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Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.submitted by mickhagen to genesisblockhq [link] [comments]
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
Bitcoin: The First CryptocurrencyThere are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.Bitcoin has two primary features (as do most other cryptocurrencies):
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
Public AwarenessA few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda
Ethereum: Programmable MoneyWhen Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
Digital Gold RushJust as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
DeFi: Decentralized FinanceSo as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.
Wrap UpI know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
Other Ways to Consume Today's Episode:
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
Author: Gamals Ahmed, CoinEx Business Ambassadorsubmitted by CoinEx_Institution to u/CoinEx_Institution [link] [comments]
The DFINITY blockchain computer provides a secure, performant and flexible consensus mechanism. At its core, DFINITY contains a decentralized randomness beacon, which acts as a verifiable random function (VRF) that produces a stream of outputs over time. The novel technique behind the beacon relies on the existence of a unique-deterministic, non-interactive, DKG-friendly threshold signatures scheme. The only known examples of such a scheme are pairing-based and derived from BLS.
The DFINITY blockchain is layered on top of the DFINITY beacon and uses the beacon as its source of randomness for leader selection and leader ranking. A “weight” is attributed to a chain based on the ranks of the leaders who propose the blocks in the chain, and that weight is used to select between competing chains. The DFINITY blockchain is layered on top of the DFINITY beacon and uses the beacon as its source of randomness for leader selection and leader ranking blockchain is further hardened by a notarization process which dramatically improves the time to finality and eliminates the nothing-at-stake and selfish mining attacks.
DFINITY consensus algorithm is made to scale through continuous quorum selections driven by the random beacon. In practice, DFINITY achieves block times of a few seconds and transaction finality after only two confirmations. The system gracefully handles temporary losses of network synchrony including network splits, while it is provably secure under synchrony.
1.INTRODUCTIONDFINITY is building a new kind of public decentralized cloud computing resource. The company’s platform uses blockchain technology which is aimed at building a new kind of public decentralized cloud computing resource with unlimited capacity, performance and algorithmic governance shared by the world, with the capability to power autonomous self-updating software systems, enabling organizations to design and deploy custom-tailored cloud computing projects, thereby reducing enterprise IT system costs by 90%.
DFINITY aims to explore new territory and prove that the blockchain opportunity is far broader and deeper than anyone has hitherto realized, unlocking the opportunity with powerful new crypto.
Although a standalone project, DFINITY is not maximalist minded and is a great supporter of Ethereum.
The DFINITY blockchain computer provides a secure, performant and flexible consensus mechanism. At its core, DFINITY contains a decentralized randomness beacon, which acts as a verifiable random function (VRF) that produces a stream of outputs over time. The novel technique behind the beacon relies on the existence of a unique-deterministic, non-interactive, DKG-friendly threshold signatures scheme. The only known examples of such a scheme are pairing-based and derived from BLS.
DFINITY’s consensus mechanism has four layers: notary (provides fast finality guarantees to clients and external observers), blockchain (builds a blockchain from validated transactions via the Probabilistic Slot Protocol driven by the random beacon), random beacon (provides the source of randomness for all higher layers like smart contract applications), and identity (provides a registry of all clients).
DFINITY’s consensus mechanism has four layers
Figure1: DFINITY’s consensus mechanism layers
1. Identity layer:
Active participants in the DFINITY Network are called clients. Where clients are registered with permanent identities under a pseudonym. Moreover, DFINITY supports open membership by providing a protocol for registering new clients by depositing a stake with an insurance period. This is the responsibility of the first layer.
2. Random Beacon layer:
Provides the source of randomness (VRF) for all higher layers including ap- plications (smart contracts). The random beacon in the second layer is an unbiasable, verifiable random function (VRF) that is produced jointly by registered clients. Each random output of the VRF is unpredictable by anyone until just before it becomes avail- able to everyone. This is a key technology of the DFINITY system, which relies on a threshold signature scheme with the properties of uniqueness and non-interactivity.
3. Blockchain layer:
The third layer deploys the “probabilistic slot protocol” (PSP). This protocol ranks the clients for each height of the chain, in an order that is derived determin- istically from the unbiased output of the random beacon for that height. A weight is then assigned to block proposals based on the proposer’s rank such that blocks from clients at the top of the list receive a higher weight. Forks are resolved by giving favor to the “heaviest” chain in terms of accumulated block weight — quite sim- ilar to how traditional proof-of-work consensus is based on the highest accumulated amount of work.
The first advantage of the PSP protocol is that the ranking is available instantaneously, which allows for a predictable, constant block time. The second advantage is that there is always a single highest-ranked client, which allows for a homogenous network bandwidth utilization. Instead, a race between clients would favor a usage in bursts.
4. Notarization layer:
Provides fast finality guarantees to clients and external observers. DFINITY deploys the novel technique of block notarization in its fourth layer to speed up finality. A notarization is a threshold signature under a block created jointly by registered clients. Only notarized blocks can be included in a chain. Of all RSA-based alternatives exist but suffer from an impracticality of setting up the thresh- old keys without a trusted dealer.
DFINITY achieves its high speed and short block times exactly because notarization is not full consensus.
DFINITY does not suffer from selfish mining attack or a problem nothing at stake because the authentication step is impossible for the opponent to build and maintain a series of linked and trusted blocks in secret.
DFINITY’s consensus is designed to operate on a network of millions of clients. To en- able scalability to this extent, the random beacon and notarization protocols are designed such as that they can be safely and efficiently delegated to a committee
1.1 OVERVIEW ABOUT DFINITYDFINITY is a blockchain-based cloud-computing project that aims to develop an open, public network, referred to as the “internet computer,” to host the next generation of software and data. and it is a decentralized and non-proprietary network to run the next generation of mega-applications. It dubbed this public network “Cloud 3.0”.
DFINITY is a third generation virtual blockchain network that sets out to function as an “intelligent decentralised cloud,”¹ strongly focused on delivering a viable corporate cloud solution. The DFINITY project is overseen, supported and promoted by DFINITY Stiftung a not-for-profit foundation based in Zug, Switzerland.
DFINITY is a decentralized network design whose protocols generate a reliable “virtual blockchain computer” running on top of a peer-to-peer network upon which software can be installed and can operate in the tamperproof mode of smart contracts.
DFINITY introduces algorithmic governance in the form of a “Blockchain Nervous System” that can protect users from attacks and help restart broken systems, dynamically optimize network security and efficiency, upgrade the protocol and mitigate misuse of the platform, for example by those wishing to run illegal or immoral systems.
