Why I'm Putting All My Savings into Bitcoin (2011 ...

RESEARCH REPORT ABOUT ARYACOIN

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

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

ABSTRACT

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

1.INTRODUCTION

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

1.1 OVERVIEW ABOUT ARYACOIN

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

1.1.1 ARYACOIN HISTORY

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

1.1.2 ARYACOIN’S MAIN GOAL

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

1.1.3 PROBLEM ARYACOIN SEEKS TO SOLVE

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

1.1.4 BENEFITS OF USING ARYACOIN

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

1.1.5 ARYACOIN FEATURES

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

1.1.6 WHY CHOOSE ARYACOIN?

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

1.1.7 ARYANA CENTRALIZED EXCHANGE

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

1.1.8 HOW DOES ARYACOIN WORK?

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

2. ARYACOIN TECHNOLOGY

2.1 PROOF-OF-WORK

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

2.2 NETWORK

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

2.3 AYAPAY PAYMENT SERVICES GATEWAY:

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

2.4 CONSENSUS ALGORITHM IN ARYACOIN

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

2.5 DOUBLE-SPEND PROBLEM AND SOLUTION

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

3. ARYACOIN ROADMAP

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

4. THE NUCYBER NETWORK COMMUNITY & SOCIAL

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

5. SUMMARY

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

6. REFERENCES

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

Information and FAQ

Welcome to the official IOTA subreddit.
If you are new you can find lots of information here, in the sidebar and please use the search button to see if your questions have been asked before. Please focus discussion on IOTA technology, ecosystem announcements, project development, apps, etc. Please direct help questions to /IOTASupport, and price discussions and market talk to /IOTAmarkets.
Before getting started it is recommended to read the IOTA_Whitepaper.pdf. I also suggest watching these videos first to gain a better understanding.
IOTA BREAKDOWN: The Tangle Vs. Blockchain Explained
IOTA tutorial 1: What is IOTA and some terminology explained

Information

Firstly, what is IOTA?

IOTA is an open-source distributed ledger protocol launched in 2015 that goes 'beyond blockchain' through its core invention of the blockless ‘Tangle’. The IOTA Tangle is a quantum-resistant Directed Acyclic Graph (DAG), whose digital currency 'iota' has a fixed money supply with zero inflationary cost.
IOTA uniquely offers zero-fee transactions & no fixed limit on how many transactions can be confirmed per second. Scaling limitations have been removed, since throughput grows in conjunction with activity; the more activity, the more transactions can be processed & the faster the network. Further, unlike blockchain architecture, IOTA has no separation between users and validators (miners / stakers); rather, validation is an intrinsic property of using the ledger, thus avoiding centralization.
IOTA is focused on being useful for the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT), data integrity, micro-/nano- payments, and other applications where a scalable decentralized system is warranted.
More information can be found here.

Seeds

A seed is a unique identifier that can be described as a combined username and password that grants you access to your IOTA.
Your seed is used to generate the addresses and private keys you will use to store and send IOTA, so this should be kept private and not shared with anyone. If anyone obtains your seed, they can generate the private keys associated with your addresses and access your IOTA.

Non reusable addresses

Contrary to traditional blockchain based systems such as Bitcoin, where your wallet addresses can be reused, IOTA's addresses should only be used once (for outgoing transfers). That means there is no limit to the number of transactions an address can receive, but as soon as you've used funds from that address to make a transaction, this address should not be used anymore.
Why?
When an address is used to make an outgoing transaction, a random 50% of the private key of that particular address is revealed in the transaction signature, which effectively reduces the security of the key. A typical IOTA private key of 81-trits has 2781 possible combinations ( 8.7 x 10115 ) but after a single use, this number drops to around 2754 ( 2 x 1077 ), which coincidentally is close to the number of combinations of a 256-bit Bitcoin private key. Hence, after a single use an IOTA private key has about the same level of security as that of Bitcoin and is basically impractical to brute-force using modern technology. However, after a second use, another random 50% of the private key is revealed and the number of combinations that an attacker has to guess decreases very sharply to approximately 1.554 (~3 billion) which makes brute-forcing trivial even with an average computer.
Note: your seed is never revealed at at time; only private keys specific to each address.
The current light wallet prevents address reuse automatically for you by doing 2 things:
  1. Whenever you make an outgoing transaction from an address that does not consume its entire balance (e.g. address holds 10 Mi but you send only 5 Mi), the wallet automatically creates a new address and sends the change (5 Mi) to the new address.
  2. The wallet prevents you from performing a second outgoing transaction using the same address (it will display a “Private key reuse detected!” error).
This piggy bank diagram can help visualize non reusable addresses. imgur link
[Insert new Safe analogy].

Address Index

When a new address is generated it is calculated from the combination of a seed + Address Index, where the Address Index can be any positive Integer (including "0"). The wallet usually starts from Address Index 0, but it will skip any Address Index where it sees that the corresponding address has already been attached to the tangle.

Private Keys

Private keys are derived from a seeds key index. From that private key you then generate an address. The key index starting at 0, can be incremented to get a new private key, and thus address.
It is important to keep in mind that all security-sensitive functions are implemented client side. What this means is that you can generate private keys and addresses securely in the browser, or on an offline computer. All libraries provide this functionality.
IOTA uses winternitz one-time signatures, as such you should ensure that you know which private key (and which address) has already been used in order to not reuse it. Subsequently reusing private keys can lead to the loss of funds (an attacker is able to forge the signature after continuous reuse).
Exchanges are advised to store seeds, not private keys.

FAQ

Buying IOTA

How do I to buy IOTA?

Currently not all exchanges support IOTA and those that do may not support the option to buy with fiat currencies.
Visit this website for a Guide: How to buy IOTA
or Click Here for a detailed guide made by 450LbsGorilla

Cheapest way to buy IOTA?

You can track the current cheapest way to buy IOTA at IOTA Prices.
It tells you where & how to get the most IOTA for your money right now. There's an overview of the exchanges available to you and a buying guide to help you along.
IOTAPrices.com monitors all major fiat exchanges for their BTC & ETH rates and combines them with current IOTA rates from IOTA exchanges for easy comparison. Rates are taken directly from each exchange's official websocket. For fiat exchanges or exchanges that don't offer websockets, rates are refreshed every 60 seconds.

What is MIOTA?

MIOTA is a unit of IOTA, 1 Mega IOTA or 1 Mi. It is equivalent to 1,000,000 IOTA and is the unit which is currently exchanged.
We can use the metric prefixes when describing IOTA e.g 2,500,000,000 i is equivalent to 2.5 Gi.
Note: some exchanges will display IOTA when they mean MIOTA.

Can I mine IOTA?

No you can not mine IOTA, all the supply of IOTA exist now and no more can be made.
If you want to send IOTA, your 'fee' is you have to verify 2 other transactions, thereby acting like a minenode.

Storing IOTA

Where should I store IOTA?

It is not recommended to store large amounts of IOTA on the exchange as you will not have access to the private keys of the addresses generated.

Wallets

GUI Desktop (Full Node + Light Node)
Version = 2.5.6
Download: GUI v2.5.6
Guide: Download/Login Guide
Nodes: Status
Headless IRI (Full Node)
Version = 1.4.1.4
Download: Mainnet v1.4.1.4
Guide:
Find Neighbours: /nodesharing
UCL Desktop/Android/iOS (Light Node)
Version = Private Alpha Testing
Website: iota-ucl (Medium)
Android (Light Node)
Version = Beta
Download: Google Play
iOS (Light Node)
Version = Beta Testing
Website: https://iota.tools/wallet
Paper Wallet
Version = v1.3.6
Repo: GitHub
Seed Vault
Version = v1.0.2
Repo: GitHub7

What is a seed?

A seed is a unique identifier that can be described as a combined username and password that grants you access to your wallet.
Your seed is used to generate the addresses linked to your account and so this should be kept private and not shared with anyone. If anyone obtains your seed, they can login and access your IOTA.

How do I generate a seed?

You must generate a random 81 character seed using only A-Z and the number 9.
It is recommended to use offline methods to generate a seed, and not recommended to use any non community verified techniques. To generate a seed you could:

On a Linux Terminal

use the following command:
 cat /dev/urandom |tr -dc A-Z9|head -c${1:-81} 

On a Mac Terminal

use the following command:
 cat /dev/urandom |LC_ALL=C tr -dc 'A-Z9' | fold -w 81 | head -n 1 

With KeePass on PC

A helpful guide for generating a secure seed on KeePass can be found here.

With a dice

Dice roll template

Is my seed secure?

  1. All seeds should be 81 characters in random order composed of A-Z and 9.
  2. Do not give your seed to anyone, and don’t keep it saved in a plain text document.
  3. Don’t input your seed into any websites that you don’t trust.
Is Someone Going To Guess My IOTA Seed?
What are the odds of someone guessing your seed?
  • IOTA seed = 81 characters long, and you can use A-Z, 9
  • Giving 2781 = 8.7x10115 possible combinations for IOTA seeds
  • Now let's say you have a "super computer" letting you generate and read every address associated with 1 trillion different seeds per second.
  • 8.7x10115 seeds / 1x1012 generated per second = 8.7x10103 seconds = 2.8x1096 years to process all IOTA seeds.

Why does balance appear to be 0 after a snapshot?

