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UYT Main-Net pre-launching AMA successfully completed with a blast
7 pm, 29th September 2020 Beijing time the UYT Main-Net pre-launching AMA successfully completed with a blast! Here is a full record of the AMA: Host: Hello everyone, it’s a great honor to host the first AMA of UYT network in China. Today, we have invited the person in charge of UYT Dao. Let’s ask Mr. Woo to introduce himself Woo: Hello, I’m Ben. I’ve met you in the previous global live broadcast. I’m the director of UYT Dao and the founder of IGNISVC. At present, I’m the CEO of the TKNT foundation and have been engaged in the blockchain industry. Q1. At present, different types of blockchains have emerged, but cross-chain interaction is still suffering a lot. In your opinion, what is the necessity and significance of cross-chain? Answer: The full name of UYT is to unite all your tokens, which is to integrate all public chains and increase the liquidity of the whole industry. Our purpose is not to create another public chain, but to become a platform for the exchange of value, technology, and resources of all public chains. What we need to solve is that each individual chain can circulate with each other. The full name of UYT is to unite all your tokens, which is to integrate all public chains and increase the liquidity of the whole industry. Our purpose is not to create another public chain, but to become a platform for the exchange of value, technology, and resources of all public chains. What we need to solve is that each individual chain can circulate with each other. Q2. The founder of Ethereum, V Shen, once wrote a cross-chain operation report for bank alliance chain R3, which mentioned three cross-chain methods. Which one does UYT belong to? Can you briefly introduce the cross-chain solution of UYT? Answer: In Vitalik’s cross-chain report, there are three main cross-chain methods. The first is that both parties do not know that they are crossing the chain, or that they cannot “read” each other, such as the centralized exchange. The second way is that one of the links can read other chains, such as side-chain / relay chain. That is, a can read B, and B cannot read a; The third is that both a and B can read each other’s, which can achieve the value and information exchange between a, B, and the platform. UYT belongs to the third kind. Our new official website will be online soon. Here are a few simple points: first of all, the architecture of UYT includes relay chain, parachain, parathreads, and bridges. In terms of ductility, it has exceeded almost all the public chains currently online. In the UYT network, there are four kinds of consensus participants, namely collector, fisherman, nominator, and validator. The characteristics of this model are: first, all people can participate without loss. Secondly, as long as anyone makes more contribution to the ecology, he will get more rewards, otherwise, he will receive corresponding punishment. The underlying layer of UYT is the substrate, which uses the rust programming language. Rust is committed to becoming a programming language that can solve the problems of high concurrency and high-security systems elegantly. This is also a great advantage that we are different from other blockchain projects in technology. Q3. What are the roles in the UYT network? What are their respective functions? Answer: After the main network of UYT is online, there will be four roles: collector, fisherman, nominator, and validator, which is totally different from the current system of the test network. The collector, in short, is responsible for collecting all kinds of information in the parallel chain and packaging the information to the verifier. Fishermen, to put it bluntly, is fishing law enforcement, which specifically checks out malicious acts and gets rewards after being checked out. The nominator, in fact, is a group of rights and interests. The verifier is its representative, and they entrust the deposit to the verifier. Verifier, package new blocks in the network. It must mortgage enough deposits and run a relay chain client on a highly available and high bandwidth machine. It can be understood as a mining pool. It can also be understood as the node in the current UYT DAPP. Q4. What is the mining mechanism of the UYT network? The only way to obtain UYT after its issuance is to participate in mining activities. In the initial stage, the daily constant output times of UYT are set to 1440000, and the cycle of bitcoin is halved. Mining rewards can be obtained in the following five ways: 1) Asset pledge mapping mining 2) Become the intermediate chain node of uyt network 3) Recommendation and reward mechanism 4) Voting reward 5) UYT network Dao will take out 10% of gas revenue from block packaging for community construction and reward of excellent community personnel Q5. The rise and fall of the blockchain are very fast. In order to give investors confidence, is there a detailed development plan, implementation steps, and application direction of UYT network in the next few months? Answer: UYT Network test network has been running stably for a year. After the main network is launched, all mechanisms will undergo major changes. The relationship between the UYT test network and the main network can be understood as the relationship between KSM (dot test network) and dot the main network, and the feasibility of the technology can be reflected more quickly by the UYT test network because of its faster timeliness and all future technology updates Some will move to the main network after the stable operation of the test network. In order to give users a better experience and give more rewards to excellent nodes, all Dao organizers are working hard for it. The development team has completed the cross-chain of bitcoin and some high-quality Ethereum based tokens in the early stage, and now the code has all been open source. For other mainstream currencies, community members can apply for funds to develop. In order to develop the ecology and make a better technical reserve, we will set up a special ecological development fund when the main network goes online. The transfer bridge is our key funding direction. The maximum application amount of a team is as high as 100000 US dollars. In addition, if other public chains want to connect to UYT, they will get technical support. In order to encourage developers to participate in ecological construction, Dao also launched a series of grants to support development. Developers can directly pull the better applications on Eth and EOS directly, or develop new products according to their own advantages. These directions are now the focus of funding. Due to the early online testing time of uyt network, it is based on the earlier version of substrate1.0. The on-chain governance mode can only be realized after the upgrade of 2.0 is completed. At present, the upgrading work is going on steadily, and the on-chain governance will be implemented in the main network with the launch of the uyt main network. As a heterogeneous cross-chain solution with high scalability and scalability, UYT network can perfectly bridge the parallel encryption system and its encryption assets in theory, and its wide applicability in the future can be expected. Therefore, we do not limit the areas where UYT network will play its advantages and roles. But in the general direction, there will be mainly DEFI and DEX ecological plates. From the industry, it can cover a wide range of fields, not only finance but also games, entertainment, shopping malls, real estate, and so on. Q6、How can UYT help DEFI? Answer: UYT network can not only link different public chains but also make parallel chains independent and interlinked. Just like the ACALA project some time ago, it has successfully obtained Pantera capital’s $7 million saft agreement. Although the concept of DEFI is very popular now, all DEFI products are still in the ecology of each public chain, and the cross-chain DEFI ecology has not been developed. UYT is to achieve cross-chain communication, value exchange, and develop truly decentralized financial services and products. For example, cross-chain decentralized flash cash, cross-chain asset support, cross-chain decentralized lending, Oracle machine, and other products. At present, our technical team is also speeding up the construction of infrastructure suitable for the landing of more DEFI products and services and is committed to creating a real cross-chain DEFI ecology, which is only a small step of UYT’s future plan. Q7、TKNT should be one of the hottest projects in the UYT ecosystem recently. Please give us a brief introduction to the TKNT project and the value of TKNT in the UYT ecosystem. Why can TKNT increase 400 times in 7 days? And what is the cooperative relationship between UTC and TKNT? Answer: I will answer each project from the technical and resource aspects. Let’s first introduce UTC. UTC is the token of Copernican network and the first project of UYT game entertainment ecology. In the future, it will be responsible for linking. Due to the high-quality public chain in the entertainment industry, because of the limited slots of UYT, each field will seek a high-quality partner and help the partner become the secondary relay chain of UYT. After the main network of UYT goes online, many chains will want to access UYT Greater value circulation, due to the limited external slots of UYT, the cost is also very high. At this time, you can choose to connect to UTC first, and then connect UTC to UYT. With more and more links with UYT, it will gradually evolve into a secondary relay chain of UYT network. UTC’s resources, online and offline, offline payment and offline entity applications, also have a very large community base. The ecological partners have very good operation experience in the game industry. They will use blockchain technology to change the whole game entertainment industry to make it more transparent and fair. At the same time, there are enough entity consumption scenarios. This is also UYT Because of the reason why the network chose to cooperate with it, the UTC project has been supported by the UYT ecological fund. The support fund includes that after the main network is launched, it will also be the first ecological cooperation project supported by UYT. Because of the online time of the main network of UYT, UTC can’t directly form a chain at present and will give priority to issuing on Ethereum. TKNT is a new concept project TKN.com TKN is the largest online centralized guessing game platform in the world at present. TKNT mixes bet mining and DEFI, so it can carry out fixed mining through platform games, build a system that can realize game participation and in application payment in all Dapps based on ERC20, and combine with various financial services. The reason why TKNT has created a myth of 400 times in 7 days is that the TkN platform has a buyback plan. As we all know, the online quiz game entertainment platform has an amazing profit. Every quarter, the profit will be used to buyback. The strong profit support has led to the huge increase of token. In the future, all users can use UTC to participate in TkN games. Therefore, the main network of UYT is that Line is also of great significance to TKNT. With the maturity of UYT ecology and technology, TKNT can have a more powerful performance. If TKNT wants to link more public chains, it needs to access UYT network, and realize a bigger vision with cross-chain interaction of UYT. After TKNT was launched on the exchange, the highest price has risen to $14, and now it has dropped to about $2.50. You will see that it will once again set a record high and create greater miracles. You will also see that $3 will be the best buying point for TKNT, because there will be several major moves in TKNT, and the global MLM plan will be launched on October 7 in Korea, China, and other countries There will be many marketing teams in Europe to promote TKNT, including DAPP.com As a shareholder of TkN, TKNT will also make every effort to promote TKNT. Secondly, TKNT will be launched next month on the largest digital currency exchange in South Korea, and Chinese users will see the shadow of TKNT on Binance in November. Of course, the decentralized trading platform of UYT will also be launched in the future. Q8. What is the significance of the launch of UYT’s main network for the industry and ecology? Answer: UYT is one of the few cross-chain platform projects in the industry at present. There are many public chains and coin issuing projects. Why? Because of less work, more money. However, there are very high technical and capital requirements for cross-chain and platform. This barrier is very high, so almost no project side is willing to do this. But once this is done, it will be of great significance to the whole industry of digital currency and blockchain. Because it will subvert the current situation of the whole currency circle and chain circle acting on their own, and the painting land is king. Let each independent ecosystem achieve a truly decentralized and trust-free cooperative relationship. This huge change will promote the whole industry to develop into a healthy and virtuous circle macro ecosystem. Q9. The slogan of many project supporters is that UYT should surpass Ethereum. What is the difference in technology between UYT network and Ethereum? Answer: Thank you so much for supporting UYT. In fact, the correct understanding is that UYT is the next era of Ethereum. First of all, UYT has a different vision from Ethereum. Before the emergence of UYT, Ethereum, and EOS, no matter how well they developed, belonged to the era of a single chain. The popular metaphor is a LAN. However, UYT can realize the interoperability of each chain and bring the blockchain into the Internet era. Secondly, UYT is far superior to Ethereum in technology. It mainly includes three aspects: shared security, heterogeneous cross-chain, and no fork upgrade. In the case that Ethereum 2.0 has not been implemented, UYT is the most friendly bottom layer for the DFI projects and other Dapps on Ethereum. Now, the hair chain architecture substrate of UYT is compatible with Ethereum smart contract language solidity, so eth developers can easily migrate their smart contracts to UYT. Up to now, there is no good solution to the congestion problem of Ethereum, while UYT network not only solves the network congestion problem. What’s more, UYT can easily realize one-click online upgrade, instead of having to redeploy a set of contracts on Ethereum for each version upgraded and then require users to follow them to migrate the original assets from the old contract to the new contract. Developers can quickly and flexibly iterate their own protocols to change their application solutions according to the situation, so as to serve more users and solve more problems. At the same time, they can also repair the loopholes in the contract very quickly. In the case of hacker attacks, they can also solve the hacker stealing money and a series of other problems through parallel chain management. We can find that for Ethereum, UYT not only solves the congestion problem we see in front of us but also provides the most important infrastructure for the future applications such as DFI on Ethereum to truly mature into an open financial application that can serve all people. It also opens the Web 3.0 era of the blockchain industry. In terms of market value, Ethereum currently has a strong ecological construction, with a market value of US $40 billion. UYT will also focus on the development of this aspect after the main network goes online. No matter in terms of market value or ecological construction, I have enough confidence in UYT, after all, we are fully prepared. Q10. What is the progress of the ecological construction of UYT? What opportunities do current ecological partners see in UYT or what changes may be brought about by UYT ecology? Answer: After the main network of UYT goes online, there will be a series of ecological construction actions, and more attention will be paid to establishing contact with traditional partners. Cross-chain decentralized flash cash, cross-chain asset support, cross-chain decentralized lending, Oracle machine, and other products will also be the key cooperation direction of UYT. UYT will give priority to the game and entertainment industry because this industry is most easily subverted by blockchain. As the ecological construction of UYT gets bigger and bigger, the future slots will become more and more expensive. The earlier you join UYT ecology, you will get more support from the ecological fund because the ecological fund is also limited. From the perspective of token value-added, all the project parties will cooperate with the project side in the future, and the project side needs to pledge a certain number of UYT to bid for slots, except for ecological rewards, others need to be purchased from market transactions. The difference between the pledge here and the pledge we understand is that the UYT of the ecological partner participating in the auction pledge cannot enjoy the computing power for mining. UYT main network has several opportunities for Eco partners to look forward to, the first point is bitcoin, bitcoin will be later than other assets late, but eventually, all the bubble and value will return to BTC, after the wave of DeFi bubble elimination, the focus will be very much in the bitcoin. UYT ecology can provide a more mature bottom layer for defi. In addition, now Ethereum’s DEFI is that of Ethereum and ERC 20 tokens, and the outbreak point of bitcoin has not yet arrived. Therefore, the DEFI of UYT ecology may be the next opportunity, which is a good opportunity for everyone. The second opportunity is that after the main network goes online, the future UYT ecological projects will compete to bid for slots. In fact, the original intention of UYT is to realize the interconnection of all chains. The chain outside the UYT ecology also needs to communicate. The third is cross-fi. The BIFI is hatched on Ethereum, and the def on UYT can realize multi-chain operation. For example, TkN games or future UTC game platform users can call bitcoin on the UYT chain. This form only belongs to the decentralized finance in the cross-chain era of UYT, which can be called cross-fi. Q11. Which exchanges will UYT go online next? What is the online strategy like? Answer: As the founder of ignisvc and as UYT As the head of the Dao organization, we have always had good cooperative relations with major exchanges all over the world. TKNT will appear in several exchanges one after another. Hitbtc exchange in the United Kingdom, Upbit and Bithumb Exchange in South Korea, Bitfinex exchange in the United States, Binance exchange in China, BKEX exchange, and Kucoin exchange in China are all our partners, and they have been paying close attention to UYT Development, UYT is the public chain with the largest user base and the highest community participation in the cross-chain field, so the future value is immeasurable. If we have to go to the exchange, then we will choose one of the above exchanges to launch. But the vision of UYT is to create a fairer, safer, and transparent circulation in the field of digital currency, and users can master all the assets by themselves, Therefore, in the beginning, there is a simple DEX on the UYT wallet, which is a simple matchmaking transaction and is also an on-chain transaction. After the completion of the UYT DEX, more transactions may occur in the UYT DEX. However, after the main network of UYT is online, centralized exchanges can directly access the block data synchronization of UYT, and it is not ruled out that some exchanges will directly go online for UYT trading. Such exchanges will not enjoy the support of the ecological support fund of UYT. The network project is a community-led project. Each cooperation plan of the exchange will be carried out in the way shared by the community in the future. Dao organization can only implement it according to the voting results. Q12. What are the plans for the promotion of ecological development and market by the launch of UYT main network? Answer: The launch of the main network will be completed around October 15. On the offline side, due to the epidemic situation, we will jointly organize corresponding market activities with nodes in different countries. At present, there are three large-scale offline meetups that have been identified. We will also start a global roadshow when the epidemic is over. On the online side, we have opened online Wechat, Kakao, Twitter, Reddit, and telegram communities. We will carry out AMA activities in various countries and promote them all over the world in various ways. Of course, we will launch MLM plans and cooperate with more marketing teams.
Avoid the risk of smashing the stocks of large investors, diversify the account to reduce the risk With the development of blockchain technology, it is no longer satisfied with only obtaining data on the chain. How to bridge the connection between the real world and the blockchain world has always been the direction of technological conquest, and the oracle plays this role. Especially with the popularity of the DeFi concept, the large-scale application of Oracle Machine (Oracle Machine) in financial derivatives trading platforms, gambling games, and prediction markets has made it a new track in the industry. At present, the oracle project represented by EULER is operating well, continues to lead the trend of oracle development, and continues to consolidate the basic technical support for the DeFi revolution. Its already-online mining design is also refreshing. EULER's platform pass EUCC, 90% of which is used for mining output, and the entire mining mechanism runs through the distributed oracle protocol, in which three roles are set up: data provider, data verifier, and arbitration node. And reward and punishment mechanism to ensure ecological operation. How does EULER mine? Is it a new wealth code? What are the characteristics? With these questions, let us analyze the distribution mechanism, mining mechanism, and token value one by one. The mining mechanism is fairer, and small and medium miners benefit more Before talking about the mining mechanism of EUCC, we can look at the distribution of other tokens. The blockchain itself upholds fairness and justice, without permission, so that everyone in the network can participate. However, when we look at Bitcoin mining, it is now monopolized by several mining machine vendors such as Bitmain, and ordinary people cannot participate at all. If a PoW husband chain like Bitcoin has formed the head effect of mining, what about a relatively fair PoS type blockchain? Let's take Cosmos as an example. Since Binance joined its validator node, it has instantly ranked to the top with the strong financial strength and user base of the top exchange, and does not give small and medium nodes the slightest chance. Looking back at the mining mechanism of EUCC, we can find that it is very friendly to ordinary users. Assuming that 6.3 million EUCCs are scattered to the accounts of 12 individuals, 8 of them hold 1 million, 1 person holds 99.9 million, and one person holds 5,299,800. Our income is related to the ranking. We give a flashback ranking of 12 people's currency holdings. The staking ranking is based on the jump ranking weighting algorithm rather than the weighted average of the user staking amount. This is to avoid EUCC being controlled by a few people, avoid monopoly, and break up large users. Do your best to achieve a win-win situation in EULER's community. Decentralized tokens create a closed loop: Euler platform currency EUCC flashback ranking reverse order weighting algorithm mechanism The EUCC currency holding and promotion revenue is set through the reverse ranking weighting algorithm of the reverse order to achieve a small number of rows, and the best currency holding is the most ideal. Disperse large accounts, avoid the formation of monopoly, and at the same time encourage currency holding, encourage the whole network to increase the position to catch up, prevent EUCC from being controlled by a few wealthy people and market oligarchs and affect circulation, and use personal efforts to determine you to get promotion benefits while driving users Fission keeps the whole network dynamic. Compared with other mining projects, EULER has introduced a unique flashback ranking weighting algorithm mechanism in the mining design, which provides a good mechanism guarantee for attracting more users to participate in mining, and it is also beneficial to data providers. Decentralization ensures the decentralization of the oracle system and well guarantees the positive development of the community.
The next XVG? Microcap 100x potential actually supported by fundamentals!
