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Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Public Proposal TL;DR:

Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.

Hello Reddit and Ethereum community!

I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.

Executive summary

Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.

Response and PoC

In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.

Live Demo

A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutes
The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:
https://github.com/dragonchain/spirit-bomb

Source Code

Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.

Scaling

How it works & scales

Architectural Scaling

Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.

Economic Scaling

An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.

Scaled Deployment

Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.

Flexibility in Scaling

Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
  • LBRY - To allow users to deploy content natively to LBRY
  • MakerDAO to allow users to lend small amounts backed by their Reddit community points.
  • STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.

Cost

Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees Table

Getting Started

How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
  1. Download Dragonchain’s dctl
  2. Input three commands into a terminal
  3. Build an image
  4. Run it
More information can be found in our Get started documents.

Architecture
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

Known issues or tradeoffs
  • Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
  • While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
  • Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.

Costs and resources

Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.

Requirements

Scaling

This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.
Over a 5 day period, your scaling PoC should be able to handle:
*100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on Ethereum

Decentralization

Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
  • Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
  • Operational multi-cloud
  • Operational on-premises capabilities
  • Operational deployment to any datacenter
  • Over 700 independent Community Verification Nodes with proof of ownership
  • Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)

Usability Scaling solutions should have a simple end user experience.

Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.
Examples:

Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.

Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)
Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction Fees

Reddit Ethereum Token Transaction Fees
When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
  1. Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
  2. Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
  3. In a combination of the above, customers could cover aggregated fees.
  4. Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.

Bonus Points

Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.

Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.

Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.

Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
APIs should be well documented and stable

Documentation should be clear and complete
For full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.

Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.

Bonus

Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!

TIME

Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.

Dragon Den

Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.

Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.

Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.

Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw

Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.

A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.

Bonus points
Public, third-party implementation review available or in progress
See above

Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.

Other Considerations

Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.

One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).

Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).

Conclusion

Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!

Disney Releases Blockchain Platform as Open Source

The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.
https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html

Open Source

In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
  • Obtain VP support and approval for the release
  • Verify ownership of the software to be released
  • Verify that no proprietary content would be released
  • Convince the organization that there was a value to the open source community
  • Convince the organization that there was a value to Disney
  • Offer the plan for ongoing maintenance of the project outside of Disney
  • Itemize competing projects
  • Verify no conflict of interest
  • Preferred license
  • Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
  • Obtain legal approval
  • Approval from corporate, parks, and other business units
  • Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
  • Trademark searches conducted for the selected name Dragonchain
  • Obtain IT security approval
  • Manual review of OSS components conducted
  • OWASP Dependency and Vulnerability Check Conducted
  • Obtain technical (software) approval
  • Offer management, process, and financial plans for the maintenance of the project.
  • Meet list of items to be addressed before release
  • Remove all Disney project references and scripts
  • Create a public distribution list for email communications
  • Remove Roets’ direct and internal contact information
  • Create public Slack channel and move from Disney slack channels
  • Create proper labels for issue tracking
  • Rename internal private Github repository
  • Add informative description to Github page
  • Expand README.md with more specific information
  • Add information beyond current “Blockchains are Magic”
  • Add getting started sections and info on cloning/forking the project
  • Add installation details
  • Add uninstall process
  • Add unit, functional, and integration test information
  • Detail how to contribute and get involved
  • Describe the git workflow that the project will use
  • Move to public, non-Disney git repository (Github or Bitbucket)
  • Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney.
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document

Dragonchain Foundation

The Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
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RESEARCH REPORT ABOUT ARYACOIN

RESEARCH REPORT ABOUT ARYACOIN
Author: Gamals Ahmed, CoinEx Business Ambassador

https://preview.redd.it/a7jv4azk86u51.jpg?width=1600&format=pjpg&auto=webp&s=e4a4dbb5afacd5747076beaa59e6343b805c3392

ABSTRACT

Aryacoin is a new cryptocurrency, which allows for decentralized, peer to peer transactions of electronic cash. It is like Bitcoin and Litecoin, but the trading of the coin occurs on sales platforms that have no restriction to use. Further, it was created with the goal of addressing the double spend issues of Bitcoin and does so using a timestamp server to verify transactions. It works by taking the hash of a block of items to be timestamped and widely publishing the hash. The timestamp proves that the data must have existed at the time in order to get the hash. Each timestamp then includes the previous timestamp in its hash, forming a chain.
The Aryacoin team is continuously developing new use cases for the coin, including exchanges where users can exchange the coins without any fees or restrictions, and offline options where the coins can be bought and sold for cash. The coins can also be used on the company’s other platform, mrdigicoin.io. Along with the coin, there is a digital wallet that can be created and controlled by the user entirely, with no control being retained by the Aryacoin team.

1.INTRODUCTION

The concept of Blockchain first came to fame in October 2008, as part of a proposal for Bitcoin, with the aim to create P2P money without banks. Bitcoin introduced a novel solution to the age-old human problem of trust. The underlying blockchain technology allows us to trust the outputs of the system without trusting any actor within it. People and institutions who do not know or trust each other, reside in different countries, are subject to different jurisdictions, and who have no legally binding agreements with each other, can now interact over the Internet without the need for trusted third parties like banks, Internet platforms, or other types of clearing institutions.
When bitcoin was launched it was revolutionary allowing people to transfer money to anytime and anywhere with very low transaction fees . It was decentralized and their is no third party involved in the transaction , only the sender and receiver were involved.
This paper provide a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency.
Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.

1.1 OVERVIEW ABOUT ARYACOIN

Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.
Aryacoin is a blockchain based project that allows users to access their wallet on the web and mobile browsers, using their login details.
Aryacoin can be mined; it also can be exchanged by other digital currencies in several world-famous exchanges such as Hitbtc, CoinEx, P2pb2b, WhiteBit, Changelly and is also listed in reputable wallets such as Coinomi and Guarda.
Aryacoin is a coin, which can be used by anyone looking to use cryptocurrency which allows them to keep their privacy even when buying/selling the coin along with while using the coin during transactions. Proof of work and cryptographic hashes allows transactions to verified.
Stable Fee Per AYA is a unique feature of Aryacoin, so by increasing the amount or volume of the transaction, there is no change in the fee within the network, which means that the fee for sending an amount less than 1 AYA is equal to several hundred million AYA. Another unique feature of Aryacoin is the undetectability of transactions in Explorer, such as the DASH and Monero, of course, this operation is unique to Aryacoin.
Using Aryacoin digital currency, like other currencies, international transactions can be done very quickly and there are no limitations in this area as the creators claim.
Aryacoin aims to allow users to access the Aryacoin wallet via the web and mobile browsers using their login details.
Aryacoin is a peer-to-peer electronic cash system that enables users to send and receive payments directly from one party to another, and allow them to transfer funds across borders with no restriction or third party involvement. The blockchain-based system embraces the digital signature, which prevents double spending and low transfer fees, which enables users to transfer huge amounts with very low fees. The proof-of-work consensus mechanism allows each transaction to be verified and confirmed, while anonymity enables users to use the coin anywhere at any time.
According to the website of the operation, each wallet is divided into 2 or more AYA wallet addresses for each transaction, and depending on the volume of the transaction block, the origin, and destination of transactions in the network can not be traced and displayed to the public.
In fact, each wallet in Aryacoin consists of a total of several wallets. The number of these wallets increases per transaction to increase both security and privacy. Aryacoin also uses the dPoW protocol. In the dPoW protocol, a second layer is added to the network to verify transactions, which makes “51% attack” impossible even with more than half of the network hash, and blocks whose Blockchain uses this second layer of security never run the risk of 51% attacks.
AYA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by
first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin.