When a snapshot happens, all transactions are being deleted from the Tangle, leaving only the record of how many IOTA are owned by each address. However, the next time the wallet scans the Tangle to look for used addresses, the transactions will be gone because of the snapshot and the wallet will not know anymore that an address belongs to it. This is the reason for the need to regenerate addresses, so that the wallet can check the balance of each address. The more transactions were made before a snapshot, the further away the balance moves from address index 0 and the more addresses have to be (re-) generated after the snapshot.

What happens if you reuse an address?

It is important to understand that only outgoing transactions reveal the private key and incoming transactions do not. If you somehow manage to receive iotas using an address after having used it previously to send iotas—let's say your friend sends iotas to an old address of yours—these iotas may be at risk.
Recall that after a single use an iota address still has the equivalent of 256-bit security (like Bitcoin) so technically, the iotas will still be safe if you do not try to send them out. However, you would want to move these iotas out eventually and the moment you try to send them out, your private key will be revealed a second time and it now becomes feasible for an attacker to brute-force the private key. If someone is monitoring your address and spots a second use, they can easily crack the key and then use it to make a second transaction that will compete with yours. It then becomes a race to see whose transaction gets confirmed first.
Note: The current wallet prevents you from reusing an address to make a second transaction so any iotas you receive with a 'used' address will be stuck. This is a feature of wallet and has nothing to do with the fundamental workings of IOTA.

Sending IOTA

What does attach to the tangle mean?

The process of making an transaction can be divided into two main steps:
  1. The local signing of a transaction, for which your seed is required.
  2. Taking the prepared transaction data, choosing two transactions from the tangle and doing the POW. This step is also called “attaching”.
The following analogy makes it easier to understand:
Step one is like writing a letter. You take a piece of paper, write some information on it, sign it at the bottom with your signature to authenticate that it was indeed you who wrote it, put it in an envelope and then write the recipient's address on it.
Step two: In order to attach our “letter” (transaction), we go to the tangle, pick randomly two of the newest “letters” and tie a connection between our “letter” and each of the “letters” we choose to reference.
The “Attach address” function in the wallet is actually doing nothing else than making an 0 value transaction to the address that is being attached.

Why is my transaction pending?

IOTA's current Tangle implementation (IOTA is in constant development, so this may change in the future) has a confirmation rate that is ~66% at first attempt.
So, if a transaction does not confirm within 1 hour, it is necessary to "reattach" (also known as "replay") the transaction one time. Doing so one time increases probability of confirmation from ~66% to ~89%.
Repeating the process a second time increases the probability from ~89% to ~99.9%.

How do I reattach a transaction.

Reattaching a transaction is different depending on where you send your transaction from. To reattach using the GUI Desktop wallet follow these steps:
  1. Click 'History'.
  2. Click 'Show Bundle' on the 'pending' transaction.
  3. Click 'Reattach'.
  4. Click 'Rebroadcast'. (optional, usually not required)
  5. Wait 1 Hour.
  6. If still 'pending', repeat steps 1-5 once more.

Does the private key get revealed each time you reattach a transaction?

When you use the reattach function in the desktop wallet, a new transaction will be created but it will have the same signature as the original transaction and hence, your private key will not revealed a second time.

What happens to pending transactions after a snapshot?

IOTA Network and Nodes

What incentives are there for running a full node?

IOTA is made for m2m economy, once wide spread adoption by businesses and the IOT, there will be a lot of investment by these businesses to support the IOTA network. In the meantime if you would like to help the network and speed up p2p transactions at your own cost, you can support the IOTA network by setting up a Full Node.
Running a full node also means you don't have to trust a 3rd party light node provider. By running a full node you get to take advantage of new features that might not be installed on 3rd party nodes.

How to set up a full node?

To set up a full node you will need to follow these steps:
  1. Download the full node software: either GUI, or headless CLI for lower system requirements and better performance.
  2. Get a static IP for your node.
  3. Join the network by adding 7-9 neighbours.
  4. Keep your full node up and running as much as possible.
A detailed user guide on how to set up a VTS IOTA Full Node from scratch can be found here.

How do I get a static IP?

To learn how to setup a hostname (~static IP) so you can use the newest IOTA versions that have no automated peer discovery please follow this guide.

How do I find a neighbour?

Are you a single IOTA full node looking for a partner? You can look for partners in these place:

Resources

You can find a wiki I have been making here.
More to come...
If you have any contributions or spot a mistake or clarification, please PM me or leave a comment.
submitted by Boltzmanns_Constant to Iota [link] [comments]

General info and list of exchanges for ATC Coin (ATCC)

Welcome to ATC COIN
Atccoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Atccoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Atccoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Atccoin is a proven medium of commerce complementary to Bitcoin. Atccoin is digital money used for secure and instant transfer of value anywhere in the world, with no borders or limits. There is no government, company, or bank in charge.
Our Services Transfer Securely Transfer Securely Atccoin transactions are secured by military grade cryptography. Nobody can charge you money or make a payment on your behalf.
Works Everywhere Works Everywhere ATC Just like with email, you don’t need to ask your family to use the same software or the same service providers.
Protect Privacy Protect Privacy Atccoin, there is no credit card number that some malicious actor can collect in order to impersonate you.
Fast Payment Fast Payment Atccoin can be transferred from Globally in 10 minutes. The digital payment system for the 21st Century. There is no bank to slow down the process, level outrageous fees.
ATC COIN - Your Wealth Partner Give Values Give Values Atccoin is an open source, global payment network that is fully decentralized without any central authorities. How it Works? How it Works? Atccoin is digital money used for secure and instant transfer of value anywhere in the world, with no borders or limits. Benefits Benefits Atccoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. Easy steps to get started Verify Verify Verify your email and upload PAN card, bank account and Aadhaar card details.
Make Payment Make Payment To buy atccoin and other cryptocurrencies, add funds to your Rs account from your registered bank.
Start Trading Start Trading Buy and sell atccoin and other cryptocurrencies for simplest and fastest mobile trading experience in India.
EXCHANGE LIST
Binance
Huobi
Kucoin
Bibox
Qryptos
Satoexchange
BIGone
Bitrue
Bilaxy
Bit-Z
Linkcoin
SECURE WALLET
Ledgerwallet
Trezor
submitted by icoinformation to ATCCoin [link] [comments]

Information and FAQ

Hi, for everyone looking for help and support for IOTA you have come to the right place. Please read this information, the FAQ and the side bar before asking for help.

Information

IOTA

IOTA is an open-source distributed ledger protocol launched in 2015 that goes 'beyond blockchain' through its core invention of the blockless ‘Tangle’. The IOTA Tangle is a quantum-resistant Directed Acyclic Graph (DAG), whose digital currency 'iota' has a fixed money supply with zero inflationary cost.
IOTA uniquely offers zero-fee transactions & no fixed limit on how many transactions can be confirmed per second. Scaling limitations have been removed, since throughput grows in conjunction with activity; the more activity, the more transactions can be processed & the faster the network. Further, unlike blockchain architecture, IOTA has no separation between users and validators (miners / stakers); rather, validation is an intrinsic property of using the ledger, thus avoiding centralization.
IOTA is focused on being useful for the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT), data integrity, micro-/nano- payments, and other applications where a scalable decentralized system is warranted.
More information can be found here.

Non reusable addresses

Contrary to traditional blockchain based systems such as Bitcoin, where your wallet addresses can be reused, IOTA's addresses should only be used once (for outgoing transfers). That means there is no limit to the number of transactions an address can receive, but as soon as you've used funds from that address to make a transaction, this address should not be used anymore.
The reason for this is, by making an outgoing transaction a part of the private key of that specific address is revealed, and it opens the possibility that someone may brute force the full private key to gain access to all funds on that address. The more outgoing transactions you make from the same address, the easier it will be to brute force the private key.
It should be noted that having access to the private key of an address will not reveal your seed or the private key of the other addresses within your seed / "account".
This piggy bank diagram can help visualize non reusable addresses. imgur link

Address Index

When a new address is generated it is calculated from the combination of a seed + Address Index, where the Address Index can be any positive Integer (including "0"). The wallet usually starts from Address Index 0, but it will skip any Address Index where it sees that the corresponding address has already been attached to the tangle.

Private Keys

Private keys are derived from a seeds key index. From that private key you then generate an address. The key index starting at 0, can be incremented to get a new private key, and thus address.
It is important to keep in mind that all security-sensitive functions are implemented client side. What this means is that you can generate private keys and addresses securely in the browser, or on an offline computer. All libraries provide this functionality.
IOTA uses winternitz one-time signatures, as such you should ensure that you know which private key (and which address) has already been used in order to not reuse it. Subsequently reusing private keys can lead to the loss of funds (an attacker is able to forge the signature after continuous reuse).
Exchanges are advised to store seeds, not private keys.

Double spending

Sending a transaction will move your entire balance to a completely new address, if you have more than one pending transaction only one can eventually be confirmed and the resulting balance is sent to your next wallet address. This means that the other pending transactions are now sent from an address that has a balance of 0 IOTA, and thus none of these pending transactions can ever be confirmed.

