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Bitcoin Fullnode Install Guide for Dummies ;-)

Bitcoin Fullnode Install Guide for Dummies ;-)
Feel free to stop at Level 0 or Level 1, which is fine. More advanced configs are offered to those with more tech savvy. This guide, obviously assumes a Windows 10 install, but other OSes work fine, just find a different guide. BTW, the "For Dummies" is a callback to a set of "tech" books in the 90's intended to be as easy as possible. It is in jest and not intended to insult the reader. Finally, if you dislike the formatting, a well formatted copy can be found here
There is a fairly small subset of Bitcoin users that run a full node. I think the idea of running a full node has gotten a bad rap over the years since there is so much talk about running on a Raspberry Pi, or getting zippy SSDs. Although all of this can be fun, it is often not really required at all. Here are some ways to run a full node starting with the very simple. I'll get into more complex configs, but these are all optional.

Tech Skill Level: 0 (the basics)

  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
In many cases, thats it. If your running a new machine with a fairly good internet connection, 8 or 9 hours will be enough to complete the "Initial Block Download" (IBD). This may fill up your drive a bit, but again, on most new machines, 300 GB of space isn't that hard to come by.

Tech Skill Level: 1 (encrypted wallet)

One thing we left out in the level-0 exercise is encrypting your wallet. It's easy enough to do well, but a bit more difficult to do right. The main challenge is that humans generate really poor passwords. If you want a good password, the best way is to use something called "diceware". Basically, you just grab 4 or 5 dice and each throw of the dice represents a certain word on a special list. The throw {1,4,5,3,1} for example would be the word camping on the EFF-diceware-wordlist. So you repeat this a few times until you have a list of 8 or so words which becomes the passphrase you use to encrypt your wallet. Write it down, it is always hard to remember at first. So at level-1 your list becomes:
  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Choose Encrypt Wallet from the Settings menu
  5. Enter your 8 word (or so) passphrase generated using the Diceware method

Wallet Encryption Dialog

Tech Skill Level: 2 (enable pruning if needed)

Though I said "300 GB of space isn't hard to come by", some times it actually is. If space is an issue, a simple way to fix it is to tell bitcoin to simple take less space. This is called "pruning" and can take that number from 300 GB down to below 5 GB. If you can't find 5 GB, then you'll have to read ahead to level-4 to add USB storage. But the good news is, enabling pruning is pretty easy, we just add another step to our working list:
  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Do the wallet encryption steps here if you wish
  5. Choose Options from the Settings menu
  6. Choose Prune block storage to: and select the max size for the blocks to use
  7. Exit and restart the bitcoin application for the changes to take effect

Pruning Dialog
Note, even setting this to 1 GB will still leave you with about a 4.5 GB install. The blocks take up a lot of space, but the chainstate and other folders eat up at least 3.5 GB and they can't be pruned. Also, be aware, to disable pruning requires you to perform the entire IBD again. While pruned some other functions my be disabled as well, so just know that pruning does limit some functionality.

Tech Skill Level: 3 (verify the installer)

Although this is arguably something that should be done at level-0, some find the intricacies of comparing hash (thumbprint) values to be tedious and beyond the scope of a beginner. You will find these types of hash compares suggested quite often as a way to prevent running tainted programs. Programs are often tainted by bad disk or network performance, but most often, taint is malicious code inserted by viruses or malware. This is a way to guard yourself against those types of attacks.
What I cover here is a very basic comparison on the certificate, but a more thorough verification advised by mosts uses a program called Gpg4Win, and is beyond the scope of this beginners guide. But regardless, most users should strive to do this minimum level of validation.
  1. Download Bitcoin Core
  2. Launch the downloaded installer
  3. When prompted "Do you want to allow..." click Show more details
  4. In the details section select Show information about the publisher's certificate
  5. In the certificate window select the Details tab
  6. In the Details tab Subject should start with "CN = Bitcoin Core Code Signing Association"
  7. Ensure Thumbprint in Details reads ea27d3cefb3eb715ed214176a5d027e01ba1ee86
  8. If the checks pass, click OK to exit the certificate window and Yes to allow the installer to run.
  9. Launch the installed "Bitcoin Core" app and let it run overnight
  10. Do the wallet encryption steps here if you wish
  11. Do the optional pruning steps here if you wish

Certification Validation Windows
Note: The certificate used to sign the current Bitcoin installer is only valid from March 2020 to March 2021. After that point the thumbprint on the certificate will change. This is by design and intentional. If your reading this post after March 2021, then it is understood that the thumbprint has changed.

Tech Skill Level: 4 (use secondary storage)

We glossed over the "new machine with fairly good internet" part. Truth be known many people do not have fairly new machines, and find the IBD to take longer than the "over night" best wishes. For most people the slowdown is the disk access when calculating what is called chainstate. This requires fast random reads and writes to the disk. If you have an SSD disk, this will be no problem, but if you have a non-SSD "spinning" disk, random writes are always slow. Though an SSD will speed things up, they are pricey, so a nice middle ground may be a simple high-end USB key drive. You can get some with 10 to 15 MB/s random writes for $20 on Amazon. This is usually a order of magnitude faster than a "spinning" disk. And with pruning (see level-2), a small USB drive should be fine.
Once you decide on a drive, the tricky part will be to enable external storage. It requires editing a configuration file and adding a line. First, we want to create a directory on the key drive. You will need to determine the drive letter of your USB key drive. For the sake of this example, we will assume it is D:, but you must determine this yourself and correct the example. Once you know the drive letter, create a blank folder on the drive called Bitcoin. So for this example, creating Bitcoin on drive D: will create the path D:\Bitcoin. Once done, assuming that D: is your drive, here are the new steps including the edit of the configuration file:
  1. Download Bitcoin Core
  2. Launch the installer, verify it, then run it
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Do the wallet encryption steps here if you wish
  5. Do the optional pruning steps here if you wish
  6. Launch "Notepad" by typing "Notepad.exe" in the windows search bar then click Open
  7. Type the line datadir=D:\Bitcoin (depending on your drive letter) in the blank file
  8. Choose Save from the File menu in notepad
  9. Type %APPDATA%\Bitcoin\bitcoin.conf (note the percent signs) in the File name box
  10. Select All Files from the Save as type dropdown
  11. Click the Save button and overwrite the file if prompted
  12. Exit and restart the bitcoin application for the changes to take effect

Save As Dialog
Now that you've reached this level of technical expertise, there are many new configuration options that you can begin to modify if you wish. Most configuration data is contained in the bitcoin.conf file and learning how to maintain it is a key step for a node operator.

Tech Skill Level: 5 (all other customizations)

Here's a short list of various things you can ADD to your bitcoin.conf file. You generally just add a new line for each configuration settings.
  • addresstype=bech32
  • changetype=bech32
The addresstype / changetype allows your wallet to use the native-segwit (bech32) format. This is the most efficient and inexpensive way to spend bitcoin, and is a recommended configuration. The default uses something called p2sh-segwit which is more compatible with older wallets, but more expensive to spend.
  • minrelaytxfee=0.00000011
Changing the minrelaytxfee setting allows you to help propagate lower fee transactions. It will require more memory but TXN memory is capped at 300 MB by default anyways, so if you have enough memory, it is a good setting to choose.
  • dbcache=2048
The dbcache setting controls how many MB of memory the program will use for the chainstate database. Since this is a key bottleneck in the IBD, setting this value high (2048 MB) will greatly speed up the IBD, assuming you have the memory to spare
  • blocksdir=C:\Bitcoin
  • datadir=D:\Bitcoin
In level-4 we discussed moving the datadir to a fast external storage, but the majority of the space used for bitcoin is the blocks directory (blocksdir). Although you should always use for fastest storage for datadir, you are free to use slow storage for blocksdir. So if you only want to consume a small amount of your SSD (assumed D:) then you can keep your blocks on your slow "spinning" drive.
  • upnp=1
One of the harder challenges you may face running a node, is to get incoming connections. If you are lucky, you may find that your firewall and network HW support the uPnP protocol. If they do, this setting will allow bitcoin to configure uPnP to allow incoming connections to your node. Other methods exist to make your node reachable, but they are well beyond the scope of this guide.
submitted by brianddk to Bitcoin [link] [comments]

BCH blocks needs to be able to process 6.7 GB blocks in order to collect the same fee as BTC on average while guaranteeing that 0-conf would function during the biggest shopping days

  1. We assume that 0-conf is the method for fast transactions.
  2. For 0-conf to function well transactions must be included in the next transaction almost always. If it doesn’t a fee market is developed making 0-conf to expensive.
  3. In order for BCH to generate as much money to miners through fees as BTC the BCH blocks needs to be 850 times bigger than the BTC blocks, because BTC transactions are 850 times more expensive than BCH. This number was taken from coin.dance just now.
  4. BTC blocks are 1.21MB in size. This number was also just taken from coin.dance just now.
  5. VISA has an average of 1700 tps currently.: In 2011 the peak load for VISA was 11 000 tps. . This is comparing an average from 2019 with a peak in 2011. The peak is likely higher now but these are the numbers I could find. It gives us that the ratio of max/average conservatively estimated is 11000/1700 = 6.5 times higher than the average.
Now we can make a few calculations.
a. the average BCH block size needs to be 1.21MB * 850 = 1028 MB to collect the same fees that BTC is collecting today. b. In order for 0-conf to work reliably the max block size needs to be 6.5 times bigger than the average.
This means that BCH blocks needs to be able to process 1028 * 6.5 = 6.7 GB blocks in order to collect the same fee as BTC on average while guaranteeing that 0-conf would function during the biggest shopping days.
Please note, this is a reasoning about profitability and function. Not about how much transaction capacity that is needed.
submitted by N0tMyRealAcct to btc [link] [comments]