DFINITY is an Ethereum-compatible smart contract platform that is implementing some revolutionary ideas to address blockchain performance, scaling, and governance. Whereas
DFINITY could pose a credible threat to Ethereum’s extinction, the project is pursuing a coevolutionary strategy by contributing funding and effort to Ethereum projects and freely offering their technology to Ethereum for adoption. DFINITY has labeled itself Ethereum’s “crazy sister” to express it’s close genetic resemblance to Ethereum, differentiated by its obsession with performance and neuron-inspired governance model.
Dfinity raised $61 million from Andreesen Horowitz and Polychain Capital in a February 2018 funding round. At the time, Dfinity said it wanted to create an “internet computer” to cut the costs of running cloud-based business applications. A further $102 million funding round in August 2018 brought the project’s total funding to $195 million.
In May 2018, Dfinity announced plans to distribute around $35 million worth of Dfinity tokens in an airdrop. It was part of the company’s plan to create a “Cloud 3.0.” Because of regulatory concerns, none of the tokens went to US residents.
DFINITY be broadening and strengthening the EVM ecosystem by giving applications a choice of platforms with different characteristics. However, if DFINITY succeeds in delivering a fully EVM-compatible smart contract platform with higher transaction throughput, faster confirmation times, and governance mechanisms that can resolve public disputes without causing community splits, then it will represent a clearly superior choice for deploying new applications and, as its network effects grow, an attractive place to bring existing ones. Of course the challenge for DFINITY will be to deliver on these promises while meeting the security demands of a public chain with significant value at risk.
1.1.1 DFINITY FUTURE
1.1.2 DFINITY’S VISIONDFINITY’s vision is its new internet infrastructure can support a wide variety of end-user and enterprise applications. Social media, messaging, search, storage, and peer-to-peer Internet interactions are all examples of functionalities that DFINITY plans to host atop its public Web 3.0 cloud-like computing resource. In order to provide the transaction and data capacity necessary to support this ambitious vision, DFINITY features a unique consensus model (dubbed Threshold Relay) and algorithmic governance via its Blockchain Nervous System (BNS) — sometimes also referred to as the Network Nervous System or NNS.
1.2 DFINITY COMMUNITYThe DFINITY community brings people and organizations together to learn and collaborate on products that help steward the next-generation of internet software and services. The Internet Computer allows developers to take on the monopolization of the internet, and return the internet back to its free and open roots. We’re committed to connecting those who believe the same through our events, content, and discussions.
1.3 DFINITY ROADMAP (TIMELINE) February 15, 2017February 15, 2017
Ethereum based community seed round raises 4M Swiss francs (CHF)
The DFINITY Stiftung, a not-for-profit foundation entity based in Zug, Switzerland, raised the round. The foundation held $10M of assets as of April 2017.
February 8, 2018
Dfinity announces a $61M fundraising round led by Polychain Capital and Andreessen Horowitz
The round $61M round led by Polychain Capital and Andreessen Horowitz, along with an DFINITY Ecosystem Venture Fund which will be used to support projects developing on the DFINITY platform, and an Ethereum based raise in 2017 brings the total funding for the project over $100 million. This is the first cryptocurrency token that Andressen Horowitz has invested in, led by Chris Dixon.
Dfinity raises a $102,000,000 venture round from Multicoin Capital, Village Global, Aspect Ventures, Andreessen Horowitz, Polychain Capital, Scalar Capital, Amino Capital and SV Angel.
January 23, 2020
Dfinity launches an open source platform aimed at the social networking giants
2.DFINITY TECHNOLOGYDfinity is building what it calls the internet computer, a decentralized technology spread across a network of independent data centers that allows software to run anywhere on the internet rather than in server farms that are increasingly controlled by large firms, such as Amazon Web Services or Google Cloud. This week Dfinity is releasing its software to third-party developers, who it hopes will start making the internet computer’s killer apps. It is planning a public release later this year.
At its core, the DFINITY consensus mechanism is a variation of the Proof of Stake (PoS) model, but offers an alternative to traditional Proof of Work (PoW) and delegated PoS (dPoS) networks. Threshold Relay intends to strike a balance between inefficiencies of decentralized PoW blockchains (generally characterized by slow block times) and the less robust game theory involved in vote delegation (as seen in dPoS blockchains). In DFINITY, a committee of “miners” is randomly selected to add a new block to the chain. An individual miner’s probability of being elected to the committee proposing and computing the next block (or blocks) is proportional to the number of dfinities the miner has staked on the network. Further, a “weight” is attributed to a DFINITY chain based on the ranks of the miners who propose blocks in the chain, and that weight is used to choose between competing chains (i.e. resolve chain forks).
A decentralized random beacon manages the random selection process of temporary block producers. This beacon is a Variable Random Function (VRF), which is a pseudo-random function that provides publicly verifiable proofs of its outputs’ correctness. A core component of the random beacon is the use of Boneh-Lynn-Shacham (BLS) signatures. By leveraging the BLS signature scheme, the DFINITY protocol ensures no actor in the network can determine the outcome of the next random assignment.
Dfinity is introducing a new standard, which it calls the internet computer protocol (ICP). These new rules let developers move software around the internet as well as data. All software needs computers to run on, but with ICP the computers could be anywhere. Instead of running on a dedicated server in Google Cloud, for example, the software would have no fixed physical address, moving between servers owned by independent data centers around the world. “Conceptually, it’s kind of running everywhere,” says Dfinity engineering manager Stanley Jones.
DFINITY also features a native programming language, called ActorScript (name may be subject to change), and a virtual machine for smart contract creation and execution. The new smart contract language is intended to simplify the management of application state for programmers via an orthogonal persistence environment (which means active programs are
not required to retrieve or save their state). All ActorScript contracts are eventually compiled down to WebAssembly instructions so the DFINITY virtual machine layer can execute the logic of applications running on the network. The advantage of using the WebAssembly standard is that all major browsers support it and a variety of programming languages can compile down to Wasm (not just ActorScript).
Dfinity is moving fast. Recently, Dfinity showed off a TikTok clone called CanCan. In January it demoed a LinkedIn-alike called LinkedUp. Neither app is being made public, but they make a convincing case that apps made for the internet computer can rival the real things.
2.1 DFINITY CORE APPLICATIONSThe DFINITY cloud has two core applications:
Whilst conceptually similar to Ethereum, DFINITY employs original and new cryptography methods and protocols (crypto:3) at the network level, in concert with AI and network-fuelled systemic governance (Blockchain Nervous System — BNS) to facilitate Corporate adoption.
