The fallacy of proof of work as an information value
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Failure, Chaos, & Bad Decisions: Why Dash's Horrible 2019 Means It Won't Survive 2020
I. Failure In 2019, LATAM scammers ripped off Dash's treasury for 1000s of coins while providiing fake adoption statistics and embezzling money intended to save poor starving Venezuelan babies. In 2019, Dash continued its free fall in marketcap rank, plunging to 27 from a high of 3. Once 5 times Monero's marketcap, Dash is by global free market consensus now valued at less than 50% of Monero, and may soon succumb to DogeCoin, a joke currency based on a dead 2013 meme. Measrued against the standard for altcoins, the once-hopeful 2 ETH for 1 Dash rate has surrendered unconditionally to Dash-breaking bearwhales - 1 Dash is worth less than 1/3 of an ETH now. In 2019, Dash shills tried changing the subject from the "existential crisis" caused by DCG's failed Evolution Roadmap to other coins' cryptowinter vacations or fake & gamed metrics like tx/day, ignoring the obvious fact that Dash's singularly weak fundamentals and price collapsed in terms of Bitcoin, gold, fiat, and all other Top 25 altcoins. In 2019, Dash shamefully abandoned tried-and-true Nakamoto Consensus with a cheap, gimmicky "Chainlocks" version of Peercoin's good old-fashioned checkpoints. In 2019, Dash Core's chosen PR firm, Shift Communications, was a huge disappointment as it failed to engage the community, mitigate public relations disasters like MooCowMoo, or direct attention to EvoNet Platform's Open House. Dash Core also suffered the humiliation of being forced to de-endorse their own Shift Communication proposal, asking MNOs to vote down yet another money-wasting, bloated-corporation-imitating Core brainchild. In 2019, Dash's identity as "Shitcoin of the year" was confirmed after being called out as a scam by the Crypto Vigilante Group due to the instamine, centralized mangement+control, and slow+broken privacy. In 2019, Dash's support from Jeff Berwick's Dollar Vigilante Group turned very bearish to to their increased awareness of Dash's instamine and broken privacy. In 2019, Dash was listed by Coinbase, raising hopes the Number might Go Up. But nobody actually cared about Dash on Coinbase, so nothing happened afterwards to change the market's opinion that Dash is worth less than a cold sack of puke. In 2019, Dash's PrivateSend feature-cum-liability was broken by crypto research specialist u/Flenst, just as many exchanges were delisting Dash beause of its prior marketing under the old Darkcoin brand. II Chaos In 2019, every week wealthy Masternode owners dumped their 7200 "free" Dash, without returning anything for it to Dash's primary buyers. As the compounded Instamine Masternode poopulation grew, the market's ability to bear that overhead simply imploded. In 2019, Dash went from weak to weaker as falling prices and severe reputation damage thanks to Macrochip & Moocowmoo resulted in budget shortfalls for Core Group Inc, intensifing toxic conflict over who must suffer additional austerity measures. Meanwhile Dash's competitors had great years and their devs wrote AND SHIPPED amazing code, such as Cardano releasing its (absolute madhouse of an) Incentivized Shelley Staking Testnet, Monero putting RandomX into production, and Decred adding state-of-the-art CoinShuffle++. In 2019, DASH became a nightmare of change discussion and negativity. Instead of an Evolution product demo at the Open House, CEO Ryan Taylor plopped out a FUD turd and then proceded to roll around in it while all 15 people watching recoiled in horror and disgust. Markets hate uncertainty, so Dash Core's confusing new mission of endless scope creep, bikeshedding, and self re-invention only exacerbated existing negative investor sentiment. III Bad Decisions In 2019, Dash's increasinly desperate and centralized management+control (AKA spork-key hodler) entity, DCG, having lost hope in ever being competitive with successfull PoW-backed hard money cryptoassets like BTC/LTC/XMR, annouced a shocking, narrative-abandoning pivot to exploring Proof Of Stake options (as well as stripping X11 miners of their fair share of coinbase asset allocation). In 2019, Dash's CEO ruined the years-overdue Evolution Open House by inciting a massive, controversial discussion after unilaterally declaring Dash is "overpaying" for Nakamoto Consensus PoW security. In 2019, Dash's long-awaited Evolution release Open House featured no actual product demo as Liz's embarrassingly cringe EvoNet slideshow openly annouced Evolution has devolved into a Zero-Calorie Nothingburger with Vaporware Fries and Lite Ketchup. In 2019, Dash's established coinbase reward allocation and PoW/PoSe consensus mechanism degenerated into a discussion of which Calvinhash Protocol would fix Dash's massive technical and cultural debt problems, thereby making its Number Go Up.
 Calvinhash is a protocol invented by Evan at Dash Labs during an especially intense and lavishly provisioned Psytrance party "research" experience/experiment. Calvinhash has no rules; the miners, stakers, and Instamined DCG Masternodes make up their own rules as they go along, ensureing no Calvinhash proof-of-work, block size limit, consensus mechanism, or block reward is like another.
Imagine if there was one desk that all stories could cross so that, at 4am, a media plan could be decided upon and disseminated where all news outlets coordinated to set the goalposts of debate and hyper focused on specific issues to drive a narrative to control how you vote and how you spend money; where Internet shills were given marching orders in tandem to what was shown on television, printed in newspapers and spread throughout articles on the World Wide Web. https://i.imgur.com/Elnci0M.png In the past, we had Operation Mockingbird, where the program was supremely confident that it could control stories around the world, even in instructions to cover up any story about a possible “Yeti” sighting, should it turn out they were real. https://i.imgur.com/121LXqy.png If, in 1959, the government was confident in its ability to control a story about a Yeti, then what is their level of confidence in controlling stories, today? https://i.imgur.com/jQFVYew.png https://i.imgur.com/ZKMYGJj.png In fact, we have a recent example of a situation similar to the Yeti. When Bill Clinton and Loretta Lynch met on the TARMAC to spike the Hillary email investigation, the FBI was so confident it wasn’t them, that their entire focus was finding the leaker, starting with searching within the local PD. We have documentation that demonstrates the state of mind of the confidence the upper levels of the FBI have when dealing with the media. https://i.imgur.com/IbjDOkI.png https://i.imgur.com/NH86ozU.png The marriage between mainstream media and government is a literal one and this arrangement is perfectly legal. https://i.imgur.com/OAd4vpf.png But, this problem extends far beyond politics; the private sector, the scientific community, even advice forums are shilled heavily. People are paid to cause anxiety, recommend people break up and otherwise sow depression and nervousness. This is due to a correlating force that employs “systems psychodynamics”, focusing on “tension centered” strategies to create “organizational paradoxes” by targeting people’s basic assumptions about the world around them to create division and provide distraction. https://i.imgur.com/6OEWYFN.png https://i.imgur.com/iG4sdD4.png https://i.imgur.com/e89Rx6B.png https://i.imgur.com/uotm9Cg.png https://i.imgur.com/74wt9tD.png In this day and age, it is even easier to manage these concepts and push a controlled narrative from a central figure than it has ever been. Allen & Co is a “boutique investment firm” that managed the merger between Disney and Fox and operates as an overseeing force for nearly all media and Internet shill armies, while having it’s fingers in sports, social media, video games, health insurance, etc. https://i.imgur.com/zlpBh3c.png https://i.imgur.com/e5ZvFFJ.png Former director of the CIA and Paul Brennan’s former superior George Tenet, holds the reigns of Allen & Co. The cast of characters involves a lot of the usual suspects. https://i.imgur.com/3OlrX7G.png
In 1973, Allen & Company bought a stake in Columbia Pictures. When the business was sold in 1982 to Coca-Cola, it netted a significant profit. Since then, Herbert Allen, Jr. has had a place on Coca-Cola's board of directors. Since its founding in 1982, the Allen & Company Sun Valley Conference has regularly drawn high-profile attendees such as Bill Gates, Warren Buffett, Rupert Murdoch, Barry Diller, Michael Eisner, Oprah Winfrey, Robert Johnson, Andy Grove, Richard Parsons, and Donald Keough. Allen & Co. was one of ten underwriters for the Google initial public offering in 2004. In 2007, Allen was sole advisor to Activision in its $18 billion merger with Vivendi Games. In 2011, the New York Mets hired Allen & Co. to sell a minority stake of the team. That deal later fell apart. In November 2013, Allen & Co. was one of seven underwriters on the initial public offering of Twitter. Allen & Co. was the adviser of Facebook in its $19 billion acquisition of WhatsApp in February 2014. In 2015, Allen & Co. was the advisor to Time Warner in its $80 billion 2015 merger with Charter Communications, AOL in its acquisition by Verizon, Centene Corporation in its $6.8 billion acquisition of Health Net, and eBay in its separation from PayPal. In 2016, Allen & Co was the lead advisor to Time Warner in its $108 billion acquisition by AT&T, LinkedIn for its merger talks with Microsoft, Walmart in its $3.3 billion purchase of Jet.com, and Verizon in its $4.8 billion acquisition of Yahoo!. In 2017, Allen & Co. was the advisor to Chewy.com in PetSmart’s $3.35 billion purchase of the online retailer.