Gridcoin 5.0.0.0-Mandatory "Fern" Release

https://github.com/gridcoin-community/Gridcoin-Research/releases/tag/5.0.0.0
Finally! After over ten months of development and testing, "Fern" has arrived! This is a whopper. 240 pull requests merged. Essentially a complete rewrite that was started with the scraper (the "neural net" rewrite) in "Denise" has now been completed. Practically the ENTIRE Gridcoin specific codebase resting on top of the vanilla Bitcoin/Peercoin/Blackcoin vanilla PoS code has been rewritten. This removes the team requirement at last (see below), although there are many other important improvements besides that.
Fern was a monumental undertaking. We had to encode all of the old rules active for the v10 block protocol in new code and ensure that the new code was 100% compatible. This had to be done in such a way as to clear out all of the old spaghetti and ring-fence it with tightly controlled class implementations. We then wrote an entirely new, simplified ruleset for research rewards and reengineered contracts (which includes beacon management, polls, and voting) using properly classed code. The fundamentals of Gridcoin with this release are now on a very sound and maintainable footing, and the developers believe the codebase as updated here will serve as the fundamental basis for Gridcoin's future roadmap.
We have been testing this for MONTHS on testnet in various stages. The v10 (legacy) compatibility code has been running on testnet continuously as it was developed to ensure compatibility with existing nodes. During the last few months, we have done two private testnet forks and then the full public testnet testing for v11 code (the new protocol which is what Fern implements). The developers have also been running non-staking "sentinel" nodes on mainnet with this code to verify that the consensus rules are problem-free for the legacy compatibility code on the broader mainnet. We believe this amount of testing is going to result in a smooth rollout.
Given the amount of changes in Fern, I am presenting TWO changelogs below. One is high level, which summarizes the most significant changes in the protocol. The second changelog is the detailed one in the usual format, and gives you an inkling of the size of this release.

Highlights

Protocol

Note that the protocol changes will not become active until we cross the hard-fork transition height to v11, which has been set at 2053000. Given current average block spacing, this should happen around October 4, about one month from now.
Note that to get all of the beacons in the network on the new protocol, we are requiring ALL beacons to be validated. A two week (14 day) grace period is provided by the code, starting at the time of the transition height, for people currently holding a beacon to validate the beacon and prevent it from expiring. That means that EVERY CRUNCHER must advertise and validate their beacon AFTER the v11 transition (around Oct 4th) and BEFORE October 18th (or more precisely, 14 days from the actual date of the v11 transition). If you do not advertise and validate your beacon by this time, your beacon will expire and you will stop earning research rewards until you advertise and validate a new beacon. This process has been made much easier by a brand new beacon "wizard" that helps manage beacon advertisements and renewals. Once a beacon has been validated and is a v11 protocol beacon, the normal 180 day expiration rules apply. Note, however, that the 180 day expiration on research rewards has been removed with the Fern update. This means that while your beacon might expire after 180 days, your earned research rewards will be retained and can be claimed by advertising a beacon with the same CPID and going through the validation process again. In other words, you do not lose any earned research rewards if you do not stake a block within 180 days and keep your beacon up-to-date.
The transition height is also when the team requirement will be relaxed for the network.

GUI

Besides the beacon wizard, there are a number of improvements to the GUI, including new UI transaction types (and icons) for staking the superblock, sidestake sends, beacon advertisement, voting, poll creation, and transactions with a message. The main screen has been revamped with a better summary section, and better status icons. Several changes under the hood have improved GUI performance. And finally, the diagnostics have been revamped.

Blockchain

The wallet sync speed has been DRASTICALLY improved. A decent machine with a good network connection should be able to sync the entire mainnet blockchain in less than 4 hours. A fast machine with a really fast network connection and a good SSD can do it in about 2.5 hours. One of our goals was to reduce or eliminate the reliance on snapshots for mainnet, and I think we have accomplished that goal with the new sync speed. We have also streamlined the in-memory structures for the blockchain which shaves some memory use.
There are so many goodies here it is hard to summarize them all.
I would like to thank all of the contributors to this release, but especially thank @cyrossignol, whose incredible contributions formed the backbone of this release. I would also like to pay special thanks to @barton2526, @caraka, and @Quezacoatl1, who tirelessly helped during the testing and polishing phase on testnet with testing and repeated builds for all architectures.
The developers are proud to present this release to the community and we believe this represents the starting point for a true renaissance for Gridcoin!

Summary Changelog

Accrual

Changed

Most significantly, nodes calculate research rewards directly from the magnitudes in EACH superblock between stakes instead of using a two- or three- point average based on a CPID's current magnitude and the magnitude for the CPID when it last staked. For those long-timers in the community, this has been referred to as "Superblock Windows," and was first done in proof-of-concept form by @denravonska.

Removed

Beacons

Added

Changed

Removed

Unaltered

As a reminder:

Superblocks

Added

Changed

Removed

Voting

Added

Changed

Removed

Detailed Changelog

[5.0.0.0] 2020-09-03, mandatory, "Fern"

Added

Changed

Removed

Fixed

submitted by jamescowens to gridcoin [link] [comments]

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Public Proposal TL;DR:

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

Hello Reddit and Ethereum community!

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

Executive summary

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

Response and PoC

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

Live Demo

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

Source Code

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

Scaling

How it works & scales

Architectural Scaling

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

Economic Scaling

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

Scaled Deployment

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

Flexibility in Scaling

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

Cost

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

Getting Started

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

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

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

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

Costs and resources

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

Requirements

Scaling

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

Decentralization

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

Usability Scaling solutions should have a simple end user experience.

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

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

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

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

Bonus Points

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

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

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

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

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

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

Bonus

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

TIME

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

Dragon Den

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

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

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

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

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

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

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

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

Other Considerations

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

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

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

Conclusion

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

Disney Releases Blockchain Platform as Open Source

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

Open Source

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

Dragonchain Foundation

The Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
submitted by j0j0r0 to ethereum [link] [comments]

Quick list of the most useful data resources in crypto

Compiled by the Messari Research team:
Dune Analytics - provides a number of pre-set sector and project specific dashboards on key metrics needed to assess the health of the industry. Create custom dashboards with SQL by directly querying the Ethereum blockchain.
Nansen - On-chain analysis providing various sector and project specific dashboards. Specifically useful for tracking behavior of specific ERC-20 movements from exchanges, unique addresses and large holders.
Token Terminal - Great for comparing traditional financial metrics like revenue generated by various protocols. Useful for generating relative valuation comparisons.
DeFi Pulse - DeFi Pulse’s Total Value Locked (TVL) metric has become the de facto approximation of the size of DeFi, calculated by summing all collateral locked in a given protocol.
Etherscan - Ethereum’s tried and true block explorer. Use cases include checking the status of current on-chain transactions, looking through historical transactions, viewing top holders of a certain token, and monitoring gas fees.
CoinMetrics - Broad range of on-chain, price, volume, mining, and supply data points for almost all major blockchains.
Glassnode - Multi-purpose data provider offering an array of charts and dashboards like “whale watching” chart that shows the number of addresses holding more than 1,000 BTC.
IntotheBlock - Another on-chain/market analytics tool great for conducting due diligence. Offers unique charts that show, for example, order book market depth.
Skew - The place for derivative data across bitcoin and ethereum futures and options, useful for analyzing crypto market structure during stress tests like Black Thursday.
Messari - The core screener tools allow me to keep up with short and long term price movements. The reports we’ve compiled are also great for tracking leading crypto funds.
The charting tool is great for tracking year-to-date performance:
More on using each resource here
submitted by CryptigoVespucci to ethereum [link] [comments]