DFINITY recognises that different users value different properties and sees itself as more of a fully compatible extension of the Ethereum ecosystem rather than a competitor of the Ethereum network.
In the future, DFINITY hopes that much of their “new crypto might be used within the Ethereum network and are also working hard on shared technology components.”
As the DFINITY project develops over time, the DFINITY Stiftung foundation intends to steadily increase the BNS’ decision-making responsibilities over time, eventually resulting in the dissolution of its own involvement entirely, once the BNS is sufficiently sophisticated.
DFINITY consensus mechanism is a heavily optimized proof of stake (PoS) model. It places a strong emphasis on transaction finality through implementing a Threshold Relay technique in conjunction with the BLS signature scheme and a notarization method to address many of the problems associated with PoS consensus.
2.2 THRESHOLD RELAYAs a public cloud computing resource, DFINITY targets business applications by substantially reducing cloud computing costs for IT systems. They aim to achieve this with a highly scalable and powerful network with potentially unlimited capacity. The DFINITY platform is chalk full of innovative designs and features like their Blockchain Nervous System (BNS) for algorithmic governance.
One of the primary components of the platform is its novel Threshold Relay Consensus model from which randomness is produced, driving the other systems that the network depends on to operate effectively. The consensus system was first designed for a permissioned participation model but can be paired with any method of Sybil resistance for an open participation model.
“The Threshold Relay is the mechanism by which Dfinity randomly samples replicas into groups, sets the groups (committees) up for threshold operation, chooses the current committee, and relays from one committee to the next is called the threshold relay.”
Threshold Relay consists of four layers (As mentioned previously):
2.2.1 HOW DOES THRESHOLD RELAY WORK?Threshold Relay produces an endogenous random beacon, and each new value defines random group(s) of clients that may independently try and form into a “threshold group”. The composition of each group is entirely random such that they can intersect and clients can be presented in multiple groups. In DFINITY, each group is comprised of 400 members. When a group is defined, the members attempt to set up a BLS threshold signature system using a distributed key generation protocol. If they are successful within some fixed number of blocks, they then register the public key (“identity”) created for their group on the global blockchain using a special transaction, such that it will become part of the set of active groups in a following “epoch”. The network begins at “genesis” with some number of predefined groups, one of which is nominated to create a signature on some default value. Such signatures are random values — if they were not then the group’s signatures on messages would be predictable and the threshold signature system insecure — and each random value produced thus is used to select a random successor group. This next group then signs the previous random value to produce a new random value and select another group, relaying between groups ad infinitum and producing a sequence of random values.
In a cryptographic threshold signature system a group can produce a signature on a message upon the cooperation of some minimum threshold of its members, which is set to 51% in the DFINITY network. To produce the threshold signature, group members sign the message
individually (here the preceding group’s threshold signature) creating individual “signature shares” that are then broadcast to other group members. The group threshold signature can be constructed upon combination of a sufficient threshold of signature shares. So for example, if the group size is 400, if the threshold is set at 201 any client that collects that many shares will be able to construct the group’s signature on the message. Other group members can validate each signature share, and any client using the group’s public key can validate the single group threshold signature produced by combining them. The magic of the BLS scheme is that it is “unique and deterministic” meaning that from whatever subset of group members the required number of signature shares are collected, the single threshold signature created is always the same and only a single correct value is possible.
Consequently, the sequence of random values produced is entirely deterministic and unmanipulable, and signatures generated by relaying between groups produces a Verifiable Random Function, or VRF. Although the sequence of random values is pre-determined given some set of participating groups, each new random value can only be produced upon the minimal agreement of a threshold of the current group. Conversely, in order for relaying to stall because a random number was not produced, the number of correct processes must be below the threshold. Thresholds are configured so that this is extremely unlikely. For example, if the group size is set to 400, and the threshold is 201, 200 or more of the processes must become faulty to prevent production. If there are 10,000 processes in the network, of which 3,000 are faulty, the probability this will occur is less than 10e-17.
2.3 DFINITY TOKENThe DFINITY blockchain also supports a native token, called dfinities (DFN), which perform multiple roles within the network, including:
Neuron operators can earn Dfinities by participating in network-wide votes, which could be concerning protocol upgrades, a new economic policy, etc. DFN rewards for participating in the governance system are proportional to the number of tokens staked inside a neuron.
2.4 SCALABILITYDFINITY is constantly developing with a structure that separates consensus, validation, and storage into separate layers. The storage layer is divided into multiple strings, each of which is responsible for processing transactions that occur in the fragment state. The verification layer is responsible for combining hashes of all fragments in a Merkle-like structure that results in a global state fractionation that is stored in blocks in the top-level chain.
2.5 DFINITY CONSENSUS ALGORITHMThe single most important aspect of the user experience is certainly the time required before a transaction becomes final. This is not solved by a short block time alone — Dfinity’s team also had to reduce the number of confirmations required to a small constant. DFINITY moreover had to provide a provably secure proof-of-stake algorithm that scales to millions of active participants without compromising any bit on decentralization.
Dfinity soon realized that the key to scalability lay in having an unmanipulable source of randomness available. Hence they built a scalable decentralized random beacon, based on what they call the Threshold Relay technique, right into the foundation of the protocol. This strong foundation drives a scalable and fast consensus layer: On top of the beacon runs a blockchain which utilizes notarization by threshold groups to achieve near-instant finality. Details can be found in the overview paper that we are releasing today.
The roots of the DFINITY consensus mechanism date back to 2014 when thair Chief Scientist, Dominic Williams, started to look for more efficient ways to drive large consensus networks. Since then, much research has gone into the protocol and it took several iterations to reach its current design.
For any practical consensus system the difficulty lies in navigating the tight terrain that one is given between the boundaries imposed by theoretical impossibility-results and practical performance limitations.
The first key milestone was the novel Threshold Relay technique for decentralized, deterministic randomness, which is made possible by certain unique characteristics of the BLS signature system. The next breakthrough was the notarization technique, which allows DFINITY consensus to solve the traditional problems that come with proof-of-stake systems. Getting the security proofs sound was the final step before publication.
DFINITY consensus has made the proper trade-offs between the practical side (realistic threat models and security assumptions) and the theoretical side (provable security). Out came a flexible, tunable algorithm, which we expect will establish itself as the best performing proof-of-stake algorithm. In particular, having the built-in random beacon will prove to be indispensable when building out sharding and scalable validation techniques.
