXO. But only the bandwidth is monetized by Skywire. We do not nickle and dime and try to attach a coin cost to every API call. Everything that should be free is free. So its a different philosphy.
On top of CXO we also have distributed social media applications (simmilar to Steemit)
CXO is very similar to IFPS, but simplier and designed for our internal infrastructure and with our crypto standards, instead of being a mismash.
mike Is it possible for Skycoin to choose the best paths and route around bad or slow nodes as damage to the network, in effect reducing their impact on consensus?
looks like you answered the question above while I was typing...
tranzer How many tx/s can skycoin handle? What are block times?
thrice.pi 300 right? ^
arc-over-water on your website it says you will have a NON- Turing complete lisp language?
synth
so these 100 separate million coin accounts will be 100 ICOs or how is the distribution patterned? is it written into the code or up to the devs?
We will have a distribution page, up on the website soon. Its complicated.
Skywire, is designed to pull coins out of circuation, through a sort of tithe on network activity and it does automatic buy backs effectively. So the distribution will actually peak and then decline. But one distribution is from the locked coins, and the locked coins are freed, then circulate, then end up at the foundation (from the skywire tithe are pulled out of circulation), but still count towards the free float.
The coin holders also receive a coinhour dividend and there will be a market rate conversion between coin hours and Skycoins and coinhours are the actual currency for the Skywire network. If you do not have enough coin hours, then you sell Skycoin for CoinHour at the market rate, to purchase bandwidth; but if you have a lot of coins then you have enough coin hours for downloading movies or VPN or whatever you are doing and it is essentially free.
So there is a dual level economic structure. Both with coin buybacks to pull coins out of circulation and with a dividend or incentive to encourage users to hold the coin if they are using the network.
arc-over-water so there will be two currencies, holding one reserves the other
synth
Is it possible for Skycoin to choose the best paths and route around bad or slow nodes as damage to the network
Yes. This is very important.
The person dialing a connection, chooses the path of the connection!
You can choose the lowest latency path for video games or Skype, and choose highest throughput paths for video downloads etc. Or can choose paths through specific nodes or facilities or countries, for security concerns and to minimize the number of points that the traffic could be intercepted at.
mike Will Skycoin still have the node subsidy plan for setting up and registering the mesh nodes like originally planned?
dr10 When do you plan to be able to present your planned technology and services to the masses? When can they use what you try do accomplish?
synth
on your website it says you will have a NON- Turing complete lisp language?
That is probably an error. LOL. We will have a new website soon.
There is no scripting language on the skycoin blockchain. Each transaction is constant time (for efficiency and security and to achieve the highest transaction rate and to keep the coin simple).
However, we have a language called CX in development, which is a next generation language that is beyond "smart contracts" and the toy things on ethereum. It uses immutable datastructures and is something completely new. Most of the skycoin "smart contracts" will probably be off blockchain or in personal blockchains and we do not want to shove all the data onto the main chain, because forcing everyone to download everyone one elses contracts it the world is just spamming the blockchain to death. There are better ways to do it.
Will Skycoin still have the node subsidy plan for setting up and registering the mesh nodes like originally planned?
Yes. We are going to get from 20% to 30% distributno of the coins, through network incentives for people running Skywire nodes, consensus nodes and services.
I think this is going to be massive for marketing. And it is the best way to get the coins out to the users, instead of all the coins being held by whales
samuelvihollandia I read how you suggest Skycoin could be used for VPN connections, is this the largest use case you see?
arc-over-water Maidsafe has been working on the redesign of the net for about ten years, what are you doing the same and what different?
synth
I read how you suggest Skycoin could be used for VPN connections, is this the largest use case you see?
No. This is just something easy, that we have working. Its not the largest applicatoin at all.
80% of internet traffic right now is bitorrent and the bitorrent sites are being systematically shutdown and driven off the internet. They wont go away, but will jut go underground. What.cd (largest music tracker, with 800k people) was just shut down, bakabt (largest anime tracker) has gone closed registration, Nyantorrent etc...
User communities of millions of people will be migrating from the clearnet (the existing corporate shit-net) to the "new internet". We are going to see people migrating by the millions, whole user communities of millions of people.
arc-over-water Are you a corporation or foundation or charity? Registered? I am not sure i have seen anything about who you are? What is the dev team size? Background? - Maidsafe is open and clear so is IOTA and Stellar etc. Can you let us know who you and your team are? Especially you are talking about 15 year and up obligations..
techbytes Do we need to hold skycoin to run Skywire nodes or consensus nodes like masternodes from other coins?
synth
Maidsafe has been working on the redesign of the net for about ten years, what are you doing the same and what different?
Maidsafe is in version 2 or 3. Maidsafe will not have a real coin until version 9. Each version takes them about two or three years. Maidsafe will not be "done" or ready for atleast 18 years at this rate.
Skycoin has been in development for ~6 years and the meshnet for 4 years and it will be finished in a few months. To the poin that people can start using it.
Skycoin is similar to maidsafe in the objective, but has a different approach and architecture and primitives. We did not try to do everything, but focused on a smaller, tractable core and got that done.