What’s up team? I have a hot one for you. XVG returned 12 million percent in 2017 and this one reminds me a lot of it. Here’s why: Mimblewimble is like Blu-Ray compared to CD-ROM in terms of its ability to compress data on a blockchain. The current BTC chain is 277gb and its capacity is limited because every time you spend a coin, each node needs to validate its history back to when it was mined (this is how double spending is prevented). Mimblewimble is different - all transactions in a block are aggregated and netted out in one giant CoinJoin, and only the current spending needs to be verified. This means that dramatically more transactions can fit into a smaller space, increasing throughput and lowering fees while still retaining the full proof of work game theory of Bitcoin. These blockchains are small enough to run a full node on a cheap smartphone, which enhances the decentralization and censorship resistance of the network. The biggest benefit, though, is that all transactions are private - the blockchain doesn’t reveal amounts or addresses except to the actual wallet owner. Unlike earlier decoy-based approaches that bloat the chain and can still be data mined (XMR), Mimblewimble leaves no trace in the blockchain, instead storing only the present state of coin ownership. The first two Mimblewimble coins, Grin and Beam, launched to great fanfare in 2019, quickly reaching over $100m in market cap (since settled down to $22m and $26m respectively). They are good projects but grin has infinite supply and huge never-decreasing emission, and Beam is a corporate moneygrab whose founding investors are counting on you buying for their ROI. ZEC is valued at $568m today, despite the facts that only 1% of transactions are actually shielded, it has a trusted setup, and generating a confidential transaction takes ~60 seconds on a powerful PC. XMR is a great project but it’s valued at $1.2b (so no 100x) and it uses CryptoNote, which is 2014 tech that relies on a decoy-based approach that could be vulnerable to more powerful computers in the future. Mimblewimble is just a better way to approach privacy because there is simply no data recorded in the blockchain for companies to surveil. Privacy is not just for darknet markets, porn, money launderers and terrorists. In many countries it’s dangerous to be wealthy, and there are all kinds of problems with having your spending data be out there publicly and permanently for all to see. Namely, companies like Amazon are patenting approaches to identify people with their crypto addresses, “for law enforcement” but also so that, just like credit cards, your spending data can be used to target ads. (A) Coinbase is selling user data to the DEA, IRS, FBI, Secret Service, and who knows who else? (B) What about insurance companies raising your premiums or canceling your policy because they see you buying (legal) cannabis? If your business operates using transparent cryptocurrency, competitors can data mine your customer and supply chain data, and employees can see how much everyone else gets paid. I could go on, but the idea of “I have nothing to hide, so what do I care about privacy?” will increasingly ring hollow as people realize that this money printing will have to be paid by massive tax increases AND that those taxes will be directly debited from their “Central Bank Digital Currency” wallets. 100% privacy for all transactions also eliminates one HUGE problem that people aren’t aware of yet, but they will be: fungibility. Fungibility means that each coin is indistinguishable from any other, just like paper cash. Why is this important? Because of the ever-expanding reach of AML/KYC/KYT (Anti-Money Laundering / Know Your Customer / Know Your Transaction) as regulators cramp down on crypto and banks take over, increasingly coins become “tainted” in various ways. For example, if you withdraw coins to a mixing service like Wasabi or Samourai, you may find your account blocked. (C) The next obvious step is that if you receive coins that these chainalysis services don’t like for whatever reason, you will be completely innocent yet forced to prove that you didn’t know that the coins you bought were up to no good in a past life. 3 days ago, $100k of USDC was frozen. (D) Even smaller coins like LTC now have this problem, because “Chinese Drug Kingpins” used them. (E) I believe that censorable money that can be blocked/frozen isn’t really “your money”. Epic Cash is a 100% volunteer community project (like XVG and XMR) that had a fair launch in September last year with no ICO and no premine. There are very few projects like this, and it’s a key ingredient in Verge’s success (still at $110m market cap today despite being down 97% since the bubble peak) and why it’s still around. It has a small but super passionate community of “Freemen” who are united by a belief in the sound money economics of Bitcoin Standard emission (21m supply limit and ever-decreasing inflation) and the importance of privacy. I am super bullish on this coin for the following reasons:
Only $400k market cap
Supply started at zero, so there are no VC’s and team to dump on you into the pumps - all coins are mined into existence, just like Bitcoin.
It just had its first halving, reducing emission from 16 to 8 per block. Between now and 2028 there are FOUR (!) more halvings, from 4 to 2 to 1 and then finally 0.15 (I guess that would be an 85%-ing :p) and at this point the supply is the same as BTC and stays in sync forever until the last coin is mined in 2140. This simple supply curve is already accepted by the market as a winner, so why mess with success? (I)
Meets Andreas Antonopolous’ 5 pillars of open blockchains test: Public, Open, Borderless, Neutral, and Censorship Resistant. (How many coins can say this?)
Unlike Bitcoin, Epic created a multi-algorithm approach that enables people to mine on ordinary computers - 60% for CPU on RandomX, 38% for GPU on ProgPow, and 2% for ASIC’s on Cuckoo31+. The algorithms don’t compete with one another. This is essential for leveling the playing field and preventing massive farms from dominating. These percentages can change over time and new algorithms can be easily dropped in. You can mine today using an old laptop and in 5 years you will still be able to. Incidentally, there is nothing standing in the way of adding mobile phone-based mining, which ETN showed there’s a huge demand for.
Based off the excellent Grin codebase, which means they continue to pull in ongoing core code enhancements and focus on ease of use and market penetration instead. (Smart!)
Litecoin’s Charlie Lee is out there daily talking about their move to Mimblewimble, which provides free publicity. What people don’t realize is that you can’t just bolt on Mimblewimble to a legacy blockchain, that’s like putting a Ferrari engine into a school bus - it’s still a school bus, not a race car! LTC is doing it as an optional soft fork via “extension blocks” which will not be supported by all wallets and exchanges. Also, anyone using “optional” privacy features is declaring themselves to be suspicious, which kind of defeats the point for people who care about privacy.
The community is friendly and welcoming to new people coming in, with lots of helpful (independently created) tutorials and guides. (F)
It’s already a global phenomenon, with the whitepaper in 20+ languages (G) and (not bot-infested) active local-language communities on not only Telegram but also Wechat, LINE, QQ and other messenger platforms.
It’s only on two random little exchanges currently, Citex and Vitex. Vitex is actually a pretty good DEX with no KYC and a great mobile wallet.
They are very creative - since centralized exchanges want huge money to list, they created a non-inflationary ERC20 tracker token that’s exchangeable 1:1 for coins so that Uniswap trading is possible (H)
Because it doesn’t have a huge marketing budget in a sea of VC-funded shitcoins, it is as-yet undiscovered, which is why it’s so cheap. There are only 4 Mimblewimble-based currencies on the market: MWC at $162m, BEAM at $26m, GRIN at $22m, and EPIC at $0.4m. This is not financial advice and as always, do your own research, but I’ve been buying this gem for months and will continue to. This one ticks all the boxes for me, the only real problem is that it’s hard to buy much without causing a huge green candle. Alt season is coming, and coins like this are how your neighbor Chad got his Lambo back in 2017. For 2021, McLaren is a better choice and be sure to pay cash so that it doesn’t get repossessed like Chad!
Themis (MIS) Launches Pledge Mining Platform, New Opportunity Occurs to Grow Wealth
With the development of blockchain technology, obtaining data on the chain only is no longer satisfying and how to bridge the real world and the blockchain world has always been the direction of the technological breakthrough. Under this background, Oracle Machine came to our attention. In particular, with the popularity of the DeFi concept, the industry starts to witness a boom of the application of Oracle Machine in financial derivatives, trading platforms, gambling games, and prediction markets. At present, Oracle Machine represented by Themis is developing fast with a good momentum, leading the trend of the development of Oracle Machine and continuing to consolidate the basic technical support for the DeFi revolution. Themis’ mining system has been launched in the market, which is refreshing and appealing (see https://themisoracle.com/#/credit for details on the Themis mining). 90% of MIS, the native token of Themis, will be used for mining output. The entire mining mechanism runs through a distributed oracle protocol, which sets up three roles: data provider, data validator, and arbitration node. Reward and punishment mechanisms are applied to ensure the smooth ecological operation. How does Themis mining work? Is it a new way to become wealthy? What are the characteristics? To answer these questions, we need to analyse the distribution mechanism, mining mechanism, and token value of Themis. With a fairer mining mechanism, small and medium-sized miners can enjoy better benefits One of the core values of blockchain is fairness and justice, and allowing everyone in the network to play a role in the system without permission. However, Bitcoin mining is now monopolized by several mining machine vendors such as Bitmain, leaving little space for other miners to participate. If those old PoW public chains, such as Bitcoin, has formed the head effect in mining, what about those new projects? Let's take Cosmos as an example. Since Binance joined its validator node, it has instantly ranked top with the strong financial strength and user base of the top exchange, making the small and medium nodes hard to participate. After comparison, we can find that the mining mechanism of MIS is very friendly to ordinary users. Assuming that there are 12 mining transactions in a block, the ranking according to the MIS pledged by each transaction would be as follow: https://preview.redd.it/1kfccgps2pg51.png?width=832&format=png&auto=webp&s=bf6c7f614c600826006bc2bf8a6026292c3b328c The pledge ranking is based on the jump ranking weighting algorithm rather than the weighted average of the user pledge amount, which can prevent MIS from being controlled by a small number of people, avoid monopoly, creating a win-win situation in the Themis community. https://preview.redd.it/pme9tcd62pg51.png?width=832&format=png&auto=webp&s=049f899d2a5ee3ce64007d5cc0ae3ed6167c2b3a Compared with other mining projects, Themis has introduced a unique pledge ranking method in the mining design. Users in the best ranking area will get the most benefits, which is a good mechanism guarantee for attracting more users to participate in mining. At the same time, it can lead to the decentralization of data providers, ensuring the decentralization of the oracle system and the positive development of the community. How can miners join in Themis mining? The answer is to become a part of the ecology by playing the role of either data provider, data validator, or arbitration node. The data provider is mainly responsible for providing various types of data, and the data validator verifies and challenges the data offered by the data provider and provides new data. The arbitration node arbitrates the query raised by the data validator and come up with the final result. Both the data providers and validators of Themis need to pledge MIS to obtain the qualifications, and the caller of external data also needs to pay MIS assets when accessing the data of Themis oracles. If the data has been verified as correct, data providers and validators will receive mining rewards, and the more they pledge, the more rewards they will receive. In the mining design of Themis, miners can acquire MIS by providing verifiable random number or offering the price of in-chain assets. Whenever miners call mining contracts, the system will charge no service fee (excluding the service fee of ETH). In addition, if no mining transaction occurs within a certain period of time, the first newly-emerging block containing mining transactions will acquire all the MIS rewards. In this way, miners can be encouraged to continue mining and maintain the ecological stability of Themis. The number of MIS mining for each mining transaction of miners is calculated as follows: First, calculate the number of MIS mining rewards N contained in the block of the packaged mining transaction. If the height difference between the block and the previous block containing the mining transaction is y, then N = y * 20. The MIS mining quantity of this mining transaction is M, then M=Xi/(📷)×N. Among them, X is the ranking of the MIS pledge amount in the block, and those who pledge the same amount of MIS have the same ranking. Few official pre-mining, while 90% belongs to the community Based on the official announcement, the distribution of MIS is: The total amount of MIS is 1 billion, 10% is reserved for early project promotion, the remaining 90% are produced by mining, in which 75% are directly awarded to data providers, 10% to developers, and 5% as reward for arbitration nodes and ecological incentive. The production of mining will be progressively decreased and released with ETH. For some current popular VC-invested projects, institutional holdings hold more than half of blocks and unlock the block every month, which is a huge stress for ordinary pledge users. Many projects also went wrong because institutional investors do not abide by the rules. For MIS, because there is fewer official pre-mining, the selling pressure will be smaller, which is more in line with the value of the blockchain. The release plan of developer and arbitration node and ecological incentive is as follows: https://preview.redd.it/nld8k8gb2pg51.jpg?width=926&format=pjpg&auto=webp&s=8c2435c993cf86b2bf6b0c4d2a1935708734de97 The release plan of data provider incentive is as follows: https://preview.redd.it/kgia5n6d2pg51.jpg?width=982&format=pjpg&auto=webp&s=ad1bfe7796fdaec58f3caede2f2a2083c0a07724 The MIS awarded per block reduces by 10% in every 4 million blocks, and the reward per block at present is 20 MIS. We can see that the allocation of MIS follows the following principles. First of all, as MIS is the platform certificate of Themis, it is very reasonable to reserve 10% of MIS for early project promotion. Secondly, 90% of MIS is produced through sustainable mining. This proportion can motivate contract users and miners to conduct contract mining, truly implementing the spirit of win-win community and token economy. Finally, among the 90% of MIS, better incentive mechanisms have been adapted, mining reward ratios are subdivided, which can attract more investors to participate in mining. Reasonable mining mechanism highlights the project value of Themis Themis, as a public chain that provides a mechanism to solve the problems in Oracle Machine, has a unique charm in the value of MIS. From the perspective of the number of tokens, the total amount of MIS is 1 billion, and the total mining pool is 900 million. 90% of the tokens are generated by mining, and the mining output gradually decreases its release with the Ethereum block, showing a great potential in its future added value. The earlier you participate in mining, the more profit you can gain. From the perspective of Themis’s ecological design, Themis is committed to the original intention of building a price oracle. The data provider pays on-chain fees and pledges a certain amount of MIS, and determines the income obtained according to the scale of the pledge; the validator can make profit from challenging the data. Also, any smart contract developer or user need to pay the corresponding fee when calling Themis, and this part of the profit will be distributed to the data provider in proportion. Through this design, a logical closed loop is completed to ensure the healthy operation of the entire ecology and achieve the goal of mutual benefit. In Themis, all parties in the ecology can work together to grow more wealth. In all, MIS has a huge potential for future development and arbitrage, and of course, a great profit potential as well. Today, public chains like Themis are not just a technology platform, but also a symbol of future economic operation mode which connect between the blockchain and the real world. Themis, with a fair, justice and open network through mining, is building a strong token ecology, connecting external chain data and the systems, realising data interaction between blockchain and the real world, and more importantly, creating a new mode of token economy.
Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?
These crypto lending & borrowing services found early traction. Are they capable of bundling more financial services and winning the broader consumer finance market? https://reddit.com/link/icps9l/video/98kl1y596zh51/player This is the third part ofCrypto Banking Wars— a new series that examines what crypto-native company is most likely to become thebank of the future. Who is best positioned toreach mainstream adoptionin consumer finance? While crypto allows the world to get rid of banks, a bank will still very much be necessary for this verypowerfultechnology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe a crypto-native company will ultimately become the bank of the future. We’re confident Genesis Block will have a seat at that table, but we aren’t the only game in town. In the first post of this series, we did an analysis of big crypto exchanges like Coinbase & Binance. In our second episode, we looked at the world of non-custodial wallets. Today we’re analyzing crypto lending & borrowing services. The Earn and Borrow use-case covers a lot of what traditional banks deliver today. This category of companies is a threat worth analyzing. As we look at this market, we’ll mostly be focused on custodial, centralized products like BlockFi, Nexo, and Celsius. Many of these companies found early traction among crypto users. Are they capable of bundling more financial services and winning the broader consumer finance market? Let’s find out.
Because speculation and trading remains one of the most popular use-cases of crypto, a new crypto sub-industry around credit has emerged. Much of the borrowing demand has been driven by institutional needs. For example, a Bitcoin mining company might need to borrow fiat to pay for operational costs (salaries, electricity). Or a crypto company might need to borrow USD to pay for engineering salaries. Or a crypto hedge fund needs to borrow for leverage or to take a specific market position. While all of these companies have sufficient crypto to cover the costs, they might not want to sell it — either for tax or speculative reasons (they may believe these crypto assets will appreciate, as with most in the industry). Instead of selling their crypto, these companies can use their crypto as collateral for loans. For example, they can provide $1.5M in Bitcoin as collateral, and borrow $1M. Given the collateralization happening, the underwriting process becomes straightforward. Companies all around the world can participate — language and cultural barriers are removed. https://preview.redd.it/z9pby83d6zh51.png?width=600&format=png&auto=webp&s=54bf425215c3ed6d5ff0ca7dbe571e735b994613 The leader (and one of our partners) in this space is Genesis Capital. While they are always the counterparty for both lenders and borrowers, they are effectively a broker. They are at the center of the institutional crypto lending & borrowing markets. Their total active loans as of March 2020 was $649M. That number shot up to $1.42B in active loans as of June 2020. The growth of this entire market segment is impressive and it’s what is driving this opportunity for consumers downstream.
While most of the borrowing demand comes from institutional players, there is a growing desire from consumers to participate on the lend/supply side of the market. Crypto consumers would love to be able to deposit their assets with a service and watch it grow. Why let crypto assets sit on an exchange or in cold storage when it can be earning interest? A number of consumer-facing products have emerged in the last few years to make this happen. While they also allow users to borrow (always with collateral), most of the consumer attraction is around growing their crypto, even while they sleep. Earning interest. These products usually partner with institutional players like Genesis Capital to match the deposits with borrowing demand. And it’s exactly part of our strategy as well, beyond leveraging DeFi (decentralized finance protocols). A few of the most popular consumer services in this category include BlockFi, Nexo, and Celsius. https://preview.redd.it/vptig5mg6zh51.png?width=1051&format=png&auto=webp&s=b5fdc241cb9b6f5b495173667619f8d2c93371ca
BlockFi (Crunchbase) is the leader in this category (at least in the West). They are well-capitalized. In August 2019, they raised $18.3M in their Series A. In Feb 2020, they raised $30M in their Series B. In that same time period, they went from $250M in assets under management to $650M. In a recent blog post, they announced that they saw a 100% revenue increase in Q2 and that they were on track to do $50M in revenue this year. Their growth is impressive. BlockFi did not do an ICO, unlike Celsius, Nexo, Salt, and Cred. BlockFi has a lot of institutional backing so it is perceived as the most reputable in the space. BlockFi started with borrowing — allowing users to leverage their crypto as collateral and taking out a loan against it. They later got into Earning — allowing users to deposit assets and earn interest on it. They recently expanded their service to “exchange” functionality and say they are coming out with a credit card later this year. https://preview.redd.it/byv2tbui6zh51.png?width=800&format=png&auto=webp&s=bac080dcfc85e89574c30dfb396db0b537d46706 Security Woes It’s incredible that BlockFi has been able to see such strong growth despite their numerous product and security woes. A few months ago, their systems were compromised. A hacker was able to access confidential data, such as names, dates of birth, postal addresses, and activity histories. While no funds were lost, this was a massive embarrassment and caused reputational damage. https://preview.redd.it/lwmxbz5l6zh51.png?width=606&format=png&auto=webp&s=ebd8e6e5c31c56da055824254b35b218b49f80e0 Unrelated to that massive security breach and earlier in the year, a user discovered a major bug that allowed him to send the same funds to himself over and over again, ultimately accumulating more than a million dollars in his BlockFi account. BlockFi fortunately caught him just before withdrawal. Poor Product Execution Beyond their poor security — which they are now trying to get serious about — their products are notoriously buggy and hard-to-use. I borrowed from them a year ago and used their interest account product until very recently. I have first-hand experience of how painful it is. But don’t take my word for it… here are just a few tweets from customers just recently. https://preview.redd.it/wcqu3icn6zh51.png?width=1055&format=png&auto=webp&s=870e2f06a6ec377a87e5d6d1f24579a901de66b5 For a while, their interest-earning product had a completely different authentication system than their loan product (users had two sets of usernames/passwords). Many people have had issues with withdrawals. The app is constantly logging people out, blank screens, ugly error messages. Emails with verification codes are sometimes delayed by hours (or days). I do wonder if their entire app has been outsourced. The sloppiness shines through. Not only is their product buggy and UX confusing, but their branding & design is quite weak. To the left is a t-shirt they once sent me. It looks like they just found a bunch of quirky fonts, added their name, and slapped it on a t-shirt. https://preview.redd.it/mi6yeppp6zh51.png?width=600&format=png&auto=webp&s=fd4cd8201ad0d5bc667498096388377895b72953 Culture To the innocent bystander, many of these issues seem totally fixable. They could hire an amazing design agency to completely revamp their product or brand. They could hire a mercenary group of engineers to fix their bugs, etc. While it could stop the bleeding for a time, it may not solve the underlying issues. Years of sloppy product execution represents something much more destructive. It represents a top-down mentality that shipping anything other than excellence is okay: product experience doesn’t matter; design doesn’t matter; craftsmanship doesn’t matter; strong execution doesn’t matter; precision doesn’t matter. That’s very different from our culture at Genesis Block. This cancerous mentality rarely stays contained within product & engineering — this leaks to all parts of the organization. No design agency or consulting firm will fix some of the pernicious values of a company’s soul. These are deeper issues that only leadership can course-correct. If BlockFi’s sloppiness were due to constant experimentation, iteration, shipping, or some “move fast and break things” hacker culture… like Binance… I would probably cut them more slack. But there is zero evidence of that. “Move fast and break things” is always scary when dealing with financial products. But in BlockFi’s case, when it’s more like “move slow and break things,” they are really playing with fire. Next time a massive security breach occurs, like what happened earlier this year, they may not be so lucky. Institutional Focus Based on who is on their team, their poor product execution shouldn’t be a surprise. Their team comes mostly from Wall Street, not the blockchain community (where our roots are). Most of BlockFi’s blockchain/crypto integration is very superficial. They take crypto assets as deposits, but they aren’t leveraging any of the exciting, low-level DeFi protocols like we are. While their Wall Street heritage isn’t doing them any favors on the product/tech side, it’s served them very well on winning institutional clients. This is perhaps their greatest strength. BlockFi has a strong institutional business. They recently brought on Three Arrows Capital as a strategic investor — a crypto hedge fund who does a lot of borrowing. In that announcement, BlockFi’s founder said that bringing them on “aligns well with our focus on international expansion of our institutional services offering.” They also recently brought someone on who will lead business development in Asia among institutional clients. BlockFi Wrap Up There are certainly BlockFi features that overlap with Genesis Block’s offering. It’s possible that they are angling to become the bank of the future. However, they simply have not proven they are capable of designing, building, and launching world-class consumer products. They’ve constantly had issues around security and poor product execution. Their company account and their founder’s account seem to onlytweetaboutBitcoin. I don’t think they understand, appreciate, or value the power of DeFi. It’s unlikely they’ll be leveraging it any time soon. All of these reasons are why I don’t see them as a serious threat to Genesis Block. However, because of their strong institutional offering, I hope that Genesis Block will ultimately have a very collaborative and productive partnership with them. Assuming they figure out their security woes, we could park some of our funds with BlockFi (just as we will with Genesis Capital and others). I think what’s likely to happen is that we’ll corner the consumer market and we’ll work closely with BlockFi on the institutional side. I’ve been hard on BlockFi because I care. I think they have a great opportunity at helping elevate the entire industry in a positive way. But they have a lot of issues they need to work through. I really don’t want to see users lose millions of dollars in a security breach. It could set back the entire industry. But if they do things well… a rising tide lifts all boats.