Previous conference guests have included Bill and Melinda Gates, Warren and Susan Buffett, Tony Blair, Google founders Larry Page and Sergey Brin, Allen alumnus and former Philippine Senator Mar Roxas, Google Chairman Eric Schmidt, Quicken Loans Founder & Chairman Dan Gilbert, Yahoo! co-founder Jerry Yang, financier George Soros, Facebook founder Mark Zuckerberg, Media Mogul Rupert Murdoch, eBay CEO Meg Whitman, BET founder Robert Johnson, Time Warner Chairman Richard Parsons, Nike founder and chairman Phil Knight, Dell founder and CEO Michael Dell, NBA player LeBron James, Professor and Entrepreneur Sebastian Thrun, Governor Chris Christie, entertainer Dan Chandler, Katharine Graham of The Washington Post, Diane Sawyer, InterActiveCorp Chairman Barry Diller, Linkedin co-founder Reid Hoffman, entrepreneur Wences Casares, EXOR and FCA Chairman John Elkann, Sandro Salsano from Salsano Group, and Washington Post CEO Donald E. Graham, Ivanka Trump and Jared Kushner, and Oprah Winfrey.
https://i.imgur.com/VZ0OtFa.png George Tenet, with the reigns of Allen & Co in his hands, is able to single-handedly steer the entire Mockingbird apparatus from cable television to video games to Internet shills from a singular location determining the spectrum of allowable debate. Not only are they able to target people’s conscious psychology, they can target people’s endocrine systems with food and pornography; where people are unaware, on a conscious level, of how their moods and behavior are being manipulated. https://i.imgur.com/mA3MzTB.png
"The problem with George Tenet is that he doesn't seem to care to get his facts straight. He is not meticulous. He is willing to make up stories that suit his purposes and to suppress information that does not." "Sadly but fittingly, 'At the Center of the Storm' is likely to remind us that sometimes what lies at the center of a storm is a deafening silence."
https://i.imgur.com/YHMJnnP.png Tenet joined President-elect Bill Clinton's national security transition team in November 1992. Clinton appointed Tenet Senior Director for Intelligence Programs at the National Security Council, where he served from 1993 to 1995. Tenet was appointed Deputy Director of Central Intelligence in July 1995. Tenet held the position as the DCI from July 1997 to July 2004. Citing "personal reasons," Tenet submitted his resignation to President Bush on June 3, 2004. Tenet said his resignation "was a personal decision and had only one basis—in fact, the well-being of my wonderful family—nothing more and nothing less. In February 2008, he became a managing director at investment bank Allen & Company. https://i.imgur.com/JnGHqOS.png We have the documentation that demonstrates what these people could possibly be doing with all of these tools of manipulation at their fingertips. The term for it is “covert political action” for which all media put before your eyes is used to serve as a veneer… a reality TV show facade of a darker modus operandum. https://i.imgur.com/vZC4D29.png https://www.cia.gov/library/center-for-the-study-of-intelligence/kent-csi/vol36no3/html/v36i3a05p_0001.htm
It is now clear that we are facing an implacable enemy whose avowed objective is world domination by whatever means and at whatever costs. There are no rules in such a game. Hitherto acceptable norms of human conduct do not apply. If the US is to survive, longstanding American concepts of "fair play" must be reconsidered. We must develop effective espionage and counterespionage services and must learn to subvert, sabotage and destroy our enemies by more clever, more sophisticated means than those used against us. It may become necessary that the American people be made acquainted with, understand and support this fundamentally repugnant philosophy.
Intelligence historian Jeffrey T. Richelson says the S.A. has covered a variety of missions. The group, which recently was reorganized, has had about 200 officers, divided among several groups: the Special Operations Group; the Foreign Training Group, which trains foreign police and intelligence officers; the Propaganda and Political Action Group, which handles disinformation; the Computer Operations Group, which handles information warfare; and the Proprietary Management Staff, which manages whatever companies the CIA sets up as covers for the S.A.
…Those operations we inaugurated in the years 1955-7 are still secret, but, for present purposes, I can say all that’s worth saying about them in a few sentences – after, that is, I offer these few words of wisdom. The ‘perfect’ political action operation is, by definition, uneventful. Nothing ‘happens’ in it. It is a continuing arrangement, neither a process nor a series of actions proceeding at a starting point and ending with a conclusion.
CIA FBI NSA Personnel Active in Scientology: https://i.imgur.com/acu2Eti.png When you consider the number of forces that can be contained within a single “political action group” in the form on a “boutique investment firm,” where all sides of political arguments are predetermined by a selected group of actors who have been planted, compromised or leveraged in some way in order to control the way they spin their message. https://i.imgur.com/tU4MD4S.png The evidence of this coordinated effort is overwhelming and the “consensus” that you see on TV, in sports, in Hollywood, in the news and on the Internet is fabricated.
Under the guise of a fake account a posting is made which looks legitimate and is towards the truth is made - but the critical point is that it has a VERY WEAK PREMISE without substantive proof to back the posting. Once this is done then under alternative fake accounts a very strong position in your favour is slowly introduced over the life of the posting. It is IMPERATIVE that both sides are initially presented, so the uninformed reader cannot determine which side is the truth. As postings and replies are made the stronger 'evidence' or disinformation in your favour is slowly 'seeded in.' Thus the uninformed reader will most likely develop the same position as you, and if their position is against you their opposition to your posting will be most likely dropped. However in some cases where the forum members are highly educated and can counter your disinformation with real facts and linked postings, you can then 'abort' the consensus cracking by initiating a 'forum slide.'
When you find yourself feeling like common sense and common courtesy aren’t as common as they ought to be, it is because there is a massive psychological operation controlled from the top down to ensure that as many people as possible are caught in a “tension based” mental loop that is inflicted on them by people acting with purpose to achieve goals that are not in the interest of the general population, but a method of operating in secret and corrupt manner without consequences. Notice that Jeffrey Katzenberg, of Disney, who is intertwined with Allen & Co funds the Young Turks. He is the perfect example of the relationship between media and politics.
Katzenberg has also been involved in politics. With his active support of Hillary Clinton and Barack Obama, he was called "one of Hollywood's premier political kingmakers and one of the Democratic Party's top national fundraisers."
Last week, former DreamWorks Animation CEO Jeffrey Katzenberg’s new mobile entertainment company WndrCo was part of a $20 million funding round in TYT Network, which oversees 30 news and commentary shows covering politics, pop culture, sports and more. This includes the flagship “The Young Turks” program that streams live on YouTube every day. Other investors in the round included venture capital firms Greycroft Partners, E.ventures and 3L Capital, which led the round. This brings total funding for Young Turks to $24 million.
Hollywood activism long has been depicted as a club controlled by a handful of powerful white men: Katzenberg, Spielberg, Lear, David Geffen, Haim Saban and Bob Iger are the names most often mentioned. But a new generation of power brokers is ascendant, including J.J. Abrams and his wife, Katie McGrath, cited for their personal donations and bundling skills; Shonda Rhimes, who held a get-out-the-vote rally at USC's Galen Center on Sept. 28 that drew 10,000 people; CAA's Darnell Strom, who has hosted events for Nevada congresswoman Jacky Rosen and Arizona congresswoman Kyrsten Sinema; and former Spotify executive Troy Carter, who held three fundraisers for Maryland gubernatorial candidate Ben Jealous (Carter also was a fundraiser for President Obama).
Viacom, after splitting off from Les Moonves Les Moonves ' CBS , still holds Paramount Pictures, and that movie studio in December agreed to acquire DreamWorks SKG, the creative shop founded by the Hollywood triumvirate of Steven Spielberg, David Geffen and Jeffrey Katzenberg (a former exec at The Walt Disney Co.). DreamWorks Animation had been spun off into a separate company. Now it's time for Freston to make back some money--and who better to do a little business with than George Soros? The billionaire financier leads a consortium of Soros Strategic Partners LP and Dune Entertainment II LLC, which together are buying the DreamWorks library--a collection of 59 flicks, including Saving Private Ryan, Gladiator, and American Beauty.