1.1.1 ARYACOIN HISTORY

Aryacoin (AYA) is a new cryptocurrency, which has been created by a group of Iranian developers, is an altcoin which allows for decentralised, peer to peer transactions of electronic cash without any fees whatsoever. Along with the coin, there is a digital wallet that can be created and managed by the user entirely, with no control being retained by the Aryacoin team.
Aryacoin’s founder, Kiumars Parsa, has been a fan of alternative currencies and particularly Bitcoin.
We see people from all around the world using Blockchain technology and the great benefits that came with it and it then that I decided to solve this puzzle for find a way of bringing the last missing piece to the jigsaw. The idea for Aryacoin was born.” Parsa said.
Parsa and his team of Iranian ex-pats not only persevered but expedited the project and just a year later, in the summer of 2019, the first version of Aryacoin was released. In 2020, Aryacoin is the first and only Iranian coin listed on CMC.
Parsa goes on to state that it is now the strength of the community that has invested in the coin that will ultimately drive its success, alongside its robust technology and appealing 0% network fees.
We have thousands of voices behind Aryacoin. People for the people make this coin. It is a massive shout out for democracy. This had made us base the whole team strategy on the benefits for both our users and our traders.
One key example is that the network fee on AYA Blockchain is 0%. Yes, absolutely nothing, which which differentiates us from other networks. What also differentiates us from other coins is that we have AYAPAY which is the first cryptocurrency Gateway in the world which does not save funds on third party storage with all funds being forwarded directly to any wallet address that the Gateway owner requests”.
So for the first time ever, and unlike other gateways, incoming funds will be saved on the users account with submitted withdrawal requests then made on the Gateway host website. In AYAPAY which has also been developed by the Aryacoin team, all funds without extra fees or extra costs will directly forwarded to users wallets. We have named this technology as CloudWithdrawal.
We are continuously challenging ourselves as it is a crowded marketplace. We are striving to have a safer Blockchain against 51% attacks, faster confirmations speeds of transactions, cheaper network fee, growing the market by cooperation with Top tier Exchangers.

1.1.2 ARYACOIN’S MAIN GOAL

Aryacoin’s main goal is to educate people and give them the freedom to use cryptocurrency in any way they want. Aryacoin empowers the users to transfer, pay, trade cryptocurrency from any country around the globe.
Platforms that have been created by Aryacoin Team, as well as those that will go live in future, operate on the same principle and exclude absolutely no one.

1.1.3 PROBLEM ARYACOIN SEEKS TO SOLVE

Aryacoin aims to provide a long-term solution to the problem of double spending, which is still common in the crypto market. The developers of the system have created a peer-to-peer distributed timestamp server that generates computational proof of the transactions as they occur.
Besides, the system remains secure provided honest nodes control more CPU power than any cooperating group of attacker nodes. While Bitcoin was designed not to be regulated or controlled, many exchanges and governments have put regulatory measures on the pioneer cryptocurrency at every step. Aryacoin aims to overcome these restrictions as a free digital currency.

1.1.4 BENEFITS OF USING ARYACOIN

Aryacoin solution offers the following benefits:
  • Real-time update: whether you’re going on a holiday or a business trip, no problem. You can access your coins all over the world.
  • Instant operations: Aryacoin makes it quite easy for you to use your digital wallet and perform various operations with it.
  • Safe and secure: all your data is stored encrypted and can only be decrypted with your private key, seed, or password.
  • Strong security: The system has no control over your wallet. You are 100% in charge of your wallet and funds.

1.1.5 ARYACOIN FEATURES

1. Anonymity
The coin provides decent level of anonymity for all its users. The users can send their transactions to any of the public nodes to be broadcasted , the transaction sent to the nodes should be signed by the private key of the sender address . This allows the users to use the coin anywhere any time , sending transactions directly to the node allows users from any place and country .
2. Real Life Usage
aryacoin’s team is continuously developing new and innovative ways to use the coins , they are currently developing exchanges where the users can exchange the coins without any fees and any restrictions . They also are currently developing other innovative technologies, which would allow users to spend our coins everywhere and anywhere.
3. Offline Exchanges
They are also working with different offline vendors which would enable them to buy and sell the coins directly to our users on a fixed/variable price this would allow easy buy/sell directly using cash . This would allow the coins to be accessible to users without any restrictions which most of the online exchanges have, also increase the value and number of users along with new ways to spend the coin. This would increase anonymity level of the
coin. In addition, introduce new users into the cryptomarket and technology. Creating a revolution, which educates people about crypto and introduce them to the crypto world, which introduces a completely new group of people into crypto and a move towards a Decentralized future!
4. Transactions
When it comes to transactions, Aryacoin embraces a chain of digital signatures, where each owner simply transfers the coin to the next person by digitally signing a hash of the previous transaction and the public key of the next owner. The recipient can then verify the signatures to confirm the chain of ownership. Importantly, Aryacoin comes with a trusted central authority that checks every transaction for double spending.
5. Business Partner with Simplex
Aryacoin is the first and only Iranian digital currency that managed to obtain a trading license in other countries.
In collaboration with the foundation and financial giant Simplex, a major cryptocurrency company that has large companies such as Binance, P2P, Changelly, etc. Aryacoin has been licensed to enter the world’s major exchanges, as well as the possibility of purchasing AYA through Credit Cards, which will begin in the second half of 2020.
Also, the possibility of purchasing Aryacoin through Visa and MasterCard credit cards will be activated simultaneously inside the Aryacoin site. plus, in less than a year, AYA will be placed next to big names such as CoinCapMarket, Coinomi, P2P, Coinpayments and many other world-class brands today.

1.1.6 WHY CHOOSE ARYACOIN?

If you want to use a cryptocurrency that allows you to keep your privacy online even when buying and selling the coins, the Aryacoin team claims that AYA is the way to go. Aryacoin is putting in the work: with more ways to buy and sell, and fixing the issues that were present in the original Bitcoin, plus pushing the boundaries with innovative solutions in cryptocurrencies. You can get started using Aryacoin (AYA) payments simply by having a CoinPayments account!

1.1.7 ARYANA CENTRALIZED EXCHANGE

Aryana, the first Iranian exchange is a unique platform with the following features:
  • The first real international Persian exchange that obtains international licenses and is listed in CoinMarketCap.
  • The first Iranian exchange that has been cooperating with a legal and European exchange for 3 years.
  • The possibility of trading in Tomans (available currency in Iran) at the user’s desired price and getting rid of the transaction prices imposed by domestic sites inside Iran.
  • There is an internal fee payment plan by Iranian domestic banks for depositing and withdrawing Tomans for Aryacoin holders in Aryana Exchange.
  • The number that you see on the monitor and in your account will be equal to the number that is transferred to your bank account without a difference of one Rial.
  • The last but not least, noting the fact that there is a trading in Tomans possibility in Aryana exchange.
Aryana Exchange is using the most powerful, fastest, and most expensive server in the world, Google Cloud Platform (GCP), which is currently the highest quality server for an Iranian site, so that professional traders do not lag behind the market even for a second.
The feature of Smart Trading Robots is one of the most powerful features for digital currency traders. Digital cryptocurrency traders are well aware of how much they will benefit from smart trading robots. In the Aryana exchange, it is possible to connect exchange user accounts to intelligent trading bots and trade even when they are offline.
The injection of $ 1 million a day in liquidity by the WhiteBite exchange to maintain and support the price of Tether and eliminate the Tether fluctuations with Bitcoin instabilities used by profiteers to become a matter of course.

1.1.8 HOW DOES ARYACOIN WORK?

Aryacoin (AYA) tries to ensure a high level of security and privacy. The team has made sure to eliminate any trading restrictions for the network users: no verification is required to carry out transactions on AYA, making the project truly anonymous, decentralized, and giving it a real use in day-to-day life. The Delayed-Proof-of-Work (dPoW) algorithm makes the Aryacoin blockchain immune to any attempts of a 51% attack. AYA defines a coin as a chain of digital signatures — each owner transfers the coin to the next owner by digitally signing the hash of the previous transaction and the public key of the next owner, and the receiver verifies the signatures and the chain of ownership.