2.6 LINKEDUPThe startup has rather cheekily called this “an open version of LinkedIn,” the Microsoft-owned social network for professionals. Unlike LinkedIn, LinkedUp, which runs on any browser, is not owned or controlled by a corporate entity.
LinkedUp is built on Dfinity’s so-called Internet Computer, its name for the platform it is building to distribute the next generation of software and open internet services.
The software is hosted directly on the internet on a Switzerland-based independent data center, but in the concept of the Internet Computer, it could be hosted at your house or mine. The compute power to run the application LinkedUp, in this case — is coming not from Amazon AWS, Google Cloud or Microsoft Azure, but is instead based on the distributed architecture that Dfinity is building.
Specifically, Dfinity notes that when enterprises and developers run their web apps and enterprise systems on the Internet Computer, the content is decentralized across a minimum of four or a maximum of an unlimited number of nodes in Dfinity’s global network of independent data centers.
Dfinity is an open source for LinkedUp to developers for creating other types of open internet services on the architecture it has built.
“Open Social Network for Professional Profiles” suggests that on Dfinity model one can create “Open WhatsApp”, “Open eBay”, “Open Salesforce” or “Open Facebook”.
The tools include a Canister Software Developer Kit and a simple programming language called Motoko that is optimized for Dfinity’s Internet Computer.
“The Internet Computer is conceived as an alternative to the $3.8 trillion legacy IT stack, and empowers the next generation of developers to build a new breed of tamper-proof enterprise software systems and open internet services. We are democratizing software development,” Williams said. “The Bronze release of the Internet Computer provides developers and enterprises a glimpse into the infinite possibilities of building on the Internet Computer — which also reflects the strength of the Dfinity team we have built so far.”
Dfinity says its “Internet Computer Protocol” allows for a new type of software called autonomous software, which can guarantee permanent APIs that cannot be revoked. When all these open internet services (e.g. open versions of WhatsApp, Facebook, eBay, Salesforce, etc.) are combined with other open software and services it creates “mutual network effects” where everyone benefits.
On 1 November, DFINITY has released 13 new public versions of the SDK, to our second major milestone [at WEF Davos] of demoing a decentralized web app called LinkedUp on the Internet Computer. Subsequent milestones towards the public launch of the Internet Computer will involve:
2.7 WHAT IS MOTOKO?Motoko is a new software language being developed by the DFINITY Foundation, with an accompanying SDK, that is designed to help the broadest possible audience of developers create reliable and maintainable websites, enterprise systems and internet services on the Internet Computer with ease. By developing the Motoko language, the DFINITY Foundation will ensure that a language that is highly optimized for the new environment is available. However, the Internet Computer can support any number of different software frameworks, and the DFINITY Foundation is also working on SDKs that support the Rust and C languages. Eventually, it is expected there will be many different SDKs that target the Internet Computer.
|Ranking||Twitter Name||Full Name||Bio||Bluecheck||Follower Count||Following Count|
|1||@NateSilver538||Nate Silver||Editor-in-Chief, @FiveThirtyEight. Author, The Signal and the Noise (http://amzn.to/QdyFYV). Sports/politics/food geek.||1||2860782||1051|
|2||@ezraklein||Ezra Klein||Founder and editor-at-large, http://Vox.com. Come work with us! http://bit.ly/1ToAmQ8||1||2277052||1112|
|3||@timoreilly||Tim O'Reilly||Founder and CEO, O'Reilly Media. Watching the alpha geeks, sharing their stories, helping the future unfold.||1||1988716||1829|
|5||@SamHarrisOrg||Sam Harris||Author of The End of Faith, The Moral Landscape, Waking Up, and other bestselling books published in over 20 languages. Host of the Waking Upâ€¦||1||974855||229|
|6||@techreview||MIT Tech Review||MIT Technology Review equips its audiences with the intelligence to understand a world shaped by technology.||1||794095||3367|
|8||@cdixon||Chris Dixon||programming, philosophy, history, internet, startups, investing||1||572260||3320|
|9||@RealTimeWWII||WW2 Tweets from 1939||I livetweet the 2nd World War, as it happened on this day in 1939 & for 6 years to come (2nd time around). Created by Alwyn Collinson,â€¦||0||516803||459|
|10||@VitalikButerin||Vitalik Buterin||See https://about.me/vitalik_buterin||1||458582||154|
|11||@Tribeca||Tribeca||Great stories from the greatest storytellers.||1||409581||18678|
|12||@bhorowitz||Ben Horowitz||Author of Ben's Blog (http://www.bhorowitz.com) and HarperBusiness book, THE HARD THING ABOUT HARD THINGS http://www.amazon.com/Hard-Thing-About-Things-Building-ebook/dp/B00DQ845EA/ref=sr_1_1â€¦||1||405820||255|
|13||@mattyglesias||Matthew Yglesias||Fake news. Bad takes. Dad jokes. Weâ€™re actually on the Bad Place.||1||372341||754|
|15||@SwiftOnSecurity||SwiftOnSecurity||I make stupid jokes, talk systems security, https://DecentSecurity.com + http://GotPhish.com, write Scifi, sysadmin, & use Oxford commas. Sprezzatura.||0||211672||7530|
|16||@alexismadrigal||Alexis C. Madrigal||staff writer @TheAtlantic in the real world, these just people with ideas Mexican, Oakland, Earthseed||1||203540||5682|
|17||@ScottAdamsSays||Scott Adams||Win Bigly: http://amzn.to/2myAGon||1||202042||788|
|18||@Khanoisseur||Adam Khan||Majordomo; Stuff at @Google @Twitter @SpaceX @Apple Exposing Trump https://www.gofundme.com/VolunteerJournalismâ€¦ *Turn notifications on for breaking Trumpâ€¦||0||183964||9359|
|19||@felixsalmon||Felix Salmon||Host and editor, Cause & Effect||1||180414||1832|
|20||@fmanjoo||Farhad Manjoo (feat. Drake)||NYT. DMs are open. signal: 4156836738. [email protected]. Instagram/Snapchat: fmanjoo||1||167592||4095|