What happened with MATTIC should not surprise anyone — here’s why:
‘Panic?’ So theyre chalking it up to FUD as their explanation? Smh. For any of you whose been involved in the crypto game b4 Q417, you already know what I’m about to say. For all the rest: this was a 4PD if I ever saw one. 4PD (disambiguation) is one of many slang acronyms / memes that really apexed in usage circa 2016 & pretty much dissipated after cryptowinter. It stands for 4chan Pump & Dump — back when the first DEXes were launching & the only ‘stablecoin’ was USDT (which remained the only stablecoin until after BTC ATH which brought widespread, global attention to regulators) & the notion was anyone who had 10+ BTC (which wasnt inconceivable back when I started trading at $200 per coin) would scour 4chan and dark web message boards with forum posts titled “4PD LFXM” where X = 1 user or 10 BTC . These simplistic yet complicated, paradoxical form of easily spotted & instantly recognizable code would let pump & dumpers (whales only) seek out each other so if I post 4PD LF2M then without needing to read the thread or post (of which was usually vague or left empty) I would know right off the bat that there’s a group of 3 whales who all are willing to commit 10 BTC each, thus 30 BTC total seeking 2 more ppl or 20 more BTC. This was so rampant in 2016 (the golden year of crypto for early adopters) that anyone who had any experience trading knew right away to stay the fuck away from any coin/token with a market cap under 50 million — I must confess I am guilty of being apart of one of these groups. We pumped golem, bcc (bitconnect) Bitcoin gold and a slew of other shitcoins that don’t even exist anymore. We would all buyin & made the whole community FOMO then dump at the top. The only problem was finding a group you can trust ; which fortunately for SWIM worked out great as they used software to create an algorithmic system of escrow to make sure we had proof of stake and no need to trust each other. Anyone’s curious how it worked out in terms of ROI; basically we’d(they’d) dump 10 BTC each & 50 BTC into a shitcoin and split the return at the top of the wick which usually was anywhere from 25%-10,000% profit (yes, I know...) Technically they/we should all be in jail for what SWIM did. If it makes you feel any better, SWIM lost 80% of everything in cryptowinter and SWIM donated tens of thousands of $$ to irc unicef & st Jude. Now? SWIM has nowhere near the net worth he had back then but is comfortable enough for me to focus on my research & startup while not needing to work for food/bills. Disclaimer SWIM = someone who isn’t me. The story above is strictly an alleged hypothetical; unsubstantiated & without evidence of said events having occurred. SWIM is not liable for any incidents of pump and dumping nor does SWIM know anybody that is. Additionally described above is nothing more than pure conjecture and a potential hypothetical for educational and entertainment purposes.
Which are your Top 5 favourite coins out of the Top 100? An analysis.
I am putting together my investment portfolio for 2018 and made a complete summary of the current Top 100. Interestingly, I noticed that all coins can be categorized into 12 markets. Which markets do you think will play the biggest role in the coming year? Here is a complete overview of all coins in an excel sheet including name, market, TPS, risk profile, time since launch (negative numbers mean that they are launching that many months in the future) and market cap. You can also sort by all of these fields of course. Coins written in bold are the strongest contenders within their market either due to having the best technology or having a small market cap and still excellent technology and potential. https://docs.google.com/spreadsheets/d/1s8PHcNvvjuy848q18py_CGcu8elRGQAUIf86EYh4QZo/edit#gid=0 The 12 markets are
Currency 13 coins
Platform 25 coins
Ecosystem 9 coins
Privacy 10 coins
Currency Exchange Tool 8 coins
Gaming & Gambling 5 coins
Misc 15 coins
Social Network 4 coins
Fee Token 3 coins
Decentralized Data Storage 4 coins
Cloud Computing 3 coins
Stable Coin 2 coins
Before we look at the individual markets, we need to take a look of the overall market and its biggest issue scalability first: Cryptocurrencies aim to be a decentralized currency that can be used worldwide. Its goal is to replace dollar, Euro, Yen, all FIAT currencies worldwide. The coin that will achieve that will be worth several trillion dollars. Bitcoin can only process 7 transactions per second (TPS). In order to replace all FIAT, it would need to perform at at least VISA levels, which usually processes around 3,000 TPS, up to 25,000 TPS during peak times and a maximum of 64,000 TPS. That means that this cryptocurrency would need to be able to perform at least several thousand TPS. However, a ground breaking technology should not look at current technology to set a goal for its use, i.e. estimating the number of emails sent in 1990 based on the number of faxes sent wasn’t a good estimate. For that reason, 10,000 TPS is the absolute baseline for a cryptocurrency that wants to replace FIAT. This brings me to IOTA, which wants to connect all 80 billion IoT devices that are expected to exist by 2025, which constantly communicate with each other, creating 80 billion or more transactions per second. This is the benchmark that cryptocurrencies should be aiming for. Currently, 8 billion devices are connected to the Internet. With its Lightning network recently launched, Bitcoin is realistically looking at 50,000 possible soon. Other notable cryptocurrencies besides IOTA and Bitcoin are Nano with 7,000 TPS already tested, Dash with several billion TPS possible with Masternodes, Neo, LISK and RHOC with 100,000 TPS by 2020, Ripple with 50,000 TPS, Ethereum with 10,000 with Sharding. However, it needs to be said that scalability usually goes at the cost of decentralization and security. So, it needs to be seen, which of these technologies can prove itself resilient and performant. Without further ado, here are the coins of the first market
Market 1 - Currency:
Bitcoin: 1st generation blockchain with currently bad scalability currently, though the implementation of the Lightning Network looks promising and could alleviate most scalability concerns, scalability and high energy use.
Ripple: Centralized currency that might become very successful due to tight involvement with banks and cross-border payments for financial institutions; banks and companies like Western Union and Moneygram (who they are currently working with) as customers customers. However, it seems they are aiming for more decentralization now.https://ripple.com/dev-blog/decentralization-strategy-update/. Has high TPS due to Proof of Correctness algorithm.
Bitcoin Cash: Bitcoin fork with the difference of having an 8 times bigger block size, making it 8 times more scalable than Bitcoin currently. Further block size increases are planned. Only significant difference is bigger block size while big blocks lead to further problems that don't seem to do well beyond a few thousand TPS. Opponents to a block size argue that increasing the block size limit is unimaginative, offers only temporary relief, and damages decentralization by increasing costs of participation. In order to preserve decentralization, system requirements to participate should be kept low. To understand this, consider an extreme example: very big blocks (1GB+) would require data center level resources to validate the blockchain. This would preclude all but the wealthiest individuals from participating.Community seems more open than Bitcoin's though.
Litecoin : Little brother of Bitcoin. Bitcoin fork with different mining algorithm but not much else.Copies everything that Bitcoin does pretty much. Lack of real innovation.
Dash: Dash (Digital Cash) is a fork of Bitcoin and focuses on user ease. It has very fast transactions within seconds, low fees and uses Proof of Service from Masternodes for consensus. They are currently building a system called Evolution which will allow users to send money using usernames and merchants will find it easy to integrate Dash using the API. You could say Dash is trying to be a PayPal of cryptocurrencies. Currently, cryptocurrencies must choose between decentralization, speed, scalability and can pick only 2. With Masternodes, Dash picked speed and scalability at some cost of decentralization, since with Masternodes the voting power is shifted towards Masternodes, which are run by Dash users who own the most Dash.
IOTA: 3rd generation blockchain called Tangle, which has a high scalability, no fees and instant transactions. IOTA aims to be the connective layer between all 80 billion IOT devices that are expected to be connected to the Internet in 2025, possibly creating 80 billion transactions per second or 800 billion TPS, who knows. However, it needs to be seen if the Tangle can keep up with this scalability and iron out its security issues that have not yet been completely resolved.
Nano: 3rd generation blockchain called Block Lattice with high scalability, no fees and instant transactions. Unlike IOTA, Nano only wants to be a payment processor and nothing else, for now at least. With Nano, every user has their own blockchain and has to perform a small amount of computing for each transaction, which makes Nano perform at 300 TPS with no problems and 7,000 TPS have also been tested successfully. Very promising 3rd gen technology and strong focus on only being the fastest currency without trying to be everything.