Transaction Process

As previously mentioned, in IOTA there are no miners. As such the process of making a transaction is different from any Blockchain out there today. The process in IOTA looks as follows:
  • Signing: You sign the transaction inputs with your private keys. This can be done offline.
  • Tip Selection: MCMC is used to randomly select two tips, which will be referenced by your transaction (branchTransaction and trunkTransaction)
  • Proof of Work: In order to have your transaction accepted by the network, you need to do some Proof of Work - similar to Hashcash, not Bitcoin (spam and sybil-resistance). This usually takes a few minutes on a modern pc.
After this is completed, the trunkTransaction, branchTransaction and nonce of the transaction object should be updated. This means that you can broadcast the transaction to the network now and wait for it to be approved by someone else.

FAQ

How do I to buy IOTA?

Currently not all exchanges support IOTA and those that do may not support the option to buy with fiat currencies.
One way to buy IOTA is to buy with bitcoin (BTC) or Ether (ETH), first you will need to deposit BTC/ETH onto an exchange wallet and you can the exchange them for IOTA.
You can buy BTC or ETH through coinbase. And exchange those for IOTA on Binance or Bitfinex (other exchanges do exist, some linked in the side bar).
A detailed guide to buying can be found here.

What is MIOTA?

MIOTA is a unit of IOTA, 1 Mega IOTA or 1 Mi. It is equivalent to 1,000,000 IOTA and is the unit which is currently exchanged.
We can use the metric prefixes when describing IOTA e.g 2,500,000,000 i is equivalent to 2.5 Gi.
Note: some exchanges will display IOTA when they mean MIOTA.

Can I mine IOTA?

No you can not mine IOTA, all the supply of IOTA exist now and no more can be made.
If you want to send IOTA, your 'fee' is you have to verify 2 other transactions, thereby acting like a minenode.

Where should I store IOTA?

It is not recommended to store large amounts of IOTA on the exchange as you will not have access to the private keys of the addresses generated.
However many people have faced problems with the current GUI Wallet and therefore group consensus at the moment is to store your IOTA on the exchange, until the release of the UCL Wallet, or the Paper Wallet.

What is the GUI wallet?

What is the UCL Wallet?

What is a seed?

A seed is a unique identifier that can be described as a combined username and password that grants you access to your wallet.
Your seed is used to generate the addresses linked to your account and so this should be kept private and not shared with anyone. If anyone obtains your seed, they can login and access your IOTA.

How do I generate a seed?

You must generate a random 81 character seed using only A-Z and the number 9.
It is recommended to use offline methods to generate a seed, and not recommended to use any non community verified techniques. To generate a seed you could:

On a Linux Terminal use the following command:

 cat /dev/urandom |tr -dc A-Z9|head -c${1:-81} 

On a Mac Terminal use the following command:

 cat /dev/urandom |LC_ALL=C tr -dc 'A-Z9' | fold -w 81 | head -n 1 

With KeePass on PC

A helpful guide for generating a secure seed on KeePass can be found here.

With a dice

Dice roll template

Is my seed secure?

  1. All seeds should be 81 characters in random order composed of A-Z and 9.
  2. Do not give your seed to anyone, and don’t keep it saved in a plain text document.
  3. Don’t input your seed into any websites that you don’t trust.
Is this safe? Can’t anyone guess my seed?
What are the odds of someone guessing your seed?
  • IOTA seed = 81 characters long, and you can use A-Z, 9
  • Giving 2781 = 8.7x10115 possible combinations for IOTA seeds
  • Now let's say you have a "super computer" letting you generate and read every address associated with 1 trillion different seeds per second.
  • 8.7x10115 seeds / 1x1012 generated per second = 8.7x10103 seconds = 2.8x1096 years to process all IOTA seeds.

Why does balance appear to be 0 after a snapshot?

When a snapshot happens, all transactions are being deleted from the Tangle, leaving only the record of how many IOTA are owned by each address. However, the next time the wallet scans the Tangle to look for used addresses, the transactions will be gone because of the snapshot and the wallet will not know anymore that an address belongs to it. This is the reason for the need to regenerate addresses, so that the wallet can check the balance of each address. The more transactions were made before a snapshot, the further away the balance moves from address index 0 and the more addresses have to be (re-) generated after the snapshot.

Why is my transaction pending?

IOTA's current Tangle implementation (IOTA is in constant development, so this may change in the future) has a confirmation rate that is ~66% at first attempt.
So, if a transaction does not confirm within 1 hour, it is necessary to "reattach" (also known as "replay") the transaction one time. Doing so one time increases probability of confirmation from ~66% to ~89%.
Repeating the process a second time increases the probability from ~89% to ~99.9%.

What does attach to the tangle mean?

The process of making an transaction can be divided into two main steps:
  1. The local signing of a transaction, for which your seed is required.
  2. Taking the prepared transaction data, choosing two transactions from the tangle and doing the POW. This step is also called “attaching”.
The following analogy makes it easier to understand:
Step one is like writing a letter. You take a piece of paper, write some information on it, sign it at the bottom with your signature to authenticate that it was indeed you who wrote it, put it in an envelope and then write the recipient's address on it.
Step two: In order to attach our “letter” (transaction), we go to the tangle, pick randomly two of the newest “letters” and tie a connection between our “letter” and each of the “letters” we choose to reference.
The “Attach address” function in the wallet is actually doing nothing else than making an 0 value transaction to the address that is being attached.

How do I reattach a transaction.

Reattaching a transaction is different depending on where you send your transaction from. To reattach using the GUI Desktop wallet follow these steps:
  1. Click 'History'.
  2. Click 'Show Bundle' on the 'pending' transaction.
  3. Click 'Reattach'.
  4. Click 'Rebroadcast'. (optional, usually not required)
  5. Wait 1 Hour.
  6. If still 'pending', repeat steps 1-5 once more.

What happens to pending transactions after a snapshot?

How do I recover from a long term pending transaction?

How can I support IOTA?

You can support the IOTA network by setting up a Full Node, this will help secure the network by validating transactions broadcast by other nodes.
Running a full node also means you don't have to trust a 3rd party in showing you the correct balance and transaction history of your wallet.
By running a full node you get to take advantage of new features that might not be installed on 3rd party nodes.

How to set up a full node?

To set up a full node you will need to follow these steps:
  1. Download the full node software: either GUI, or headless CLI for lower system requirements and better performance.
  2. Get a static IP for your node.
  3. Join the network by adding 7-9 neighbours.
  4. Keep your full node up and running as much as possible.
A detailed user guide on how to set up a VTS IOTA Full Node from scratch can be found here.

How do I get a static IP?

To learn how to setup a hostname (~static IP) so you can use the newest IOTA versions that have no automated peer discovery please follow this guide.

How do I find a neighbour?

Are you a single IOTA full node looking for a partner? You can look for partners in these place:

Extras

Transaction Example:

Multiple Address in 1 Wallet Explained:

submitted by Boltzmanns_Constant to IOTASupport [link] [comments]

WeTrust AMA - Sept 1 (Originally in Slack, formatted to Reddit)

Hey Everyone
Here is the result of the AMA today in the WeTrust Slack today at 4pm PST. I took the liberty to weed through the random comments and put together the slack threads into a Q and A format below.
The team will be participating in additional AMAs in the future and will be utilizing Reddit for those.
Have a wonderful long weekend everyone.
 
kimutai
My first question how do you guarantee everyone contributes to a rosca group? What does someone do if they want to leave the rosca group mid way through?
 
george.wetrust
hey there! the broader question here is, how does WeTrust deter bad actors?
Here's our approach:
Working with folks who are already participating in Lending Circles is the first step, as we face fewer barriers in terms of behavioral change. In addition, one of our goals is to create mechanisms that enable weaker ties to interact with each other safely. To do so and to thwart bad actors more generally, WeTrust will have 4 deterrents:
  1. Reputation risk/ Reviews: Initial groups will be limited to "trusted associates" - family, friends, co-workers, fraternal groups, and professional/ religious organizations. Defaulting on payments could mean social shame and loss of reputation amongst an individual's closest associates. This works in practice around the world, as reputation risk is a large deterrent that in most cases is sufficient enough to keep participants honest.
  2. Loan Guarantor: Participants of a Lending Circle may choose to require all participants to have a loan guarantor who would be responsible for any breach of the Lending Circle participation terms. This concept can also be used to facilitate the interaction of disparate groups that have common participants who are willing to vouch and serve as Loan Guarantors or junior debt holders for any wrongdoing by members from the 2 disparate groups.
  3. Legal/ Collateral: Lending Circle formation will allow trusted associates to e-sign and bind each other to a legal contract which requires faithful adherence and payment to the group. Defaulting on payments and stealing could mean legal repercussions. Legal recourse will only be used if individuals are participating in a "high-stakes" lending circle and legal action would be worthwhile. Members can also choose to require participants to commit collateral as part of membership of the Lending Circle.
  4. Smart contract bounty (self-enforcement): If a Lending Circle participant violates the terms, the group may start a “Bounty” on the retrieval of funds. If the funds are retrieved, the “Bounty” is paid out to the person who enforces the terms.
These 4 deterrent options will be on an "opt-in" basis and participants will be able to choose the level of security they want. These ideas are not fixed and are still subject to change.
 
 
cowmooflage
@george.wetrust from what I've learned the SF area seems like a testbed for you and the team. I personally don't see this as your target audience but how do you want to approach the actual target audience and have them adopt your platform? I assume there are language barriers in place but also many local organisations that run their own similar projects. (edited)
 
george.wetrust
The Trusted Lending Circle (TLC) is a ROSCA on the blockchain. In the bay area, we will focus on immigrant communities. Due to proximity, there are advantages in honing the product locally. However long term we must expand to communities outside the US. To enable that we will need to work with organizations abroad that are familiar with their local communities. To that end, we have started initial conversations so that we can move more quickly once the product is ready.
 
 
popabogdan
@george.wetrust what do we say to people who try to question the thing that Vitalik is an advisor? Could u also explain what is the role of each advisor and how did they helped the project so far?
 
patrick.wetrust
We met with VB in the beginning of the project back in the StartX offices in Palo Alto, CA. Soon after, we've also brought on Bo Shen (VB's partner at FenBuShi Capital) as an early investor and he provided some help in China marketing and garnering support for our project.
We have a number of advisors and they all provide some help in their own specific capacities. For example, Ben Chan is nearby and he often drops by and we run a lot of our ideas by him. Emin calls us every once in awhile to check up on the product, since he is a bit farther.
 
 
kakradetome
Hi Patrick, when's the flagship product release?
 
patrick.wetrust
Trusted Lending Circles is slated to be release by EOY.
 