2. ARYACOIN TECHNOLOGY

2.1 PROOF-OF-WORK

They use a proof-of-work system similar to Adam Back’s Hashcash to implement a distributed timestamp server on a peer-to-peer basis, rather than newspaper or Usenet publications. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash.
For their timestamp network, they implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block’s hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.
The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If honest nodes control a majority of CPU power, the honest chain will grow the fastest and outpace any competing chains. To modify a past
block, an attacker would have to redo the proof-of-work of the block and all blocks after it, then catch up with, and surpass the work of the honest nodes.

2.2 NETWORK

The steps to run the network are as follows:
  • New transactions are broadcast to all nodes.
  • Each node collects new transactions into a block.
  • Each node works on finding a difficult proof-of-work for its block.
  • When a node finds a proof-of-work, it broadcasts the block to all nodes.
  • Nodes accept the block only if all transactions in it are valid and not already spent.
This is a very simple system that makes the network fast and scalable, while also providing a decent level of anonymity for all users. Users can send their transactions to any of the public nodes to be broadcast, and the private key of the sender’s address should sign any transaction sent to the nodes. This way, all transaction info remains strictly confidential. It also allows users to send transactions directly to the node from any place at any time and allows the transferring of huge amounts with very low fees.

2.3 AYAPAY PAYMENT SERVICES GATEWAY:

According to creators Aryacoin, the development team has succeeded in inventing a new blockchain technology for the first time in the world, which is undoubtedly a big step and great news for all digital currency enthusiasts around the world.
This new technology has been implemented on the Aryacoin AYAPAY platform and was unveiled on October 2. AYAPAY payment platform is the only payment gateway in the world that does not save money in users’ accounts and transfers incoming coins directly to any wallet address requested by the gateway owner without any additional transaction or fee.
In other similar systems or even systems such as PayPal, money is stored in the user account.

2.4 CONSENSUS ALGORITHM IN ARYACOIN

The devs introduced the Delayed-Proof-of-Work (dPoW) algorithm, which represents a hybrid consensus method that allows one blockchain to take advantage of the security provided by the hashing power of another blockchain. The AYA blockchain works on dPoW and can use such consensus methods as Proof-of-Work (PoW) or Proof-of-Stake (PoS) and join to any desired PoW blockchain. The main purpose of this is to allow the blockchain to continue operating without notary nodes on the basis of its original consensus method. In this situation, additional security will no longer be provided through the attached blockchain, but this is not a particularly significant problem. dPoW can improve the security level and reduce energy consumption for any blockchain.

2.5 DOUBLE-SPEND PROBLEM AND SOLUTION

One of the main problems in the blockchain world is that a receiver is unable to verify whether or not one of the senders did not double-spend. Aryacoin provides the solution, and has established a trusted central authority, or mint, that checks every transaction for double-spending. Only the mint can issue a new coin and all the coins issued directly from the mint are trusted and cannot be double-spent. However, such a system cannot therefore
be fully decentralized because it depends on the company running the mint, similar to a bank. Aryacoin implements a scheme where the receiver knows that the previous owners did not sign any earlier transactions. The mint is aware of all transactions including which of them arrived first. The developers used an interesting solution called the Timestamp Server, which works by taking a hash of a block of items to be ‘timestamped’ and publishing the hash. Each timestamp includes the previous timestamp in its hash, forming a chain. To modify a block, an attacker would have to redo the proof-of-work of all previous blocks, then catch up with, and surpass the work of the honest nodes. This is almost impossible, and makes the network processes more secure. The proof-of-work difficulty varies according to circumstances. Such an approach ensures reliability and high throughput.

3. ARYACOIN ROADMAP

April 2019: The launch of Aryacoin; AYA ICO, resulting in over 30BTC collected
December 2019: The launch of AYA Pay
April 2020: The successful Hamedan Hardfork, supported by all AYA exchanges, aimed at integrating the dPoW algorithm, improving the security of the AYA blockchain.
June 2020: Aryana Exchange goes live, opening more trading opportunities globally
July 2020: The enabling of our Coin Exchanger
November 2020: The implementation of Smart Contracts into the Aryacoin Ecosystem
Q1 2021: Alef B goes live (more details coming soon)

4. THE NUCYBER NETWORK COMMUNITY & SOCIAL

Website: https://aryacoin.io/
Explorer: https://explorer.aryacoin.io/
Github: https://github.com/Aryacoin/Aryacoin
Twitter: 1.1k followers https://twitter.com/AryacoinAYA
Reddit: 442 members https://github.com/nucypher
Instagram: 3.8k followers https://www.instagram.com/mrdigicoin/ Telegram: 5.9k subscribers https://t.me/AYA_Global

5. SUMMARY

Aryacoin (AYA) is a new age cryptocurrency that combines the best of the blockchain technology and strives to deliver high trading and mining standards, enabling users to make peer-to-peer decentralized transactions of electronic cash. Aryacoin is part of an ecosystem that includes payment gateway Ayapay and the Ayabank. AYA has a partnership with the Microsoft Azure cloud platform, which provides the ability to develop applications and store data on servers located in distributed data centers. The network fee for the AYA Blockchain is 0%. In Ayapay service, which has been developed by the Aryacoin team, all funds without extra fees or costs are directly forwarded to users’ wallets with technology called CloudWithdrawal. The devs team is introducing new use cases including exchanges where users will exchange AYA without any restrictions. You can buy AYA on an exchange of your choice, create an Aryacoin wallet, and store it in Guarda.

6. REFERENCES

1) https://coincodex.com/crypto/aryacoin/
2) https://www.icosandstos.com/coin/Aryacoin%20AYA/YuXO60UPF3
3) https://www.publish0x.com/iran-and-cryptocurrency/a-brief-introduction-of-aryacoin-first-ever-iranian-cryptocu-xoldlom
4) https://techround.co.uk/cryptocurrency/aryacoin-the-digital-currency-created-by-iranians/
5) https://bitcoinexchangeguide.com/aryacoin/
6) https://blog.coinpayments.net/coin-spotlight/aryacoin
7) https://guarda.com/aryacoin-wallet
submitted by CoinEx_Institution to Coinex [link] [comments]

Membrana for me is a.... OR the story of how I got involved in a crypto world BY VOLTRON