There will be multiple projects in this space, but few teams are able to plan on the time horizon necisary for building a new internet or able to design each of the components of a system this large, or figure out how to do it so that it is useful at each stage of construction of a project that may take a decade. (edited)
mike Can you see a way for Ark and Skycoin to build on each other in a synergistic manner? I'm all for not reinventing the wheel, especially when it looks like it will be replaced with antigravity like Skycoin.
I see Skycoin as essentially replacing TCP/IP and providing mesh network type functionality at the hardware level, Ark would run on top of it as a top level application layer.
arc-over-water are you up to date on Maidsafe, they are nearly out of Alpha and its more like release early next year? But that being said, Maidsafe says once it is released it is like a virus or AI type, so does Tau Chain, and also Autonomic by HunterMinerCrafter, are we heading towards AI with Maid, Sky Tau and Autonomic?
dr10 smartbridge now! :kappa:
mike So Skycoin would act as a sort of global decentralized cloud server to build on top of.
To communicate, it is more like sharing encrypted files to selected recipients than it is sending messages or hosting sites on a specific server.
synth
Are you a corporation or foundation or charity? Registered? I am not sure i have seen anything about who you are? What is the dev team size? Background?
I think there are over ~60 people who have worked on Skycoin or have made major contributions. Its really a project from the darknet.
Many of the contributors are anonymous. Some of them have security clearances and were in the military industrial complex and one of them worked at the San Diego Naval Defence Research Lab and a lot of the idea for the networking protocols came out of public sector academic researched, funded from there.
We also have a lot of very very early Bitcoin people, hardcore crypto people that predate Bitcoin and an Ethereum core developer, etc..
On the Chinese side we have an early investor in Alibaba and telecom investor. And are doing pilot with china aviation group (owns four publicly traded airline companies) and apparently now Sinopec (which is 2nd largest publicly traded corporation in world).
Then we have people who are part of israeli and US intelligence and are probably doing some sort of money laundering or phychological operations background, who just showed up for some reason. This group seems very interested in the "applications" of these coins and how to improve tranaction privacy and the specifics of the CoinJoin protocol implementation. We got a lot of advice from people experienced in forensic accounting and what they wanted to see and where they felt Bitcoin was deficient and where it leaked metadata.
Then a bunch of PHD level people doing research into distributed database consensus algorithms and another group doing programming language research.
Then a lot of people from the deep darknet, anon, frog twitter and cipher punks and bitorrent communities. (really should be listed as two seperate groups). And people from the Russian darknet community. We have like eight Ivans. (edited)
I see Skycoin as essentially replacing TCP/IP and providing mesh network type functionality at the hardware level, Ark would run on top of it as a top level application layer.
Yes. The key functionality is two things - connecting to people by public key (networking) - distributing self validating, immutble data peer to peer (transactions, blocks etc... content addressible storage)
And you can build almost anything on those two building blocks. The whole internet will eventually be rewritten on top of those primitives and it will replace many of the existing protocols.
arc-over-water Who is the entity that is funding this? I think you have done 2 ICOs? How much did you receive? The first was 10c and the second was @ 50c per coin, released 6 million, is that correct?
samuelvihollandia Are you planning to enter a different exchange market soon?
arc-over-water Have you personally been in Sky from the start? What members have? Who allocates the ICO money etc... I hope you understand that decentralization with investment is a two edged sword, we invest in people but we cannot know these people.... So... we question.. (edited)
thrice.pi with all these outside parties that helped to build skycoin and bring it where it is today who are the main core team who will help to keep all these cool features running. Will these outside parties be recruited for the long haul?
synth
Who is the entity that is funding this? I think you have done 2 ICOs? How much did you receive? The first was 10c and the second was @ 50c per coin, released 6 million, is that correct?
The people who funded the project for the first four years, were early bitcoin and deep crypto people; who were unhappy with the fact that Bitcoin and the other alts did not seem concerned about the core issues at all. They gave us over 1200 bitcoin I think, over several years and did not ask for anything in return.
The early Skycoin devs were doing academic research, architecture and new algorithms. Prototyping and simulation. The later stage people were more project managers and doing implementation.
We did four ICOs for small amounts, to fund development and to allow developers working on the project to buy in. The first ICO I remember was at $0.10 per coin and the price now is about $4.00 per coin, so its up ~35x or 40x, but when you consider the Bitcoin price going from $100 to $3000, the increase has not been so much. lol (edited)
arc-over-water With the price up 35x in about 1 year, is it not now time to cool the run up and release another ICO? At what amount of coins released and what procedure?
mike Would Intel Edison or Joule, or Samsung Artik 10 work well as a Skywire wireless node? They have 2 Gb-8 Gb RAM, 8-64 Gg eMMC storage, 802.11n wireless, bluetooth, and some with Zigbee?
synth
Have you personally been in Sky from the start? What members have? Who allocates the ICO money etc... I hope you understand that decentralization with investment is a two edged sword, we invest in people but we cannot know these people.... So... we question.