 
Sigma
Question: Is the original roadmap still accurate and if so, what can we expect in 2018 from WeTrust? And is there a roadmap available for that?
 
patrick.wetrust
The original roadmap isn't as accurate any longer, since we're added a few new members to our team. We're working on an update and that will be available soon. We have an internal working document already finished, but just polishing it a bit before sharing it with the community.
 
sigma
Any chance you can say when we can expect that?
 
patrick.wetrust
We just brought on a new VP of Product (ex. GREE, Google) @tomd and this will be his main task to create a roadmap and plan of attack, so I want to say ASAP. I don't want to commit to a date, but soon. (edited)
 
tomd
We're performing resource allocation tasks and mapping out iterations in the background over here. Once we're super comfortable with the timeframe and have set appropriate midpoint milestones, we'd love to share the broad roadmap out to the community
 
tomd
the 2018 roadmap is still being planned as well...we've got a framework, but we're focused heavily on TLC right now
 
sigma
Awesome! Great to hear :smile:
 
 
sigma
Question: What is Wetrust planning to do on marketing when the flagship product launches at the end of the year?
 
patrick.wetrust
We will ramp up marketing as the launch date gets closer.
 
sigma
Awesome!
 
 
icarus
How do you ensure that there are incentives in maintaining participation in the ROSCA? The way I view it, there are two levels of the WeTrust platform: the ROSCA and TRST as a whole, so I’m still trying to understand to whom the value of the platform accrues - the ROSCA of the TRST holder.
 
patrick.wetrust
Trusted Lending Circles are for those who need money now and the idea is to start with trusted participants. We are creating an alternative for those not included within the traditional financial system. Does this help?
 
icarus
Maybe - but let me reword the question: why do ROSCAs need to be tokenized? ROSCAs become valuable when they are done amongst a tight group of people. It’s a highly localized value chain. I have a hard time understanding how the global benefits (of having a strong crypto platform) accrue to the individual groups.
 
damo
How many millions of people separate from their families and emigrate to the west and then expatriate there dollars back home? Imagine them being able to participate in a ROSCA with their family back home.
 
damo
Excuse typos I'm voice typing
 
george.wetrust
@icarus there are a few additional benefits of building on the blockchain
 
damo
And what about all the people in the west that would like to help get people in the developing world a leg up and with the rosca can do so directly in small, intimate groups. It's like micro philanthropy are.
 
george.wetrust
  1. once complete, it will be usable by anyone who has access to crypto (cannot do this with a regular financial app)
 
george.wetrust
  1. by understanding the connections, and the data, we can add value by facilitating interaction between those who do not know one another directly
 
damo
What George said. I'll see myself out...
 
icarus
@damo @george.wetrust Understood. So this has a lot of value reaching the un-banked in other countries. I can understand the value of that. I think that, in your marketing material, you should highlight that by showing the size of the remittance market. It helps to have other lenses through which to see your service. (edited)
 
icarus
ROSCA and Remittances are two different things, and you folks have started to integrate the two. Your marketing focuses on the ROSCA aspect, but I think it’d be good to highlight the remittance aspect (though it may already be implied) as well.
 
george.wetrust
thank you @icarus very good points!!
 
 
beef
If you were to sit and have a beer with someone who knew nothing of ROSCA, how would you explain it to them?
 
george.wetrust
in layman's non financial terms -- saving together builds more discipline into saving than if you were saving on your own. Similar to going to the gym to work out, or taking training classes, getting a personal trainer, etc... A ROSCA allows you to save in a group, accessing credit, and we plan to integrate with credit bureaus so you can build credit as well.
 
 
popabogdan
Since Mr Bo is an advisor , is it right that u will be listed on Yunbi when the product is ready?Are u in contaxt with other exchanges?
 
george.wetrust
our focus is on building out the product at this time
 
patrick.wetrust
We plan on continuing to do a great job on advancing the mission of financial inclusion through decentralized financial apps. Trusted Lending Circles will only be the first. If we are successful, it will be inevitable that accessibility (e.g. exchanges) will improve.
 
 
sigma
Question: Why do you think the price has remained relatively stagnant? What do you think might change the price in the short term?
 
patrick.wetrust
We're working hard on the product and focusing purely on that. I think as things begin to work out everything else will fall into place.
 
sigma
Great answer, I love projects first being developed and then being marketed. Trading on thin air is not what I like
 
patrick.wetrust
Agreed.
 
 
abtin09
hey guys how to get TRST wallet?
 
cowmooflage
I think you can use my etherwallet to store them.
 
patrick.wetrust
MyEtherWallet or any other ERC 20 compatible wallet.
 
 
yigitbak
@patrick.wetrust Are we going to be able to store our coins without putting in to use (like a wallet) in the ROSCA app? Second question; Will our identity stay anonymous to other ROSCA users while lending?
 
patrick.wetrust
Right now, you can store your coins on MEW or equivalent ERC 20 friendly wallet.
Potentially, we are working to integrate uPort login. We have it working on the testnet, but once testing is done - will roll out to main-net.
 
davestann
Thoughts on uPort vs Civic?
 
patrick.wetrust
We are considering just having both... users can pick which account they want and can authenticate/ login using whatever they have.
 
 
debbychiu
We wanna do Lending business too. More than happy to talk further to be the first inner circle of ROSCA
 
patrick.wetrust
Sure, that would be great. You can be apart of our first Company lending circle if you'd like :slightly_smiling_face:
 
 
lawlud
I've read that there will be a new website soon, can we get a sneak peak?
 
patrick.wetrust
It will be launched soon
 
 
tothepoint
Are there any plans to put this on poloniex?
 
patrick.wetrust
We have no control over what the exchanges decide to do.
 
 
ludvigmesch
I don´t understand the benefit of ROSCA, I watched the videos I don´t see the benefit, the example given just doesnt make sense to me. If you are 5 guys putting in 100$ and its kind of a lottery who gets the 500$ each cycle, how is that really making a difference for anyone ?
 
george.wetrust
a ROSCA is indeed a zero sum game
 
george.wetrust
however, there are several benefits:
 
george.wetrust
it allows time shifting the access to money (analogous to serving as credit or a loan) (edited)
 
damo
I think the important thing to remember is that this is already north of a $1 trillion a year industry. It makes sense that people in the global north don't understand it because we have access to traditional financial capital. We've never needed such a thing. We also don't have as tightly woven communities anymore as we used to. But those in the global south, many of which lack access to banks and bank finance, have been using this and other novel mechanisms for accessing capital when needed for generations. (edited)
 
damo
moreover, starting with the foundation of the rosca app, we'll be able to quickly iterate on additional products. It's a remarkably extensible foundation.
 
 
sigma
Are you guys familiar with Salt Lending and do you think they are your biggest competitor?
 
george.wetrust
Not extremely familiar with salt lending, but afaik they are building a very useful service. It's important to see what others are doing, but at this point I think the markets are mostly white space and there is room for multiple successful companies in each industry.
 
 
debbychiu
Do you do credit scoring for a lender? Application and behavior model? Any data scientists in your team?
 
patrick.wetrust
We're exploring opportunities to report transactional data the Credit Bureaus. This is the first step... if this is successful, participation in Lending Circles (or our "to be named" 1-person savings app), could be used to build credit.
If we decide to build an independent (outside of the Credit Bureaus) score, we will hire the appropriate talent to do this successfully.
 
 
davestann
I get the value in reducing the overhead large insurance companies pad into their rates… but don’t ROSCAs still need some claims process to assign reasonable value to claims? Maybe fire damage to my house was $10,000, maybe it was only $9,500… at the end of the day, isn’t there some central authority needed to determine autheniticity/fairness of claims made?
 
yigitbak
Good question.
 
george.wetrust
ROSCAs are analogous to insurance, which you rightly point out. Not everyone knows that actually.
However, there are some differences.
 
george.wetrust
while each ROSCA from different cultures operate differently, many are 100% zero sum. For example, in many tandas, you have a sequence set at the beginning for distributions, and everyone rotates on receiving the full 100% of the distribution. does that make sense?
 
icarus
As long as the ROSCA is sufficiently tight, I think you go by the word of the affected. That’s where credit profiling is crucial.
 
davestann
yes - so more like a savings account that offers an early withdrawal of full funds
 
davestann
but no matter how “tight’ the circle, no one ever pays MORE than they are required to — though the possibility of paying less is always non-zero
 
davestann
leading to inevitable loss in total ROSCA funds which must then be offset by…. ?
 