While many companies in this category seem to be slowly adding more financial services, I don’t believe any of them are focused on the broader consumer market like we are. To use services like BlockFi, Nexo, or Celsius, users need to be onboarded and educated on how crypto works. At Genesis Block, we don’t believe that’s the winning approach. We think blockchain complexity should be abstracted away from the end-user. We did an entire series about this, Spreading Crypto. For many of these services, there is additional friction due to ICO tokens that are forcefully integrated into the product (see NEXO token or CEL Token). None of these services have true banking functionality or integration with traditional finance —for example, easy offramp or spending methods like debit cards. None of them are taking DeFi seriously — they are leveraging crypto for only the asset class, not the underlying technology around financial protocols. So are these companies potential competitors to Genesis Block? For the crypto crowd, yes. For the mass market, no. None of these companies are capable of reaching the billions of people around the world that we hope to reach at Genesis Block. ------ Other Ways to Consume Today's Episode:
https://preview.redd.it/j0djo8qwty451.png?width=1343&format=png&auto=webp&s=f22a87463a1ba07c3c48fe40002e5cbd19745104 Hello everyone, thank you for your continued interest and support. In the past two weeks, various tasks of TokenClub have been progressing steadily. The product development and community operation progress this week are as follows: 1. TokenClub Events 1)TokenClub’s 2nd Token Circle Talent Show starts registration The second 2nd Token Circle Talent Show is coming, providing you with a big stage that you want to show yourself in the coin circle. 500,000 people will watch your performances here. This event takes part in the form of registration, and enters the selection competition after passing the preliminary screening of TokenClub. The trial will be promoted in the form of live PK. Winners will receive key support from TokenClub, self-media matrix, help create personal exclusive boutique columns, get the chance to talk with more heavyweight guests, and there will be TCT awards waiting for you! Friends, sign up now. https://preview.redd.it/f6s3axeyty451.png?width=1080&format=png&auto=webp&s=06513d733b2415c5550d6d34ca50b47dc3ae714e 2)June 1 activity ended successfully On the advent of “June 1”, the TokenClub team opened a new welfare activity for overseas communities. During the event, follow the team’s official Twitter and forward the event poster in real time, or participate in the topic interaction of the Telegram group to receive private red envelope rewards https://preview.redd.it/16ffpkqzty451.png?width=1080&format=png&auto=webp&s=dba7dc67a0864355bf4fd340f0ca4b0f77f16020 3)BTCGrandpa is invited to participate in the live broadcast of Golden Finance On June 3rd, Grandma Coin was invited to participate in the live broadcast of Golden Finance’s “Mining Double Coins” theme. Review link: https://m.jinse.com/live/topic?id=14268. https://preview.redd.it/aaoh8p81uy451.png?width=1080&format=png&auto=webp&s=ffc1e74ea72ce203f02363ca1efa627af29482a8 4)BTCGrandpa was invited to participate in the 499 Block community AMA On June 11, Grandpa Nina was invited to participate in the 499Block community AMA. The theme is “Coin Circle Big V Coin Grandpa takes you to see the market”, the article review link: https://mp.weixin.qq.com/s/qCnwuaohiwi4BXcbRSJ1gw https://preview.redd.it/47hiynm3uy451.png?width=1080&format=png&auto=webp&s=380f4f0990dbd235e8b9e85bed44e6c83a762ee2 2.TokenClub Live 1) Summary Recently, Jianan Technology Senior Vice President Lu Xiaoming, OKEx CEO-Jay Hao, Founder of Litecoin Charlie Lee, Binance Vice President Lu Mai, Bitribe Founder-SKY, Luyin Agreement Founder-Wang Dong, Kubi CEO-Johnny Lyu , Co-Founder of BTW.com-Dylan, MYKEY & Coin Hu founder Guru, suterusu investor & Betterbit founder Richard, CasperLabs CEO-Mrinal Manohar, CasperLabs COO- Cliff Sarkin, DoraHacks partner & business leader-Yue Hanchao, former Silicon Valley Engineer & Early Blockchain User-Wu Weilong, Distributed Capital Partner and General Counsel Sun Ming, Ontology Founder Li Jun, Cardano Project Founder Charles Hoskinson, QuarkChain Founding Partner Anthurine, ARPA Co-Founder & Chief Growth Officials-Nogi, the well-known KOL Ke Haoran of the currency circle, the “Ancient” old leek who loves trading, One.Love, the early investor of Bicc & the founder of CC Capital & the co-founder of the three o’clock blockchain community Wang Xiaobin, Binance Angel Steven, Binance Angel Wu Mi, Binance Angel July, Injective Protocol Co-Founder and CEO-Eric Chen, BN Capital Senior Partner-Wayne Lin, and TokenClub Blockchain and Cryptocurrency Investment Strategy Senior Expert-Zao Shen Chat with everyone Those things of the blockchain~ On June 1, the global blockchain live festival “Stay Live, Stay Young”-Bitribe +499BLOCK hosted by 499Block and Bitribe was childlike and childlike, celebrating June 1st. A total of 18 industry heavyweights, Jay Hao, Charlie Lee, Mai Lu, SKY, etc., and many industry leading exchanges such as Binance, OKEx, Matcha, Kucoin, Bitribe, BTW, etc. were invited to participate in the live broadcast festival Including Luyin agreement, Harmony, Cortex, Beam, Wedifi, etc., the continuous airdrop of up to 6BTC. https://preview.redd.it/iiwbpnb5uy451.png?width=1280&format=png&auto=webp&s=9a31ff98d3fac926e0178dac969949db12e24b86 On June 1st, CasperLabs CEO-Mrinal Manohar, CasperLabs COO- Cliff Sarkin, DoraHacks partner & business leader-Yue Hanchao, former Silicon Valley engineer & early blockchain user-Wu Weilong was a guest at the TokenClub live room, sharing the theme: Ethereum 3.0: Casper Labs, a Silicon Valley star project, takes us to interpret Casper Labs together. On June 1, Binance Luna talked to Lu Xiaoming, senior vice president of Jianan Technology, and talked to us about the mine. Lu Xiaoming believes that blockchain has played a huge role in breaking the “data island” and other aspects, and he has confidence in the future of the industry. Just like the sentence he gave to everyone: “We still believe firmly, still believe, of course ,we still love you!” On June 2nd, Binance Yingge talked to the founder of MYKEY & Coin Hu. Around: “Is Stablecoin a killer application?” Speaking from the beginning of the coin circle to the first pot of gold to the establishment of MYKEY, Guru and shared with us the secrets of grasping so many value projects, investment experience, etc., and stability The key analysis was carried out. On June 3, Binance Sis talked with Sun Ming, Partner and General Counsel of Distributed Capital-”Sun Ming, Partner of Distributed Capital: The past of the currency circle of a lawyer.” Sun Ming is more optimistic about Ethereum than Bitcoin. Sun Ming believes that the easiest way to invest is to choose the most important project in the main track. On June 4, Charles Hoskinson, the founder of Cointelegraph Chinese and the Cardano project, gave a live broadcast and shared an in-depth discussion around the topic of “How to Cardano surpass Ethereum after five years of precipitation.” Charles Hoskinson, who was a close working partner with V God and BM, why did he leave Bitshares and Ethereum to create the Cardano project? There is an answer in the live room. On June 4, Binance Li Jiayi talked with Ontology founder Li Jun-”Ontology founder’s blockchain entrepreneurial experience”. For the future of the public chain, Li Jun believes that in the past two years of infrastructure construction, the public chain has paid more attention to technology. However, in the process of open source in the blockchain industry, technical homogeneity is gradually emerging. In the next stage, the public chain will pay more attention to the application of landing entities and offline scenarios, and new focus will appear, which is a good thing for the development of the public chain. On June 5, Binance Seven Seven talked to Binance Captains-Hard Candy, He Rensi, Deer Deer Captain, and three post-90s Binance Captains. Focusing on the topic of “Binan Captain chatting about “Cloud Stall” earning “after-sleep income”, I talked about how the entire currency circle has been following the wind in recent days, to see how the Captain Binance is lying and making money. On June 6, the post-modernist economist hard-core punkist master, Zao Shen, went online, with the theme of “street stalls in the city management area, and speculation of coins out of heaven.” “Street economy” has become the most popular word recently. In this issue, Zao Shen takes everyone to analyze: behind the promotion of the land stall economy, what are the trends and choices in national policies? And analyzed the recent stock market, currency circle, and international policies. On June 8th, Binance Luna talked to Anthurine, the founding partner of QuarkChain, focusing on the “challenges and opportunities of blockchain in the “new infrastructure””. Anthurine is interested in the development of China’s new infrastructure and the blockchain industry in the new infrastructure In order to play its role, how to participate, and the new infrastructure you think they need the underlying architecture of the blockchain and other issues have been shared in detail. On June 9th, Binance Yingge talked with ETC Asia-Pacific community manager Xu Kang Christian, and talked to everyone: the brother story of ETC and ETH. Xu Kang said that after 2016, a hard fork occurred in Ethereum. The newly forked chain is ETH, and the original chain is now ETC. Xu Kang believes that the most suitable native scenario for blockchain implementation is the financial field, followed by the alliance chain that the country has vigorously developed. On June 10th, ARPA co-founder & chief growth officer-Noki as a guest TokenClub live broadcast room and Gate brand public relations Yue Yue connection centered on “ARPA DeFi ideas and growth strategy” centered on the discussion. Nogi talked to you about some ARPA things, and shared her views on the future of the entire digital currency and blockchain industry. On June 10, Binance Li Jiayi talked to the well-known KOL Ke Haoran of the currency circle and One.Love, the “old” leek who loves trading. Both guests were Binance’s “bosses” (rebate partners). The two guests shared their respective stories in the currency circle and the stories they saw, and shared their own experience in currency speculation. On June 11, Wang Xiaobin, an early investor of Bicc, founder of CC Capital, and co-founder of the three o’clock blockchain community made a guest live sharing and shared about the BICC trading platform, recent industry hotspots, and blockchain technology. On June 11, Binance Qianjiangyue spoke to Binance Angels Steven, Wu Mi and July. Binance Angel is a volunteer team established at the beginning of Binance. This team exists as a real voice of community users. The three Binance Angels also shared their daily work in the live broadcast room. On June 12, Binance Sis talked with Injective Protocol co-founder and CEO-Eric Chen, BN Capital Senior Partner-Wayne Lin, and shared their experiences