Decred: As mining operations have grown, Bitcoin’s decision-making process has become more centralized, with the largest mining companies holding large amounts of power over the Bitcoin improvement process. Decred focuses heavily on decentralization with their PoW Pos hybrid governance system to become what Bitcoin was set out to be. They will soon implement the Lightning Network to scale up. While there do not seem to be more differences to Bitcoin besides the novel hybrid consensus algorithm, which Ethereum, Aeternity and Bitcoin Atom are also implementing, the welcoming and positive Decred community and professoinal team add another level of potential to the coin.
Aeternity: We’ve seen recently, that it’s difficult to scale the execution of smart contracts on the blockchain. Crypto Kitties is a great example. Something as simple as creating and trading unique assets on Ethereum bogged the network down when transaction volume soared. Ethereum and Zilliqa address this problem with Sharding. Aeternity focuses on increasing the scalability of smart contracts and dapps by moving smart contracts off-chain. Instead of running on the blockchain, smart contracts on Aeternity run in private state channels between the parties involved in the contracts. State channels are lines of communication between parties in a smart contract. They don’t touch the blockchain unless they need to for adjudication or transfer of value. Because they’re off-chain, state channel contracts can operate much more efficiently. They don’t need to pay the network for every time they compute and can also operate with greater privacy. An important aspect of smart contract and dapp development is access to outside data sources. This could mean checking the weather in London, score of a football game, or price of gold. Oracles provide access to data hosted outside the blockchain. In many blockchain projects, oracles represent a security risk and potential point of failure, since they tend to be singular, centralized data streams. Aeternity proposes decentralizing oracles with their oracle machine. Doing so would make outside data immutable and unchangeable once it reaches Aeternity’s blockchain. Of course, the data source could still be hacked, so Aeternity implements a prediction market where users can bet on the accuracy and honesty of incoming data from various oracles.It also uses prediction markets for various voting and verification purposes within the platform. Aeternity’s network runs on on a hybrid of proof of work and proof of stake. Founded by a long-time crypto-enthusiast and early colleague of Vitalik Buterin, Yanislav Malahov. Promising concept though not product yet
Bitcoin Atom: Atomic Swaps and hybrid consenus. This looks like the only Bitcoin clone that actually is looking to innovate next to Bitcoin Cash.
Dogecoin: Litecoin fork, fantastic community, though lagging behind a bit in technology.
Bitcoin Gold: A bit better security than bitcoin through ASIC resistant algorithm, but that's it. Not that interesting.
Digibyte: Digibyte's PoS blockchain is spread over a 100,000+ servers, phones, computers, and nodes across the globe, aiming for the ultimate level of decentralization. DigiByte rebalances the load between the five mining algorithms by adjusting the difficulty of each so one algorithm doesn’t become dominant. The algorithm's asymmetric difficulty has gained notoriety and been deployed in many other blockchains.DigiByte’s adoption over the past four years has been slow. It’s still a relatively obscure currency compared its competitors. The DigiByte website offers a lot of great marketing copy and buzzwords. However, there’s not much technical information about what they have planned for the future. You could say Digibyte is like Bitcoin, but with shorter blocktimes and a multi-algorithm. However, that's not really a difference big enough to truly set themselves apart from Bitcoin, since these technologies could be implemented by any blockchain without much difficulty. Their decentralization is probably their strongest asset, however, this also change quickly if the currency takes off and big miners decide to go into Digibyte.
Bitcoin Diamond Asic resistant Bitcoin and Copycat
Market 2 - Platform
Most of the cryptos here have smart contracts and allow dapps (Decentralized apps) to be build on their platform and to use their token as an exchange of value between dapp services.
Ethereum: 2nd generation blockchain that allows the use of smart contracts. Bad scalability currently, though this concern could be alleviated by the soon to be implemented Lightning Network aka Plasma and its Sharding concept.
EOS: Promising technology that wants to be able do everything, from smart contracts like Ethereum, scalability similar to Nano with 1000 tx/second + near instant transactions and zero fees, to also wanting to be a platform for dapps. However, EOS doesn't have a product yet and everything is just promises still. Highly overvalued right now. However, there are lots of red flags, have dumped $500 million Ether over the last 2 months and possibly bought back EOS to increase the size of their ICO, which has been going on for over a year and has raised several billion dollars. All in all, their market cap is way too high for that and not even having a product.
Cardano: Similar to Ethereum/EOS, however, only promises made with no delivery yet, highly overrated right now. Interesting concept though. Market cap way too high for not even having a product. Somewhat promising technology.
VeChain: Singapore-based project that’s building a business enterprise platform and inventory tracking system. Examples are verifying genuine luxury goods and food supply chains. Has one of the strongest communities in the crypto world. Most hyped token of all, with merit though.
Neo: Neo is a platform, similar to Eth, but more extensive, allowing dapps and smart contracts, but with a different smart contract gas system, consensus mechanism (PoS vs. dBfT), governance model, fixed vs unfixed supply, expensive contracts vs nearly free contracts, different ideologies for real world adoption. There are currently only 9 nodes, each of which are being run by a company/entity hand selected by the NEO council (most of which are located in china) and are under contract. This means that although the locations of the nodes may differ, ultimately the neo council can bring them down due to their legal contracts. In fact this has been done in the past when the neo council was moving 50 million neo that had been locked up. Also dbft (or neo's implmentation of it) has failed underload causing network outages during major icos. The first step in decentralization is that the NEO Counsel will select trusted nodes (Universities, business partners, etc.) and slowly become less centralized that way. The final step in decentralization will be allowing NEO holders to vote for new nodes, similar to a DPoS system (ARK/EOS/LISK). NEO has a regulation/government friendly ideology. Finally they are trying to work undewith the Chinese government in regards to regulations. If for some reason they wanted it shut down, they could just shut it down.
Stellar: PoS system, similar goals as Ripple, but more of a platform than only a currency. 80% of Stellar are owned by Stellar.org still, making the currency centralized.
Ethereum classic: Original Ethereum that decided not to fork after a hack. The Ethereum that we know is its fork. Uninteresing, because it has a lot of less resources than Ethereum now and a lot less community support.
Ziliqa: Zilliqa is building a new way of sharding. 2400 tpx already tested, 10,000 tps soon possible by being linearly scalable with the number of nodes. That means, the more nodes, the faster the network gets. They are looking at implementing privacy as well.
QTUM: Enables Smart contracts on the Bitcoin blockchain. Useful.
Icon: Korean ethereum. Decentralized application platform that's building communities in partnership with banks, insurance providers, hospitals, and universities. Focused on ID verification and payments. No big differentiators to the other 20 Ethereums, except that is has a product. That is a plus. Maybe cheap alternative to Ethereum.
LISK: Lisk's difference to other BaaS is that side chains are independent to the main chain and have to have their own nodes. Similar to neo whole allows dapps to deploy their blockchain to. However, Lisk is currently somewhat centralized with a small group of members owning more than 50% of the delegated positions. Lisk plans to change the consensus algorithm for that reason in the near future.
Rchain: Similar to Ethereum with smart contract, though much more scalable at an expected 40,000 TPS and possible 100,000 TPS. Not launched yet. No product launched yet, though promising technology. Not overvalued, probably at the right price right now.
ARDR: Similar to Lisk. Ardor is a public blockchain platform that will allow people to utilize the blockchain technology of Nxt through the use of child chains. A child chain, which is a ‘light’ blockchain that can be customized to a certain extent, is designed to allow easy self-deploy for your own blockchain. Nxt claims that users will "not need to worry" about security, as that part is now handled by the main chain (Ardor). This is the chief innovation of Ardor. Ardor was evolved from NXT by the same company. NEM started as a NXT clone.
Ontology: Similar to Neo. Interesting coin
Bytom: Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.
Nxt: Similar to Lisk
Stratis: Different to LISK, Stratis will allow businesses and organizations to create their own blockchain according to their own needs, but secured on the parent Stratis chain. Stratis’s simple interface will allow organizations to quickly and easily deploy and/or test blockchain functionality of the Ethereum, BitShares, BitCoin, Lisk and Stratis environements.
Status: Status provides access to all of Ethereum’s decentralized applications (dapps) through an app on your smartphone. It opens the door to mass adoption of Ethereum dapps by targeting the fastest growing computer segment in the world – smartphone users.16. Ark: Fork of Lisk that focuses on a smaller feature set. Ark wallets can only vote for one delegate at a time which forces delegates to compete against each other and makes cartel formations incredibly hard, if not impossible.