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake
https://preview.redd.it/b80c05tnb9e51.jpg?width=2550&format=pjpg&auto=webp&s=850282c1a3962466ed44f73886dae1c8872d0f31
Submitted for consideration to The Great Reddit Scaling Bake-Off
Baked by the pastry chefs at Offchain Labs
Please send questions or comments to [[email protected] ](mailto:[email protected])
1. Overview
We're excited to submit Arbitrum Rollup for consideration to The Great Reddit Scaling Bake-Off. Arbitrum Rollup is the only Ethereum scaling solution that supports arbitrary smart contracts without compromising on Ethereum's security or adding points of centralization. For Reddit, this means that Arbitrum can not only scale the minting and transfer of Community Points, but it can foster a creative ecosystem built around Reddit Community Points enabling points to be used in a wide variety of third party applications. That's right -- you can have your cake and eat it too!
Arbitrum Rollup isn't just Ethereum-style. Its Layer 2 transactions are byte-for-byte identical to Ethereum, which means Ethereum users can continue to use their existing addresses and wallets, and Ethereum developers can continue to use their favorite toolchains and development environments out-of-the-box with Arbitrum. Coupling Arbitrum’s tooling-compatibility with its trustless asset interoperability, Reddit not only can scale but can onboard the entire Ethereum community at no cost by giving them the same experience they already know and love (well, certainly know).
To benchmark how Arbitrum can scale Reddit Community Points, we launched the Reddit contracts on an Arbitrum Rollup chain. Since Arbitrum provides full Solidity support, we didn't have to rewrite the Reddit contracts or try to mimic their functionality using an unfamiliar paradigm. Nope, none of that. We launched the Reddit contracts unmodified on Arbitrum Rollup complete with support for minting and distributing points. Like every Arbitrum Rollup chain, the chain included a bridge interface in which users can transfer Community Points or any other asset between the L1 and L2 chains. Arbitrum Rollup chains also support dynamic contract loading, which would allow third-party developers to launch custom ecosystem apps that integrate with Community Points on the very same chain that runs the Reddit contracts.
1.1 Why Ethereum
Perhaps the most exciting benefit of distributing Community Points using a blockchain is the ability to seamlessly port points to other applications and use them in a wide variety of contexts. Applications may include simple transfers such as a restaurant that allows Redditors to spend points on drinks. Or it may include complex smart contracts -- such as placing Community Points as a wager for a multiparty game or as collateral in a financial contract.
The common denominator between all of the fun uses of Reddit points is that it needs a thriving ecosystem of both users and developers, and the Ethereum blockchain is perhaps the only smart contract platform with significant adoption today. While many Layer 1 blockchains boast lower cost or higher throughput than the Ethereum blockchain, more often than not, these attributes mask the reality of little usage, weaker security, or both.
Perhaps another platform with significant usage will rise in the future. But today, Ethereum captures the mindshare of the blockchain community, and for Community Points to provide the most utility, the Ethereum blockchain is the natural choice.
1.2 Why Arbitrum
While Ethereum's ecosystem is unmatched, the reality is that fees are high and capacity is too low to support the scale of Reddit Community Points. Enter Arbitrum. Arbitrum Rollup provides all of the ecosystem benefits of Ethereum, but with orders of magnitude more capacity and at a fraction of the cost of native Ethereum smart contracts. And most of all, we don't change the experience from users. They continue to use the same wallets, addresses, languages, and tools.
Arbitrum Rollup is not the only solution that can scale payments, but it is the only developed solution that can scale both payments and arbitrary smart contracts trustlessly, which means that third party users can build highly scalable add-on apps that can be used without withdrawing money from the Rollup chain. If you believe that Reddit users will want to use their Community Points in smart contracts--and we believe they will--then it makes the most sense to choose a single scaling solution that can support the entire ecosystem, eliminating friction for users.
We view being able to run smart contracts in the same scaling solution as fundamentally critical since if there's significant demand in running smart contracts from Reddit's ecosystem, this would be a load on Ethereum and would itself require a scaling solution. Moreover, having different scaling solutions for the minting/distribution/spending of points and for third party apps would be burdensome for users as they'd have to constantly shuffle their Points back and forth.
2. Arbitrum at a glance
Arbitrum Rollup has a unique value proposition as it offers a combination of features that no other scaling solution achieves. Here we highlight its core attributes.
Decentralized. Arbitrum Rollup is as decentralized as Ethereum. Unlike some other Layer 2 scaling projects, Arbitrum Rollup doesn't have any centralized components or centralized operators who can censor users or delay transactions. Even in non-custodial systems, centralized components provide a risk as the operators are generally incentivized to increase their profit by extracting rent from users often in ways that severely degrade user experience. Even if centralized operators are altruistic, centralized components are subject to hacking, coercion, and potential liability.
Massive Scaling. Arbitrum achieves order of magnitude scaling over Ethereum's L1 smart contracts. Our software currently supports 453 transactions-per-second for basic transactions (at 1616 Ethereum gas per tx). We have a lot of room left to optimize (e.g. aggregating signatures), and over the next several months capacity will increase significantly. As described in detail below, Arbitrum can easily support and surpass Reddit's anticipated initial load, and its capacity will continue to improve as Reddit's capacity needs grow.
Low cost. The cost of running Arbitrum Rollup is quite low compared to L1 Ethereum and other scaling solutions such as those based on zero-knowledge proofs. Layer 2 fees are low, fixed, and predictable and should not be overly burdensome for Reddit to cover. Nobody needs to use special equipment or high-end machines. Arbitrum requires validators, which is a permissionless role that can be run on any reasonable on-line machine. Although anybody can act as a validator, in order to protect against a “tragedy of the commons” and make sure reputable validators are participating, we support a notion of “invited validators” that are compensated for their costs. In general, users pay (low) fees to cover the invited validators’ costs, but we imagine that Reddit may cover this cost for its users. See more on the costs and validator options below.
Ethereum Developer Experience. Not only does Arbitrum support EVM smart contracts, but the developer experience is identical to that of L1 Ethereum contracts and fully compatible with Ethereum tooling. Developers can port existing Solidity apps or write new ones using their favorite and familiar toolchains (e.g. Truffle, Buidler). There are no new languages or coding paradigms to learn.
Ethereum wallet compatibility. Just as in Ethereum, Arbitrum users need only hold keys, but do not have to store any coin history or additional data to protect or access their funds. Since Arbitrum transactions are semantically identical to Ethereum L1 transactions, existing Ethereum users can use their existing Ethereum keys with their existing wallet software such as Metamask.
Token interoperability. Users can easily transfer their ETH, ERC-20 and ERC-721 tokens between Ethereum and the Arbitrum Rollup chain. As we explain in detail below, it is possible to mint tokens in L2 that can subsequently be withdrawn and recognized by the L1 token contract.
Fast finality. Transactions complete with the same finality time as Ethereum L1 (and it's possible to get faster finality guarantees by trading away trust assumptions; see the Arbitrum Rollup whitepaper for details).
Non-custodial. Arbitrum Rollup is a non-custodial scaling solution, so users control their funds/points and neither Reddit nor anyone else can ever access or revoke points held by users.
Censorship Resistant. Since it's completely decentralized, and the Arbitrum protocol guarantees progress trustlessly, Arbitrum Rollup is just as censorship-proof as Ethereum.
Block explorer. The Arbitrum Rollup block explorer allows users to view and analyze transactions on the Rollup chain.
Limitations
Although this is a bake-off, we're not going to sugar coat anything. Arbitrum Rollup, like any Optimistic Rollup protocol, does have one limitation, and that's the delay on withdrawals.
As for the concrete length of the delay, we've done a good deal of internal modeling and have blogged about this as well. Our current modeling suggests a 3-hour delay is sufficient (but as discussed in the linked post there is a tradeoff space between the length of the challenge period and the size of the validators’ deposit).
Note that this doesn't mean that the chain is delayed for three hours. Arbitrum Rollup supports pipelining of execution, which means that validators can keep building new states even while previous ones are “in the pipeline” for confirmation. As the challenge delays expire for each update, a new state will be confirmed (read more about this here).
So activity and progress on the chain are not delayed by the challenge period. The only thing that's delayed is the consummation of withdrawals. Recall though that any single honest validator knows immediately (at the speed of L1 finality) which state updates are correct and can guarantee that they will eventually be confirmed, so once a valid withdrawal has been requested on-chain, every honest party knows that the withdrawal will definitely happen. There's a natural place here for a liquidity market in which a validator (or someone who trusts a validator) can provide withdrawal loans for a small interest fee. This is a no-risk business for them as they know which withdrawals will be confirmed (and can force their confirmation trustlessly no matter what anyone else does) but are just waiting for on-chain finality.
3. The recipe: How Arbitrum Rollup works
For a description of the technical components of Arbitrum Rollup and how they interact to create a highly scalable protocol with a developer experience that is identical to Ethereum, please refer to the following documents:
Arbitrum Rollup Whitepaper
Arbitrum academic paper (describes a previous version of Arbitrum)
4. Developer docs and APIs
For full details about how to set up and interact with an Arbitrum Rollup chain or validator, please refer to our developer docs, which can be found at https://developer.offchainlabs.com/.
Note that the Arbitrum version described on that site is older and will soon be replaced by the version we are entering in Reddit Bake-Off, which is still undergoing internal testing before public release.
5. Who are the validators?
As with any Layer 2 protocol, advancing the protocol correctly requires at least one validator (sometimes called block producers) that is honest and available. A natural question is: who are the validators?
Recall that the validator set for an Arbitrum chain is open and permissionless; anyone can start or stop validating at will. (A useful analogy is to full nodes on an L1 chain.) But we understand that even though anyone can participate, Reddit may want to guarantee that highly reputable nodes are validating their chain. Reddit may choose to validate the chain themselves and/or hire third-party validators.To this end, we have begun building a marketplace for validator-for-hire services so that dapp developers can outsource validation services to reputable nodes with high up-time. We've announced a partnership in which Chainlink nodes will provide Arbitrum validation services, and we expect to announce more partnerships shortly with other blockchain infrastructure providers.
Although there is no requirement that validators are paid, Arbitrum’s economic model tracks validators’ costs (e.g. amount of computation and storage) and can charge small fees on user transactions, using a gas-type system, to cover those costs. Alternatively, a single party such as Reddit can agree to cover the costs of invited validators.
6. Reddit Contract Support
Since Arbitrum contracts and transactions are byte-for-byte compatible with Ethereum, supporting the Reddit contracts is as simple as launching them on an Arbitrum chain.
Minting. Arbitrum Rollup supports hybrid L1/L2 tokens which can be minted in L2 and then withdrawn onto the L1. An L1 contract at address A can make a special call to the EthBridge which deploys a "buddy contract" to the same address A on an Arbitrum chain. Since it's deployed at the same address, users can know that the L2 contract is the authorized "buddy" of the L1 contract on the Arbitrum chain.
For minting, the L1 contract is a standard ERC-20 contract which mints and burns tokens when requested by the L2 contract. It is paired with an ERC-20 contract in L2 which mints tokens based on whatever programmer provided minting facility is desired and burns tokens when they are withdrawn from the rollup chain. Given this base infrastructure, Arbitrum can support any smart contract based method for minting tokens in L2, and indeed we directly support Reddit's signature/claim based minting in L2.
Batch minting. What's better than a mint cookie? A whole batch! In addition to supporting Reddit’s current minting/claiming scheme, we built a second minting design, which we believe outperforms the signature/claim system in many scenarios.
In the current system, Reddit periodically issues signed statements to users, who then take those statements to the blockchain to claim their tokens. An alternative approach would have Reddit directly submit the list of users/amounts to the blockchain and distribute the tokens to the users without the signature/claim process.
To optimize the cost efficiency of this approach, we designed an application-specific compression scheme to minimize the size of the batch distribution list. We analyzed the data from Reddit's previous distributions and found that the data is highly compressible since token amounts are small and repeated, and addresses appear multiple times. Our function groups transactions by size, and replaces previously-seen addresses with a shorter index value. We wrote client code to compress the data, wrote a Solidity decompressing function, and integrated that function into Reddit’s contract running on Arbitrum.
When we ran the compression function on the previous Reddit distribution data, we found that we could compress batched minting data down to to 11.8 bytes per minting event (averaged over a 6-month trace of Reddit’s historical token grants)compared with roughly 174 bytes of on-chain data needed for the signature claim approach to minting (roughly 43 for an RLP-encoded null transaction + 65 for Reddit's signature + 65 for the user's signature + roughly 8 for the number of Points) .