Probably, today there is no person in the world who at least once in his life has not heard about Bitcoin.
I also heard about it before, and more than once. But at the same time, I never thought about the fact that ever in my life I will have at least some direct or even indirect relation to him.
The maximum that I could say or think when I heard the next news about the rise in the price of bitcoin - "Oh, I would have at least one bitcoin now."
At the moment, I would not refuse to have bitcoin, and not one, but many. And such phrases fly out from me no less than 2-3 years ago. But unlike that period, now I have a direct relationship to all kinds of manipulations related to both bitcoin itself and crypto in general. - How did I get to this? - you would ask - Quite easy.
Mostly, it seems to me that about making money in the crypto may think a person who either really needs money or who has an overabundance of them, although here I admit that I could be wrong. Nevertheless, I consider myself to be the first group of people who climbed into the crypto world due to a lack of money.
Everyone struggles with a lack of finance in their own way, depending on what they can and what they can’t Someone works at once in three jobs, someone steals, someone works and steals at the same time (but this is a completely different story about politics). Someone, like me, is looking for any other alternative, since working on several jobs is not an option, and education does not allow us to steal.
All in all, one day I decided to knock on the world of crypto. Since I Knocked, the first thing I realized is that there are three ways to get some crypto: - mining; - trading on exchanges; - And, perhaps, the most suitable option for the “newbie” is airdrop.
Exactly with airdrops, I got started my crypto way. Almost during whole first half a year of communication with the world of the crypto industry, I completely devoted to the indiscriminate absorption of everything that came across in my way: airdrops, cranes, spinner, cloud miners, etc.
It would be superfluous to say that 95% of everything that I downloaded, launched and used was outright swindle and fraud. But, those remaining 5% still turned out to be worthy of attention and projects spent on them. One of these airdrops was Membrana.
I stumbled upon it quite by accident, on one of the aggregator sites. I didn’t have any particular hope that this was not just another scam, but I decided to try it all the same.Registered, launched the corresponding bot in Telegram. Fulfilled all the requirements specified in the instructions. I even invited a referral. And with a calm soul, I continued my wanderings in search of other "profitable drops"
Honestly, I even forgot that I used to register there, but by chance, I saw an announcement on the Telegram channel about the following contents: $ 100 for trading on Binance to those who sign up and go through KYC. I had to go through verification. Out of inexperience, I "messed up" something there. I contacted support for help. They reacted promptly. Helped. As a result, verification passed and was among the participants in the tournament called Global Traders Competition.
The essence of the competition was that traders had to trade real money on the platform itself and earn (depending on their success) tournament points. At the same time, the entire profit that the trader earned in one round (1 week) was divided in half by the platform and returned to the trader's account 50% of the amount. That is, from the philistine point of view - an excellent "freebie."But 50% of the profit per week is only part of what the platform offered in the tournament.
The main goal and the tidbit, of course, are the prizes in the ranking of traders.It was announced that after the end of the tournament, all tournament points will be converted to MBN tokens and sent to the addresses of the participants. And besides this, the top 20 traders, according to the results of the tournament, will divide between themselves $ 100,000 also in the form of MBN.
With varying success, I wandered up the tournament ladder now and then. There were periods when I occupied a leading position right up to the first place. Profit for some rounds reached (crazy by my standards) 40 +%. Toward the end of the tournament, as is usually the case in my life, by all the laws of meanness and Murphy, I went into a big minus. This entailed suspension from participation for the whole round. There was another similar nuisance, and as a result, at the end of the Global Traders Competition, I took an offensive 22nd place, not reaching the top 20 only two steps.
This fact did not upset me slightly. I even thought of quitting this business and completely switching to something else. But, suddenly, sometime after the end of the tournament, a member of the Membrana team wrote to me and offered to take part in a trial run of their first round of Community Operated Fund. That is, almost the same as in the tournament, but with the money of real people and the platform itself, too.
Of course, I agreed. And so, at the moment I am engaged in the fact that I trade on a cryptocurrency exchange using investor funds. This is an amazing opportunity for those people who themselves do not have enough resources to at least somehow heavily invest in the exchange. But as a member of the Membrana platform, each person (interested in crypto) has the opportunity to establish cooperation with investors willing to invest in your skills and abilities and earn another penny on this.
Joining Membrana is a best way to join crypto world wether you are an investor, newbie that’s just starts it way or you are a trader willing to get new opportunities and Trust management contracts of crypto assets
Original text link ( Russian): https://teletype.in/@voltron/SylQwvHcB
submitted by Membrana_Platform to u/Membrana_Platform [link] [comments]

In case you missed it: Major Crypto and Blockchain News from the week ending 12/14/2018

Developments in Financial Services

Regulatory Environment

General News


submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

Profit Trailer : A Newbie Guide to Setting up your first Crypto Trading Bot!

Hello Everyone! Unless you’ve been living under a rock, you’ve likely heard all about BitCoin, LiteCoin, Ethereum and a whole host cryptocurrencies. As cryptomining profitability fades underneath increasing difficulties and the rising cost of mining machines, the world is dazzled by the utterly insane profit margins to be made in TRADING cryptocurrencies. This typically leads the average Joe to look into and, likely, invest some money into the cryptocurrency market. And, as time progresses (especially if profits are being made), one inevitably must make a choice to use a trading bot or not.
Now, I’m not trying to sell you one way or the other. My goal here is to take one of the newest and seemingly most profitable of the numerous trading bots out there, Profit Trailer, and break down getting the bot installed and running. There are numerous guides to Profit Trailer Installation and all of them are good. Crypto Gnome has some excellent information at https://github.com/CryptoGnome/Profit-Trailer-Settings/wiki/Setup-Guide. I’m not trying to knock him or anyone else with a guide out there. BUT………….
There are a few things that, in the course of installing this bot for a family member who has gotten on the crypto wagon in a big way, I noticed were lacking in the main set of guides. This being that not one of them had been designed with the true noob in mind. Each assumed a level of knowledge and discourse that can ( and would) leave a newbie cursing the fact they just spent .03 of a Bitcoin on something that refuses to even start.
Anyway, the point is, if you don’t have a tech savvy person handy, you could be left with, at best, the program downloaded but unable to start it or at worst, out a nice chunk of your crypto because of failing to understand EXACTLY what is needed to make the bot operate. Any suggestions on how to make this guide more complete, such as adding specific exchange instructions would be most appreciated.