Neblio: Similar to Neo, but 30x smaller market cap.
NEM: Is similar to Neo No marketing team, very high market cap for little clarilty what they do.
Bancor: Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
Dragonchain: The Purpose of DragonChain is to help companies quickly and easily incorporate blockchain into their business applications. Many companies might be interested in making this transition because of the benefits associated with serving clients over a blockchain – increased efficiency and security for transactions, a reduction of costs from eliminating potential fraud and scams, etc.
Skycoin: Transactions with zero fees that take apparently two seconds, unlimited transaction rate, no need for miners and block rewards, low power usage, all of the usual cryptocurrency technical vulnerabilities fixed, a consensus mechanism superior to anything that exists, resistant to all conceivable threats (government censorship, community infighting, cybenucleaconventional warfare, etc). Skycoin has their own consensus algorithm known as Obelisk written and published academically by an early developer of Ethereum. Obelisk is a non-energy intensive consensus algorithm based on a concept called ‘web of trust dynamics’ which is completely different to PoW, PoS, and their derivatives. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycion a smear campaign launched against it, though they seem legit and reliable. Thus, they are probably undervalued.
Market 3 - Ecosystem
The 3rd market with 11 coins is comprised of ecosystem coins, which aim to strengthen the ease of use within the crypto space through decentralized exchanges, open standards for apps and more
Nebulas: Similar to how Google indexes webpages Nebulas will index blockchain projects, smart contracts & data using the Nebulas rank algorithm that sifts & sorts the data. Developers rewarded NAS to develop & deploy on NAS chain. Nebulas calls this developer incentive protocol – basically rewards are issued based on how often dapp/contract etc. is used, the more the better the rewards and Proof of devotion. Works like DPoS except the best, most economically incentivised developers (Bookkeeppers) get the forging spots. Ensuring brains stay with the project (Cross between PoI & PoS). 2,400 TPS+, DAG used to solve the inter-transaction dependencies in the PEE (Parallel Execution Environment) feature, first crypto Wallet that supports the Lightening Network.
Waves: Decentralized exchange and crowdfunding platform. Let’s companies and projects to issue and manage their own digital coin tokens to raise money.
Salt: Leveraging blockchain assets to secure cash loands. Plans to offer cash loans in traditional currencies, backed by your cryptocurrency assets. Allows lenders worldwide to skip credit checks for easier access to affordable loans.
CHAINLINK: ChainLink is a decentralized oracle service, the first of its kind. Oracles are defined as an ‘agent’ that finds and verifies real-world occurrences and submits this information to a blockchain to be used in smart contracts.With ChainLink, smart contract users can use the network’s oracles to retrieve data from off-chain application program interfaces (APIs), data pools, and other resources and integrate them into the blockchain and smart contracts. Basically, ChainLink takes information that is external to blockchain applications and puts it on-chain. The difference to Aeternity is that Chainlink deploys the smart contracts on the Ethereum blockchain while Aeternity has its own chain.
WTC: Combines blockchain with IoT to create a management system for supply chains Interesting
Ethos unifyies all cryptos. Ethos is building a multi-cryptocurrency phone wallet. The team is also building an investment diversification tool and a social network
Aion: Aion is the token that pays for services on the Aeternity platform.
USDT: is no cryptocurrency really, but a replacement for dollar for trading After months of asking for proof of dollar backing, still no response from Tether.
Market 4 - Privacy
The 4th market are privacy coins. As you might know, Bitcoin is not anonymous. If the IRS or any other party asks an exchange who is the identity behind a specific Bitcoin address, they know who you are and can track back almost all of the Bitcoin transactions you have ever made and all your account balances. Privacy coins aim to prevent exactly that through address fungability, which changes addresses constantly, IP obfuscation and more. There are 2 types of privacy coins, one with completely privacy and one with optional privacy. Optional Privacy coins like Dash and Nav have the advantage of more user friendliness over completely privacy coins such as Monero and Enigma.
Monero: Currently most popular privacy coin, though with a very high market cap. Since their privacy is all on chain, all prior transactions would be deanonymized if their protocol is ever cracked. This requires a quantum computing attack though. PIVX is better in that regard.
Zcash: A decentralized and open-source cryptocurrency that hide the sender, recipient, and value of transactions. Offers users the option to make transactions public later for auditing. Decent privacy coin, though no default privacy
Verge: Calls itself privacy coin without providing private transactions, multiple problems over the last weeks has a toxic community, and way too much hype for what they have.
Bytecoin: First privacy-focused cryptocurrency with anonymous transactions. Bytecoin’s code was later adapted to create Monero, the more well-known anonymous cryptocurrency. Has several scam accusations, 80% pre-mine, bad devs, bad tech
Bitcoin Private: A merge fork of Bitcoin and Zclassic with Zclassic being a fork of Zcash with the difference of a lack of a founders fee required to mine a valid block. This promotes a fair distribution, preventing centralized coin ownership and control. Bitcoin private offers the optional ability to keep the sender, receiver, and amount private in a given transaction. However, this is already offered by several good privacy coins (Monero, PIVX) and Bitcoin private doesn't offer much more beyond this.
Komodo: The Komodo blockchain platform uses Komodo’s open-source cryptocurrency for doing transparent, anonymous, private, and fungible transactions. They are then made ultra-secure using Bitcoin’s blockchain via a Delayed Proof of Work (dPoW) protocol and decentralized crowdfunding (ICO) platform to remove middlemen from project funding. Offers services for startups to create and manage their own Blockchains.
PIVX: As a fork of Dash, PIVX uses an advanced implementation of the Zerocoin protocol to provide it’s privacy. This is a form of zeroknowledge proofs, which allow users to spend ‘Zerocoins’ that have no link back to them. Unlike Zcash u have denominations in PIVX, so they can’t track users by their payment amount being equal to the amount of ‘minted’ coins, because everyone uses the same denominations. PIVX is also implementing Bulletproofs, just like Monero, and this will take care of arguably the biggest weakness of zeroknowledge protocols: the trusted setup.
Zcoin: PoW cryptocurrency. Private financial transactions, enabled by the Zerocoin Protocol. Zcoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via Zero-Knowledge cryptographic proofs.
Enigma: Monero is to Bitcoin what enigma is to Ethereum. Enigma is for making the data used in smart contracts private. More of a platform for dapps than a currency like Monero. Very promising.
Navcoin: Like bitcoin but with added privacy and pos and 1,170 tps, but only because of very short 30 second block times. Though, privacy is optional, but aims to be more user friendly than Monero. However, doesn't really decide if it wants to be a privacy coin or not. Same as Zcash.Strong technology, non-shady team.
Tenx: Raised 80 million, offers cryptocurrency-linked credit cards that let you spend virtual money in real life. Developing a series of payment platforms to make spending cryptocurrency easier. However, the question is if full privacy coins will be hindered in growth through government regulations and optional privacy coins will become more successful through ease of use and no regulatory hindrance.
Market 5 - Currency Exchange Tool
Due to the sheer number of different cryptocurrencies, exchanging one currency for the other it still cumbersome. Further, merchants don’t want to deal with overcluttered options of accepting cryptocurrencies. This is where exchange tool like Req come in, which allow easy and simple exchange of currencies.
Cryptonex: Fiat and currency exchange between various blockchain services, similar to REQ.
QASH: Qash is used to fuel its liquid platform which will be an exchange that will distribute their liquidity pool. Its product, the Worldbook is a multi-exchange order book that matches crypto to crypto, and crypto to fiat and the reverse across all currencies. E.g., someone is selling Bitcoin is USD on exchange1 not owned by Quoine and someone is buying Bitcoin in EURO on exchange 2 not owned by Quoine. If the forex conversions and crypto conversions match then the trade will go through and the Worldbook will match it, it'll make the sale and the purchase on either exchange and each user will get what they wanted, which means exchanges with lower liquidity if they join the Worldbook will be able to fill orders and take trade fees they otherwise would miss out on.They turned it on to test it a few months ago for an hour or so and their exchange was the top exchange in the world by 4x volume for the day because all Worldbook trades ran through it. Binance wants BNB to be used on their one exchange. Qash wants their QASH token embedded in all of their partners. More info here https://www.reddit.com/CryptoCurrency/comments/8a8lnwhich_are_your_top_5_favourite_coins_out_of_the/dwyjcbb/?context=3
Kyber: network Exchange between cryptocurrencies, similar to REQ. Features automatic coin conversions for payments. Also offers payment tools for developers and a cryptocurrency wallet.