of speculating on coins around “Defi makes the market value of crypto assets tenfold” , Investment experience and experience, a hot discussion was held on blockchain technology and Defi ecology. On June 13th, the currency circle song king Zao Shen went live, and the theme was “Recovery of the Minority, Lost of the Most”. Mainly revolving around this Thursday’s plunge in the currency circle, US stocks have driven the currency market to chat. On the linkage of the US stocks & currency circle, the reasons for the collapse of US stocks, the following market trends and investment strategies were analyzed one by one. For more exciting content, please move to the live room. 3.TokenClub operation data -Live data: 17 live broadcasts in the past two weeks, with over 500,000 views. TokenClub hosted a total of 889 live broadcasts with a total of 45.78 million views. -Binary trade data: In the past two weeks, guess the rise and fall to participate in a total of 5274 times, the amount of participation exceeded 3 million TCT. At present, it is guessed that the rise and fall function has participated in a total of 1.12 million times, with a cumulative participation amount of 501 million TCT. -Chat data: In the past two weeks, a total of 10124 messages have been generated. A total of 4.88 milliom messages have been launched since the function was launched. -Mini-game data: The mini-game has participated in a total of 5069 times in the past two weeks. A total of 1,67 million self-functions have been online. -Cut leeks game data together: Since the game was launched, the total number of user participation in the game was 976086 TCT total consumption was 6.28 million gift certificate total consumption was 16.39 million and TCT mining output was 163812. -TokenClub KOL data: Over the past two weeks, the total reading volume of the BTCGrandpa article has been viewed by more than 300,000 people. -Social media data: At present, the number of Weibo official accounts is 18053 and the number of Twitter followers is 1822 and we have opened the official Medium account this week, welcome to follow. -Telegram official group data: In the past 2 weeks, there were 741 chats in the group, and the total number of Telegram official groups is currently 3113. -Medium data: Medium official account u/TokenClub has published 3 excellent articles, official announcements and updates are published in English, welcome to follow. 4.Communities 1)Overseas community On June 1, TokenClub organized an award-winning event for overseas users to participate in live broadcast interaction, retweet Twitter, and telegram group chat. At the same time, with the increase of live broadcast content, the telegram group is becoming more and more active, and the questions raised by overseas users who have just entered the telegram group are also answered in the first time. TokenClub has translated the high-quality live content of the past two weeks into English and released it to the Medium platform. Please pay attention. https://preview.redd.it/8x7dtqliuy451.png?width=1280&format=png&auto=webp&s=197e7304091805750d322b09fc469116e813fba5 TCT has been listed on Binance、Okex、Gate.io、ZB-M、MXC、Biki、Coinex、BigOne、Coinbene、Cybex、SWFT、Loopring、Rootrex etc. TokenClub website: www.tokenclub.com Telegram：https://t.me/token_club
Monthly Nano News: December 2019 + Year Recap Special
This is what NANO has been up to lately. I don't think I lie if I say it has been quite an amazing year! See you soon and happy new year! Something nice is coming soon that I have been working on for a while, stay tuned..
https://preview.redd.it/sxiftidp8cz41.png?width=1343&format=png&auto=webp&s=645584b9971068f347f80b63016bf229e45b0bbf Hello everyone, thank you for your continued interest and support. In the past two weeks, various tasks of TokenClub have been progressing steadily. The product development and community operation progress this week are as follows: 1. TokenClub Events 1)Binance blockchain live streaming program “Block 101” joins TokenClub APP TokenClub teamed up with Binance “Block 101” to host a series of live broadcast events. In the past two weeks, the big brothers such as the CEO of Feixin, Cobo co-founder Shenyu, and IOST co-founder Terry visited the TokenClub live broadcast room. See live summary. “Block 101” is a live broadcast of dialogues launched by Binance New Media Marketing Team, hosted by Jiayi, Anna, Liuliu, Yingge, Sisi, Qiqi, Doris, etc. Here will invite entrepreneurs in the industry, investment giants, opinion leaders, trading bulls or ordinary people with stories. Every Monday to Friday, with you in the TokenClub live room. https://preview.redd.it/2ftnirwq8cz41.png?width=1080&format=png&auto=webp&s=88f45a13ad522f8d5139a703cbf2f337720907f2 https://preview.redd.it/qubkprdr8cz41.png?width=690&format=png&auto=webp&s=878a619dc582b7c2bb6d660395be4b350cb74983 2)Participate in poster forwarding, draw red envelope prize When Bitcoin halves, TokenClub launches a poster forwarding red envelope campaign. On the day of the event, forward the poster to Twitter and the telegram group, and upload a screenshot to have the opportunity to extract the TCT red envelope award ~ 3)Participate in live streaming interactive questions and win mysterious gift events From May 11th to May 15th, TokenClub launched a live question and prize draw event. During the event, watch the block 101 live broadcast and interact with questions during the live broadcast, you will have the opportunity to get a mysterious gift from TokenClub. https://preview.redd.it/rcx8yett8cz41.png?width=1080&format=png&auto=webp&s=4e2541c0d893e20725c54d76ad96634a79cfb8fd 3)TokenClub’s self-media Bilaoye was invited to participate in AMA a. On May 7th,Bilaoye was invited by UPChain to conduct an AMA with the theme of “Half Countdown, Where Will the Market Go” in the Chains community. AMA article link: http://public.tokenup100.com/page/article.html?articleId=f1db8c6bfaa94886bbdd863ec9908252&from=timeline&isappinstalled=0 b. On May 8th, Bilaoye was invited by Golden Finance to conduct an AMA with the theme “Bitcoin Breaks Over US $ 10,000 and Will Do This in Half”. Review link: https://m.jinse.com/live/topic?id=11813&from=singlemessage&isappinstalled=0 C. On May 14, Bilaoye was invited by Cailu Finance to conduct an AMA with the theme of “Correct Postures for Depositing Money” in the Cailu community.Review link: https://preview.redd.it/47prnpkv8cz41.png?width=1080&format=png&auto=webp&s=5baa2e06ec09ecdd60adb609bac247333059c016 2.TokenClub Live 1) Summary Recently, Feng Yuqing, the director of Yicai Global America, the first Chinese reporter to interview Buffett, the organizer & host of the First Financial New York Forum; a world-renowned financial expert, a professor of finance at the Cheung Kong Graduate School of Business, and the director of the finance department -Cao Huining; ARPA founder Felix, SWFT Blockchain one-stop currency exchange cross-chain platform operation in Greater China & BD leader-Ye Fei, mining big man Binxin Mining CEO “Feige”, contract emperor co-founder Xiaoding, AlchemyPay co-founder Shi Xiang, financial expert & first-line trader Xu Zhe, Huobi Key Account Manager-Xiaotong, Roark Group & Bitribe & 499 Block founder sky, Cobo co-founder Shenyu, DappReview CEO Niu Fengxuan, IOST co-founder Terry; and TokenClub blockchain and cryptocurrency investment strategy senior expert-Zao Shen talks with you about the blockchain ~ On May 6, Block 101 Sisi Dialogue Felix, the founder of the hard-core technical team on the blockchain, ARPA Felix, the theme is “The Wall Street Battle of the Wall Street Elite”. In this live dialogue, the resume is dazzling. , The young man who was free to switch between “Yangchun Baixue” and “earthed gas” from the team’s initial heart chat to his investment strategy to the judgment of the entire currency market, his fanaticism of rock seems to explain a series of “adventure” options- — Longing for a more free and innovative world. https://preview.redd.it/7fahx79x8cz41.png?width=1080&format=png&auto=webp&s=b0282a4fb4730d2898b15326d42e0460a3b92f10 On May 6th, TokenClub invited the one-stop SWFT Blockchain currency exchange cross-chain platform Greater China operation & BD leader-Ye Fei as a guest to “Jingjing at 8 o’clock” live broadcast, bringing us “flash exchange in the future block The theme of “Chain Payment Ecosystem” is shared. Mr. Ye made a detailed interpretation of SWFTC, and revealed the development plan of SWFTC, and exchanged questions and answers with fans enthusiastically. https://preview.redd.it/27thi7cy8cz41.png?width=1080&format=png&auto=webp&s=df20cc7176e671942d85edf6b0790c0b8020663f On May 7th, Block 101 Luna talked to the CEO of the mining industry, who is most familiar with KTV, Kexin Mining, “Fei Ge”. Liu Fei talked to Bin An Luna, he counted his mining “stepping on the pit road” “, Talking about halving the market and investment experience, talking to the second half, wearing a red Polo shirt, he began to persuade everyone to learn more in the KTV in Beijing at night, and recommended books. https://preview.redd.it/4nhtp1sz8cz41.png?width=1080&format=png&auto=webp&s=03b8e1da731eefd1d57f65e3d1fa337e7eaafd66 On May 8, the TokenClub live column-”Professor had an appointment” shared the theme: “BOC crude oil treasure and financial derivatives market”. In this issue, Professor Cao invited the first U.S. Global Director of the United States, the first Chinese reporter to interview Buffett, the organizer & host of the First Financial New York Forum, and Columbia University Master of International Relations Feng Yuqing to share with guests on Chain, digital currency financial derivatives market, etc. have done a detailed exchange analysis. https://preview.redd.it/4zgaxsw09cz41.png?width=1080&format=png&auto=webp&s=a88fc93057a631cc152b225dfb186385abaffbd6 On May 8th, block 101 was led by Binance BD’s head Li Jiayi, who talked about contract emperor co-founder Xiao Dingdang. He is an old code farmer who is known for his futures contract operations. He wrote a 10-year code, and the front end Everyone is familiar with it, and it is hard to say anything on the line of speech. Frankly, he talked from his fortune history to the story of the endless number of contract circles, and shared his trading iron law with everyone: there must be a stop loss; must practice more and try more. https://preview.redd.it/90hyrg639cz41.png?width=1080&format=png&auto=webp&s=ded092ee130fa72d7b38e2ee9ca9b4d67d382c71 On May 9th, Zaoshen is coming ~ The sharing theme of this issue is: The Yangtze River will push back and forth, and one wave will be more than one wave. Speaking of the “Houlang” hot event, Zao Shen mainly analyzed the halving market with everyone in detail, to see how many opportunities there are and what strategies to choose. Soul asked: How much money did you make in this wave of quotes? https://preview.redd.it/dwh2ojp49cz41.png?width=1080&format=png&auto=webp&s=466850dcc4d01e49872b144e49369c859256a67c On May 11, Block 101 was discussed by Binance Qiqi Dialogue AlchemyPay co-founder Shi Xiang, the former vice president of Zhongan Technology and the founder of Micro Index shared with you the experience of dealing with overseas