The relative benefit of the two approaches with respect to on-chain call data cost depends on the percentage of users that will actually claim their tokens on chain. With the above figures, batch minting will be cheaper if roughly 5% of users redeem their claims. We stress that our compression scheme is not Arbitrum-specific and would be beneficial in any general-purpose smart contract platform.
8. Benchmarks and costs
In this section, we give the full costs of operating the Reddit contracts on an Arbitrum Rollup chain including the L1 gas costs for the Rollup chain, the costs of computation and storage for the L2 validators as well as the capital lockup requirements for staking.
Arbitrum Rollup is still on testnet, so we did not run mainnet benchmarks. Instead, we measured the L1 gas cost and L2 workload for Reddit operations on Arbitrum and calculated the total cost assuming current Ethereum gas prices. As noted below in detail, our measurements do not assume that Arbitrum is consuming the entire capacity of Ethereum. We will present the details of our model now, but for full transparency you can also play around with it yourself and adjust the parameters, by copying the spreadsheet found here.
Our cost model is based on measurements of Reddit’s contracts, running unmodified (except for the addition of a batch minting function) on Arbitrum Rollup on top of Ethereum.
On the distribution of transactions and frequency of assertions. Reddit's instructions specify the following minimum parameters that submissions should support:
Over a 5 day period, your scaling PoC should be able to handle:
  • 100,000 point claims (minting & distributing points)
  • 25,000 subscriptions
  • 75,000 one-off points burning
  • 100,000 transfers
We provide the full costs of operating an Arbitrum Rollup chain with this usage under the assumption that tokens are minted or granted to users in batches, but other transactions are uniformly distributed over the 5 day period. Unlike some other submissions, we do not make unrealistic assumptions that all operations can be submitted in enormous batches. We assume that batch minting is done in batches that use only a few percent on an L1 block’s gas, and that other operations come in evenly over time and are submitted in batches, with one batch every five minutes to keep latency reasonable. (Users are probably already waiting for L1 finality, which takes at least that long to achieve.)
We note that assuming that there are only 300,000 transactions that arrive uniformly over the 5 day period will make our benchmark numbers lower, but we believe that this will reflect the true cost of running the system. To see why, say that batches are submitted every five minutes (20 L1 blocks) and there's a fixed overhead of c bytes of calldata per batch, the cost of which will get amortized over all transactions executed in that batch. Assume that each individual transaction adds a marginal cost of t. Lastly assume the capacity of the scaling system is high enough that it can support all of Reddit's 300,000 transactions within a single 20-block batch (i.e. that there is more than c + 300,000*t byes of calldata available in 20 blocks).
Consider what happens if c, the per-batch overhead, is large (which it is in some systems, but not in Arbitrum). In the scenario that transactions actually arrive at the system's capacity and each batch is full, then c gets amortized over 300,000 transactions. But if we assume that the system is not running at capacity--and only receives 300,000 transactions arriving uniformly over 5 days-- then each 20-block assertion will contain about 200 transactions, and thus each transaction will pay a nontrivial cost due to c.
We are aware that other proposals presented scaling numbers assuming that 300,000 transactions arrived at maximum capacity and was executed in a single mega-transaction, but according to our estimates, for at least one such report, this led to a reported gas price that was 2-3 orders of magnitude lower than it would have been assuming uniform arrival. We make more realistic batching assumptions, and we believe Arbitrum compares well when batch sizes are realistic.
Our model. Our cost model includes several sources of cost:
  • L1 gas costs: This is the cost of posting transactions as calldata on the L1 chain, as well as the overhead associated with each batch of transactions, and the L1 cost of settling transactions in the Arbitrum protocol.
  • Validator’s staking costs: In normal operation, one validator will need to be staked. The stake is assumed to be 0.2% of the total value of the chain (which is assumed to be $1 per user who is eligible to claim points). The cost of staking is the interest that could be earned on the money if it were not staked.
  • Validator computation and storage: Every validator must do computation to track the chain’s processing of transactions, and must maintain storage to keep track of the contracts’ EVM storage. The cost of computation and storage are estimated based on measurements, with the dollar cost of resources based on Amazon Web Services pricing.
It’s clear from our modeling that the predominant cost is for L1 calldata. This will probably be true for any plausible rollup-based system.
Our model also shows that Arbitrum can scale to workloads much larger than Reddit’s nominal workload, without exhausting L1 or L2 resources. The scaling bottleneck will ultimately be calldata on the L1 chain. We believe that cost could be reduced substantially if necessary by clever encoding of data. (In our design any compression / decompression of L2 transaction calldata would be done by client software and L2 programs, never by an L1 contract.)
9. Status of Arbitrum Rollup
Arbitrum Rollup is live on Ethereum testnet. All of the code written to date including everything included in the Reddit demo is open source and permissively licensed under the Apache V2 license. The first testnet version of Arbitrum Rollup was released on testnet in February. Our current internal version, which we used to benchmark the Reddit contracts, will be released soon and will be a major upgrade.
Both the Arbitrum design as well as the implementation are heavily audited by independent third parties. The Arbitrum academic paper was published at USENIX Security, a top-tier peer-reviewed academic venue. For the Arbitrum software, we have engaged Trail of Bits for a security audit, which is currently ongoing, and we are committed to have a clean report before launching on Ethereum mainnet.
10. Reddit Universe Arbitrum Rollup Chain
The benchmarks described in this document were all measured using the latest internal build of our software. When we release the new software upgrade publicly we will launch a Reddit Universe Arbitrum Rollup chain as a public demo, which will contain the Reddit contracts as well as a Uniswap instance and a Connext Hub, demonstrating how Community Points can be integrated into third party apps. We will also allow members of the public to dynamically launch ecosystem contracts. We at Offchain Labs will cover the validating costs for the Reddit Universe public demo.
If the folks at Reddit would like to evaluate our software prior to our public demo, please email us at [email protected] and we'd be more than happy to provide early access.
11. Even more scaling: Arbitrum Sidechains
Rollups are an excellent approach to scaling, and we are excited about Arbitrum Rollup which far surpasses Reddit's scaling needs. But looking forward to Reddit's eventual goal of supporting hundreds of millions of users, there will likely come a time when Reddit needs more scaling than any Rollup protocol can provide.
While Rollups greatly reduce costs, they don't break the linear barrier. That is, all transactions have an on-chain footprint (because all calldata must be posted on-chain), albeit a far smaller one than on native Ethereum, and the L1 limitations end up being the bottleneck for capacity and cost. Since Ethereum has limited capacity, this linear use of on-chain resources means that costs will eventually increase superlinearly with traffic.
The good news is that we at Offchain Labs have a solution in our roadmap that can satisfy this extreme-scaling setting as well: Arbitrum AnyTrust Sidechains. Arbitrum Sidechains are similar to Arbitrum Rollup, but deviate in that they name a permissioned set of validators. When a chain’s validators agree off-chain, they can greatly reduce the on-chain footprint of the protocol and require almost no data to be put on-chain. When validators can't reach unanimous agreement off-chain, the protocol reverts to Arbitrum Rollup. Technically, Arbitrum Sidechains can be viewed as a hybrid between state channels and Rollup, switching back and forth as necessary, and combining the performance and cost that state channels can achieve in the optimistic case, with the robustness of Rollup in other cases. The core technical challenge is how to switch seamlessly between modes and how to guarantee that security is maintained throughout.
Arbitrum Sidechains break through this linear barrier, while still maintaining a high level of security and decentralization. Arbitrum Sidechains provide the AnyTrust guarantee, which says that as long as any one validator is honest and available (even if you don't know which one will be), the L2 chain is guaranteed to execute correctly according to its code and guaranteed to make progress. Unlike in a state channel, offchain progress does not require unanimous consent, and liveness is preserved as long as there is a single honest validator.
Note that the trust model for Arbitrum Sidechains is much stronger than for typical BFT-style chains which introduce a consensus "voting" protocols among a small permissioned group of validators. BFT-based protocols require a supermajority (more than 2/3) of validators to agree. In Arbitrum Sidechains, by contrast, all you need is a single honest validator to achieve guaranteed correctness and progress. Notice that in Arbitrum adding validators strictly increases security since the AnyTrust guarantee provides correctness as long as any one validator is honest and available. By contrast, in BFT-style protocols, adding nodes can be dangerous as a coalition of dishonest nodes can break the protocol.
Like Arbitrum Rollup, the developer and user experiences for Arbitrum Sidechains will be identical to that of Ethereum. Reddit would be able to choose a large and diverse set of validators, and all that they would need to guarantee to break through the scaling barrier is that a single one of them will remain honest.
We hope to have Arbitrum Sidechains in production in early 2021, and thus when Reddit reaches the scale that surpasses the capacity of Rollups, Arbitrum Sidechains will be waiting and ready to help.
While the idea to switch between channels and Rollup to get the best of both worlds is conceptually simple, getting the details right and making sure that the switch does not introduce any attack vectors is highly non-trivial and has been the subject of years of our research (indeed, we were working on this design for years before the term Rollup was even coined).
12. How Arbitrum compares
We include a comparison to several other categories as well as specific projects when appropriate. and explain why we believe that Arbitrum is best suited for Reddit's purposes. We focus our attention on other Ethereum projects.
Payment only Rollups. Compared to Arbitrum Rollup, ZK-Rollups and other Rollups that only support token transfers have several disadvantages:
  • As outlined throughout the proposal, we believe that the entire draw of Ethereum is in its rich smart contracts support which is simply not achievable with today's zero-knowledge proof technology. Indeed, scaling with a ZK-Rollup will add friction to the deployment of smart contracts that interact with Community Points as users will have to withdraw their coins from the ZK-Rollup and transfer them to a smart contract system (like Arbitrum). The community will be best served if Reddit builds on a platform that has built-in, frictionless smart-contract support.
  • All other Rollup protocols of which we are aware employ a centralized operator. While it's true that users retain custody of their coins, the centralized operator can often profit from censoring, reordering, or delaying transactions. A common misconception is that since they're non-custodial protocols, a centralized sequencer does not pose a risk but this is incorrect as the sequencer can wreak havoc or shake down users for side payments without directly stealing funds.
  • Sidechain type protocols can eliminate some of these issues, but they are not trustless. Instead, they require trust in some quorum of a committee, often requiring two-third of the committee to be honest, compared to rollup protocols like Arbitrum that require only a single honest party. In addition, not all sidechain type protocols have committees that are diverse, or even non-centralized, in practice.
  • Plasma-style protocols have a centralized operator and do not support general smart contracts.
13. Concluding Remarks
While it's ultimately up to the judges’ palate, we believe that Arbitrum Rollup is the bakeoff choice that Reddit kneads. We far surpass Reddit's specified workload requirement at present, have much room to optimize Arbitrum Rollup in the near term, and have a clear path to get Reddit to hundreds of millions of users. Furthermore, we are the only project that gives developers and users the identical interface as the Ethereum blockchain and is fully interoperable and tooling-compatible, and we do this all without any new trust assumptions or centralized components.
But no matter how the cookie crumbles, we're glad to have participated in this bake-off and we thank you for your consideration.
About Offchain Labs
Offchain Labs, Inc. is a venture-funded New York company that spun out of Princeton University research, and is building the Arbitrum platform to usher in the next generation of scalable, interoperable, and compatible smart contracts. Offchain Labs is backed by Pantera Capital, Compound VC, Coinbase Ventures, and others.
Leadership Team
Ed Felten
Ed Felten is Co-founder and Chief Scientist at Offchain Labs. He is on leave from Princeton University, where he is the Robert E. Kahn Professor of Computer Science and Public Affairs. From 2015 to 2017 he served at the White House as Deputy United States Chief Technology Officer and senior advisor to the President. He is an ACM Fellow and member of the National Academy of Engineering. Outside of work, he is an avid runner, cook, and L.A. Dodgers fan.
Steven Goldfeder
Steven Goldfeder is Co-founder and Chief Executive Officer at Offchain Labs. He holds a PhD from Princeton University, where he worked at the intersection of cryptography and cryptocurrencies including threshold cryptography, zero-knowledge proof systems, and post-quantum signatures. He is a co-author of Bitcoin and Cryptocurrency Technologies, the leading textbook on cryptocurrencies, and he has previously worked at Google and Microsoft Research, where he co-invented the Picnic signature algorithm. When not working, you can find Steven spending time with his family, taking a nature walk, or twisting balloons.
Harry Kalodner
Harry Kalodner is Co-founder and Chief Technology Officer at Offchain Labs where he leads the engineering team. Before the company he attended Princeton as a Ph.D candidate where his research explored economics, anonymity, and incentive compatibility of cryptocurrencies, and he also has worked at Apple. When not up at 3:00am writing code, Harry occasionally sleeps.
submitted by hkalodner to ethereum [link] [comments]