Achain: Building a boundless blockchain world like Req .
Req: Exchange between cryptocurrencies.
Bitshares: Exchange between cryptocurrencies. Noteworthy are the 1.5 second average block times and throughput potential of 100,000 transactions per second with currently 2,400 TPS having been proven. However, bitshares had several Scam accusations in the past.
Loopring: A protocol that will enable higher liquidity between exchanges and personal wallets.
ZRX: Open standard for dapps. Open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain. In 0x protocol, orders are transported off-chain, massively reducing gas costs and eliminating blockchain bloat. Relayers help broadcast orders and collect a fee each time they facilitate a trade. Anyone can build a relayer.
Market 6 - Gaming
With an industry size of $108B worldwide, Gaming is one of the largest markets in the world. For sure, cryptocurrencies will want to have a share of that pie.
Storm: Mobile game currency on a platform with 9 million players.
Fun: A platform for casino operators to host trustless, provably-fair gambling through the use of smart contracts, as well as creating their own implementation of state channels for scalability.
Electroneum: Mobile game currency They have lots of technical problems, such as several 51% attacks
Wax: Marketplace to trade in-game items
Market 7 - Misc
There are various markets being tapped right now. They are all summed up under misc.
OMG: Omise is designed to enable financial services for people without bank accounts. It works worldwide and with both traditional money and cryptocurrencies.
Power ledger: Australian blockchain-based cryptocurrency and energy trading platform that allows for decentralized selling and buying of renewable energy. Unique market and rather untapped market in the crypto space.
Populous: A platform that connects business owners and invoice buyers without middlemen. Invoice sellers get cash flow to fund their business and invoice buyers earn interest. Similar to OMG, small market.
Monacoin: The first Japanese cryptocurrency. Focused on micro-transactions and based on a popular internet meme of a type-written cat. This makes it similar to Dogecoin. Very niche, tiny market.
Revain: Legitimizing reviews via the blockchain. Interesting concept, though market not as big.
Augur: Platform to forecast and make wagers on the outcome of real-world events (AKA decentralized predictions). Uses predictions for a “wisdom of the crowd” search engine. Not launched yet.
Substratum: Revolutionzing hosting industry via per request billing as a decentralized internet hosting system. Uses a global network of private computers to create the free and open internet of the future. Participants earn cryptocurrency. Interesting concept.
Veritaseum: Is supposed to be a peer to peer gateway, though it looks like very much like a scam.
TRON: Tronix is looking to capitalize on ownership of internet data to content creators. However, they plagiarized their white paper, which is a no go. They apologized, so it needs to be seen how they will conduct themselves in the future. Extremely high market cap for not having a product, nor proof of concept.
Syscoin: A cryptocurrency with a decentralized marketplace that lets people buy and sell products directly without third parties. Trying to remove middlemen like eBay and Amazon.
Hshare: Most likely scam because of no code changes, most likely pump and dump scheme, dead community.
BAT: An Ethereum-based token that can be exchanged between content creators, users, and advertisers. Decentralized ad-network that pays based on engagement and attention.
Dent: Decentralizeed exchange of mobile data, enabling mobile data to be marketed, purchased or distributed, so that users can quickly buy or sell data from any user to another one.
Ncash: End to end encrypted Identification system for retailers to better serve their customers .
Factom Secure record-keeping system that allows companies to store their data directly on the Blockchain. The goal is to make records more transparent and trustworthy .
Market 8 - Social network
Web 2.0 is still going strong and Web 3.0 is not going to ignore it. There are several gaming tokens already out there and a few with decent traction already, such as Steem, which is Reddit with voting through money is a very interesting one.
Mithril: As users create content via social media, they will be rewarded for their contribution, the better the contribution, the more they will earn
Steem: Like Reddit, but voting with money. Already launched product and Alexa rank 1,000 Thumbs up.
Rdd: Reddcoin makes the process of sending and receiving money fun and rewarding for everyone. Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public.
Kin: Token for the platform Kik. Kik has a massive user base of 400 million people. Replacing paying with FIAT with paying with KIN might get this token to mass adoption very quickly.
Market 9 - Fee token
Popular exchanges realized that they can make a few billion dollars more by launching their own token. Owning these tokens gives you a reduction of trading fees. Very handy and BNB (Binance Coin) has been one of the most resilient tokens, which have withstood most market drops over the last weeks and was among the very few coins that could show growth.
BNB: Fee token for Binance
Gas: Not a Fee token for an exchange, but it is a dividend paid out on Neo and a currency that can be used to purchase services for dapps.
Kucoin: Fee token for Kucoin
Market 10 - Decentralized Data Storage
Currently, data storage happens with large companies or data centers that are prone to failure or losing data. Decentralized data storage makes loss of data almost impossible by distributing your files to numerous clients that hold tiny pieces of your data. Remember Torrents? Torrents use a peer-to-peer network. It is similar to that. Many users maintain copies of the same file, when someone wants a copy of that file, they send a request to the peer-to-peer network., users who have the file, known as seeds, send fragments of the file to the requester., he requester receives many fragments from many different seeds, and the torrent software recompiles these fragments to form the original file.
Gbyte: Byteball data is stored and ordered using directed acyclic graph (DAG) rather than blockchain. This allows all users to secure each other's data by referencing earlier data units created by other users, and also removes scalability limits common for blockchains, such as blocksize issue.
Siacoin: Siacoin is decentralized storage platform. Distributes encrypted files to thousands of private users who get paid for renting out their disk space. Anybody with siacoins can rent storage from hosts on Sia. This is accomplish via "smart" storage contracts stored on the Sia blockchain. The smart contract provides a payment to the host only after the host has kept the file for a given amount of time. If the host loses the file, the host does not get paid.
Maidsafecoin: MaidSafe stands for Massive Array of Internet Disks, Secure Access for Everyone.Instead of working with data centers and servers that are common today and are vulnerable to data theft and monitoring, SAFE’s network uses advanced P2P technology to bring together the spare computing capacity of all SAFE users and create a global network. You can think of SAFE as a crowd-sourced internet. All data and applications reside in this network. It’s an autonomous network that automatically sets prices and distributes data and rents out hard drive disk space with a Blockchain-based storage solutions.When you upload a file to the network, such as a photo, it will be broken into pieces, hashed, and encrypted. The data is then randomly distributed across the network. Redundant copies of the data are created as well so that if someone storing your file turns off their computer, you will still have access to your data. And don’t worry, even with pieces of your data on other people’s computers, they won’t be able to read them. You can earn MadeSafeCoins by participating in storing data pieces from the network on your computer and thus earning a Proof of Resource.
Storj: Storj aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Your files are encrypted, shredded into little pieces called 'shards', and stored in a decentralized network of computers around the globe. No one but you has a complete copy of your file, not even in an encrypted form.
Market 11 - Cloud computing
Obviously, renting computing power, one of the biggest emerging markets as of recent years, e.g. AWS and Digital Ocean, is also a service, which can be bought and managed via the blockchain.
Golem: Allows easy use of Supercomputer in exchange for tokens. People worldwide can rent out their computers to the network and get paid for that service with Golem tokens.
Elf: Allows easy use of Cloud computing in exchange for tokens.
Market 12 - Stablecoin
Last but not least, there are 2 stablecoins that have established themselves within the market. A stable coin is a coin that wants to be independent of the volatility of the crypto markets. This has worked out pretty well for Maker and DGD, accomplished through a carefully diversified currency fund and backing each token by 1g or real gold respectively. DO NOT CONFUSE DGD AND MAKER with their STABLE COINS DGX and DAI. DGD and MAKER are volatile, because they are the companies of DGX and DAI. DGX and DAI are the stable coins.
DGD: Platform of the Stablecoin DGX. Every DGX coin is backed by 1g of gold and make use proof of asset consensus.
Maker: Platform of the Stablecoin DAI that doesn't vary much in price through widespread and smart diversification of assets.
EDIT: Added a risk factor from 0 to 10. The baseline is 2 for any crypto. Significant scandals, mishaps, shady practices, questionable technology, increase the risk factor. Not having a product yet automatically means a risk factor of 6. Strong adoption and thus strong scrutiny or positive community lower the risk factor. EDIT2: Added a subjective potential factor from 0 to 10, where its overall potential and a small or big market cap is factored in. Bitcoin with lots of potential only gets a 9, because of its massive market cap, because if Bitcoin goes 10x, smaller coins go 100x, PIVX gets a 10 for being as good as Monero while carrying a 10x smaller market cap, which would make PIVX go 100x if Monero goes 10x.