|21||@VsauceTwo||Vsauce2||Being Human. personal twitter: @kevleeb||0||151795||279|
|22||@russian_market||Russian Market||Swiss Financial Blogger. In Bitcoin we trust.||1||148866||939|
|23||@AaronDayAtlas||Aaron Day||CEO @Salucorp, Chairman @stark_360. #entrepreneur #btc #blockchain #healthcare #paleo #tech #dad Former candidate for #USSenate #ENTJ||0||133389||2075|
|24||@justinamash||Justin Amash||I defend #liberty and explain every vote at http://facebook.com/justinamash â€¢ 'Laws must be general, equal, and certain.' â€”F.A. Hayek||1||131997||5376|
|25||@Liv_Boeree||Liv Boeree||Poker player & Team Pokerstars Pro. Physics creature. Aspiring rationalist. Mountain goat. [email protected]||1||125366||451|
|26||@MaxCRoser||Max Roser||Researcher @UniOfOxford â€“ Follow me for data visualizations of long-term trends of living standards â€“ mostly from my web publication: http://www.OurWorldinData.org||1||114045||583|
|27||@Jonathan_Blow||Jonathan Blow||Game designer of Braid and The Witness. Partner in IndieFund.||0||112827||68|
|28||@andrewchen||Andrew Chen||Growth: @uber. Writer: http://andrewchen.co. Plus one: @briannekimmel||0||111077||6288|
|29||@charlescwcooke||Charles C. W. Cooke||Editor of National Review Online. Classical liberal. Immigrant. Jackâ€™s Dad. Wino. â€˜The American is the Englishman left to himself.â€™||1||110071||872|
|30||@AlanEyre1||Alan Eyre||Diplomat, U.S. State Dept, Energy Resources Bureau. Middle East/Asia Energy; Ø§ÛŒØ±Ø§Ù†. RT doesn't =endorsement; 'likes' don't necessarily=likes, oftenâ€¦||1||106947||3514|
|31||@karpathy||Andrej Karpathy||Director of AI at Tesla. Previously a Research Scientist at OpenAI, and CS PhD student at Stanford. I like to train Deep Neural Nets on large datasets.||1||106643||445|
|32||@JamesADamore||James Damore||Nerd centrist interested in open discussions and improving the world by fixing perverse incentive structures. Author of the pro-diversity â€¦||1||94580||210|
|34||@james_clear||James Clear||Author, weightlifter and travel photographer in 25+ countries. Over 400,000 people subscribe to my weekly newsletter on how to build better habits.||1||87968||218|
|35||@nk||from the future||Wealth and personal achievement expert||0||81712||591|
|36||@benthompson||Ben Thompson||AuthoFounder of @stratechery. Host of @exponentfm. @notechben for sports. @monkbent on other networks. Home on the Internet.||1||78746||1267|
|37||@matthewherper||Matthew Herper||Forbes reporter covering science and medicine||1||78698||2111|
|38||@JeremyCMorgan||Jeremy Morgan||Tech Blogger, Hacker, Pluralsight Author, and Volunteer Firefighter. Once held the world record for being the youngest person alive||0||78601||7365|
|39||@balajis||Balaji S. Srinivasan||CEO (http://Earn.com) and Board Partner (@a16z). I hear this Bitcoin thing might be kind of a big deal. You can reach me at http://earn.com/balajis.||1||70707||2936|
|40||@patrickc||Patrick Collison||Fallibilist, optimist. Stripe CEO.||1||68709||1875|
|41||@matthew_d_green||Matthew Green||I teach cryptography at Johns Hopkins.||0||68434||594|
|42||@delong||Brad DeLong ðŸ––ðŸ»||I'm trying to be smart, knowledgable, funny, and well-wishing. You try too--at least 2 of 4. Low volume: 1+ per day...||0||67968||1578|
|43||@flantz||Frank Lantz||game designer||0||66090||278|
|44||@MYSTIQUEWEST||MYSTIQUE NYC||The Mystique Gentlemenâ€™s Strip Club offers the best in adult entertainment in New York City. With unique stage design, full bars and the most beautiful dancers.||0||64881||332|
|45||@AceofSpadesHQ||TheOne&OnlyExpert||I'm not #TheExpert, or the expert parodying #TheExpert. I'm the real expert.||0||64872||1464|
|46||@btaylor||Bret Taylor||President, Chief Product Officer of @Salesforce. Previously CEO Quip, CTO Facebook, CEO FriendFeed, co-creator Google Maps. Stanford fan, @Twitterâ€¦||1||64829||687|
|47||@wycats||Yehuda Katz||Tilde Co-Founder, OSS enthusiast and world traveler.||1||63933||849|
|48||@jahimes||Jim Himes||Connecticut Congressman. Reader. Runner. Swimmer. And I make maple syrup.||1||62820||411|
|49||@abnormalreturns||Tadas Viskanta||Financial Educator, Author and Editor of Abnormal Returns.||0||61693||413|
|50||@BrendanNyhan||Brendan Nyhan||@Dartmouth political science professor, @UpshotNYT contributor, and @BrightLineWatch co-organizer. Before: @CJR / Spinsanity / All the President'â€¦||1||61508||6149|
|51||@matt_levine||Matt Levine||da, wo Menschen arbeiten, wird es immer Fehler geben||1||61314||990|
|52||@BretWeinstein||Bret Weinstein||Professor in Exile If we don't harness evolution, it will harness us.||1||61049||536|
|53||@gaberivera||Gabe Rivera||Blame me for @Techmeme and @mediagazer. Nicer than my tweets. Often sarcastic. DMs are open. 2+2â‰5. Retweets are endorphins.||1||59927||5599|
|54||@SarahTheHaider||Sarah Haider||Promotes free-speech, human rights, liberalism, atheism. Director of Outreach,Ex-Muslims of North America. Pakistani by birth, American byâ€¦||0||59574||292|
|55||@TheInfinite_T||âœ¨Infinite_Tâœ¨||NSFW Send GoogleWallet to [email protected] pls send all your tokens to http://mfc.im/infinite_t/t Wishlist: http://a.co/8taURYD||0||59061||645|
|56||@cblatts||Chris Blattman||Political economist studying conflict, crime, and poverty, and @UChicago Professor @HarrisPolicy and @PearsonInst. I blog at â€¦||0||57670||2445|
|57||@jamestaranto||James Taranto||Editorial Features Editor, in charge of @WSJ op-ed pages. Best of the Web columnist 2000-17.||1||56733||174|
|58||@nitashatiku||Nitasha Tiku||Senior writer @Wired covering Silicon Valley [email protected], DM for Signal||1||56133||4327|
|59||@DKThomp||Derek Thompson||Writer at @TheAtlantic. Author of HIT MAKERS. Talker on NPR's @hereandnow. Economics of work and play. derek[at]theatlantic[dot]com||1||53387||1116|
|60||@aliamjadrizvi||Ali A. Rizvi||Pakistani-Canadian author of The Atheist Muslim (SMP/Macmillan). Amazon order link below. Co-host of @SecularJihadist podcast. Contact:â€¦||1||52806||784|
|61||@RameshPonnuru||Ramesh Ponnuru||@NRO, @BV, @AEI, @CBS. Husband of @aprilponnuru.||1||51721||613|