icarus
@davestann though, even if you pay less, shouldn’t that reduce your stake in the pool? There’s no free lunch. (edited)
 
davestann
@icarus @patrick.wetrust lets assume i pay first payment into ROSCA and then make claim for full amount… then stop making payments (some amount of which is bound to occur, no matter how trusted the circle) - how is that revenue recovered? everyone else now knows their ROSCA won’t be fully funded when its their turn to claim, so why should anyone continue making payments?
 
damo
Same reason you don't trash your Uber drivers car. Reputation equals access. If you have a bad reputation, you lose access.
 
damo
We're going to end up releasing a whole bunch of products. And people are gonna want to use them. In order to do so, they're gonna have to play nice. Right?
 
icarus
@davestann I think that’s a good question. My impression is that, by joining the ROSCA, you’re willingly exposing your self to the entire credit risk of all its participants.
 
davestann
agree reputation is key @damo good point — but in the event some jerk DOES trash my uber, I can claim against my insurance for losses. Maybe this means a backup ROSCA for each ROSCA?
 
george.wetrust
@davestann great questions -- to uplevel the question -- I think the core of your question is how does WeTrust deter bad actors?
Here are our thoughts: by working with folks who are already participating in Lending Circles is the first step, as we face fewer barriers in terms of behavioral change. In addition, one of our goals is to create mechanisms that enable weaker ties to interact with each other safely. To do so and to thwart bad actors more generally, WeTrust will have 4 deterrents:
  1. Reputation risk/ Reviews: Initial groups will be limited to "trusted associates" - family, friends, co-workers, fraternal groups, and professional/ religious organizations. Defaulting on payments could mean social shame and loss of reputation amongst an individual's closest associates. This works in practice around the world, as reputation risk is a large deterrent that in most cases is sufficient enough to keep participants honest.
  2. Loan Guarantor: Participants of a Lending Circle may choose to require all participants to have a loan guarantor who would be responsible for any breach of the Lending Circle participation terms. This concept can also be used to facilitate the interaction of disparate groups that have common participants who are willing to vouch and serve as Loan Guarantors or junior debt holders for any wrongdoing by members from the 2 disparate groups.
  3. Legal/ Collateral: Lending Circle formation will allow trusted associates to e-sign and bind each other to a legal contract which requires faithful adherence and payment to the group. Defaulting on payments and stealing could mean legal repercussions. Legal recourse will only be used if individuals are participating in a "high-stakes" lending circle and legal action would be worthwhile. Members can also choose to require participants to commit collateral as part of membership of the Lending Circle.
  4. Smart contract bounty (self-enforcement): If a Lending Circle participant violates the terms, the group may start a “Bounty” on the retrieval of funds. If the funds are retrieved, the “Bounty” is paid out to the person who enforces the terms.
These 4 deterrent options will be on an "opt-in" basis and participants will be able to choose the level of security they want. These ideas are not fixed and are still subject to change.
 
davestann
Thanks @george.wetrust for the detailed response
 
icarus
@davestann @george.wetrust The credit profiling feature is going to be crucial for the success of WeTrust. Here’s why I think that: the WeTrust platform isn’t necessarily disruptive to large players in the market. (It doesn’t need to be.) It brings online something that’s done in individuals’ living rooms and integrates that with global money transfers.
Here’s something that is exciting, and something that I hope WeTrust can nail. If they are able to create a thriving ecosystem, they can develop a global credit rating platform. A person immigrating from China to the US could receive credit from a normal bank in the US, because they wouldn’t be building their credit history from scratch. So, in that sense, WeTrust could serve as a sustaining force in the traditional financial system.
 
cowmooflage
I hadn't thought of that. Interesting view.
 
george.wetrust
agreed - the financial system/ banking industry isn't necessarily a zero sum game
 
 
tothepoint
I'm purely involved in this token for the money, sorry to say......is there plans to put this on Poloniex? Certainly don't believe this is a free market this crypto, can you shed any light on the major pump today
 
george.wetrust
sorry we can't discuss price or exchanges
 
 
cowmooflage
I remember reading about implementing gold standard tokens into the lending circles as gold is important to some cultures. Is this still on the table?
 
george.wetrust
this is definitely something we are planning for the future. there are dependencies with other projects, however, but we are keen.
 
 
beef
Now that the talent pool is filled, and the office situation is settled, hows life in the WeTrust office these days? is there more activity with summer coming to a close?
 
patrick.wetrust
About to move to Downtown Mountain View.... so a bit hectic still. The office is settled, but still the process of getting our stuff over there! :slightly_smiling_face:
The chairs just arrived today and the desks on Tuesday I believe...
NorCal is experiencing a heat wave right now.
 
 
debbychiu
May I confirm is this ROSCA only do unsecured lending? You guys won't take any collateral?
 
patrick.wetrust
A collateral product was explored, but for now we're focusing on the unsecured lending circle. In the future, definitely a possibility.
 
sigma
Don't you find this a big risk? (edited)
 
patrick.wetrust
To thwart bad actors, WeTrust will have four deterrents:
  1. Reputation risk/ Reviews: ROSCA groups will be limited to "trusted associates" - family, friends, co-workers, fraternal groups, and professional/ religious organizations. Defaulting on payments could mean social shame and loss of reputation amongst an individual's closest associates. The idea is that for ROSCAs with small enough dollar amount commitments, reputation risk will be sufficient enough to keep participants honest. Reviews may also be left by other members to show how they felt about any participant.
  2. Legal risk: ROSCA formation will allow trusted associates to e-sign and bind each other to a legal contract which requires faithful adherence and payment to the ROSCA. Defaulting on payments and stealing could mean legal repercussions. Legal recourse will only be used if individuals are participating in a "high-stakes" ROSCA and legal action would be worthwhile. I've spoken to our legal advisor and she believes it will be possible to create auto-populating templates that will be tailored to each person's ROSCA terms.
  3. Collateral risk: Collateral commitments may be required prior to joining a ROSCA. The collateral will be entered into a smart contract which will surrender the property to the ROSCA group if the ROSCA agreement is breached. Collateral can be liquid-cash like assets like Bitcoin or even less liquid assets such as auto/ home titles. Our system will benefit significantly from the ability to accept less liquid assets, since the majority of middle classes’ net worth is locked in real estate. Collateral would allow capital to be used more efficiently.
  4. Smart contract bounty (self-enforcement): If a ROSCA participant violates the terms of the ROSCA, the ROSCA group may start a “Bounty” on the retrieval of funds. If the funds are retrieved, the “Bounty” is paid out to the person who enforces the terms of the ROSCA.
 
debbychiu
Unsecured lending of course is very risky... I'm a banking person and I know credit risk.
 
debbychiu
I saw the above paragraphs already thanks
 
 
yigitbak
My last question to @george.wetrust . Is there any possibility for the WeTrust team or spokesman to come out in Europe for a conference or meeting in the future?
 
george.wetrust
yes -- it would be great if you can tell us some good conferences we should attend and we'll try to secure a speaking slot and meet with our community abroad.
 
yigitbak
That's great! Will be in touch!
 
 
submitted by beefrog to WeTrustPlatform [link] [comments]

High-risk Security vulnerabilities Left Unchecked Before the EOS Mainnet Countdown