I think there wer three different groups that merged together in first three years, that had similar objectives. Because the code was in different language. There was python, C code and then eventually golang and the golang code became the basis for the current codebase.
The way the coin allocations work, is that it requires unamimious consent for releasing coins and it has to be for a specific, ear marked purpose and can be blocked by any of the devs.
Then there is a pool of coins in bitcoin for various project managers to allocate. And that is an operational fund for paying developers, contractors, marketing etc. Then different people have different responsibilities.
Then we also have corporate funding and sponsorship and some companies paying our full time devs etc, which helps a lot.
arc-over-water Silicon Valley (TV SHOW) recently had their decentralized web running on a network or refrigerators? So i would guess, smart phones, smart gadgets? Home gadgets etc could add services and receive rewards from Sky?
mike best would be a totally open source and publicly audited manufactured system on a chip for the nodes to prevent any backdoors. Even chip designers now don't really know what they're putting into the chips since they just drag and drop black boxes known as IP cores into the ASIC designs.
synth
With the price up 35x in about 1 year, is it not now time to cool the run up and release another ICO? At what amount of coins released and what procedure?
I think the Skycoin price has been doubling every 40 days, for as long as I can remember. However, it will still be years before it is in the top 20, its still a long way to climb. It took bitcoin years to go from 0 to $1, even though it was growing at 1% per day the whole time for six years.
best would be a totally open source and publicly audited manufactured system on a chip for the nodes to prevent any backdoors.
we are going to use arm
arc-over-water IOTA is also working on their own hardware for nodes etc, Trinary asset is JINN
synth all intel and AMD systems have remote management engine backdoors. So they are not safe for storing large amounts of coins.
We also have alpine linux and special version of linux, that is 6 MB and has everything that is needed for running our toolchain. It will not have any binary blobs in the kernel or anything that we cant compile from source. It does not have systemd and does not have gli, but uses musl. And does not have openssl.
mike so looks like the Samsung Artik 5 and 10 can run it no problem, they're ARM based. 25x35x4mm package for the Artik 10, Artik 5 is smaller, less powerful but has 2 separate antenna ports, nice for mesh networking with an omni and a directional antenna.
earlyarkinvestor how does Ark compare to Lisk?
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earlyarkinvestor isn't Lisk trying to achieve interoperability between blockchains as well
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mike nice! looks like an ARM based server rack
let me know if you need any help with it, see you're on solidworks, which I run as well.
synth this is the skycoin cluster; it has 8 CPU boards; 4 cores per CPU, 2 GB of ram per CPU and 64 bit ARM processor. Only one program will run on each individual board, so there is compartmentalization and a physical gap so that compromising one process on a system does no allow all other processes on the system to be compromised
mike looks like 2 ethernet ports per board.
synth and the hardware does not have the qualcom backdoors and is actually chinese equipment; and the backdoors are normally at the kernel level because they are not at hardware backdoors yet
lol
mike do they have SATA ports, maybe M.2 for storage?
synth and we will hav an ARM openwrt router eventually too
this model does not have SATA, but we have a model with SATA; you could hook up 16 2 TB drives, lol and download half the piratebay to your cluster (edited)
the skycoin infrastructure is cluster based and designed for running across +300 computers, with one "node" deployed per computer. Eithe a CXO storage node, or a skywire SDN/meshnet node, or a VPN end point node or a consensus network, or skycoin node, etc. We have multiple node/application types.
so this is a "personal cloud' by itself
its not like StoreJ where you have other people storing your stuff; you are going to have ~5 clusters and 300 computers and can store your own files, on your own internet, on your own hardware. You do not need to go outside of your own network.
mike Have thought it'd be nice to have a board with an array of M.2 sockets to run SSD arrays without all the cables, have the busses shielded in circuit board.
synth yes, i think there will be m.2 eventually
these actually use a microSSD for storage, and its 48MB/s
mike any idea on the pricing on your ARM boards in quantity? We are looking at Intel for Bitseed V3, but ARM would be good to stay with, especially using your boards if there is SATA.
arc-over-water Do you have a general idea of usable functions to be released next in what order? The first release was the Coin and wallet, then the ICOs and can you give a general future with dates if you can
synth the boards are $30 each and the memory for solid state, is actually more than the the cost of the CPU/RAM/board now. Which is sort of insane.
mike so you have microSSD, what's maximum size? we shipping 1with Tb hard drives right now
synth Bitseed mike is going to help with this; so we can pool the boards and do a custom PCB
mike yes, that's where we see the price jumps, is in RAM and eMMC costs.
and it's hard to find low cost boards with SATA
synth try the orange pi
the price goes up 30% for SATA
mike yes, very nice specs.
synth eventually, we will make one that has custom PCB and is a pluggable blade server, I think.
mike I like the Samsung Artiks for the tiny form factor for drone routers, cubesat/picosat possibilities.
but like the fact that you are controlling much deeper down the supply chain with your boards.
synth we only need ram, CPU, then microSD slot; and that is it. so the wifi and all this other stuff is just crap and its junk. We only have communication, storage and computation. So should be minimialist.
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