Have an account at either Bittrex, Poloniex or Binance ACTIVE! I have read horror stories regarding buying this bot and installing it without having your account open and logged into. Just in case there is truth to them, better to be safe than sorry. Open your account of choice ( we used Binance so that is the exchange that this guide refers to. ) Use the account interface to create TWO(2) sets of API keys. One will be public, one will be secret in each set. You will notice that, at least on Binance, that each set of keys will have 2 permissions checked and one, withdrawals, unchecked. This is as it should be. If for some reason the withdrawals permission is checked, delete the key and start over. I would suggest that, for ease of use sake, you label each of the sets of keys. The first should be labeled (yourexchange)Default and the second should be labeled(yourexchange)Trading. This will help you recognize which keys are which later in the setup process. Copy these into a Notepad file, Word file, write them on your bedroom walls in blood, just keep BOTH SETS OF THESE API KEYS SAFE! Anyone with these keys has access to your exchange account. The first key will be initially used when you buy the Profit Trailer bot. The others will be used when you set up Profit Trailer. Ensure that you have JAVA 8 installed and running on your computer. It is extremely important that it be JAVA 8 and not 9. Profit Trailer WILL NOT WORK WITH THE JAVA 9 JRE. This problem was likely the biggest hurdle with Profit Trailer until I realized what was happening. Download and install Notepad++. Very Important. Some guides make it sound like you can do the settings changes on a regular NotePad file. This may be true, but Notepad++ is an actual IDE (software writing program for the uninitiated) that will give you the same view that all the guys in their YouTube Videos have up when they discuss their settings. Just saying guys, you’ve got people who, while they might know how to trade, might not know squat about IDE’s and their function. Buy the bot. This can be accomplished at https://profittrailer.com/pt/CryptoGnome/ At check out, you will be asked for the FIRST of the API keys you created. This will be the, first PUBLIC key you created. Pay for the bot. Wait for BitCoin to go from wallet to Profit Trailer creators. Have a beer….Smoke a cigarette….watch a movie. Seriously, you’re gonna be waiting awhile. One good idea while you spend hours waiting for the license key to be sent to you is to ensure that, if you have a newly created exchange account, you should place some cryptocurrency/money in the account…otherwise you’ve got another wait. Most guides say to next get a VPS(Virtual Private Server or Cloud Server). I was unable to get a VPS enabled at the time of this installation, so I will be posting another article regarding that process as soon as I can get it up and running on this installation. UPDATE We now have a Windows VPS running. You can visit Profit Trailer And You: A Newbie Guide To Setting Up Profit Trailer Part 2: Windows VPS here. Get Profit trailer Up and Running!!!! Here’s what you’ve been waiting for and trust me, all the other “prep stuff” will make this part a whole lot smoother. First, go to https://github.com/taniman/profit-trailereleases download the latest version of Profit Trailer. Next, unzip the files and navigate to the new folder. Open the file named application.properties with Notepad++ and then stare at it. I mean… really stare at it. Scary huh? Looks like you’re about to start coding the next Destiny game doesn’t it? Relax. this is a simple IDE that is giving you a series of settings that have to be adjusted manually instead of using a graphics user interface like the ones we’ve all grown to know and love. What you really need to know is what you are looking at. You’re going to see things like “trading.exchange” and “default_apiKey”. Each of these lines will have an equals sign on the end of them. Concentrate on what’s on the right side of the equals sign, cause that’s where your info is going to go. Remember those API keys you made? Well, here’s where they go.
Update these settings:
trading.exchange = THE EXCHANGE YOU ARE USING e.g. BITTREX (This MUST BE IN ALL CAPS. using lower case letter will give you an error code on startup)
default_apiKey = THE FIRST API KEY YOU CREATED (The key you labeled (yourexchange)Default )
default_apiSecret = THE FIRST SECRET KEY YOU CREATED
trading_apiKey = THE SECOND API KEY YOU CREATED (The key you labeled (yourexchange)Trading )
trading_apiSecret = THE SECOND SECRET KEY YOU CREATED
server.password = PASSWORD HERE (This is a password you create here. it is not tied to any other account)
Click save
You with me so far? Keep in mind that, so far the bot IS NOT RUNNING. we haven’t turned on anything yet, so don’t worry.
Most of the other guides say to start the bot up at this point and I would tend to agree, except you may want to look at the default settings in the pairs and DCA files to ensure that they are set the way you want them. DCA settings are a huge factor in Profit Trailer and I would suggest watching several videos regarding them. I do not claim to be a crypto expert and do not pretend to understand all the terms. The Profit Trailer Wiki at https://wiki.profittrailer.io/doku.php/dca.properties has in depth articles dealing with each of the settings and I suggest getting very familiar with them and understanding exactly what each does before turning the bot on.
Ok, with that being said, if you feel like your settings are just the way you want them, open up the pairs.properties file in Notepad++ and change “ALL_trading_enabled=false” to “ALL_trading_enabled=true” and save the file. Next you will want to click ‘run’ on the ProfitTrailer.cmd file. This will actually start the bot and will open an old style black Windows command line window. Ignore this as it is just the bot starting up, not where you will see what the bot is doing and open your web browser and enter http://localhost:8081/monitoring in the URL field. This will bring up a login page. Use the Password you created in the application.properties file here. This opens the web monitoring dashboard for your bot.
Again, I cannot stress enough the importance of following each step and understanding what each of the settings in Profit Trailer are and what they do. There are several important safety valves in Profit Trailer to keep the bot from chewing through your crypto like cookie monster on a 3 day bender.
One is “ALL_max_cost = x.xxxxx” in pairs.properties. This sets the amount of coin, in BitCoin, that the bot will use for trading. Just because you have have 1.5 BTC in your exchange account doesn’t mean you’ve gotta let the bot play with it all. “ALL_min_buy_balance = x.xx” in the pairs.propertiesfile will accomplish the same thing, just specifying an amount in the account that the bot will not take the account below. There are several important safety triggers in the DCA files as well, one being “min_buy_balance = x.xx” which will keep a specified minimum of BTC in your account, below which NO DCA buys will occur. This is an important distinction from the “ALL_min_buy_balance = x.xx” found in the pairs.properties files; DCA buys will STILL OCCUR even if the account is at or below the minimum specified in the pairs.properties file. Confused yet? It makes sense really, but if you’re like me, DCA really doesn’t mean anything to you. ( It’s Dollar Cost Averaging and it’s a profit mechanism used by Profit Trailer) What it really means is that, if you don’t know or understand what you are doing, it can cause big problems trading. Use your safety triggers and brush up on your trading terms cause soon you’ll be hip deep in EMAGains and Dust Bags…..whatever that means.
Any info on other exchange procedures with reagrds to setting up Profit Trailer would be greatly appreciated. I am not affiliated with or paid by any exchange, developer or site.
Credit & Thanks for this guide by: https://steemit.com/@demonsthenes
submitted by treasuregnome to CryptoCurrency [link] [comments]