regulators: supervision is not actually strong Groups, regulation will strike you because you are worried about doing bad things, but as long as you are willing to actively communicate, regulation usually gives a tolerance period. For more content, please move to the live room. https://preview.redd.it/grgnfkw59cz41.png?width=1080&format=png&auto=webp&s=83afa9faf03d4da0b26fc85f9e0c562127ca9f83 May 12, Exclusive: Huobi Global & Knowing Daniel Interpretation of “Physical Currency, Debt Currency to Encrypted Digital Currency”. The key account manager of Huobi Global has a conversation with financial expert and front-line trader Xu Zhe, talking about physical currency, debt currency and encrypted digital currency. Work is tired enough, the market is already exciting enough, pick Xu Da Tucao various currencies, teach you to return all the money. The value of the young lady’s face is a feeling of emotion. https://preview.redd.it/8vsehsc79cz41.png?width=1080&format=png&auto=webp&s=b305df0b0c51b339ef109d8041da4ae05a7f7fd0 On May 12, Block 101 was founded by Binance Thinking, the founder of Roark Group, Bitribe, and 499Block. Sky, a science and technology man from Tsinghua University and MIT, has the title of “Coin Circle Zheng Kai”. Sky said that starting a business in the blockchain industry is like drifting in the turbulent Amazon River. If you do n’t believe that you will eventually reach the sea, you will be thrown off. Sky believes that Bitcoin is essentially a consensus based on time. Halving is like escaping the monsters, and each level increases the consensus. https://preview.redd.it/gc9mgni89cz41.png?width=1080&format=png&auto=webp&s=2842c60a520c27993f8b4d1c611e112514352482 On May 13th, Block 101 Luna talked to F2Pool and Cobo co-founder Shenyu, and talked about the “new” story of Bitcoin. Leo ’s Godfish talked to us about the monopoly of computing power, mining pool operations, halving and Cobo ’s future development goals. He said that 80–90% of personal assets are Bitcoin, and about 10% of Ethereum and other Strange coins from mining. It is called “the first segment of the coin circle” because “more pits are filled, so in the end each pit becomes a stalk.” https://preview.redd.it/rga6ean99cz41.png?width=1080&format=png&auto=webp&s=243c7aae2d8144621e913f3c8615465eea1d42e4 On May 14, Niu Fengxuan, CEO of DappReview, talked about “how ordinary people make money through Dapp”. Niu Fengxuan graduated from Fudan and Stanford. He is a serious game enthusiast. He has written many in-depth game evaluations and is an early participant of Dapp. He said that many people think that the biggest application of blockchain is speculation, but the technology ultimately serves products and applications. In the long run, if blockchain can really bring changes and innovations to the world technically, then it must be C-side users should feel it in a more friendly way in other fields. https://preview.redd.it/zx38u5qa9cz41.png?width=1080&format=png&auto=webp&s=da5a65164e1ee8a3b91e446bdce8c5c7e905990f On May 15th, Block 101 Yingge talked to IOST co-founder Terry and talked about “The Blockchain Ideal of Princeton Schoolmaster”. Terry told us about his sad history, happy history, and experience and experience of mining from college mining to graduate school to entrepreneurship, talked about the development direction of the blockchain market, and interacted with fans. https://preview.redd.it/uats2yqb9cz41.png?width=1080&format=png&auto=webp&s=aba5587f0a96b0e31b3b205ea0d7a48a03664dd5 On May 16th, senior expert Zao Shen brought a live broadcast on the theme of “Depth Is Insufficient In Operation, How To Play With Crash”. In this live broadcast, in addition to analyzing the macro level of the economy, Zao Shen also focused on sharing The specific operation skills emphasized the principle of buying and selling, and finally commented on the hot events such as the recent Federal Reserve announcement that it will not fall to negative interest rates. 3.TokenClub operation data -Live data: 13 live broadcasts in the past two weeks, with over 600,000 views. TokenClub hosted a total of 835 live broadcasts with a total of 44.25 million views. -Binary trade data: In the past two weeks, guess the rise and fall to participate in a total of 1060 times, the amount of participation exceeded 2 million TCT. At present, it is guessed that the rise and fall function has participated in a total of 1.11 million times, with a cumulative participation amount of 496 million TCT. -Chat data: In the past two weeks, a total of 28,950 messages have been generated. A total of 4.83 milliom messages have been launched since the function was launched. -Mini-game data: The mini-game has participated in a total of 7,830 times in the past two weeks. A total of 1,66 million self-functions have been online. -Cut leeks game data together: Since the game was launched, the total number of user participation in the game was 954,364 TCT total consumption was 6,27 million gift certificate total consumption was 15,53 million and TCT mining output was 160,48. -TokenClub KOL data: Over the past two weeks, the total reading volume of the BTCGrandpa article has been viewed by more than 300,000 people. -Social media data: At present, the number of Weibo official accounts is 17,972 and the number of Twitter followers is 1310, and we have opened the official Medium account this week, welcome to follow. -Telegram official group data: In the past 2 weeks, there were 310 chats in the group, and the total number of Telegram official groups is currently 2971. -Medium data: Medium official account u/TokenClub has published 1 excellent articles, official announcements and updates are published in English, welcome to follow. 4.Communities 1)Overseas community TokenClub held an event for forwarding Twitter and telegram group chats for overseas users. Bitcoin halved in less than two weeks, overseas users are more active in the telegram group, and some friends are more concerned about Binance Block 101 live broadcast, aggregation exchange, TCT usage and other issues, the administrator responded in time.On May 12th, when Bitcoin was halved, TokenClub organized a forwarding Twitter, telegram group chat prize event and participating in a live question asking interactive prize event for overseas users. There are many live broadcast events in the near future. The live broadcast poster information will be released to overseas users as soon as possible. The follow-up TokenClub will translate and broadcast high-quality live broadcast content to Twitter and Medium. Bitcoin halved, overseas users are more active in the telegram group, and some partners are more concerned about block 101 live broadcast, bitcoin future price trend, TCT usage and other issues, the administrator responded in time in the group. https://preview.redd.it/msi423re9cz41.png?width=1080&format=png&auto=webp&s=f0c453445cea34b8cba807e8bfa237dabfe9fb24 2)Domestic community Last Friday, a holiday, the community opened the red envelope rain event, and brought a sincere gift to everyone while relaxing in the holiday. At the same time, it also sent the most sincere blessings to all mothers in the community on Mother’s Day. Thank you for your long-term support and help to the Orange Club community. The third week of the second 100-day fixed investment plan held this week has been awarded. The participation of this event is still quite positive. This week, the bitcoin halving market was also opened in advance. If it starts according to the first day The small partners participating in the fixed investment should now have a certain floating win, so we adopt the correct cycle investment strategy to believe that it can bring unexpected benefits to everyone. On May 9th and May 16th, TCT Fortune Free Academy carried out red envelope party activities as scheduled. In the event, in addition to GF red envelopes, students were reminded that there may be a callback risk after the pie halving, and short-term profits are available. On the evening of May 3rd and May 10th, TCT Fortune Free Academy carried out the 51st and 52nd week sign-in sweepstakes, and rewarded the small TCT partners who had always insisted on signing in. In these two sign-in sweepstakes, the lucky friends received 20–180TCT as a reward. In addition, during the lucky draw, the college friends also actively expressed their opinions on the topic of this year’s bull market. The Leek Paradise Community Conference will continue as usual every Sunday at 20:00. During the conference, members will discuss recent hot topics, including gifts and blessings for Mother ’s Day, and the halving of Bitcoin everyone is paying attention to. At the end, the friends in the group also showed a rare enthusiasm at the first sight. It seems that the market still affects the mood. The members routinely started a red envelope rain to cheer for the participating partners and encourage everyone to maintain patience and confidence. Of course, at the same time, we are encouraging ourselves to see the community meeting next week. Come on! TokenClub volunteer community, sign in red envelopes every day, as long as you sign in every day, you can get good benefits, friends join us quickly! In the past two weeks, the community has conducted active partners. TCT has been listed on Binance、Okex、Gate.io、ZB-M、MXC、Biki、Coinex、BigOne、Coinbene、Cybex、SWFT、Loopring、Rootrex etc. TokenClub website: www.tokenclub.com Telegram：https://t.me/token\_club TokenClub App download QR code https://preview.redd.it/59o55ojn9cz41.png?width=560&format=png&auto=webp&s=b3b3f69f59d6f25c87319d7e9331435e36e27ba7
Re-Launching The Borderless, Unkillable Crypto-Fiat Gateway, DAIHard. Enter or Exit Crypto via Any Fiat and Any Payment Method, Anywhere in the World, Without KYC. All you need is a little Dai.
Some of you might recall recall our initial facepalm failed launch about 3 months ago (post-mortem here). Well, we're back--this time with an audit and some new features. This version of DAIHard should should die a little harder this time ;)
After shopping around a bit in the auditor space, we decided to go with Adam Dossa--the very same Adam Dossa that actually found our launch vulnerability and responsibly disclosed it to us! You can see his report here. By the way, Adam has been a gem: friendly, professional, timely, and flexible. Definitely keep him in mind if you need an audit!
Following is an updated version of our original launch post. If you've already read that, you might want to skip to the heading What's New in v0.9.2. Or you can go straight to the app or go to our info site for more info! Here is a legitimate concern most of us are familiar with:
To enter or exit the crypto economy, we rely on centralized exchanges such as Coinbase, which track their users, impose limits, and are tightly coupled to their jurisdiction and its banking system. And for all we know, any day now regulations could start tightening these controls further (*we've actually seen some of this play out in the two months since our first launch post). In light of this, can we say in any meaningful sense that crypto is anonymous, limtiless, borderless, immune to regulation, and (most importantly) unstoppable?