pSilocy3Ibin's Myc Supplies Syringe and Print Giveaway! 🙂🍄 New Menu Items! KSSS, Redboy, GT, P.E. 6, JMF, B+ Now in Stock 🍁🛫 Free shipping on spore print only orders! Very affordable shipping options for all of N.A. 🌄📮 *We only ship to legal states*

**All spores are for microscopy purposes only. No shipping to Idaho, California, or Georgia or anywhere else that prohibits the import of spores. Please do not mention cultivation, or else you will be blocked.*\*
This giveaway is for an assortment of syringes with some prints to top them off!
First prize gets 7 partly filled assorted MS syringes (approx 42cc) (GT, Redboy, JMF, Cambodian, ???), 1 xl GT print (approx 4 times the size of a regular print) and 1 regular GT print !
Second place gets 3 full MS syringes (B+, P.E. 6, GT) and 1 regular GT print
Third to fifth place gets 1 GT print.
In order to enter into the giveaway please upvote, comment and follow. The deadline to enter is Sunday July 5th at 7:20. The winners will be announced 1-2 days after.
**If you live somewhere that has expensive shipping, you can still enter to win prints, or you can pay for upgraded shipping if you win the syringes**
Also, all orders that are placed before 2pm EST today (June 25th) will receive a free GT print with their order.
Current Available Prints (DENSE): $14 CAD or approx $10 USD
(Limited xl Golden Teacher Prints - $22 CAD or $16USD - 1 per customer)
Golden Teacher
P.E. 6
Current Available Multispore Syringes: $11 CAD or approx $8 USD
Golden Teacher
P.E.
Jedi Mind F***
Koh Samui Super Strain
Redboy
B+ (limited, 1 per customer)
Deals
Prints
Multispore Syringes
Bulk orders available upon request.
Message or chat me to order (try message if chat doesn't work)
Shipping is done with Canada Post, and is calculated depending on your location. Within Canada xpresspost (1-2 day shipping w/ tracking) is usually $10-18. For shipping to the United States regular parcel starts at around $6 USD, and a tracked parcel is generally around $11 USD. Shipping for orders that only include prints are free worldwide (we do not ship anywhere where the import of spores is prohibited). If you would like a shipping quote, please send me your postal or zip code.
Accepted payment methods: bitcoin, paypal, credit/debit card, interac etransfer
If you have any questions please feel free to contact me !
Cheers,
Sil 🌄🍄
submitted by psilocy3Ibin to sporetraders [link] [comments]

Two reasons why stable 10 minute block times averages are more important than a rather small long term schedule drift.

Before I open my two reasons, two preliminary facts:
  1. Current schedule drift is less than 1 yr per lifetime of Bitcoin Cash up to now.
  2. If we correct the oscillation and implement a stable new difficulty algorithm that is absolutely scheduled, we stop the future drift. We end up with the drift of the past meaning from wherever we base our absolute scheduling. That may mean we do not correct for past drift at all. To consider the question of whether we should, I want to put up two reasons why I think a stable 10 minute block time average is more important than a small long term schedule.
1. The average time will be a factor in dimensioning computer systems that build on Bitcoin Cash.
Right now, one might thinks the 10 minute block average is very big, because the network is not being heavily used and there is a quasi-consensus rule which implies most nodes will not accept blocks > 32mb.
But 32mb is far from the end goal of Bitcoin Cash on chain scaling. For Bitcoin Cash to succeed, we hope blocks will become MUCH bigger. This means the performance of relaying and processing blocks will become an important factor for node implementations.
Software needs hardware and hardware systems need to be dimensioned for the expected workload.
A stable 10-minute average allows easier dimensioning of the server hardware needed to deal with large-sized blocks.
As Gavin Andresen said: "design for success".
Therefore we should think about the case where blocks are large.
Now, what happens if we implement an algorithm where the blocks can take longer in, let's say, the next 5 years, but then suddenly the difficulty is dropped a bit so that they now effectively arrive faster?
Then your system which you dimensioned for e.g. 11.25 minutes / block would suddenly need to process more per time interval and might be under-dimensioned.
We could say: no problem - technology is going to improve anyway. The consensus around which block sizes are allowed needs to move toward higher block sizes anyway which will make current systems under-dimensioned - perhaps much faster.
But is it really necessary to add another complicating factor to this already complex calculation by implementing a diminishing block time average?
2. Enabling changes to monetary policy such as influencing the emission schedule opens the Overton window to including less well considered monetary policy changes.
In the less harmful scenario, something like drift correction would be well motivated, its benefits and risks laid out clearly, discussed and eventually accepted by Bitcoin Cash (stake)holders.
In the more harmful scenario, such changes would be pushed through without much discussion by a small group which demonstrates that the protocol is easy to change in ways that don't need to be well motivated and largely risk-free and may even disproportionately benefit a certain subset of stakeholders. This would not be a good selling point for Bitcoin Cash.
Those are the two reasons I want to bring up for considering the stability of the "10 minute block time average" as a more important point than correcting for a drift which compared to long term emission (> 100 years) is less than 1%.
submitted by Pablo_Picasho to btc [link] [comments]

Test

Test
There is a fairly small subset of Bitcoin users that run a full node. I think the idea of running a full node has gotten a bad rap over the years since there is so much talk about running on a Raspberry Pi, or getting zippy SSDs. Although all of this can be fun, it is often not really required at all. Here are some ways to run a full node starting with the very simple. I'll get into more complex configs, but these are all optional.

Tech Skill Level: 0 (the basics)

  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
In many cases, thats it. If your running a new machine with a fairly good internet connection, 8 or 9 hours will be enough to complete the "Initial Block Download" (IBD). This may fill up your drive a bit, but again, on most new machines, 300 GB of space isn't that hard to come by.

Tech Skill Level: 1 (encrypted wallet)

One thing we left out in the level-0 exercise is encrypting your wallet. It's easy enough to do well, but a bit more difficult to do right. The main challenge is that humans generate really poor passwords. If you want a good password, the best way is to use something called "diceware". Basically, you just grab 4 or 5 dice and each throw of the dice represents a certain word on a special list. The throw {1,4,5,3,1} for example would be the word camping on the EFF-diceware-wordlist. So you repeat this a few times until you have a list of 8 or so words which becomes the passphrase you use to encrypt your wallet. Write it down, it is always hard to remember at first. So at level-1 your list becomes:
  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Choose Encrypt Wallet from the Settings Menu
  5. Enter your 8 word (or so) passphrase generated using the Diceware method

Wallet Encryption Dialog

Tech Skill Level: 2 (enable pruning if needed)

Though I said "300 GB of space isn't hard to come by", some times it actually is. If space is an issue, a simple way to fix it is to tell bitcoin to simple take less space. This is called "pruning" and can take that number from 300 GB down to below 5 GB. If you can't find 5 GB, then you'll have to read ahead to level-3 to add USB storage. But the good news is, enabling pruning is pretty easy, we just add another step to our working list:
  1. Download Bitcoin Core
  2. Launch the downloaded installer and install the app
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Do the wallet encryption steps here if you wish
  5. Choose Options from the Settings Menu
  6. Choose Prune block storage to: and select the max size for the blocks to use
  7. Exit and restart the bitcoin application for the changes to take effect

Pruning Dialog
Note, even setting this to 1 GB will still leave you with about a 4.5 GB install. The blocks take up a lot of space, but the chainstate and other folders eat up at least 3.5 GB and they can't be pruned. Also, be aware, to disable pruning requires you to perform the entire IBD again. While pruned some other functions my be disabled as well, so just know that pruning does limit some functionality.