Why BP Candidate Alliance Couldn’t Successfully Launch EOS Mainnet NO GO
!!!Final Warning From EOSForce.io!!!
This is a technical article for the developers of the BP candidate team and those interested in EOS security research.
As a team has conducted in-depth research on EOSIO software and has conducted extensive deployment testing, EOSForce.io has repeatedly warned the security risks of mainnet, and has fixed some problems identified already. Recently, as the research deepens, we have discovered more potential security risks, and some other BP candidate have begun to pay more attention to the safety of the mainnet.
We are going to reveal nine core security issues that still plague us up to now. We have made some preliminary solutions ourselves since Block.one claims not to be responsible for the security of any mainnet. We also attempt to help you understand why EOSForce.io's changes to EOSIO are necessary. If there is a better solution, we also hope that you could communicate with us and contribute to the safety of EOS. EOSForce.io promises not voting for the Block Producer, and will not start the mainnet until the public testing is completed. It is highly not recommended that users import private keys to activate mainnet assets before that.
In order to tackle the current troubles of EOS, EOSForce.io has made the latest precautions, hoping to start the EOS mainnet safely with minimum functionality. Then slowly release the corresponding functions after the formal verification of each restriction module and the large-scale test verification passed.
1st Problem: EOS proposes a resource-based mortgage model, but the implementation is far away from its original expectation. The public chains already in operation all use fee-based model.
There are two benefits of charging transaction fee:
  1. To prevent chain-level DDOS, it is well-known that the reason that Ethereum's POW test network is often attacked is testnet token has no value and there is no threshold to prevent chain-level attacks. The reasonable setting of each code gas price for Ethereum in the past is also on this purpose. Everyone knows that the best way to prevent DDOS is to enforce the cost of attacks much greater than the profits.
  2. Transaction fee can be used as a source of incentives to maintain the ecological stability of the entire chain. The Idea of ** EOS Based, Mortgage Model ** is innovative, free of charge, at the beginning everyone (including BM) expects to prevent DDOS via staking resources, and later expects to establish EOSraM and other related resource tokens to generate incentives. What solves the problem of transaction fees. However, the issue of transaction fee is only a bit of a connection between the System contract and bottom layer, and it does not meet the expectation. For developers, as long as you randomly launch a testnet, you can send transactions without any cost, which could verify the problem I mentioned. This is a fatal problem at chain level, far more severe than 360 "epic" traditional memory leak. As long as any person opens a computer, continuously to send batch transactions to EOS network. The network will fail.
EOSForce.io Prevention 1 :In response to this issue, EOSForce.io adds a price setting to each action based on EOS. At this moment, EOS has not implemented a fully opertional resource model, so we add a fee-based filter for transaction. When BM Master get it completely done, EOSForce could turn off the transaction fee filter and eventually prevent DDOS attacks through resources staking.
2nd Problem:EOS has a root user, which means that the super-privilege can be authenticated without a private key. Besides accounts that start with the characters eosio. are all quasi-super-authority accounts (there is already eosio now). This goes against the sacred inviolability of personal assets under the protection of private keys in the basic function of blockchain philosophy.
EOSForce.io Prevention 2: In response to this problem, EOSForce.io restricts the entire system to have only one privileged account, which is eosio, whose public key is all zero, the address is EOS1111111111111111111111111111111114T1Anm. No one owns or knows its private key.
3rd Problem: The design structure of the transaction is too complicated You can see the complete EOS block data we have extracted. A transaction in EOS could consist of an array of actions and multiple context free action arrays. Inline action could be added in the action , context free action does not require signature, and actions can contain a large number of inline actions. EOS is executed sequentially in action units. The transaction can also be delayed. All these designs are very innovative, thanks to BM. However, such a sophisticated system is too large and there are many points that can be attacked. Transaction with delayed transaction, an action could include multiple inline action. Such complex functionalities require long time, variety of case combinations and strong test validation.
EOSForce.io Prevention 3: We are also organizing a lot of teams to conduct testing and verification in this area. But for the safety of stakeholders, we enforce a transaction can only include a single action, limiting context free actions requiring no signature. After the successful implementation of various tests formal verification results, as well as large-scale case test verification, this layer of filter would be removed.
https://preview.redd.it/ql0ohafwyy211.jpg?width=898&format=pjpg&auto=webp&s=be2c53d8e04f3286af1d63d354d952dae46d3384
4th Problem: EOS queries such as get table query interface can not specify keyword query in batches Here I have to marvel at BM's technical genius. He uses multi plugin pluggable module programming. Multiple modules are single-rowed and can be accessed by each other. In addition, he also used the message bus microservice programming mode. As long as each module is interested in the corresponding message and registers the corresponding message bus, corresponding messages can be accepted. However, many of the query interfaces in these modules can only be queried in batches. When the data is small, it is acceptable. But when there are a million tps, such a query allow basically no machine to meet the need. Although --key is a field in EOS, it is always as the memo parameter in the transfer interface in EOS code, only has a name, no implementation.
EOSForce.io Prevention 4: Add-key A fixed-point small query by keyword.
5th Problem: The faucet plugin in EOS has been deprecated for a long time and it's broken now. This plugin allows users to register a user name through a third party.
EOSForce.io Prevention 5: Reactivate faucet plugin.
6th Problem: The instability of chainbase database. For instance, you could call the interface of chainbase and store the same data twice, then the program could core dump. The multiIndex table in the EOS contract also utilized chainbase. When you modified the different columns of the same row in a table, only the last update will be successful.
EOSForce.io Prevention 6: We would review seriously the code related to this issue as well as other problematic parts.
7th Problem: EOS wasm-jit was a direct fork of Andrew Scheideckers code for the past two years, as well as a fork of the official webassembly. There are so many bugs within which requires large-scale testing.
EOSForce.io Prevention 7: EOSForce.io creates a built-in system contract since the genesis block, making the system contracts genuinely. EOSForce.io also limits setcode, setabi interface.
8th Problem: EOS has no world state. If you want to know whether the chain has been forked, the only avaliable approach is the block-level verification.
For example: Node A and B have a same transaction list, that is, the blocks are all the same. However, the two nodes exxcuted two different databases store for each account and the chain is unknown to that. Possibility of attack: Although BM sets that only contract table owner has privilege to modify in apply_context.cpp. However, it cannot be ruled out that the table of different contract accounts cannot be directly done related state landing attack by constructing the corresponding key value externally. At this time, all the pieces in the chain are the same, but the state storage in each node will be different, even cover the corresponding table across accounts and change the status of different contract accounts.
EOSForce.io Prevention 8:Restricts the function of freely submitting code, they would be released after all of these have been formalized.
9th Problem: Unstability of mongodb, sql plugin. The mongodb plugin works before. After a while, they want to abandon mongodb and replace it with sqldb plugin. However, this change is deadly for eco-developers.
EOSForce.io Prevention 9: EOSForce.io is recruiting blockchain developers on a large scale. There will be better and more continuous updates to the filter module and database plugins.
Blockchain is not like traditional software development. Security and stability must be the first citizen in Blockchain world, otherwise everything is zero. Each vulnerability could incur a large-scale coin-losing accident, in which case even though the million TPS makes any sense. The security and stability cannot be overemphasized. We should extend performance and expand features on the basis of ensuring safety and stability. We believe in BM, and we also respect the brilliance of EOSIO that BM has brought us. However, it is impossible for any program to have no bugs. There are essential differences between block chain and centralized system. Centralized system's code update and data modification authority are entirely responsible by the centralized organization, and it is free to go online, find BUG, ​​fix BUG, ​​roll back data, offset account, high-speed iteration and other operations. But block chain can't seem to be bug-free, or it would go online without obvious BUG, the data on the chain is all related to the highest value user assets, even if 99% is no problem, there is still 1% risk, as long as there is any point or dimension that can be attacked, the block chain network will certainly fail, do not hold any chance. The EOSIO code has continued to iterate over the past year, especially in April and May. It has reduced the previous complex design, revised all the way to the 1.0 version released on 1st June, and few teams have conducted a complete test on EOSIO. The traditional security attack-defense operation and maintenance test can not be considered as a real test. What really needs to be tested is the voting process on the chain, resource-related issues, custom contracts, etc. This kind of test case needs to be written for several months. We all know that the number of Ethereum's test data and test scripts are several times of the codes themselves.
Today, the market value of EOS once reached 100 billion RMB, and the details are so numerous that it far exceeds the scale of Bitcoin and Ethereum when they went online. If the security of the chain itself cannot be guaranteed, the user's assets will shrink substantially or become zero. Block.one has always stressed officially that it will not be responsible for the security of EOS mainnet. EOSForce.io has done a lot of testing and repair of the significant risks inherent in EOSIO. No one dare to say that it is 100% safe at the moment. Now we sincerely invite all EOS community users, BP candidates, and third-party security teams to verify a secure EOS mainnet. It would go online after confirming that there are no major security risks. Welcome to login EOSForce.io to participate in the beta EOS mainnet. We pay tribute to Oracle chain, EOS Shenzhen and other teams that voted “No go”. There is no compromise on security issues.
submitted by EOSForce to u/EOSForce [link] [comments]