Review: The most thrilling 24 hours in Bitcoin history

From 12:00 on March 12th to 12:00 on the 13th, Bitcoin, the most influential currency in the cryptocurrency industry, suffered two major declines, and its price fell from a maximum of 7,672 USD to a minimum of 3,800 USD (data from Huobi, the next Same), the decline was 50.4%, which means that the price of Bitcoin has achieved a fairly accurate "half price" in these 24 hours.
Previously, Bitcoin's "halving market" was mostly considered to be an increase in market prices caused by Bitcoin's halving production, although many people have questioned the "halving market" as " The price is halved ", but when bitcoin walks out of the current bad market, it still surprises most investors.
First plunge
The bad 24 hours started at 12 o'clock on March 12. Due to the rapid spread of the new crown epidemic in Europe and the United States, the global financial markets have been raining for several days. After several adjustments, the price of Bitcoin has hovered up and down within the range of $ 7600-8200 in the previous three days. However, after 12 o'clock on the 12th, Bitcoin The price fell below $ 7,600 for the first time, breaking the psychological expectations of many investors, entering a rapid decline channel, and dropping to about $ 7,200 at around 18 o'clock.
At this time, the decline of Bitcoin is still around 7%, which is a common occurrence in the history of Bitcoin. However, after 18 o'clock that day, the market turned sharply, and the price of bitcoin plunged again in a short period of time. It fell to US $ 5,555 within tens of minutes, a drop of 28%, and the amount of contractual positions on each platform exceeded US $ 2 billion.
During the decline, most major exchanges such as Huobi, Binance, and OKEx experienced systemic freezes of varying degrees. Many users complained for a long time that the exchange app could not properly display the homepage, market page, and transaction page, and added positions, stops, and withdrawals. Obstacles such as cash withdrawal and cash withdrawal operations have also shown that this situation also highlights that mainstream exchanges still fail to address the ability of their trading systems to respond to extreme conditions.
For this decline, the collective sell-off of large Bitcoin holders is considered to be the main reason. For example, Grayscale Investment, the world's largest crypto asset fund management company, was sold and sold 40,000-50,000 Bitcoins. News from the exchange said that Bitcoin sold 400,000.
For a long time, bitcoin has been called "digital gold" by the blockchain industry, and has good risk aversion properties. During the tense situation between the United States and Iran in January this year and the global stock market fell, Bitcoin rose from $ 7,200 all the way to more than $ 10,000. Bitcoin's safe-haven attributes have been widely recognized in history, but this time caused by the new crown epidemic Under the risk of the global economic downturn, the decline in the price of bitcoin has become the asset with the largest depreciation among various mainstream financial assets, and its high-risk nature will most likely collapse.
Some analysts believe that bitcoin should be further classified as an alternative asset. At a time when liquidity shortage is extremely serious, as a high-risk alternative investment asset with the highest volatility in the world, funds will naturally be drawn from the market by investors. Looking for safer, more liquid assets, prices plummet.
"Everyone in the future will realize that Bitcoin is not digital gold, but" an amplifier of risk. " Its value cannot be anchored. Unlike other asset prices, which are affected by costs and prices, Bitcoin has no normal market value range. As of now, it does not have any convincing valuation basis, more like a swaying boat. Without the anchor, its value fluctuates greatly, and the impact of halving the market and supply and demand on it is far less important than psychological factors. "Said Cai Kailong, senior researcher at the Institute of Financial Technology of Renmin University of China.
However, some people in the industry hold different opinions. "BTC is still the most powerful currency in the history of mankind. It provides liquidity 24 hours a day. This is something that other markets simply can't imagine, but because liquidity is too good, this time it just happened to happen in other markets. When funds are scarce, the first choice for selling supplementary funds has also led to the decline of gold. Of course, the amount of BTC that is currently much lower than gold is certainly unstoppable in a short period of time. "A Weibo blogger" "fhrp".
In addition to the sell-off of large institutions, some mortgage lending platforms have also passively become an important boost for this downturn. In the past six months, the Defi concept has been particularly hot in the blockchain industry, and many cryptocurrency-based cryptocurrency lending platforms were born.
As a result, a large number of large Bitcoin users will pledge the Bitcoin in their accounts to third-party lending platforms and use the USDT to borrow cash to purchase cash, which is equivalent to increasing leverage. However, these platforms are not mature in terms of mortgage rate setting and liquidation mechanisms. Users who increase the mortgage rate of assets have a slower transfer speed on the chain. As a result, during this period of rapid decline in the market, a large number of mortgage orders have lower mortgage assets than loans. As a result, the amount of bitcoin out-of-market positions this time was far more than in the previous period of large market volatility, which further exacerbated the selling pressure of the bitcoin spot market.
From 19:00 on the 12th to the early morning of the 13th, the price of Bitcoin hovered in the range of 5800-6200 US dollars, and the market began to prepare for the next stage of the trend.
Second plunge
On the evening of the 12th, the stock markets of mainstream countries in Europe and the United States successively opened and collectively fell, and the stock markets of at least 11 countries, such as the United States, Canada, and the Philippines, melted down. At the close of the morning on the 13th, both the Dow Jones Industrial Average and the S & P 500 Index had the largest single-day percentage decline since the 1987 stock disaster. The Dow closed down about 2352 points, the largest drop in history.
The bad performance of the stock market quickly passed to the currency market. Beginning at 7 o'clock on the 13th, the price of bitcoin plunged from the position of $ 5,800 once again, dropping all the way, and successively fell below $ 5,000 and $ 4,000.
For the rapid decline of the market, many people in the industry believe that the main factor is not only the panic selling of the market, but also the mutual stepping on of contract investors. Weibo blogger "AlbertTheKing" pointed out that most of the long positions in Bitcoin leverage are in the BitMEX perpetual contract market. The long positions caused by the decline in bitcoin prices caused a series of short positions, which in turn caused arbitrage spreads and spot arbitrage. The party rushed in to open multiple orders and sell spot arbitrage at the same time, thinking it was okay. As a result, I did not expect Bitcoin to fall more and more fiercely, and his own arbitrage and long positions also burst. So at first, the leveraged bulls stepped down on each other, and later became the arbitrage party. .
"Fhrp" also pointed out that because BitMEX only has BTC margin, ETH's permanent liquidation also needs to be undertaken by btc. The profit portion of the hedge order cannot be included in the margin, and BTC is not sufficient because of the card being in serious shortage. The exploding warehouse order was opaque, so that no one dared to pick up the corpse later, fearing that it would become a corpse. Of course, the key is the lack of a fusing system, so that the market can slowly wait for liquidity to keep up.
Under the interweaving of many risks, the price of bitcoin is about 10:15. It has fallen below 3,800 US dollars in many exchanges such as Huobi and OKEx, which is 38% lower than the price of 0 on the day and 50.4% lower than 24 hours ago. This is the highest record in the 24-hour drop since the birth of Bitcoin.
Such a precise decline cannot be doubted as the bad taste of the bookmaker behind the exchange, if the bookmaker does exist. Of course, it is not excluded that this situation is due to the tacit understanding among the main market participants, or a purely natural phenomenon.
But judging from objective facts, there is indeed some evidence that the situation is unnatural. After bitcoin hit a low of $ 3,800, its price quickly rose in the next 20 minutes, rising by 59% to $ 5,250, but then fell rapidly. At the turning point of $ 3,800, which is 10:16, the BitMEX trading system, the largest bitcoin exchange in the cryptocurrency industry, suddenly stopped until 10:40.
It can be seen that the time point when the Bitcoin price stopped falling rapidly and stopped rising rapidly was close to the time point when BitMEX went down and returned to normal. This shows that BitMEX has a huge influence on the secondary market, and it also makes a lot of One suspects BitMEX is manipulating the market.
Sam Bankman-Fried, chief executive of Derivatives Exchange FTX, tweeted that he suspects BitMEX may have intentionally closed transactions to prevent further crashes and to avoid using exchange insurance funds. Mining company BitPico also tweeted yesterday, "According to our analysis, BitMEX Research has closed its long position of $ 993 million with its own robots and capital. Today the manipulation of the bitcoin market is caused by an entity and the investigation is ongoing. "
In response to this incident, BitMEX responded that there was a hardware problem with the cloud service provider, and in a subsequent announcement, it was pointed out that the DDoS attack was the real cause of the short-term downtime.
Why the downtime of the BitMEX trading system is difficult to verify, but from its objective impact, its short-term downtime plays a vital role in curbing the further decline in the price of cryptocurrencies such as Bitcoin, which has eased investment to a certain extent. The panic sentiment created by this has created space for the rebound and correction of cryptocurrency prices such as Bitcoin.
Sam Bankman-Fried even speculated that if BitMEX did not go offline because of a "hardware problem" this morning (February 13), the price of Bitcoin could fall to zero.
If compared with the traditional financial market, the effect of this BitMEX outage event is quite similar to the "fuse" mechanism of the stock market. Trading is suspended for dozens of minutes at the moment when investor sentiment is most panic, so this outage event Also aroused the emotions of many people in the industry.
"BitMEX has helped the currency circle" melt out, "otherwise the chainless stepping will not know where to fall. After the fuse, everyone calmed down and the market returned to normal. Weibo blogger "Blockchain William" posted a blog saying, "The market is not afraid of falling, and it is not afraid of stepping on it. That is why. This is why the global stock market has melted down because investors panic. It is a bottomless pit. Once out of control, there is no bottom Now. "
Of course, the factors that cause the market situation to reverse are not limited to this. According to the feedback from multiple users on social platforms, BitMEX and Binance's major exchanges forced the short positions of multiple accounts to close positions at 10 o'clock on March 13th, that is, the automatic lightening mechanism was in effect.
According to the BitMEX platform mechanism, when investor contracts are forced to close out, their remaining positions will be taken over by BitMEX's strong closing system. However, if a strong liquidation position cannot be closed in the market, and when the marked price reaches the bankruptcy price, the automatic lightening system will lighten the investor holding the position in the opposite direction, and the order of lightening is determined according to the leverage and profit ratio .
Specifically, due to the sharp fluctuations in the price of bitcoin, a large number of long single-series bursts and the scarcity of market liquidity. In order to control the risk, the platform will automatically place some short orders with high profit ratios and high leverage on the market, increasing market flow. It also avoids the risk to the platform caused by the inability of the short-selling order to be executed in a timely manner.
According to BitMEX's announcement, about 200 positions were automatically closed by the system. And Twitter blogger Edward Morra said, "On BitMEX alone, short positions worth about $ 500 million have been liquidated." If this data is true, it means that BitMEX's strong liquidation operation has brought more than 5 to the contract market. The market price of 100 million US dollars has a significant positive effect on the market that is being sold out.
However, as a compensation, BitMEX also stated that it would contact each damaged user and compensate them according to the maximum potential profit that the investor obtained during the automatic liquidation.
In any case, through the operation of exchanges such as BitMEX, the price of bitcoin has entered a recovery channel, and it is still hovering at the $ 5,000 mark, while driving the entire cryptocurrency market to pick up.
After this thrilling 24 hours of bitcoin, the ideal "halving market" has disappeared. The real and brutal "halving market" is coming. Perhaps many investors and investment institutions have expressed their confidence in the crypto assets represented by bitcoin. The understanding will change in this regard, and the confidence of the entire industry needs to be rebuilt. This depends on the application value of bitcoin to be deepened.
submitted by FmzQuant to u/FmzQuant [link] [comments]

Bitroom: world's first membership-based cryptocurrency exchange.