|62||@JYuter||Rabbi Josh Yuter||"For my thoughts are not your thoughts, neither are your ways my ways" Is. 55:8. Jewish stuff + bad jokes. All opinions subject to change.||1||50731||2599|
|63||@meganphelps||Megan Phelps-Roper||â€œYou're just a human being, my dear, sweet child.â€ Speaking requests: [email protected] Contact: [email protected]||1||49678||792|
|64||@albertwenger||Albert Wenger||VC at http://usv.com||1||49107||1794|
|65||@paulbloomatyale||Paul Bloom||Psychologist who studies and writes about human natureâ€”including morality, pleasure, and religion||1||48579||391|
|66||@conor64||Conor Friedersdorf||Staff writer at The Atlantic, founding editor of The Best of Journalismâ€“subscribe here: https://www.ponyexpress.io/subscribe/thebestofjournalismâ€¦||1||46977||1405|
|67||@EricRWeinstein||Eric Weinstein||Managing director @ Thiel Capital. Some assembly required. Spelling not included. May contain math. Tweets are my own.||1||46263||850|
|68||@adamdangelo||Adam D'Angelo||CEO of Quora||1||45545||526|
|69||@robbystarbuck||Robby Starbuck||Director + Producer + Founder at RSM Creative - Husband to @imatriarch - Dad to 3 Kids + 2 Dogs - Futurist - Cuban American - Fan of Civilized Debate||1||45308||1842|
|70||@clairlemon||Claire Lehmann||Principle before affiliation. Founder, editor http://quillette.com. Contact me at http://earn.com/clairelehmann||1||45305||2000|
|71||@tombennett71||Tom Bennett||Director of researchED- https://researched.org.uk Chair of @educationgovuk Behaviour group. Free training available here http://www.tombennetttraining.co.uk||1||43859||3698|
|72||@m2jr||Mike Maples||The woods are lovely, dark and deep, But I have promises to keep,And miles to go before I sleep,And miles to go before I sleep.-Robert Frost||0||43629||3915|
|73||@DavidDidau||David Didau||Education writer and speaker. Ginger. #PsychBook OUT NOW! https://goo.gl/xyDIjO; #WrongBook still available: http://amzn.to/1Opyach||0||43531||1092|
|74||@ByronTau||Byron Tau||congress et al. for @wsj. interested in law, lobbying, nat'l security, investigations, gov't ethics and . contact me securely: http://bit.ly/2s2HTfG||1||43026||2699|
|75||@MichaelKitces||MichaelKitces||One nerdâ€™s perspective on the financial planning worldâ€¦ CFP, #LifelongLearner, Entrepreneur-In-Denial, Advisor #FinTech, & publisher of the Nerdâ€™s Eye View blog||1||42304||459|
|76||@rahulkapil||Rahul Kapil||Come to observe. Stay to play.||0||41987||975|
|77||@michaelbatnick||Irrelevant Investor||Long-distance reader||0||41620||1076|
|78||@yegg||Gabriel Weinberg||CEO & Founder, @DuckDuckGo. Co-author, Traction. I want to publish zines and rage against machines. DM for Signal.||1||39470||151|
|79||@Jesse_Livermore||Jesse Livermore||Trader, Speculator, Bucketeer||0||39190||4459|
|80||@iconominet||ICONOMI||Digital Assets Management Platform for the Decentralised Economy||0||39030||1942|
|81||@IKucukparlak||Ä°lker KÃ¼Ã§Ã¼kparlak||Psikiyatrist http://ihtisastramvayi.com||0||38018||757|
|82||@vdare||Virginia Dare||The Twitter account for the editors of VDARE. Featured at the 2016 Republican National Convention||0||37723||4429|
|83||@juliagalef||Julia Galef||SF-based writer & speaker focused on reasoning, judgment, and the future of humanity. Host of the Rationally Speaking podcast (@rspodcast)||1||37530||340|
|84||@nicknotned||Nick Denton||Internet publisher||1||36708||2524|
|85||@JeremyMcLellan||Jeremy McLellan||Standup Comedian, Papist-in-training, biryani extremist, alleged member of the Muslim Cousinhood, US ambassador to the Pindi Boyz, spy pigeon trainer||1||36253||1538|
|86||@collision||John Collison||Co-founder of @stripe.||0||35995||1290|
|87||@narcissawright||â™• Narcissa||fledgling seer||1||35375||1266|
|88||@panzer||Matthew Panzarino||Editor-in-Chief, TechCrunch. Telecom stories killed: 0. PGP Key https://keybase.io/panzer||1||35162||2902|
|89||@EconTalker||Russell Roberts||How Adam Smith Can Change Your Life (http://amzn.to/1o72lYh), EconTalk host, econ novelist, co-creator of Keynes/Hayek rap videos, http://www.wonderfulloaf.org/||0||34611||669|
|90||@nktpnd||Ankit Panda||Senior Editor @Diplomat_APAC in NYC. Thinking/writing/speaking on global security, politics, and economics. Via @WilsonSchool. Views mine & RTâ‰â€¦||1||34041||995|
|91||@Official_Quame||Kwame A. A Opoku||Futuristâ€¢ Global Business Speaker, Founder @fobaglobal, @wefestafrica, @ideafactorylive â€¢ CEO Mary&Mary LLC â€¢ Entrepreneur â€¢ Tedx Speaker â€¢Influencer||0||33924||3526|
|92||@dylanmatt||Dylan Matthews||I know, I know, I don't like me either. Retweets are proposals of marriage.||1||33262||5579|
|93||@Jonnymagic00||Jon Finkel||I'm a magic player who also manages a hedge fund. http://en.wikipedia.org/wiki/Jon_Finkel||0||33234||284|
|94||@Heminator||Mark Hemingway||"After all these years of professional experience, why canâ€™t I write good?" Senior Writer @WeeklyStandard. Husband of @MZHemingway.||1||33034||4877|
|96||@PhilosophersEye||Philosopher's Eye||Philosophy updates, pop culture, fun stuff, and links to resources from the Wiley Blackwell Philosophy Team.||0||31931||6503|
|97||@VladZamfir||Vlad Zamfir||Absurdist, troll.||0||31764||418|
|98||@m_clem||Michael Clemens||Fellow @[email protected]_bonn. My views only. Assoc. Editor @JPopEcon & @WorldDevJournal. Author of @WallsofNations, coming in 2018.â€¦||1||31746||3650|
|99||@RudyHavenstein||Rudolf E. Havenstein||ReichsBank®President 1908-1923; Central Bank consultant. 'My way of joking is to tell the truth' - GB Shaw. Tweets solely for my own amusemenâ€¦||0||31115||1293|
|100||@tikhon||Tikhon Bernstam||CEO & Founder of Parse (YC S'11, acquired by Facebook for $85M in 2013). Founder @Scribd (YC S'06). @ycombinator alum.||0||31030||5184|
https://preview.redd.it/5mmdhj1cuih31.png?width=700&format=png&auto=webp&s=a1183e07a7e2489d4feb0eef739269ee14ddd363submitted by GTE_IO to u/GTE_IO [link] [comments]
Article by Coindesk: Roham Gharegozlou , Brian Flynn
Introducing as many people as possible to the benefits of decentralization is a cause almost everyone in this industry shares. The issue is that, in making the technology more accessible, many developers are sacrificing the benefits of decentralization for the sake of convenience.