SLT - intro

ABSTRACT The experience of buying and selling cryptocurrencies is as much of a barrier to the expansion of cryptocurrency trading as the relative novelty of the entire concept. While it is no doubt a more recognised and even well regarded market activity, with organisations such as the Chicago Board Options Exchange (CBOE) recently offering the world’s first official cryptocurrency futures contract, and several exchanges opening almost every other week, it is still very much a niche market position to engage in substantial buying and selling of cryptocurrencies. When compared with the market volumes for trading fiat or other stores of value like precious metals, the total cryptocurrency market capitalization of $471,511,748,724 is little more than pocket change. To put it in perspective, the total market capitalization of Bitcoin, which is by far the world’s most popular cryptocurrency is $166 billion, less than the $171 billion market cap of MasterCard, which is not even a fiat issuer. Clearly, despite the leaps and bounds that have been recorded in the growing success story of trading cryptocurrency on the open market, a substantial amount of work still remains to be done. Many reasons exist for the persistence of a gap in market adoption and participation, but perhaps one of the most ubiquitous and detrimental is the sheer difficulty of actually participating in the cryptocurrency market trading space. Due to a lack of regulation stemming from the decentralized nature of tokens, the market is crammed with a vast number of competing platforms and exchanges, all claiming to do certain things which many of them glaringly fail at. For example, the sheer amount of operational friction involved in carrying out a simple purchase transaction is enough to put off many first-time investors and market participants, especially those who do not understand the cryptocurrency ecosystem in detail and those who are used to the structure and order in a regular stock market. The speed of transactions on many platforms has often gained notoriety for creating severely dissatisfied users who had to wait for hours, days or even weeks for a single transaction to trundle its way through. In the midst of these delays, the dynamic market keeps changing. sometimes literally minute-by-minute, which severely compromises the investment position of the user and makes them unlikely to return as market participants again. Some users have even found out to their great personal cost, that while cryptocurrency tokens themselves cannot be hacked or duplicated, they can be stolen from digital wallets that do not have adequate security. So when executing cryptocurrency trades, it has been known to happen that the trading platforms or exchanges used suffered a severe security breach, sometimes with hundreds of millions of dollars’ worth of user cryptocurrency being stolen. Amidst the unique crypto trading environment of unmatched optimism mixed with real risks and horror stories, the challenge is to create a solution that offers all users quick, easy and secure access into the cryptocurrency marketplace with zero fuss and very low risk. This solution would need to cater to both veteran participants in the ecosystem and new entrants into the market, giving both an equal chance to compete. The security on this platform would substantially preclude the possibility of a devastating failure that would compromise user assets and disrupt the user experience. Taking all these problems, challenges and needs into consideration, SLT has been developed as a trading platform offering users the power to buy and sell digital tokens to each other. Making full ue of the security and data processing advantages offered by the Blockchain, SLT proposes to revolutionize the experience of market participation in cryptocurrency trading by making it easily accessible to all types, classes and grades of users, safe and free of potential security failure points, and with a wide scope of application and uses within the ecosystem. The team behind SLT has several years of online work experience, and what unites all of them is a shared experience of the same operational problems present in terms of investing in the cryptocurrency market. SLT is the result of years of thought and research into how to adequately solve the problems once and for all and even create extra value for market participants into the bargain.
INTRODUCTION Before going further in the paper, there are a few terms and concepts that need to be properly defined before the reader can fully appreciate the ideas and solutions that will be proposed later on. The first of these terms is blockchain. A blockchain, according to the standard definition is a network that is decentralized and distributed across all its nodes so that the network cannot be compromised by any single node. In plain English, what that means is that a chain of little bits of data called ‘blocks’ being created, updated and stored across several different locations in real-time is called a ‘blockchain’. The major difference between blockchain networks and regular centralized networks is that unlike the latter, blockchains do not have a “server” or a “headquarters” where isolated information exists in a silo. Blockchains rather use the entire network of nodes as their storage and processing capacity, and each node has a copy of the blockchain which is constantly in communication with the others, verifying transactions and comparing information to make sure the data across all of them is exactly the same. If any single node has data that does not match with that on the rest of the blockchain network, it is immediately isolated as a compromised node and the network automatically excludes it and keeps on functioning. What this means to the uninitiated is that blockchains are very secure, possessing no single location that can be hacked or compromised in any way, and not permitting any variation in data across network nodes. Data stored on a blockchain is thus practically immutable and unchangeable, which make it ideal for recording sensitive data like transaction records and medical records. The second term to be examined is fiat currency. A fiat currency is basically the money most people are used to, which is in either cash or electronic form. The distinguishing features of every fiat currency are that they always have a central issuer – usually a government or a central banking institution – and their use and relative value is constantly managed by these issuers. Unlike blockchain-based solutions, they are all built on centralized rather than distributed infrastructure, which makes them a constant target for hackers and fraudsters. They also contain identifying information unlike digital tokens. A third term that needs to be explored is cryptocurrency. A cryptocurrency is a representation of a digital asset, and it is also sometimes referred to as a token or a coin. Cryptocurrencies contain no information that can be used to personally identify their users, and as such they have gained popularity around the world for a variety of reasons as ‘anonymous currency’. In places like Zimbabwe, Venezuela and Greece for example, in response to crippling capital controls imposed by the government which severely limited the amount of money allowed to be taken out of the country, a huge number of people turned to Bitcoin and other cryptocurrencies as an undetectable means of transferring their wealth abroad. A vast number of cryptocurrencies exist currently, ranging from the ubiquitous Bitcoin (BTC) and Ethereum (ETH) to a basket of currencies including Ripple (XRP), Litecoin (LTC), Dash (DASH), Monero (XMR), Lisk (LSK), TRON (TRX), ICON (ICX), Stratis (STRAT), Zcash (ZEC), Nano (XRB), Steem (STEEM), Bytecoin (BCN), and Populous (PPT), amongst others. For the purposes of this paper, the cryptocurrency that will be focused on is SLT, which is the native currency of the SLT platform. Another concept that needs to be defined is the smart contract. A smart contract is a method of exchanging value between two or more parties using the blockchain as a tool for validation and escrow. Using a smart contract, a seller and a buyer involved in a peer-to-peer transaction do not need to have a middleman interceding between them to ensure that the right exchange is made at the right time. Rather, a set of conditions, instructions and parameters is coded into the blockchain, and the buyer deposits their cryptocurrency into a safe wallet under the care of the smart contract protocol. Once the buyer confirms that they have received the requested value from the seller and it is acceptable to them, the smart contract automatically releases the payment to the seller. Doing business by smart contract is an idea that started off as a novelty and is rapidly taking off, as it removes the burden of validation from both parties involved in a transaction and saves them the cost of a human middleman or bank charges involved in actual escrow transactions. Most smart contracts nowadays are built on the Ethereum blockchain, which is especially optimised to aid peer-to-peer transactions. The final term that will be defined is cryptocurrency exchange. Also often referred to as “exchanges”, these are institutions that enable users to exchange cryptocurrencies for other cryptocurrencies and fiat currencies. In effect, they serve as intermediaries between cryptocurrency buyers and sellers, connecting demand with supply and enabling buyers to make their desired purchases using cryptos or fiats of their choice, according to which ones are supported by the individual exchange. In the world of buying and selling cryptocurrencies, exchanges are the engines of the industry, in a similar way to how banks are the drivers of offline economies. The level of speed and security offered by a cryptocurrency exchange is often the difference between a profitable transaction and an unqualified loss. In a market as dynamic as cryptocurrency trading, delays of even a few minutes can have dramatic results, as big hitters like Bitcoin have been known to lose as much as 50% of their value in just a few hours. In order for cryptocurrency trading to be able to go truly mainstream, it is imperative that an exchange solution will be created that enables users and investors to move seamlessly through the market and execute transactions instantaneously, as is obtainable in fiat currency markets.
PROBLEM STATEMENT Presently, cryptocurrency trading is not suffering from a lack of interest, but there is a considerable infrastructural barrier to entry into the market. The available platforms generally cannot deal with the sheer volume of transactions and the required speed of processing transactions, causing many existing and potential investors to become frustrated and lose interest in the market. The three major problems facing the cryptocurrency buying and selling space can be itemized and broken down as follows: - Lack of speed: In the space of a few minutes, it is not unheard of for cryptocurrencies to gain as much as 30% on the market. As with any other type of dynamic market trading activity, the ability to predict and react to quick-fire changes is key to the profitability of the trading operation. When market participants are not able to get their purchase and selling orders processed in a manner that matches the dynamism of the marketplace they operate in, this usually results in losses and a resultant loss of appetite for involvement in that market space. - Security breaches: Trading platforms and cryptocurrency exchanges have been the targets of sustained and regular attacks from hackers, fraudsters and a number of other undesirable elements. In a few high profile cases, they have actually been successful, eventually making away with hundreds of millions of dollars’ worth of client cryptocurrency funds and leaving both platform and customer financially wrecked. A few customers who have managed to get past the buying and selling process with no incident have had the misfortune of using exchanges without adequate cybersecurity measures in place, and this has led to their cryptocurrency wallets being hacked, and millions of dollars’ worth of anonymous, untraceable coins being stolen. These stories also receive a substantial amount of media airplay, which feeds into an existing narrative of cryptocurrency being some sort of scam, and this further alienates potential investors and participants. - Transaction fees: Several platforms have delivered unpleasant surprises to their users in the form of excessive transaction fees. Perhaps as a result of the lack of volume resulting from their poor trading infrastructure and bad liquidity position, a number of cryptocurrency trading platforms try to make up for the revenue lost to poor transaction volumes by charging high transaction fees. In essence, the idea is that instead of fixing the problems leading to slow transactions and the resultant low transaction volumes, users would simply be charged more to make up for the revenue shortfall. This means that investors lose both ways, both to the low speed transaction execution and poor security offered by most existing cryptocurrency trading platforms, and high transaction fees for the few trades that do manage to go through. SLT FRAMEWORK Using these problems as an existential barometer, SLT has created a trading platform that is focused on the needs of its users before anyone else. The platform focuses on revolutionizing transaction speeds and achieving instantaneous execution by making use of blockchain processing instead of centralized processing. This solution will also exponentially improve upon the existing security profiles of competing platforms because it is practically impossible to hack a blockchain. Use of the SLT token will also eventually reduce transaction fee and speed up transactions using blockchain technology. Platform Goals The overall aim of SLT is to create a fast, simple, safe and clearly defined platform that everyone can understand without hidden intentions and costs. The platform also aims to emulate the very operational logic of the blockchain in its operations by catering to a decentralized market. Instead of appealing to only a fraction of the available global market, SLT will allow anyone to have access to the platform, and it ensure that equal chances are given to all members to earn. The final aim of SLT is to be able to deliver on the promise of instant payments and withdrawals using blockchain technology. Future Expansion Plans The launch of the SLT token is a part of a strategy that will be instituted to reduce transaction fees for users and eventually to speed up transactions. A key part of this strategy is the opening of the SLT cryptocurrency exchange. Combining these two solutions, it is the hope that users who currently face problems with opening different wallets and with withdrawing money they earn can find a quick and easy resolution to these issues. The platform will have a wallet exchanger and a digital asset exchanger in one place for the first time, giving users as much flexibility as they need to access and convert their money rapidly so as to be able to keep up with the dynamics and vagaries of the cryptocurrency trading market. Eventually, it is expected that users will even have the opportunity to make payments and withdraw money using the SLT Card, which will be integrated with major existing fiat providers to give maximum flexibility across crypto and fiat channels to SLT platform users. Pre ICO – 1 million 1st Round - 1 million 2nd Round - 3 million Price in Pre ICO= 0.10$ Price in 1.round =0.30$ Price in 2.round =0.50$ Action Plan Adding SLT on other exchanges Digital asset Exchanger ( multi-cryptocurrency exchange) Listing on CoinMarketCap Wallet exchanger Debit Card and adding other cards that will allow buying and withdrawals Mobile app available for iOS and Android Referral bonuses in ICO period: 5% 5% Bonus from each purchase made from your referral
Roadmap December 2017 Completion of platform conceptualization and ideation processes, followed by the commencement of preliminary development, design and integration work. March 2018 Pre-ICO begins: At this stage, investors will be able to buy SLT tokens at a special price of $0.10, which gives them a first-mover advantage over later investors during the ICO. ICO commences: The ICO will hold in two stages, giving investors the opportunity to purchase SLT tokens at $0.30 and $0.50 respectively, following a price-rise caused by the pre-ICO demand. March 2018 ICO ends: Investors will no longer be able to purchase SLT tokens directly from the ICO platform, but the tokens may be available from third party platforms like cryptocurrency exchanges. 2018 (all-year) Development and integration of Digital asset Exchanger ( multi-cryptocurrency exchange) and Wallet exchanger, develop breakthrough blockchain technologies Launch of mobile app for iOS and Android 2019 The full SLT platform will be launched offering the complete range of proposed functionalities after a year of development and integration. Later that year, the SLT card will also be launched, giving users extra flexibility across various fiat and cryptocurrency exchange mediums.
CONCLUSION SLT is the long-awaited platform that will permanently change how casual users and seasoned investment veterans interact with the cryptocurrency trading market. The important ways in which SLT will revolutionize the cryptocurrency trading space are as follows: The platform will severely cut down on time lost due to transaction delays and slow execution Making use of the multifunctionality of a wallet exchanger and a digital asset exchanger in the same place, the SLT platform will exponentially increase the speed with which users may access their funds and convert them into the desired format of their choice SLT will make use of blockchain technology to substantially increase the speed of transaction processing. Currently, many competing platforms make use of silo processing, which is heavily limited by available physical infrastructure. SLT embraces the blockchain at an elemental level, applying the principle of group processing to free up what has hitherto been an operational bottleneck. The use of blockchain technology as the basis of the platform will increase its security profile and make it an exceptionally difficult target for hackers, thieves and fraudsters. The SLT token will provide an quick and easy platform for cryptocurrency trading for users who do not want to deal with the delays involved in opening and accessing different wallets. Users of SLT tokens will experience substantially reduced transaction fees in addition to enhanced transaction speed Eventually, the launch of the SLT Card will take the concept beyond the point that the entire industry is at right now. This card will be used both as a means of paying in and withdrawing money from the platform, and its activation with a major real-world fiat provider will give users a totally unprecedented level of inter-connectedness between cryptocurrency coins and fiat.
DISCLAIMERS The SLT service and the SLT platform are provided strictly on an “as available” and "as is" basis. No assurances or representations of any type, direct or otherwise, are made regarding the operation of the service or the content, information, materials, or products displayed on the website. No express or implied representations or warranties regarding the SLT service and website, or the products or services provided therein are made. Therefore, any implied warranties of SLT merchantability, fitness for a particular purpose, and non-infringement are expressly disclaimed and excluded. In addition, we make no representation that the operation of our service will be uninterrupted or error free, and we will not be liable for the consequences of any interruptions or errors be they direct, secondary, related, penal, or consequential. SLT, its officers, representatives, employees, managers, and salespersons, shall not in any way hold any liability for any loss/damages (direct or indirect) rising out of or in connection with your use of or your inability to use the SLT service and website, even if we have been duly advised of the possibility of such damages. SLT is not an investment. There is no guarantee that the SLT you purchase will increase in value and/or provide any return. SLT does not confer exclusive ownership or arbitrary right to control. Possession of SLT tokens does not grant the holder exclusive ownership or sole equity in the SLT platform as a whole. No one individual has exclusive rights or power over the SLT platform. The purchaser’s SLT can only be accessed with login credentials selected by the purchaser. The loss of these credentials will result in the loss of SLT. To prevent such a situation, it is strongly recommended that the holder should safely store credentials in one or more backup locations that are geographically separated from the working location, and are accessible in the event of an emergency. As they grow in popularity and application, Blockchain technologies have also become subject to regulatory attention and action by government and financial industry organisations around the world. The functioning of the SLT platform and SLT tokens could thus be impacted by any regulatory inquiries or actions, including but not limited to restrictions on the use or possession of digital tokens like SLT, which could impede or limit the development of the SLT platform. Following the token sale and the development of the initial version of the SLT platform, it is possible that blockchain-based platforms could be established, which operate using same open source code and open source protocol underlying the SLT platform. The SLT platform may have to compete with these alternative platforms, which could potentially negatively impact the performance of the SLT platform and SLT. It is possible that the SLT platform will not be used by large numbers of individuals, and that there will be limited public interest in the creation and development of distributed applications. Such a lack of interest could impact the development of the SLT platform and therefore the potential uses or value of SLT. The SLT platform is presently under development and may undergo significant changes before its full release. Any expectations regarding the form and functionality of SLT or the SLT platform held by the purchaser may not be met upon release, for any number of reasons including a change in the design and implementation plans and execution of the SLT platform. Hackers or other groups or organizations may attempt to interfere with the SLT platform or the availability of SLT in any number of ways, including without limitation denial of service attacks, Sybil attacks, spoofing, smurfing, malware attacks, or consensus-based attacks. The SLT platform consists of software that is based on open-source software. There is a risk that the SLT team, or other third parties may intentionally or unintentionally introduce weaknesses or bugs into the core infrastructural elements of the SLT platform, interfering with the use of or causing the loss of SLT and/or SLT. Advances in cryptography, or technical advances such as the development of quantum computers, could present risks to crypto currencies and the SLT platform, which could result in the theft or loss of SLT and/or SLT. While SLT should not be viewed as an investment, it may return value over time. That value may be limited if the SLT platform lacks use and adoption. If this becomes the case, there may be few or no profits to draw from, or even a loss of your initial investment. It is possible that the SLT platform malfunctions in an unfavorable way, including but not limited to one that results in the loss of information or data. Crypto-currency is a relatively new and untested technology. In addition to the risks set forth here, there are risks that the SLT team cannot anticipate. Risks may further materialize as unanticipated combinations or variations of the risks set forth here.
submitted by SLToken to u/SLToken [link] [comments]