Transcript of discussion between an ASIC designer and several proof-of-work designers from #monero-pow channel on Freenode this morning
[08:07:01] lukminer contains precompiled cn/r math sequences for some blocks: https://lukminer.org/2019/03/09/oh-kay-v4r-here-we-come/ [08:07:11] try that with RandomX :P [08:09:00] tevador: are you ready for some RandomX feedback? it looks like the CNv4 is slowly stabilizing, hashrate comes down... [08:09:07] how does it even make sense to precompile it? [08:09:14] mine 1% faster for 2 minutes? [08:09:35] naturally we think the entire asic-resistance strategy is doomed to fail :) but that's a high-level thing, who knows. people may think it's great. [08:09:49] about RandomX: looks like the cache size was chosen to make it GPU-hard [08:09:56] looking forward to more docs [08:11:38] after initial skimming, I would think it's possible to make a 10x asic for RandomX. But at least for us, we will only make an ASIC if there is not a total ASIC hostility there in the first place. That's better for the secret miners then. [08:13:12] What I propose is this: we are working on an Ethash ASIC right now, and once we have that working, we would invite tevador or whoever wants to come to HK/Shenzhen and we walk you guys through how we would make a RandomX ASIC. You can then process this input in any way you like. Something like that. [08:13:49] unless asics (or other accelerators) re-emerge on XMR faster than expected, it looks like there is a little bit of time before RandomX rollout [08:14:22] 10x in what measure? $/hash or watt/hash? [08:14:46] watt/hash [08:15:19] so you can make 10 times more efficient double precisio FPU? [08:16:02] like I said let's try to be productive. You are having me here, let's work together! [08:16:15] continue with RandomX, publish more docs. that's always helpful. [08:16:37] I'm trying to understand how it's possible at all. Why AMD/Intel are so inefficient at running FP calculations? [08:18:05] midipoet ([email protected]/web/irccloud.com/x-vszshqqxwybvtsjm) has joined #monero-pow [08:18:17] hardware development works the other way round. We start with 1) math then 2) optimization priority 3) hw/sw boundary 4) IP selection 5) physical implementation [08:22:32] This still doesn't explain at which point you get 10x [08:23:07] Weren't you the ones claiming "We can accelerate ProgPoW by a factor of 3x to 8x." ? I find it hard to believe too. [08:30:20] sure [08:30:26] so my idea: first we finish our current chip [08:30:35] from simulation to silicon :) [08:30:40] we love this stuff... we do it anyway [08:30:59] now we have a communication channel, and we don't call each other names immediately anymore: big progress! [08:31:06] you know, we russians have a saying "it was smooth on paper, but they forgot about ravines" [08:31:12] So I need a bit more details [08:31:16] ha ha. good! [08:31:31] that's why I want to avoid to just make claims [08:31:34] let's work [08:31:40] RandomX comes in Sep/Oct, right? [08:31:45] Maybe [08:32:20] We need to audit it first [08:32:31] ok [08:32:59] we don't make chips to prove sw devs that their assumptions about hardware are wrong. especially not if these guys then promptly hardfork and move to the next wrong assumption :) [08:33:10] from the outside, this only means that hw & sw are devaluing each other [08:33:24] neither of us should do this [08:33:47] we are making chips that can hopefully accelerate more crypto ops in the future [08:33:52] signing, verifying, proving, etc. [08:34:02] PoW is just a feature like others [08:34:18] sech1: is it easy for you to come to Hong Kong? (visa-wise) [08:34:20] or difficult? [08:34:33] or are you there sometimes? [08:34:41] It's kind of far away [08:35:13] we are looking forward to more RandomX docs. that's the first step. [08:35:31] I want to avoid that we have some meme "Linzhi says they can accelerate XYZ by factor x" .... "ha ha ha" [08:35:37] right? we don't want that :) [08:35:39] doc is almost finished [08:35:40] What docs do you need? It's described pretty good [08:35:41] so I better say nothing now [08:35:50] we focus on our Ethash chip [08:36:05] then based on that, we are happy to walk interested people through the design and what else it can do [08:36:22] that's a better approach from my view than making claims that are laughed away (rightfully so, because no silicon...) [08:36:37] ethash ASIC is basically a glorified memory controller [08:36:39] sech1: tevador said something more is coming (he just did it again) [08:37:03] yes, some parts of RandomX are not described well [08:37:10] like dataset access logic [08:37:37] RandomX looks like progpow for CPU [08:37:54] yes [08:38:03] it is designed to reflect CPU [08:38:34] so any ASIC for it = CPU in essence [08:39:04] of course there are still some things in regular CPU that can be thrown away for RandomX [08:40:20] uncore parts are not used, but those will use very little power [08:40:37] except for memory controller [08:41:09] I'm just surprised sometimes, ok? let me ask: have you designed or taped out an asic before? isn't it risky to make assumptions about things that are largely unknown? [08:41:23] I would worry [08:41:31] that I get something wrong... [08:41:44] but I also worry like crazy that CNv4 will blow up, where you guys seem to be relaxed [08:42:06] I didn't want to bring up anything RandomX because CNv4 is such a nailbiter... :) [08:42:15] how do you guys know you don't have asics in a week or two? [08:42:38] we don't have experience with ASIC design, but RandomX is simply designed to exactly fit CPU capabilities, which is the best you can do anyways [08:43:09] similar as ProgPoW did with GPUs [08:43:14] some people say they want to do asic-resistance only until the vast majority of coins has been issued [08:43:21] that's at least reasonable [08:43:43] yeah but progpow totally will not work as advertised :) [08:44:08] yeah, I've seen that comment about progpow a few times already [08:44:11] which is no surprise if you know it's just a random sales story to sell a few more GPUs [08:44:13] RandomX is not permanent, we are expecting to switch to ASIC friendly in a few years if possible [08:44:18] yes [08:44:21] that makes sense [08:44:40] linzhi-sonia: how so? will it break or will it be asic-able with decent performance gains? [08:44:41] are you happy with CNv4 so far? [08:45:10] ah, long story. progpow is a masterpiece of deception, let's not get into it here. [08:45:21] if you know chip marketing it makes more sense [08:45:24] linzhi-sonia: So far? lol! a bit early to tell, don't you think? [08:45:35] the diff is coming down [08:45:41] first few hours looked scary [08:45:43] I remain skeptical: I only see ASICs being reasonable if they are already as ubiquitous as smartphones [08:45:46] yes, so far so good [08:46:01] we kbew the diff would not come down ubtil affter block 75 [08:46:10] yes [08:46:22] but first few hours it looks like only 5% hashrate left [08:46:27] looked [08:46:29] now it's better [08:46:51] the next worry is: when will "unexplainable" hashrate come back? [08:47:00] you hope 2-3 months? more? [08:47:05] so give it another couple of days. will probably overshoot to the downside, and then rise a bit as miners get updated and return [08:47:22] 3 months minimum turnaround, yes [08:47:28] nah [08:47:36] don't underestimate asicmakers :) [08:47:54] you guys don't get #1 priority on chip fabs [08:47:56] 3 months = 90 days. do you know what is happening in those 90 days exactly? I'm pretty sure you don't. same thing as before. [08:48:13] we don't do any secret chips btw [08:48:21] 3 months assumes they had a complete design ready to go, and added the last minute change in 1 day [08:48:24] do you know who is behind the hashrate that is now bricked? [08:48:27] innosilicon? [08:48:34] hyc: no no, and no. :) [08:48:44] hyc: have you designed or taped out a chip before? [08:48:51] yes, many years ago [08:49:10] then you should know that 90 days is not a fixed number [08:49:35] sure, but like I said, other makers have greater demand [08:49:35] especially not if you can prepare, if you just have to modify something, or you have more programmability in the chip than some people assume [08:50:07] we are chipmakers, we would never dare to do what you guys are doing with CNv4 :) but maybe that just means you are cooler! [08:50:07] and yes, programmability makes some aspect of turnaround easier [08:50:10] all fine [08:50:10] I hope it works! [08:50:28] do you know who is behind the hashrate that is now bricked? [08:50:29] inno? [08:50:41] we suspect so, but have no evidence [08:50:44] maybe we can try to find them, but we cannot spend too much time on this [08:50:53] it's probably not so much of a secret [08:51:01] why should it be, right? [08:51:10] devs