A decentralized product should keep three key promises to its customers:
The value of censorship resistance and customers owning their own data is relatively well understood. Less attention is being paid to the other big benefit of crypto that centralized approaches compromise: open ecosystems.
Open ecosystems are the cornerstoneOpen ecosystems enable anyone to contribute to a platform or someone else’s work on the platform and receive rewards for their work. On ethereum, we’re seeing open ecosystems appear in the realm of decentralized finance (DeFi).
MakerDAO’s DAI, an algorithmic stablecoin, is used by dapps like Dharma, Compound Finance, and many others. These decentralized lending applications provide competitive rates using Dai to attract borrowers while enabling lenders to earn from assets they already own.
Compound Finance and Uniswap make MakerDAO stronger when combined together as opposed to existing individually. These open ecosystems are even multi-layered, using smart contracts from multiple primitives to create infinite possibilities. For example, Opyn is a non-custodial trading platform built on top of Ethereum, Compound, Uniswap, and MakerDAO’s DAI.
Without Compound or Uniswap, Opyn wouldn’t be able to exist.
“The combination of Primitives will enable the creation of protocols and systems that weren’t possible prior to their existence. These emergent systems will be greater than any of the individual primitives on their own.” — The Emergence of Cryptoeconomic Primitives by Jacob Horne
Turning creators, users and developers into stakeholdersIn an open ecosystem, users, developers, and the original creators can all capture value.
Users get more choice (because anyone can add features on anything), and users ultimately decide what’s important. The speed of software innovation increases because developers can use each others code like lego blocks.
Developers who build on existing code are, in many ways, marketing the original creator’s product for them, further increasing the reach of the brand. In return, developers tap into an existing and qualified user base.
As a result, trust is built through a cyclical relationship between all participating parties.
“I feel like we’re in a unique position where the users of the platform have an incentive to work hard to see the platform succeed, and if given the opportunity, we would move mountains.” – kabciane, a KittyVerse developer creating numerous utility contractsIn the context of MakerDAO’s DAI, every developer using DAI in their dapp is preaching what MakerDAO has done for the decentralized finance ecosystem.
Why aren’t there more blockchain games?Open ecosystems have significant long-term benefits, but as CoinDesk’s Brady Dale recently pointed out, they’re difficult to create in games. By using sidechains or centralizing the data that matters most to third-party creators, dapp developers are inhibiting potential open ecosystems tied to their experiences.
Developers are building full-stack games, with most of the data existing off-chain, resulting in less composability, less shared data, and effectively closed ecosystems.
One of the major design decisions for CryptoKitties was to compute and store the genes on the ethereum blockchain. It would have been far easier not to do so, and the resulting experience would have been more accessible — but many of the things that make CryptoKitties interesting or valuable to this day would have been possible.
Developers need access to these genes to make third-party games like KotoWars and Mythereum, both of which create more utility and value for specific genes (i.e. certain cats are more valuable because these experiences exist).
If CryptoKitties had decided to reduce the decentralized value of the game for the sake of accessibility, The KittyVerse wouldn’t exist, the game wouldn’t be as trustworthy, and the tokens wouldn’t have nearly as much value or utility to players as a result.
Open ecosystems are important outside of DeFiCheeze Wizards, Dapper Labs’ newest game, attempts to leverage as many lessons as possible from CryptoKitties.
It’s specifically designed as an open ecosystem: third-party developers can utilize the Cheeze Wizards API and art assets before the game launches its first official tournament later this summer. Cheeze Wizards is further encouraging developers to play in the open ecosystem via a month-long hackathon, with $15,000 in cash prizes and a whole host of other rewards as incentives.
Cheeze Wizards itself is composed of “tournaments” hosted by either Dapper Labs or third-party developers. The contract and logic for these tournaments are entirely on-chain, which means any developer can create their own tournament and take a percentage from the amount raised.
The tournament contract is a built-in business model for developers to build on top of existing IP, something that has never been possible before with second-layer experiences.
Acknowledging the reality that ethereum doesn’t scale today, CheezeWizards is really by and for the crypto community.
Blockchains and dapps can be designed so developers can earn their fair share in contributing to an ecosystem. Rewarding developers for maintaining or improving a network is the hidden treasure that’s yearning to be discovered by open ecosystems.
“In the same way that the vibrant ecosystem of exchanges and consumer experiences around bitcoin, ether, and ERC20 drove liquidity for the assets, the ecosystem created by [third party] experiences will be what drives consumer excitement and confidence in digitally scarce assets.” – Blockchain Gaming, Separating the signal from the noise by Devin Finzer
Choices we make now will shape the futureMany developers are turning to so-called “Layer 2” scaling solutions (e.g. sidechains, Lightning network) to reduce the load on the base blockchain and provide a better user experience. Major corporations are also beginning to build on blockchain technology, compromising decentralization in favor of performance.
The pendulum for blockchain games in particular seems to be swinging towards more centralized solutions in a bid to attract mainstream users.
Unfortunately, while this means that while developers will have users interact cheaply and easily with their application, the major benefit of building software in an open ecosystem — like the network effects of other developers — will be impossible to realize.
Apps on sidechains and sharded blockchains will have a difficult time communicating with each other because of the friction and lack of standards to transport digital assets across networks.