To really address this concern, we need a completely decentralized gateway between fiat and crypto: something that extends the benefits of crypto to the very act of moving between the old and new economies. But the design of such a platform is far from obvious. (Localethereum comes close, but as discussed under Unkillable, it doesn't quite cut it. And Bisq is decentralized, but has significant UX hurdles.) We believe we've found a solution. We are proud to present:
DAIHard v0.9.2 - Almost Definitely Not Broken This Time
If you want to jump right in, we recommend first watching our latest usage demo (7 min), then diving in and giving it a shot with a small amount of Dai. (Try it on Kovan first if mainnet is too scary!) DAIHard extends many of the promises of crypto (borderless, anonymous, limitless, unstoppable) into the exchange mechanism itself, allowing anyone, anywhere to bypass centralized exchanges and the control they impose. More concretely, DAIHard is a platform, run on smart contracts, for forming one-off crypto/fiat exchanges with other users, in which:
The method of fiat transfer is open-ended, but agreed upon up-front (for example: bank transfer, cash handoff, transfer of online credit, cash drop...).
You and the counterparty can communicate via end-to-end encrypted chat to coordinate the fiat transfer (i.e. communicate bank account number or reveal a cash drop location).
Crucially, in the last phase, the Seller can choose to burn the Dai instead of releasing it to the Buyer (but he can't get it back). This credible threat of burn is what makes the platform reliable in the absence of a centralized group of arbitrators or moderators. For more on this see the DAIHard Game Theory medium article (10 min read).
You Need either xDai, or both Dai and Ether, to Use The Tool (At Least For Now)
If you want to buy Dai on DAIHard, you must already have Dai--1/3 of the amount you want to purchase--to put up as a burnable deposit. For example, if you only have 10 Dai now, you can only commit to buying 30 Dai, and must complete that trade before using the newly bought Dai to open up a bigger offer (for up to 120 Dai that time). Most tragically of course, this means that if you don't already have some crypto, you can't use this tool to get crypto--this is why we avoid calling DAIHard an onramp specifically. This comes from the fact that both parties must have "skin in the game" for the game theory to work, and a smart contract can only threaten to burn crypto. We have some ideas on how to address this drawback in the not-too-distant future, which we'll write about soon. For now it's time to launch this thing and get some users!
Dangerous and Scary To Use
In rare cases, a user may have to burn Dai and face a loss on the entire trade amount. The necessity of this ever-present risk is explained in detail in DAIHard Game Theory. However, a cautious, rational user can gather information (possibly via our [subreddit](daihard)!) about how people have used the tool, successfully and unsuccessfully. They can then create a buy or sell offer with wisely chosen settings based on what has worked for others. Other cautious, rational users can find this offer and commit to the trade if they dare. We expect the vast majority of committed trades should involve rational, cautious users, and should therefore resolve happily. Still, inevitably there will be sloppy trades that result in burns. As the tool is used, we'll be keeping a close eye on the frequency of burns and keeping you guys updated (perhaps via a "System Status" utility similar to the one found on MakerDao's explorer). In the end, though, we expect the risk in using DAIHard to be comparable to the risk of using any exchange or DNM: ever-present but low enough for the platform to be useful as whole. So, while DAIHard will never shut down and can't perform an exit scam, the bad news is it's not risk-free. Users will have to approach DAIhard with the same level of caution they would with any new exchange (albeit for different reasons and with a different approach). So what's the good news?
The Good News
While these drawbacks are significant, they enable some remarkable features that no other crypto/fiat exchange mechanism can boast.
(Correction: Bisq seems to have a decentralized arbitration system) We are aware of no other crypto/fiat exchange platform that is truly unkillable. Bisq and localethereum comes close, but both localethereum relies on centralized processes of arbitration. This means their fraud-and-scam-prevention system can be sued, jailed, or otherwise harrassed--and if that part stops working, it doesn't matter how decentralized the rest of the system was. DAIHard, in contrast, gives the users the power to police and punish each other, via the aforementioned credible threat of burn. This is simple game theory, and the rules of this game are etched permanently into the DAIHard Factory and Trade contract code: impervious to litigation, regulation, and political pressure. This Factory contract has no owner and no suicide or pause code. It cannot be stopped by us or anyone else. Like Toastycoin, this thing was immortal the moment it was deployed (even more immortal than RadarRelay, for example, which does rely on an ownership role). Both DAIHard and Toastycoin (and probably whatever we build next) will last for as long as a single Ethereum node continues mining, and it will remain easy to use as long as someone can find the HTML/JS front-end and a web3 wallet. (The HTML/JS front-end (built in Elm, by the way, with the lovely elm-ethereum!) is currently hosted on Github pages, which is centralized--but even if Github takes down the page and deletes the code, it's a minor step to get the page hosted on IPFS, something that is on our near-term roadmap in any case)
No KYC, No Limits
It's smart contracts all the way down, so DAIHard never asks any nosy questions--if you have Metamask or some other web3 wallet installed and set up, with some ETH and Dai (or just xDai), you can immediately open or commit to a trade. You don't even need a username! (In fact, we're so inclusive, even machines are allowed--no CAPTCHA here!) You're limited only by the collateral you put up, so if you have 10,000 Dai you could open up a buy offer for 30,000 Dai (or a sell offer for 10,000 Dai) right now. We do reccommend trying the tool out first with a small amount of Dai... But we're not your mom! Do what you want!
It simply doesn't matter where you are, because DAIHard doesn't need to interface with any particular jurisdiction or payment system to work. DIAHard works by incentivizing people (or robots?) to navigate the particular real-world hurdles of bank transfers, cash drops, or other fiat transfer methods. These incentives work whether you're in America, Zimbabwe, or the Atlantic; they work whether the fiat is USD, EUR, ZAR, seashells, or Rai Stones; and they work whether your counterparty is a human, an organization, a script, or a particularly intelligent dog with Internet access.
Any Fiat Type, and Highly Customizeable
Here are some examples of the types of trades you might create or find on DAIHard.
Sell 5 xDai for $5 USD, sent via TransferWise.
Sell 200 Dai for $180 USD, granted they bring the cash to you by tomorrow afternoon in Central Park, NYC.
Buy 20 Dai with a $30 gift card for Amazon AWS that you were never going to use.
Sell 20 Dai in exchange for a $20 Steam game.
While in Vietnam, sell 200 Dai to someone for €180 anytime in the next two weeks, provided they deposit it into your German bank account.
While in Germany, sell 20 Dai to someone in exchange for them refilling your pre-paid Vietnamese phone plan.
Buy 500 Dai for $550 via PayPal, but wait 3 weeks for before the Dai is released (so the paypal transaction can't be reversed).
As the DAIHard community grows, users will doubtless find much more creative ways to use the system, and we will discover together which types of trades are reliable and which are more risky. Because users can set their own prices and phase timeout settings, we expect the risky trades to charge a premium or have longer time windows, while the reliable ones rapidly multiply at close to a 1:1 price ratio, with quick turnaround times.
Extensible (with profit) by Third Parties
Not satisfied with our interface? Do you have some nifty idea for how to display and organize user reputation? Or maybe some idea for how trades could be chained togeher? Maybe you'd like to design a notification system for DAIHard? Maybe you just want a different color scheme! Well, you won't need our permission to do any of this. Any tool that watches the same Factory contract will share the pool of trades, regardless of which tool actually creates the trade. This means we don't even have to fight over network effects! And if you look closely at our fee structure, you might notice that only half of the 1% DAIHard fee is "hardcoded" into the Factory contract. The other half is set and charged by our interface. What does this mean for you? If you go out and make a better interface, you can essentially replace half of our 1% fee with your own fee--it's up to you whether it's smaller or larger than the replaced 0.5%. The reason for this is to explicitly welcome other developers to extend what we've built. For as long as our team is the only one improving the platform, a threat to us is a threat to future upgrades. But if others begin extending the DAIHard platform too, then DAIHard will not only be unstoppable as it is today, but also grow unstoppably.
(For Real This Time) This Is a Big Fucking Deal
DAIHard is a turning point in crypto and a breakthrough in decentralized markets, and is an irreversible augmentation of the Ethereum platform. What we've built is a gateway to crypto completely devoid of centralized components--rendering entry and exit to crypto unkillable, flexible, borderless, and private. Centralized exchanges, and the control they impose, can now be bypassed by anyone with Dai and a web3 wallet.
What's New in v0.9.2
There have been many changes made since our first failed launch, but there are two rather important ones: xDai support and reputation tools.
DAIHard is now operational on xDai, a sidechain whose native token (xDai) is pegged to the Dai (and therefore $1). Add the xDai network to your Metamask (or just install Nifty Wallet), then switch to the xDai network in your wallet, to try it out. xDai has some pretty incredible benefits, compared to vanilla Ethereum:
Price: On xDai, a single DAIHard trade costs on the order of $0.01 to run start-to-finish, rather than the accumulated $2.40 (with the best-case-scenario 1gwei gas price) you'll spend on vanilla Ethereum.
Speed: Trade actions mine much faster, and don't require ERC20 'approve' transactions, making the whole process way snappier.
Gas priced in xDai: the main benefit here is that you only need one token (xDai) rather than two (Dai and Eth). Also, it's just nice having the gas cost expressed in (essentially) USD!
We now have a few reputation tools. First, on any open trade, there is a widget showing the number of releases, aborts, and burns the given address has been involved in as that role (buyer or seller). Clicking on this expands the widget to show more detailed information, and also provides a link to a page that lists each trade this user has been or is involved in.
We have tons of ideas on how to improve the product--too many, in fact, to commit to any before we get a good chunk of user feedback. Here are some of our favorite ideas:
A "QuickTrade" page, offering Trade Templates as an alternative to the current Create Offer page.
Big Exciting Features
Bootstrapping people with no DAI via other mechanisms and community outreach.
Partial commits to trades. eg. Place a 10,000 DAI trade and allow it to be picked up in blocks larger than 500 DAI at a time.
More chains, get this thing working on Bitcoin via Rootstock, on Ethereum Classic and Binance Chain.
A lot of the above features will be prioritized more clearly as we get user feedback, and we will be posting fairly frequent updates and articles on our info site. If you don't want to miss anything, note the subscribe widget and sign up!
AMA Recap of CEO and Co-founder of Chromia, Henrik Hjelte in the @binancenigeria Telegram group on 03/05/2020.
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BITCOIN $380K END GAME!! BINANCE LIBRA FORK? - Programmer Explains
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