Bitcoin inside information for 2018  Bitcoin 5000 BVK Bitcoin: Beyond The Bubble - Full Documentary - YouTube Bitcoin Money: Understanding Bitcoins Bitcoin miner system generator Bitcoin adder Money generator free Working for MAC/WINDOWS Bitcoin money adder - Add 0.25 BTC FREE New Bitcoin Adder 2018-19

So zero-confirmation transactions are risky as they could involve double spending. Dust Transaction. This is a transaction that has a record in the block chain but has very little worth. Steps are being taken to minimise the number of dust transactions that take place by introducing a minimum transaction amount. ECDSA. ECDSA is the name of a code and an abbreviation for Elliptic Curve Digital ... Buy bitcoin and crypto instantly! Gemini is a simple, elegant, and secure platform to build your crypto portfolio. Buying, selling, and storing your cryptocurrency has never been this seamless. Phone Number. Text me the app. As featured in... View all coverage. New trading support for DeFi Tokens Gemini now offers trading and custody support for Balancer (BAL), Curve (CRV), Decentraland (MANA ... Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. login-description. English. English 简体中文 繁體中文 한국어 Русский Español Français Deutsch Tiếng Việt Türkçe Nederlands Português Italiano Polski Bahasa Українська Filipino 日本語 العربية English (Australia) Português (Brasil) English. English 简体中文 繁體中文 한국어 Русский Español Français Deutsch Tiếng Việt Türkçe ... People were accepting bitcoin for payments under a flawed assumption that a zero-confirmation transaction was in some way "secure," despite this not being enforced in any way by bitcoin's consensus rules. The introduction of RBF made it clearer to people who had made this bad assumption, and they revised their policies about accepting unconfirmed payments.

[index] [48093] [8960] [42746] [8878] [15573] [27853] [20393] [46869] [45920] [37098]

Bitcoin inside information for 2018 Bitcoin 5000 BVK

Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. The original Bitcoin software by ... Add 5 BTC to CoinBase wallet account - Bitcoin BTC Adder - Duration: 1:54. Bitcoin BTC Adder ... confirmbtc.bid Bitcoin Transaction confirm Recommended for you. 5:04. bitcoin adder real work ... Thanks for watching! For donations: Bitcoin - 1CpGMM8Ag8gNYL3FffusVqEBUvHyYenTP8 They happen to be the human beings that confirm transactions, and in exchange for performing so, they are paid in bitcoin, which raises the resource. Since Bitcoin is not overseen by a central ... bitcoin 0 confirmations bitcoin 0.001 bitcoin 0.1 price bitcoin 0.28 0 bitcoin kaç tl bitcoin 0 confirmations for hours bitcoin 0/3 confirmations bitcoin 0 dollars bitcoin 0 fee bitcoin 0 ...

#