Bitroom
WEBSITE - WHITE PAPER - TWITTER - TELEGRAM EN - TELEGRAM CH - TELEGRAM KO - TELEGRAM RU - Kakaotalk KO
Bitroom Introduction
1. What is Bitroom.io
Bitroom is the world's first membership-based cryptocurrency exchange.
Bitroom.io guarantees to participants in the Launchpad at least 200% return.
Adhering to the original intention of promoting the consensus between the project and investors, mutual benefit and mutual win situation, the first "membership" model, to provide users with safe and convenient digital asset exchange services. By selecting and introducing quality blockchain projects around the world, we are committed to providing our members with a richer market investment option, better experience and more opportunities for high returns.
2. Bitroom Features
Member Priority
Bitroom will select and introduce high-quality blockchain projects around the world, and is committed to providing members with better market investment options, better experience and more opportunities for high returns. On the Bitroom platform, every member has an equal opportunity to participate in the investment of early quality projects. Bitroom will protect the member's investment income and returns most of the platform's revenue to the members.
Open and Transparent
To win the trust of the community, Bitroom is committed to creating an open and transparent virtual currency trading platform. This includes:
3. Member Benefits
Upon joining Bitroom,you will be entitled to the following membership benefits:

4. Conditions of Membership
Users become members, with all relevant membership benefits, once they hold a certain minimum amount of platform currency.
Innovative ITO mode ITO Platform Currency Distribution Method
ITO (Initial Trust Offering) includes three important aspects: fundraising, Token distribution, and fund return. The ITO model is open and transparent and 80% of the funds raised will be returned to the user and can be verified. This model allows the project side and the user to reach a consensus, which is a good solution to the problem of mutual trust.
1. ITO — Introduction
The core Bitcoin concept is based on the building of consensus between a project party and the decentralized investor community. The transaction status and the amount of money held are necessarily open and transparent. Bitcoin earnings are owned simultaneously by long-term holders and the community. Thus, the success or failure of a project depends on their ability to reach consensus. Failure to do so can result from a wrong choice of ICO versus IEO tokens. Or it might be a lack of transparency by the project side in its use of funds raised. This can lead to loss of community trust and ultimately confrontation.
The Bitroom team believes in Bitcoin. In order to reach a consensus between a project and the community, Bitroom has innovatively createdå the Model of Initial Trust Offering (ITO).
Under the ITO model, the project party publicly and transparently raises funds from the community on the blockchain. The project party then announces a fundraising address and a Token distribution address, with all funds raised sent to that address.
Token distributions are all transferred through the same distribution address, Fundraising is carried out on the blockchain, Each transaction and the number of positions at each address can be publicly queried. After fundraising is completed, the project party will return 80% of the money to the community as income. This operation is likewise visible on the blockchain. Each return is visible on the blockchain, as is each return operation. The remaining 20% ​​of the funds raised will be used to support the project to move forward.
It can be seen that each step of the ITO model is open and transparent and that each move by the project party and the community, both, is well documented in the blockchain, thus enhancing mutual trust. After the platform closes, the project side will return 80% of funds raised to the community, with the remaining 20% to be used by the project side for promoting project development. ITO is a great innovation, with real capacity to bring about consensus between the project side and the community.
Bitroom's platform currency will be distributed in the form of ITO.
2. ITO Characteristics
3. ITO distribution ITO distribution
ITO rules:Click here

BMT Token Allocation
ITO issuance 100,000,000 10% Global partner 50,000,000 5% Equity investor 50,000,000 5% Foundation 150,000,000 15% Team 150,000,000 15% Mining 500,000,000 50%
Team
1. Andrew Miller​ ​— CEO
Andrew holds an MBA from Stanford University, California, USA. He previously worked as ja senior executive at Morgan Stanley Investment Bank. Andrew is Bitroom's master planner of strategic planning and business direction. He is an early participant and investor in the blockchain industry, with over 10 years of management experience. He has a cumulative investment in more than 50 blockchain projects.
2. Walter Brown​ ​— CTO
Walter is a former Google Senior Architect. He graduated from MIT with a degree in Computer Science, and holds a Master's degree in Computer Science from the University of California, San Diego. He is a senior engineer who specializes in big data processing, software development, and virtual trading technology. He has participated in the development of multiple large blockchain underlying systems. He has 11 years of R&D management experience and has performed in-depth research on blockchain security.
3. Robert Garcia​ ​— Architect
Robert is a former Google Cloud Product Group Senior Architect, responsible for architecture security analysis and high-end business customer consulting. He holds a Ph.D. in Network Security from MIT. He has served as the head of network security and architecture projects for several US IT companies.
4. Alex Martinez -- Director of Operations
American currency technology operations expert, and a well-known industry analyst and researcher. Senior Salesforce.com Certified Consultant, Business Data Analysis Specialist. He has served as Director of Operations for several Fortune 500 companies and been involved in the development and marketing of numerous cryptocurrencies since 2015. Zoe Park — South Korea representative Zoe graduated from Seoul National University in South Korea, majoring in journalism and self-employed in the Korean blockchain industry. In 2016, she began work in the blockchain industry, focusing on the Korean market and media services, helping to successfully raise funds for 12 overseas blockchain projects.
5. Gloria Wong — Head of China Market
Gloria graduated from Columbia University, USA, with a Master degree in Finance. In 2017, she entered the blockchain market and already has compiled rich experiences in blockchain investment, market and strategy, helped to incubate 9 blockchain projects, successfully raised funds, and landed on the exchange.


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submitted by TeresaXiao to Bitroom [link] [comments]

Top 10 Affiliate Programs to Earn Bitcoin

Top 10 Affiliate Programs to Earn Bitcoin

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When we launched the Redeeem affiliate program we did a lot of research on other crypto companies, and what their affiliate policies were. We studied the many structures to an affiliate program, and we made a list of the top 10 crypto affiliate programs.
A few popular affiliate program models:
  1. Recurring Revenue Model - you have a unique URL affiliate link, and when you send it to people their account is linked to yours, and you get a percentage of whatever they spend or trade during their time. Sometimes this can be time limited (for 30 days), but typically goes for the life of the person you refer. Typically referral fees are taken from the company, so the company might advertise as 30% of Company's revenue, or it may say 1% of money spent on the platform.
  2. Initial payout Model - this is the most popular and simplest model for paying affiliates. A simple pay per sign up, typically between $5 and $15 per sign up you get. However, rarely will you get paid just for the signup, instead the new user must complete some "engaging action" on the website - a purchase, a trade, or a post.
  3. Multi-tiered Revenue Model - this is an extrapolated model from the recurring revenue model, where there are multiple tiers, or levels, so you get paid for the people who get referred by the people you refer. Typically it's a smaller % for the indirect tier, since you didn't do any work, but it does incentivize people to find the power players and refer them to the website.
Below are the Top 10 Affiliate Programs to Earn Cryptocurrency that we've found. Granted there are many affiliate programs out there, but if you're looking to start a blog, Youtube channel, or other content idea to get paid through affiliate links, check these out first.

LocalBitcoins
https://localbitcoins.com/

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LocalBitcoins is a peer-to-peer trading site for bitcoin to 100's of other currencies. A fantastic option to get access to bitcoin.
LocalBitcoins offers a 20% commission for your affiliates directly to your Local Bitcoins wallet. If you refer both a buyer and seller, you will get a commission from both referrals or 40% of the total transaction. Payouts will be paid daily to your LocalBitcoins wallet for one (1) year from user's registration.

Redeeem
https://www.redeeem.com/

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Founded in 2018, Redeeem is a fast, safe and easy way to buy and sell gift cards using cryptocurrencies. The goal is to accelerate the adoption of Bitcoin into the global economy and showcase its endless potential.
For every person that signs up with your affiliate link you earn 1% of their total crypto trade volume, paid nightly in bitcoin. This has no expiration nor limits so you continue to earn passively as long as your old and new affiliates trade.

Abra
https://www.abra.com/


Founded in 2014 by Bill Barhydt, serial entrepreneur and global mobile-banking veteran, our team is based in Silicon Valley and committed to forever changing how the world moves money.
Abra's Affiliate Program lets you offer a $25 joining bonus to your referrals, and earn $25 for each affiliate that will sign up using your Referral Link. For affiliates and new users to receive their $25, they must either 1) Deposit a minimum of $5 to their Abra wallet via a US bank account or eligible American Express card; Or 2) Deposit crypto and exchange it to other assets EXCEPT for BTC, BCH, ETH or LTC. This option will allow the referrer and referred to receive 0.75% of the exchange total, up to $25. The referred user must also have accrued a minimum of $5 in rewards to receive the payment.

Binance
https://www.binance.com/en

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Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume.
Inviters and referrals can share up to 40% referral commissions from their trading fees under Binance's upgraded Referral Program. Inviters can choose to share a portion of the commissions received of the friends they invite and set the sharing rate as 0%, 5% or 10% (for inviters with daily average BNB of less than 500, and base referral rate is 20%). For inviters that have a daily average BNB of more than 500, their base referral rate is bumped up to 40% and have the option to share 15% or 20% with their referrals.
All referral commissions (both those received by inviters and those shared with their invited friends) are calculated in real-time and transferred to the respective Binance accounts every hour from 12:00 AM until 1:00 AM (UTC) of the next day.