Tech Skill Level: 3 (verify the installer)

Although this is arguably something that should be done at level-0, some find the intricacies of comparing hash (thumbprint) values to be tedious and beyond the scope of a beginner. You will find these types of hash compares suggested quite often as a way to prevent running tainted programs. Programs are often tainted by bad disk or network performance, but most often, taint is malicious code inserted by viruses or malware. This is a way to guard yourself against those types of attacks. What I cover here is a very basic comparison on the certificate, but a more thorough comparison advised by mosts uses a program called Gpg4Win, and is beyond the scope of this beginners guide. But regardless, most users should strive to do this minimum level of validation.
  1. Download Bitcoin Core
  2. Launch the downloaded installer
  3. When prompted "Do you want to allow..." click Show more details
  4. In the details section select Show information about the publisher's certificate
  5. In the certificate window select the Details tab
  6. In the Details tab Subject should start with "CN = Bitcoin Core Code Signing Association"
  7. Also ensure Thumbprint reads ea27d3cefb3eb715ed214176a5d027e01ba1ee86
  8. If the checks pass, click OK to exit the certificate window and Yes to allow the installer to run.
  9. Launch the installed "Bitcoin Core" app and let it run overnight
  10. Do the wallet encryption steps here if you wish
  11. Do the optional pruning steps here if you wish

Certification Validation Windows
Note: The certificate used to sign the current Bitcoin installer is only valid from March 2020 to March 2021. After that point the thumbprint on the certificate will change. This is by design and intentional. If your reading this post after March 2021, then it is understood that the thumbprint has changed.

Tech Skill Level: 4 (use secondary storage)

We glossed over the "new machine with fairly good internet" part. Truth me known many people do not have fairly new machines, and find the IBD to take longer than the "over night" best wishes. For most people the slowdown is the disk access when calculating what is called chainstate. This requires fast random reads and writes to the disk. If you have an SSD disk, this will be no problem, but if you have a non-SSD "spinning" disk, random writes are always slow. Though an SSD will speed things up, they are pricey, so a nice middle ground may be a simple high-end USB key drive. You can get some with 10 to 15 MB/s random writes which is usually a order of magnitude faster than a "spinning" disk. And with pruning (see level-2), a small USB drive should be fine.
Once you decide on a drive, the tricky part will be to enable external storage. It requires editing a configuration file and adding a few lines. The configuration file needs to be in both the default directory, and USB key drive, but before we do that, we want to create a directory on the key drive. You will need to determine the drive letter of your USB key drive. For the sake of this example, we will assume it is D:, but you must determine this yourself and correct the example. Once you know the drive letter, create a blank folder on the drive called Bitcoin. So for this example, creating Bitcoin on drive D: will create the path D:\Bitcoin. Once done, assuming that D: is your drive, here are the steps to edit the two configuration files:
  1. Download Bitcoin Core
  2. Launch the installer, verify it, then run it
  3. Launch the installed "Bitcoin Core" app and let it run overnight
  4. Do the wallet encryption steps here if you wish
  5. Do the optional pruning steps here if you wish
  6. Launch "Notepad" by typing "Notepad.exe" in the windows search bar then click Open
  7. Type the line datadir=D:\Bitcoin (depending on your drive letter) in the blank file
  8. Choose Save from the File menu in notepad
  9. Type %APPDATA%\Bitcoin\bitcoin.conf (note the percent signs) in the File name box
  10. Select All Files from the Save as type dropdown
  11. Click the Save button and overwrite the file if prompted
  12. Exit and restart the bitcoin application for the changes to take effect

Save As Dialog
Now that you've reached this level of technical expertise, there are many new configuration options that you can begin to modify if you wish. Most configuration data is contained in the bitcoin.conf file and learning how to maintain it is a key step for a node operator.

Tech Skill Level: 5 (all other customizations)

Here's a short list of various things you can ADD to your bitcoin.conf file. You generally just add a new line for each configuration settings.
  • addresstype=bech32
  • changetype=bech32
The addresstype / changetype allows your wallet to use the native-segwit (bech32) format. This is the most efficient and inexpensive way to spend bitcoin, and is a recommended configuration. The default uses something called p2sh-segwit which is more compatible with older wallets, but more expensive to spend.
  • minrelaytxfee=0.00000011
Changing the minrelaytxfee setting allows you to help propagate lower fee transactions. It will require more memory but TXN memory is capped at 300 MB by default anyways, so if you have enough memory, it is a good setting to choose.
  • dbcache=2048
The dbcache setting controls how many MB of memory the program will use for the chainstate database. Since this is a key bottleneck in the IBD, setting this value high (2048 MB) will greatly speed up the IBD, assuming you have the memory to spare
  • blocksdir=C:\Bitcoin
  • datadir=D:\Bitcoin
In level-4 we discussed moving the datadir to a fast external storage, but the majority of the space used for bitcoin is the blocks directory (blocksdir). Although you should always use for fastest storage for datadir, you are free to use slow storage for blocksdir. So if you only want to consume a small amount of your SSD (assumed D:) then you can keep your blocks on your slow "spinning" drive.
  • upnp=1
One of the harder challenges you may face running a node, is to get incoming connections. If you are lucky, you may find that your firewall and network HW support the uPnP protocol. If they do, this setting will allow bitcoin to configure uPnP to allow incoming connections to your node.
submitted by brianddk to brianddk [link] [comments]

pSilocy3Ibin's Myc Supplies Syringe and Print Giveaway! 🙂🍄 New Menu Items! KSSS, Redboy, GT, P.E. 6, JMF, B+ Now in Stock 🍁🛫 Free shipping on spore print only orders! Very affordable shipping options for all of N.A. and some parts of E.U. 🌄📮 *We only ship to legal states*

**All spores are for microscopy purposes only. No shipping to Idaho, California, or Georgia or anywhere else that prohibits the import of spores. Please do not mention cultivation, or else you will be blocked.*\*
This giveaway is for an assortment of syringes with some prints to top them off!
First prize gets 7 partly filled assorted MS syringes (approx 42cc) (GT, Redboy, JMF, Cambodian, ???), 1 xl GT print (approx 4 times the size of a regular print) and 1 regular GT print !
Second place gets 3 full MS syringes (B+, P.E. 6, GT) and 1 regular GT print
Third to fifth place gets 1 GT print.
In order to enter into the giveaway please upvote, comment and follow. The deadline to enter is Sunday July 5th at 7:20. The winners will be announced 1-2 days after.
**If you live somewhere that has expensive shipping, you can still enter to win prints, or you can pay for upgraded shipping if you win the syringes**
Also, all orders that are placed before 2pm EST today (June 25th) will receive a free GT print with their order.
Current Available Prints (DENSE): $14 CAD or approx $10 USD
(Limited xl Golden Teacher Prints - $22 CAD or $16USD - 1 per customer)
Golden Teacher
P.E. 6
Current Available Multispore Syringes: $11 CAD or approx $8 USD
Golden Teacher
P.E.
Jedi Mind F***
Koh Samui Super Strain
Redboy
B+ (limited, 1 per customer)
Deals
Prints
Multispore Syringes
Bulk/custom orders available upon request.
Message or chat me to order (try message if chat doesn't work)
Shipping is done with Canada Post, and is calculated depending on your location. Within Canada xpresspost (1-2 day shipping w/ tracking) is usually $10-18. For shipping to the United States regular parcel starts at around $6 USD, and a tracked parcel is generally around $11 USD. Shipping for orders that only include prints are free worldwide (we do not ship anywhere where the import of spores is prohibited). If you would like a shipping quote, please send me your postal or zip code.
Accepted payment methods: bitcoin, paypal, credit/debit card, interac etransfer
If you have any questions please feel free to contact me !
Cheers,
Sil 🌄🍄
submitted by psilocy3Ibin to MycoBazaar [link] [comments]

Sil's Mycology Supply Shop is now open! Print giveaway! 🙂🍄 Cubensis spore prints and syringes for microscopy are available shipping from Quebec, Canada 🍁🌄 Free shipping on spore print only orders! We provide many shipping options with rates as low as $8 USD 📮 🛫 *We only ship to legal states*

**All spores are for microscopy purposes only. No shipping to Idaho, California, Georgia or anywhere else that prohibits the import of spores. Please do not mention cultivation, or else you will be blocked.*\*

This giveaway is for some nice dense Golden Teacher prints!
First prize gets one mega Golden Teacher print (approx 4 inches wide) !
Second to fifth place gets a normal sized Golden Teacher print 🙂
In order to enter into the giveaway please upvote, comment and follow. The deadline to enter is Sunday June 7th at 7:20 PM EST.

Current Available Prints (DENSE): $14 CAD or $10 USD
Golden Teacher
P.E. 6
Current Available Multispore Syringes: $11 CAD or $8 USD
Golden Teacher
P.E. 6
Cambodian
Koh Samui Super Strain
Deals
Prints
Multispote Syringes
Bulk orders available upon request.
Message or chat me to order (try message if chat doesn't work).

Shipping is done with Canada Post, and is calculated depending on your location. Within Canada xpresspost (3 day shipping w/ tracking) is usually $10-18. For shipping to the United States regular parcel (no tracking) starts at around $8 USD, and a tracked parcel is generally around $14 USD. Shipping for orders that only include prints are free worldwide (we do not ship anywhere where the import of spores is prohibited). If you would like a shipping quote, please send me your postal or zip code.

Accepted payment methods: bitcoin, paypal, credit/debit card, interac etransfer

If you have any questions please feel free to contact me !

Cheers,
Sil 🌄🍄
submitted by psilocy3Ibin to sporetraders [link] [comments]

Sil's Mycology Supply Shop is now open! Print giveaway! 🙂🍄 Cubensis spore prints and syringes for microscopy are available shipping from Quebec, Canada 🍁🌄 Free shipping on spore print only orders! We provide many shipping options with rates as low as $8 USD 📮 🛫 *We only ship to legal states*

**All spores are for microscopy purposes only. No shipping to Idaho, California, or Georgia or anywhere else that prohibits the import of spores. Please do not mention cultivation, or else you will be blocked.*\*

This giveaway is for some nice dense Golden Teacher prints!
First prize gets one mega Golden Teacher print (approx 4 inches wide) !
Second to fifth place gets a normal sized Golden Teacher print 🙂
In order to enter into the giveaway please upvote, comment and follow. The deadline to enter is Sunday June 7th at 7:20.