On the other hand, applications on networks that support open ecosystems can build on each other freely and transparently, creating more choice for consumers and compounding network effects for the system as a whole.
“Decentralized systems start out half-baked but, under the right conditions, grow exponentially as they attract new contributors.” – “Why Decentralization Matters” by Chris DixonWe want to push the pendulum back in the other direction, toward open ecosystems and permissionless composability. Open ecosystems empower customers as well as developers, ultimately creating more value for everyone involved.
Swings image via Shutterstock
The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts Satoshi Nakamoto, Founder of Bitcoin ”Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin. — People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too. Virgin Galactic is a bold entrepreneurial technology. It’s driving a revolution. And bitcoin is doing just the same when it comes to inventing a new currency.” Richard Branson, Founder of Virgin Galactic, and 400+ businesses “PayPal had these goals of creating a new currency. We failed at that, and we just created a new payment system. I think Bitcoin has succeeded on the level of a new currency, but the payment system is somewhat lacking. It’s very hard to use, and that’s the big challenge on the Bitcoin side.” Peter Thiel, Co-Founder of PayPal “The relative success of the bitcoin proves that money first and foremost depends on trust. Neither gold nor bonds are needed to back up a currency.” Arnon Grunberg, Writer “It’s gold for nerds.” –Stephen Colbert, Comedian, April 17, 2013 “We have elected to put our money and faith in a mathematical framework that is free of politics and human error.” Tyler Winklevoss, Co-creator of Facebook “There are 3 eras of currency: Commodity based, politically based, and now, math based.” Chris Dixon, Co-founder of Hunch now owned by eBay, Co-founder of SiteAdvisor now owned by McAfee “Trusted third parties are security holes.” Nick Szabo (inventor of Bit gold, a precursor to Bitcoin) “Cryptography shifts the balance of power from those with a monopoly on violence to those who comprehend mathematics and security design.” Jacob Appelbaum (activist and core member of the Tor project) “The biggest opportunity set we can think of over the next decade.” Bob Grifeld, CEO NASDAQ “Anything that can conceive of as a supply chain, blockchain can vastly improve its efficiency- it doesn’t matter if its people, numbers, data, money.”– Ginni Rometty, CEO IBM “Online identity and reputation will be decentralized. We will own the data that belongs to us.” William Mougayar, author The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology “The bitcoin transaction script language, called Script, is a Forth-like reverse-polish notation stack-based execution language. If that sounds like gibberish, you probably haven’t studied 1960s programming languages, but that’s ok.” Andreas M. Antonopoulos, Mastering Bitcoin: Programming the Open Blockchain “Bitcoin actually has the balance and incentives right, and that is why it is starting to take off” Julian Assange, Founder of WikileaksLUDUM is setting out to revolutionize first the lottery industry, then the entire gaming industry, by providing a global, social gaming experience based on the Stellar blockchain.
The cryptocurrencies market has lately faced a new plunge, with the price of the main digital currencies, like Bitcoin and Ethereum, dropping down drastically and the market cap reaching the lowest point in the last months.submitted by andrea871 to ico [link] [comments]
While questions are constantly arising, and the sceptical voices are louder than ever, on the long-term sustainability of the whole crypto’s ecosystem, the Goldman-Sachs-backed start-up Circle just saw a huge increase in the numbers of hedge funds and major league investors making business on its platform dedicated to digital currencies trading.
According to Circle CEO Jeremy Allaire recent interview, during May, “which was a challenging month,” Circle has observed “a sharp increase of unique new counter-parties. A lot of folks on the institutional side are on-boarding, and getting their ducks in the row.”
Thus, despite the ups and downs of the market, Circle’s case is a sign that a constantly growing number of big league investors are showing a strong interest in digital trading, both crypto and traditional. So much that such a successful month, generated a feedback from new clients that triggered Circle’s decision to automatise orders and settlements processing.
The announcement came last Monday, following the concern about the ability of the company to handle high-frequency equity trades through an old-style manually-operated price-quoting and orders-placing system, expressed by a large part of Circle’s newly generated clients.
On a similar note, also on Monday, it came the announcement from the top venture capital firm Andreessen Horowitz to have raised $300 million for a new fund specifically dedicated to crypto companies.
Continue to read on:
Visit www.elpisinvestments.com for more info or contact us at[ [email protected]](mailto:[email protected])
Chris Dixon is a General Partner at Andreessen Horowitz. Serving on the Board of Directors for Coinbase, Dixon led the $25 million fundraising round from Andreessen Horowitz. Dixon now heads up Andreessen Horowitz crypto division and this year announced the launch of his crypto start-up school. Chris Dixon: Silk Road & Libertarians Might Ruin Bitcoin. FORA TV. Follow. 6 years ago 26 views. Chris Dixon: Silk Road & Libertarians Might Ruin Bitcoin WIRED - Museum of Jewish Heritage Chris Dixon, General Partner, Andreessen Horowitz in conversation with Steven Levy. See more about. Bitcoin . Report ... Chris Dixon: “I believe in Bitcoin” John Oates May 2, 2013 A leading venture capitalist says bitcoin offers the financial tech release valve Silicon Valley has been looking for. [ad_1] Jordan Clifford and Linda Xie are cofounders of new crypto investment firm Scalar Capital.Photo credit: Scalar Capital Cryptocurrency investment firm Scalar Capital has raised money from new, high-profile investors, including Marc Andreessen and Chris Dixon. After pulling in $8 million in January, the new inflow brings Scalar’s total assets to more than $20 million, … Well-known tech investor Chris Dixon, speaking in New York, shared some thoughts on virtual currency and where the innovation and the economy are going. Here's a short summary.
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If you care about understanding crypto and the ways it may well impact you sooner than you might imagine, you won’t want to miss this fireside chat with Andreessen Horowitz general partner Chris ... Chris Dixon, general partner at venture capital firm Andreessen Horowitz, thinks you should reconsider the power of bitcoin. In conversation with WIRED’s Steven Levy, the tech entrepreneur and ... On June 27, 2018, we welcomed investor Chris Dixon from Andreessen Horowitz to SPC for this talk. In this talk, Chris Dixon (Andreessen Horowitz) & Robert Hackett (Fortune) discuss the cycles of innovation in crypto. Originally recorded 5/06/2020 at Ready Layer One. Want to be a part of the ... REMINDER: Here is a list of people/channels in crypto space, that are outright FRAUDS and have been telling you repeated LIES and PROPAGANDA started by people who don't want to see Bitcoin SYSTEM ...