CEX.IO
https://cex.io/

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Established in 2013 as the first cloud mining provider, CEX.IO has become a multi-functional cryptocurrency exchange, trusted by over a million users. CEX.IO offers cross-platform trading via website, mobile app, WebSocket and REST API, providing access to high liquidity orderbook for top currency pairs on the market.
Current Affiliate program offers a 30% commission on the fee of exchange transactions of every new user that signs up with your Referral link.
Changelly
https://changelly.com/

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Changelly is a non-custodial instant cryptocurrency exchange. They act as an intermediary between crypto exchanges and users, offering access to 130+ cryptocurrencies. The company mission is making exchange process effortless for everyone who wants to invest in cryptocurrency. Operating since 2015, the platform and its mobile app attract over a million visitors monthly who enjoy high limits, fast transactions, and 24/7 live support.
Loyal customers get a special feature in the Affiliate Program. Customers who share their affiliate link or add the Changelly widget can get 50% profit from every transaction made by new users that signed up via your referral link. The link is permanent, and the reward is given in bitcoin equivalent.

YouHodler
https://www.youhodler.com/

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YouHodler is a Blockchain-based Financial Ecosystem focused on cryptocurrency-backed lending with fiat loans. YouHodler lending platform provides USD and/or EUR loans, secured by collateral in BTC, ETH, XRP, and other popular cryptocurrencies.
The YouHodler Referral Program allows you to earn $25 with each successfully activated account from your referral link and promo code. Everyone that follows your link and activates their account (funding their account and using at least one product such as Turbocharge or conversion) also gets $25 instantly. Aside from the instant reward, you can also receive 50% in average of YouHodler's revenue from the next 10 products your invitee gets.

Cryptohopper
https://www.cryptohopper.com/

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Cryptohopper was started by two brothers. After hearing about the opportunities of cryptocurrencies for the first time, they were hooked. One of them was successful as a daytrader. The other brother, a brilliant web developer, didn't have the funds to invest. This got him thinking, what if there was a way to let a bot trade for you. It would work 24/7, trading as many coins as you wanted it to, constantly monitoring the market.
You can earn a minimum of $1.90 a month for each user who signs up for an Explorer Hopper, $4.90 for each Adventure Hopper referral and $9.90 for each Hero! To maximize your earnings, each referral will also earn you up to 15% over each of their payments, including; signals, strategies and marketplace items. It all counts.

Trezor
https://trezor.io/

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Trezor is a Bitcoin hardware wallet and launched in August 2014. It was the first Bitcoin hardware wallet, offering secure cold storage plus the ability to spend with the convenience of a hot wallet.
You will earn 12% - 15% referral commission for each sale. (net sale amount, excluding VAT and shipping). Monthly payouts via wire transfer or Bitcoin. Wire Transfer (USD, EUR and CZK) or Bitcoin.

Coinhouse
https://www.coinhouse.com/

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Founded in 2014 in Paris, Coinhouse is a pioneer in cryptoassets investments. Both an online platform and a brick-and-mortar location, Coinhouse is the trusted partner for individuals and qualified investors looking to analyse, acquire, sell, and securely store cryptoassets.
Earn 30% commission on your clients’ transactions for 1 year when they sign up using your unique and personalized tracking link. Get paid directly in Bitcoin to optimize your income.
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Despite the declining cryptocurrency market, Binance is on track to profit up to $1 billion this year.Binance Coin (ENB) is seeing heartening gains as well. It goes without saying that 2018 has been a rough year for the cryptocurrency market thus far. Its most popular cryptocurrency, Bitcoin (BTC) has lost around 70 percent of its value since January, while the total market cap currently ... Cloud mining warning. Cloud mining will almost never be profitable. This is because the "break-even point," where you make as much money from cloud mining as you put into it, will keep moving ... The fact is that cloud mining is expensive as well, and not that profitable at first. You will probably need more than a year to cover the cost of the initial investment. A lot of people don't do their research properly, which is why they enter the process expecting to get rich in less than 6 months. This is, of course, never the case. Miny.cc – The Unique Approach to Cloud Mining. Miny is primarily a cryptocurrency wallet infrastructure. If a user creates an account on the platform, he or she also gets a secure cryptocurrency ... 3. Cloud Mining. Cloud mining is when you rent hashing power from a mining company and they do it all for you. You don't have to worry about electricity or finding a place for the equipment. It is very easy and cheap to start. But we do it for profits, so which is more profitable? Main profit factors: Earn passive income with Quadency trading bot. Connect Binance account and use Quadency bot for 6 months completely free. Hurry up, this deal is not around for long! If an organization or an individual person controls more than half of the Bitcoin network’s mining power, they have the power to corrupt the block chain. This concept is known as “51% attack”. How costly it would be to carry ... Just recently, Binance announced the launch of its mining pool following exchanges like Okex, and Huobi. Alongside this, a great number of crypto exchanges are staking proof-of-stake (PoS) coins ... FY Mining Review: Is FYMining's Bitcoin Cloud Mining Profitable? by Karol. May 13, 2018. Home Bitcoin News Bitcoin Mining. Facebook. Twitter. Telegram. ReddIt . Linkedin. Email. The unfamiliarity of cryptocurrency ecosystem has enabled a lot of scams around it. Most of the scams are easy to spot out and hardly some people fall victims to it. Some of them like BitConnect are more elaborate who ... For those who are interested in Bitcoin mining, the most important question to ask is, “Is it profitable?” To start off, one must first know what Bitcoin Bitcoin mining began as a well paid hobby for early adopters who had the chance to earn 50 BTC every 10 minutes, mining from their bedrooms. Successfully mining just one Bitcoin block, and holding onto it since 2010 would mean you have $450,000 worth of bitcoin in your wallet in 2020.

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Dash vs Bitcoin - Is Genesis Mining still profitable ???

Binance Pool has received mixed responses from the crypto community, with some commentators expressing concerns that Binance's pool will result in a further centralization of Bitcoin ( BTC ) hash ... 👨🏼‍💻Make Money With Crypto (*NEW* FREE TRIAL): https://bit.ly/39htfpK 👨🏼‍💻3commas: http://bit.ly/2ZJcfFu 👨🏼‍💻Bybit ($90+ Bonus): http ... CARA TRADING DI BINANCE - Duration: 14:48. ... How To Create A Profitable Shopify Store From Scratch - Duration: 2:14:53. Dan Vas Recommended for you. 2:14:53. Marty Lobdell - Study Less Study ... What are the pros and cons of mining? Do you mine? Is cloud mining profitable? Get 3% off on Genesis Mining - nBiS6j Mine Bitcoin on Hashflare https://hashflare.io/r/4B0EA9A Buy Cloudmining for ... Bitcoin Cloud Mining: Most Profitable Mining Contracts & Pools 2018. In this update, I review Hashflare, Genesis Mining & BitClub Network. I cover the most profitable cloud mining contracts by ... How to mine Bitcoin and Ethereum! Free cloud mining! https://bittoolmaker.com. RSI Indicator - How To Day Trade And Swing Trade The Easy Way - Duration: 10:53. The Dream Green Show 245 views Heute geht's um folgende Themen: Fidelity beginnt mit Bitcoin (BTC) Handel in wenigen Wochen, Binance Margin Trading & Joseph Stiglitz findet Bitcoin gehört abgeschaltet. 1.) Fidelity beginnt mit ... Cryptouniverse, Cloud Mining Profitable Contracts, Mining Cryptocurrency Bitcoin Litecoin, Investing http://bit.ly/cryptouniverse-mining Cryptocurrency will ... BITCOIN HALVING IS OVER! What is the aftermath of BTC Halving? Is Bitcoin Mining profitable? will bitcoin miners sell? bitcoin mining is an interesting topic...

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