want this cat-and-mouse game? devs get it... [08:51:35] there was one leak saying it's innosilicon [08:51:36] so you think 3 months, ok [08:51:43] inno is cool [08:51:46] good team [08:51:49] IP design house [08:51:54] in Wuhan [08:52:06] they send their people to conferences with fake biz cards :) [08:52:19] pretending to be other companies? [08:52:26] sure [08:52:28] ha ha [08:52:39] so when we see them, we look at whatever card they carry and laugh :) [08:52:52] they are perfectly suited for secret mining games [08:52:59] they made at most $6 million in 2 months of mining, so I wonder if it was worth it [08:53:10] yeah. no way to know [08:53:15] but it's good that you calculate! [08:53:24] this is all about cost/benefit [08:53:25] then you also understand - imagine the value of XMR goes up 5x, 10x [08:53:34] that whole "asic resistance" thing will come down like a house of cards [08:53:41] I would imagine they sell immediately [08:53:53] the investor may fully understand the risk [08:53:57] the buyer [08:54:13] it's not healthy, but that's another discussion [08:54:23] so mid-June [08:54:27] let's see [08:54:49] I would be susprised if CNv4 ASICs show up at all [08:54:56] surprised* [08:54:56] why? [08:55:05] is only an economic question [08:55:12] yeah should be interesting. FPGAs will be near their limits as well [08:55:16] unless XMR goes up a lot [08:55:19] no, not *only*. it's also a technology question [08:55:44] you believe CNv4 is "asic resistant"? which feature? [08:55:53] it's not [08:55:59] cnv4 = Rabdomx ? [08:56:03] no [08:56:07] cnv4=cryptinight/r [08:56:11] ah [08:56:18] CNv4 is the one we have now, I think [08:56:21] since yesterday [08:56:30] it's plenty enough resistant for current XMR price [08:56:45] that may be, yes! [08:56:55] I look at daily payouts. XMR = ca. 100k USD / day [08:57:03] it can hold until October, but it's not asic resistant [08:57:23] well, last 24h only 22,442 USD :) [08:57:32] I think 80 h/s per watt ASICs are possible for CNv4 [08:57:38] linzhi-sonia where do you produce your chips? TSMC? [08:57:44] I'm cruious how you would expect to build a randomX ASIC that outperforms ARM cores for efficiency, or Intel cores for raw speed [08:57:48] curious [08:58:01] yes, tsmc [08:58:21] Our team did the world's first bitcoin asic, Avalon [08:58:25] and upcoming 2nd gen Ryzens (64-core EPYC) will be a blast at RandomX [08:58:28] designed and manufactured [08:58:53] still being marketed? [08:59:03] linzhi-sonia: do you understand what xmr wants to achieve, community-wise? [08:59:14] Avalon? as part of Canaan Creative, yes I think so. [08:59:25] there's not much interesting oing on in SHA256 [08:59:29] Inge-: I would think so, but please speak [08:59:32] hyc: yes [09:00:28] linzhi-sonia: i am curious to hear your thoughts. I am fairly new to this space myself... [09:00:51] oh [09:00:56] we are grandpas, and grandmas [09:01:36] yet I have no problem understanding why ASICS are currently reviled. [09:01:48] xmr's main differentiators to, let's say btc, are anonymity and fungibility [09:01:58] I find the client terribly slow btw [09:02:21] and I think the asic-forking since last may is wrong, doesn't create value and doesn't help with the project objectives [09:02:25] which "the client" ? [09:02:52] Monero GUI client maybe [09:03:12] MacOS, yes [09:03:28] What exactly is slow? [09:03:30] linzhi-sonia: I run my own node, and use the CLI and Monerujo. Have not had issues. [09:03:49] staying in sync [09:03:49] linzhi-sonia: decentralization is also a key principle [09:03:56] one that Bitcoin has failed to maintain [09:04:39] hmm [09:05:00] looks fairly decentralized to me. decentralization is the result of 3 goals imo: resilient, trustless, permissionless [09:05:28] don't ask a hardware maker about physical decentralization. that's too ideological. we focus on logical decentralization. [09:06:11] physical decentralization is important. with bulk of bitnoin mining centered on Chinese hydroelectric dams [09:06:19] have you thought about including block data in the PoW? [09:06:41] yes, of course. [09:07:39] is that already in an algo? [09:08:10] hyc: about "centered on chinese hydro" - what is your source? the best paper I know is this: https://coinshares.co.uk/wp-content/uploads/2018/11/Mining-Whitepaper-Final.pdf [09:09:01] linzhi-sonia: do you mine on your ASICs before you sell them? [09:09:13] besides testing of course [09:09:45] that paper puts Chinese btc miners at 60% max [09:10:05] tevador: I think everybody learned that that is not healthy long-term! [09:10:16] because it gives the chipmaker a cost advantage over its own customers [09:10:33] and cost advantage leads to centralization (physical and logical) [09:10:51] you guys should know who finances progpow and why :) [09:11:05] but let's not get into this, ha ha. want to keep the channel civilized. right OhGodAGirl ? :) [09:11:34] tevador: so the answer is no! 100% and definitely no [09:11:54] that "self-mining" disease was one of the problems we have now with asics, and their bad reputation (rightfully so) [09:13:08] I plan to write a nice short 2-page paper or so on our chip design process. maybe it's interesting to some people here. [09:13:15] basically the 5 steps I mentioned before, from math to physical [09:13:32] linzhi-sonia: the paper you linked puts 48% of bitcoin mining in Sichuan. the total in China is much more than 60% [09:13:38] need to run it by a few people to fix bugs, will post it here when published [09:14:06] hyc: ok! I am just sharing the "best" document I know today. it definitely may be wrong and there may be a better one now. [09:14:18] hyc: if you see some reports, please share [09:14:51] hey I am really curious about this: where is a PoW algo that puts block data into the PoW? [09:15:02] the previous paper I read is from here http://hackingdistributed.com/2018/01/15/decentralization-bitcoin-ethereum/ [09:15:38] hyc: you said that already exists? (block data in PoW) [09:15:45] it would make verification harder [09:15:49] linzhi-sonia: https://the-eye.eu/public/Books/campdivision.com/PDF/Computers%20General/Privacy/bitcoin/meh/hashimoto.pdf [09:15:51] but for chips it would be interesting [09:15:52] we discussed the possibility about a year ago https://www.reddit.com/Monero/comments/8bshrx/what_we_need_to_know_about_proof_of_work_pow/ [09:16:05] oh good links! thanks! need to read... [09:16:06] I think that paper by dryja was original [09:17:53] since we have a nice flow - second question I'm very curious about: has anyone thought about in-protocol rewards for other functions? [09:18:55] we've discussed micropayments for wallets to use remote nodes [09:18:55] you know there is a lot of work in other coins about STARK provers, zero-knowledge, etc. many of those things very compute intense, or need to be outsourced to a service (zether). For chipmakers, in-protocol rewards create an economic incentive to accelerate those things. [09:19:50] whenever there is an in-protocol reward, you may get the power of ASICs doing something you actually want to happen [09:19:52] it would be nice if there was some economic reward for running a fullnode, but no one has come up with much more than that afaik [09:19:54] instead of fighting them off [09:20:29] you need to use asics, not fight them. that's an obvious thing to say for an asicmaker... [09:20:41] in-protocol rewards can be very powerful [09:20:50] like I said before - unless the ASICs are so useful they're embedded in every smartphone, I dont see them being a positive for decentralization [09:21:17] if they're a separate product, the average consumer is not going to buy them [09:21:20] now I was talking about speedup of verifying, signing, proving, etc. [09:21:23] they won't even know what they are [09:22:07] if anybody wants to talk about or design in-protocol rewards, please come talk to us [09:22:08] the average consumer also doesn't use general purpose hardware to secure blockchains either [09:22:14] not just for PoW, in fact *NOT* for PoW [09:22:32] it requires sw/hw co-design [09:23:10] we are in long-term discussions/collaboration over this with Ethereum, Bitcoin Cash. just talk right now. [09:23:16] this was recently published though suggesting more uptake though I guess https://btcmanager.com/college-students-are-the-second-biggest-miners-of-cryptocurrency/ [09:23:29] I find it pretty hard to believe their numbers [09:24:03] well [09:24:09] sorry, original article: https://www.pcmag.com/news/366952/college-kids-are-using-campus-electricity-to-mine-crypto [09:24:11] just talk, no? rumors [09:24:18] college students are already more educated than the average consumer [09:24:29] we are not seeing many such customers anymore [09:24:30] it's data from cisco monitoring network traffic