Current Available Prints (DENSE): $14 CAD or approx $10 USD
Golden Teacher
P.E. 6
Current Available Multispore Syringes: $11 CAD or approx $8 USD
Golden Teacher
P.E.
Cambodian
Koh Samui Super Strain
Deals
Prints
Multispote Syringes
Bulk orders available upon request.
Message or chat me to order (try message if chat doesn't work)

Shipping is done with Canada Post, and is calculated depending on your location. Within Canada xpresspost (3 day shipping w/ tracking) is usually $10-18. For shipping to the United States regular parcel (no tracking) starts at around $8 USD, and a tracked parcel is generally around $14 USD. Shipping for orders that only include prints are free worldwide (we do not ship anywhere where the import of spores is prohibited). If you would like a shipping quote, please send me your postal or zip code.

Accepted payment methods: bitcoin, paypal, credit/debit card, interac etransfer

If you have any questions please feel free to contact me !

Cheers,
Sil 🌄🍄
submitted by psilocy3Ibin to MycoBazaar [link] [comments]

Filecoin | Development Status and Mining Progress

Author: Gamals Ahmed, CoinEx Business Ambassador
https://preview.redd.it/5bqakdqgl3g51.jpg?width=865&format=pjpg&auto=webp&s=b709794863977eb6554e3919b9e00ca750e3e704
A decentralized storage network that transforms cloud storage into an account market. Miners obtain the integrity of the original protocol by providing data storage and / or retrieval. On the contrary, customers pay miners to store or distribute data and retrieve it.
Filecoin announced, that there will be more delays before its main network is officially launched.
Filecoin developers postponed the release date of their main network to late July to late August 2020.
As mentioned in a recent announcement, the Filecoin team said that the initiative completed the first round of the internal protocol security audit. Platform developers claim that the results of the review showed that they need to make several changes to the protocol’s code base before performing the second stage of the software testing process.
Created by Protocol Labs, Filecoin was developed using File System (IPFS), which is a peer-to-peer data storage network. Filecoin will allow users to trade storage space in an open and decentralized market.
Filecoin developers implemented one of the largest cryptocurrency sales in 2017. They have privately obtained over $ 200 million from professional or accredited investors, including many institutional investors.
The main network was slated to launch last month, but in February 2020, the Philly Queen development team delayed the release of the main network between July 15 and July 17, 2020.
They claimed that the outbreak of the Coronavirus (COVID-19) in China was the main cause of the delay. The developers now say that they need more time to solve the problems found during a recent codecase audit.
The Filecoin team noted the following:
“We have drafted a number of protocol changes to ensure that building our major network launch is safe and economically sound.” The project developers will add them to two different implementations of Filecoin (Lotus and go-filecoin) in the coming weeks.
Filecoin developers conducted a survey to allow platform community members to cast their votes on three different launch dates for Testnet Phase 2 and mainnet.
The team reported that the community gave their votes. Based on the vote results, the Filecoin team announced a “conservative” estimate that the second phase of the network test should begin by May 11, 2020. The main Filecoin network may be launched sometime between July 20 and August 21, 2020.
The updates to the project can be found on the Filecoin Road Map.
Filecoin developers stated:
“This option will make us get the most important protocol changes first, and then implement the rest as protocol updates during testnet.” Filecoin is back down from the final test stage.
Another filecoin decentralized storage network provider launched its catalytic test network, the final stage of the storage network test that supports the blockchain.
In a blog post on her website, Filecoin said she will postpone the last test round until August. The company also announced a calibration period from July 20 to August 3 to allow miners to test their mining settings and get an idea of how competition conditions affected their rewards.
Filecoin had announced earlier last month that the catalytic testnet test would precede its flagship launch. The delay in the final test also means that the company has returned the main launch window between August 31 and September 21.
Despite the lack of clear incentives for miners and multiple delays, Filecoin has succeeded in attracting huge interest, especially in China. Investors remained highly speculating on the network’s mining hardware and its premium price.
Mining in Filecoin
In most blockchain protocols, “miners” are network participants who do the work necessary to promote and maintain the blockchain. To provide these services, miners are compensated in the original cryptocurrency.
Mining in Filecoin works completely differently — instead of contributing to computational power, miners contribute storage capacity to use for dealing with customers looking to store data.
Filecoin will contain several types of miners:
Storage miners responsible for storing files and data on the network. Miners retrieval, responsible for providing quick tubes for file recovery. Miners repair to be carried out.
Storage miners are the heart of the network. They earn Filecoin by storing data for clients, and computerizing cipher directories to check storage over time. The probability of earning the reward reward and transaction fees is proportional to the amount of storage that the Miner contributes to the Filecoin network, not the hash power.
Retriever miners are the veins of the network. They earn Filecoin by winning bids and mining fees for a specific file, which is determined by the market value of the said file size. Miners bandwidth and recovery / initial transaction response time will determine its ability to close recovery deals on the network.
The maximum bandwidth of the recovery miners will determine the total amount of deals that it can enter into.
In the current implementation, the focus is mostly on storage miners, who sell storage capacity for FIL.

Hardware recommendations

The current system specifications recommended for running the miner are:
Compared to the hardware requirements for running a validity checker, these standards are much higher — although they definitely deserve it. Since these will not increase in the presumed future, the money spent on Filecoin mining hardware will provide users with many years of reliable service, and they pay themselves many times. Think of investing as a small business for cloud storage. To launch a model on the current data hosting model, it will cost millions of dollars in infrastructure and logistics to get started. With Filecoin, you can do the same for a few thousand dollars.
Proceed to mining
Deals are the primary function of the Filecoin network, and it represents an agreement between a client and miners for a “storage” contract.
Once the customer decides to have a miner to store based on the available capacity, duration and price required, he secures sufficient funds in a linked portfolio to cover the total cost of the deal. The deal is then published once the mine accepts the storage agreement. By default, all Filecoin miners are set to automatically accept any deal that meets their criteria, although this can be disabled for miners who prefer to organize their deals manually.
After the deal is published, the customer prepares the data for storage and then transfers it to the miner. Upon receiving all the data, the miner fills in the data in a sector, closes it, and begins to provide proofs to the chain. Once the first confirmation is obtained, the customer can make sure the data is stored correctly, and the deal has officially started.
Throughout the deal, the miner provides continuous proofs to the chain. Clients gradually pay with money they previously closed. If there is missing or late evidence, the miner is punished. More information about this can be found in the Runtime, Cut and Penalties section of this page.
At Filecoin, miners earn two different types of rewards for their efforts: storage fees and reward prevention.
Storage fees are the fees that customers pay regularly after reaching a deal, in exchange for storing data. This fee is automatically deposited into the withdrawal portfolio associated with miners while they continue to perform their duties over time, and is locked for a short period upon receipt.
Block rewards are large sums given to miners calculated on a new block. Unlike storage fees, these rewards do not come from a linked customer; Instead, the new FIL “prints” the network as an inflationary and incentive measure for miners to develop the chain. All active miners on the network have a chance to get a block bonus, their chance to be directly proportional to the amount of storage space that is currently being contributed to the network.
Duration of operation, cutting and penalties
“Slashing” is a feature found in most blockchain protocols, and is used to punish miners who fail to provide reliable uptime or act maliciously against the network.
In Filecoin, miners are susceptible to two different types of cut: storage error cut, unanimously reduce error.
Storage Error Reduction is a term used to include a wider range of penalties, including error fees, sector penalties, and termination fees. Miners must pay these penalties if they fail to provide reliability of the sector or decide to leave the network voluntarily.
An error fee is a penalty that a miner incurs for each non-working day. Sector punishment: A penalty incurred by a miner of a disrupted sector for which no error was reported before the WindowPoSt inspection.
The sector will pay an error fee after the penalty of the sector once the error is discovered.
Termination Fee: A penalty that a miner incurs when a sector is voluntary or involuntarily terminated and removed from the network.
Cutting consensus error is the penalty that a miner incurs for committing consensus errors. This punishment applies to miners who have acted maliciously against the network consensus function.
Filecoin miners
Eight of the top 10 Felticoin miners are Chinese investors or companies, according to the blockchain explorer, while more companies are selling cloud mining contracts and distributed file sharing system hardware. CoinDesk’s Wolfe Chao wrote: “China’s craze for Filecoin may have been largely related to the long-standing popularity of crypto mining in the country overall, which is home to about 65% of the computing power on Bitcoin at discretion.”
With Filecoin approaching the launch of the mainnet blocknet — after several delays since the $ 200 million increase in 2017 — Chinese investors are once again speculating strongly about network mining devices and their premium prices.
Since Protocol Labs, the company behind Filecoin, released its “Test Incentives” program on June 9 that was scheduled to start in a week’s time, more than a dozen Chinese companies have started selling cloud mining contracts and hardware — despite important details such as economics Mining incentives on the main network are still endless.
Sales volumes to date for each of these companies can range from half a million to tens of millions of dollars, according to self-reported data on these platforms that CoinDesk has watched and interviews with several mining hardware manufacturers.
Filecoin’s goal is to build a distributed storage network with token rewards to spur storage hosting as a way to drive wider adoption. Protocol Labs launched a test network in December 2019. But the tokens mined in the testing environment so far are not representative of the true silicon coin that can be traded when the main network is turned on. Moreover, the mining incentive economics on testnet do not represent how final block rewards will be available on the main network.
However, data from Blockecoin’s blocknetin testnet explorers show that eight out of 10 miners with the most effective mining force on testnet are currently Chinese miners.
These eight miners have about 15 petabytes (PB) of effective storage mining power, accounting for more than 85% of the total test of 17.9 petable. For the context, 1 petabyte of hard disk storage = 1000 terabytes (terabytes) = 1 million gigabytes (GB).
Filecoin craze in China may be closely related to the long-standing popularity of crypt mining in the country overall, which is home to about 65% of the computing power on Bitcoin by estimation. In addition, there has been a lot of hype in China about foreign exchange mining since 2018, as companies promote all types of devices when the network is still in development.
“Encryption mining has always been popular in China,” said Andy Tien, co-founder of 1475, one of several mining hardware manufacturers in Philquin supported by prominent Chinese video indicators such as Fenbushi and Hashkey Capital.
“Even though the Velikoyen mining process is more technologically sophisticated, the idea of mining using hard drives instead of specialized machines like Bitcoin ASIC may be a lot easier for retailers to understand,” he said.
Meanwhile, according to Feixiaohao, a Chinese service comparable to CoinMarketCap, nearly 50 Chinese crypto exchanges are often somewhat unknown with some of the more well-known exchanges including Gate.io and Biki — have listed trading pairs for Filecoin currency contracts for USDT.
In bitcoin mining, at the current difficulty level, one segment per second (TH / s) fragmentation rate is expected to generate around 0.000008 BTC within 24 hours. The higher the number of TH / s, the greater the number of bitcoins it should be able to produce proportionately. But in Filecoin, the efficient mining force of miners depends on the amount of data stamped on the hard drive, not the total size of the hard drive.
To close data in the hard drive, the Filecoin miner still needs processing power, i.e. CPU or GPU as well as RAM. More powerful processors with improved software can confine data to the hard drive more quickly, so miners can combine more efficient mining energy faster on a given day.
As of this stage, there appears to be no transparent way at the network level for retail investors to see how much of the purchased hard disk drive was purchased which actually represents an effective mining force.
The U.S.-based Labs Protocol was behind Filecoin’s initial coin offer for 2017, which raised an astonishing $ 200 million.
This was in addition to a $ 50 million increase in private investment supported by notable venture capital projects including Sequoia, Anderson Horowitz and Union Square Ventures. CoinDk’s parent company, CoinDk, has also invested in Protocol Labs.
After rounds of delay, Protocol Protocols said in September 2019 that a testnet launch would be available around December 2019 and the main network would be rolled out in the first quarter of 2020.
The test started as promised, but the main network has been delayed again and is now expected to launch in August 2020. What is Filecoin mining process?
Filecoin mainly consists of three parts: the storage market (the chain), the blockecin Filecoin, and the search market (under the chain). Storage and research market in series and series respectively for security and efficiency. For users, the storage frequency is relatively low, and the security requirements are relatively high, so the storage process is placed on the chain. The retrieval frequency is much higher than the storage frequency when there is a certain amount of data. Given the performance problem in processing data on the chain, the retrieval process under the chain is performed. In order to solve the security issue of payment in the retrieval process, Filecoin adopts the micro-payment strategy. In simple terms, the process is to split the document into several copies, and every time the user gets a portion of the data, the corresponding fee is paid. Types of mines corresponding to Filecoin’s two major markets are miners and warehousers, among whom miners are primarily responsible for storing data and block packages, while miners are primarily responsible for data query. After the stable operation of the major Filecoin network in the future, the mining operator will be introduced, who is the main responsible for data maintenance.
In the initial release of Filecoin, the request matching mechanism was not implemented in the storage market and retrieval market, but the takeover mechanism was adopted. The three main parts of Filecoin correspond to three processes, namely the stored procedure, retrieval process, packaging and reward process. The following figure shows the simplified process and the income of the miners:
The Filecoin mining process is much more complicated, and the important factor in determining the previous mining profit is efficient storage. Effective storage is a key feature that distinguishes Filecoin from other decentralized storage projects. In Filecoin’s EC consensus, effective storage is similar to interest in PoS, which determines the likelihood that a miner will get the right to fill, that is, the proportion of miners effectively stored in the entire network is proportional to final mining revenue.
It is also possible to obtain higher effective storage under the same hardware conditions by improving the mining algorithm. However, the current increase in the number of benefits that can be achieved by improving the algorithm is still unknown.
It seeks to promote mining using Filecoin Discover
Filecoin announced Filecoin Discover — a step to encourage miners to join the Filecoin network. According to the company, Filecoin Discover is “an ever-growing catalog of numerous petabytes of public data covering literature, science, art, and history.” Miners interested in sharing can choose which data sets they want to store, and receive that data on a drive at a cost. In exchange for storing this verified data, miners will earn additional Filecoin above the regular block rewards for storing data. Includes the current catalog of open source data sets; ENCODE, 1000 Genomes, Project Gutenberg, Berkley Self-driving data, more projects, and datasets are added every day.
Ian Darrow, Head of Operations at Filecoin, commented on the announcement:
“Over 2.5 quintillion bytes of data are created every day. This data includes 294 billion emails, 500 million tweets and 64 billion messages on social media. But it is also climatology reports, disease tracking maps, connected vehicle coordinates and much more. It is extremely important that we maintain data that will serve as the backbone for future research and discovery”.
Miners who choose to participate in Filecoin Discover may receive hard drives pre-loaded with verified data, as well as setup and maintenance instructions, depending on the company. The Filecoin team will also host the Slack (fil-Discover-support) channel where miners can learn more.
Filecoin got its fair share of obstacles along the way. Last month Filecoin announced a further delay before its main network was officially launched — after years of raising funds.
In late July QEBR (OTC: QEBR) announced that it had ceded ownership of two subsidiaries in order to focus all of the company’s resources on building blockchain-based mining operations.
The QEBR technology team previously announced that it has proven its system as a Filecoin node valid with CPU, GPU, bandwidth and storage compatibility that meets all IPFS guidelines. The QEBR test system is connected to the main Filecoin blockchain and the already mined filecoin coin has already been tested.
“The disclosure of Sheen Boom and Jihye will allow our team to focus only on the upcoming global launch of Filecoin. QEBR branch, Shenzhen DZD Digital Technology Ltd. (“ DZD “), has a strong background in blockchain development, extraction Data, data acquisition, data processing, data technology research. We strongly believe Filecoin has the potential to be a leading blockchain-based cryptocurrency and will make every effort to make QEBR an important player when Mainecoin mainnet will be launched soon”.
IPFS and Filecoin
Filecoin and IPFS are complementary protocols for storing and sharing data in a decentralized network. While users are not required to use Filecoin and IPFS together, the two combined are working to resolve major failures in the current web infrastructure.
IPFS
It is an open source protocol that allows users to store and transmit verifiable data with each other. IPFS users insist on data on the network by installing it on their own device, to a third-party cloud service (known as Pinning Services), or through community-oriented systems where a group of individual IPFS users share resources to ensure the content stays live.
The lack of an integrated catalytic mechanism is the challenge Filecoin hopes to solve by allowing users to catalyze long-term distributed storage at competitive prices through the storage contract market, while maintaining the efficiency and flexibility that the IPFS network provides.
Using IPFS
In IPFS, the data is hosted by the required data installation nodes. For data to persist while the user node is offline, users must either rely on their other peers to install their data voluntarily or use a central install service to store data.
Peer-to-peer reliance caching data may be a good thing as one or multiple organizations share common files on an internal network, or where strong social contracts can be used to ensure continued hosting and preservation of content in the long run. Most users in an IPFS network use an installation service.
Using Filecoin
The last option is to install your data in a decentralized storage market, such as Filecoin. In Filecoin’s structure, customers make regular small payments to store data when a certain availability, while miners earn those payments by constantly checking the integrity of this data, storing it, and ensuring its quick recovery. This allows users to motivate Filecoin miners to ensure that their content will be live when it is needed, a distinct advantage of relying only on other network users as required using IPFS alone.
Filecoin, powered by IPFS
It is important to know that Filecoin is built on top of IPFS. Filecoin aims to be a very integrated and seamless storage market that takes advantage of the basic functions provided by IPFS, they are connected to each other, but can be implemented completely independently of each other. Users do not need to interact with Filecoin in order to use IPFS.
Some advantages of sharing Filecoin with IPFS:
Of all the decentralized storage projects, Filecoin is undoubtedly the most interested, and IPFS has been running stably for two years, fully demonstrating the strength of its core protocol.
Filecoin’s ability to obtain market share from traditional central storage depends on end-user experience and storage price. Currently, most Filecoin nodes are posted in the IDC room. Actual deployment and operation costs are not reduced compared to traditional central cloud storage, and the storage process is more complicated.
PoRep and PoSt, which has a large number of proofs of unknown operation, are required to cause the actual storage cost to be so, in the early days of the release of Filecoin. The actual cost of storing data may be higher than the cost of central cloud storage, but the initial storage node may reduce the storage price in order to obtain block rewards, which may result in the actual storage price lower than traditional central cloud storage.
In the long term, Filecoin still needs to take full advantage of its P2P storage, convert storage devices from specialization to civil use, and improve its algorithms to reduce storage costs without affecting user experience. The storage problem is an important problem to be solved in the blockchain field, so a large number of storage projects were presented at the 19th Web3 Summit. IPFS is an important part of Web3 visibility. Its development will affect the development of Web3 to some extent. Likewise, Web3 development somewhat determines the future of IPFS. Filecoin is an IPFS-based storage class project initiated by IPFS. There is no doubt that he is highly expected.
Resources :
  1. https://www.coindesk.com/filecoin-pushes-back-final-testing-phase-announces-calibration-period-for-miners
  2. https://docs.filecoin.io/mine/#types-of-miners https://www.nasdaq.com/articles/inside-the-craze-for-filecoin-crypto-mining-in-china-2020-07-12؟amp
  3. https://www.prnewswire.com/news-releases/qebr-streamlines-holdings-to-concentrate-on-filecoin-development-and-mining-301098731.html
  4. https://www.crowdfundinsider.com/2020/05/161200-filecoin-seeks-to-boost-mining-with-filecoin-discove
  5. https://zephyrnet.com/filecoin-seeks-to-boost-mining-with-filecoin-discove
  6. https://docs.filecoin.io/introduction/ipfs-and-filecoin/#filecoin-powered-by-ipfs
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