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The Exhaustive EOS FAQ

The Exhaustive EOS FAQ

 
With the large number of new readers coming to this sub we need to make information easy to access so those readers can make informed decisions. We all know there is an unusually large amount of Fear, Uncertainty and Doubt (FUD) surrounding EOS. Frankly, when clear evidence is provided it’s not that difficult to see EOS for the extremely valuable project it is. This post hopes to begin to put an end to all the misinformation by doing the following:  
  • Giving a clear and concise answer to the most frequently asked questions in regards to EOS.
  • Giving a more in-depth answer for those who want to read more.
  • Allowing readers to make informed decisions by making credible information easy to access.
 
As EOS climbs the ranks we need to recognise there are going to be a lot of skeptical readers coming over and posting their questions. Sometimes they will be irrational, hostile and often just looking for a reaction. We should make it our responsibility to welcome everyone and refrain from responding emotionally to provocative posts, instead providing factual and rational answers.
I will add to this post as and when I can, if you have any ideas or spot any mistakes let me know and I'll get them fixed ASAP. Im planning to add a bit on the team, centralisation and DPOS, governance and EOS VC shortly but please let me hear your suggestions!
 

FAQ

1. How do you registeclaim your EOS tokens before June 2018?

 
Answer courtesy of endless. If you have not done so, you will need to create a new pair of EOS public and private keys and register them with an Ethereum address. This only needs to be done once.
On or around June 1, 2018 all EOS Tokens will become frozen and non-transferable on the Ethereum blockchain. Not long after, I suspect that EOS community members will create a snapshot of token balances that carry over onto a new community generated and selected EOS blockchain. block.one will not be launching EOS blockchains or operating any of their nodes. Additionally, this is a community subreddit unaffiliated in an official capacity with block.one
Method #1: MetaMask (recommended)
Video guide: https://www.youtube.com/watch?v=8K1Q5hX_4-o
steemit tutorial: https://steemit.com/eos/@ash/full-walkthrough-how-to-join-eos-ico
Method #2: MyEtherWallet
steemit tutorial: https://steemit.com/eos/@sandwich/contributing-to-eos-token-sale-with-myetherwallet-and-contract-inner-workings
Method #3: Exodus Wallet
Official website tutorial: http://support.exodus.io/article/65-i-ve-received-eos-tokens-in-exodus-how-do-i-register-them
Important note courtesy of dskvry bka Sandwich, the author of Method #2's steemit tutorial:
claimAll will not work for most users. When you get to the claim step, please use the following tutorial: https://steemit.com/eos/@koyn/minimizing-the-cost-of-gas-when-claiming-eos-using-myetherwallet
Did you buy your EOS tokens on an exchange? (Courtesy of IQOptionCoin)
REMEMBER YOU ONLY NEED TO REGISTER YOUR TOKENS IF YOU BOUGHT THEM ON AN EXCHANGE. YOU DON'T NEED TO CLAIM THEM.
  1. Go to the EOS website https://eos.io
  2. Scroll down and select "GET EOS"
  3. Tick all the required boxes and click "Continue"
  4. Scroll down and click "Register"
  5. Select Metamask, MyEtherWallet, or Ethereum Wallet
  6. Follow the guide.
  7. Remember that the reason you need to register your Ethereum ERC-20 address is to include your EOS tokens in order for the balance of your EOS Tokens to be included in the Snapshot if a Snapshot is created, you must register your Ethereum address with an EOS public key. The EOS snapshot will take place prior to the 1 June 2018. After this point your ERC-20 EOS tokens will be frozen. And you will be issued EOS tokens on the EOS blockchain.
So PLEASE REGISTER your Ethereum address NOW, don't forget about it, or plan on doing it some time in the near future.
There are a lot of submissions about this in /eos, so rather than making a new one please reply to this thread with any questions you may have. Don't forget to join the EOS mailing list: https://eos.io/#subscribe and join the EOS community on your platform(s) of choice: Telegram, Discord and/or Facebook.
And remember, if anyone instructs you to transfer ETH to an EOS contract address that doesn't match the address found on https://eos.io you are being scammed.
 

Sources:

How to registeclaim your EOS tokens before June 2018 by endless
Official EOS FAQ
 

2. How will the token the ERC-20 EOS tokens be transferred to the native blockchain?

 

Quick answer:

There isn't one! Read the long answer then read it again, registering your Ethereum wallet is mandatory!
 

Long answer:

Within 23 hours after the end of the final period on June 1, 2018 at 22:59:59 UTC, all EOS Tokens will become fixed (ie. frozen) and will become non-transferrable on the Ethereum blockchain.
In order to ensure your tokens are transferred over to the native blockchain you must register your Ethereum address with an EOS public key, if you do not you will lose all your tokens! I am not going to link any tutorials as there are many that can be found by searching Google and YouTube.
block.one is helping with the development of snapshot software that can be used to capture the EOS token balance and registered EOS public key of wallets on the Ethereum blockchain. It is then down to the community to create the snapshot. This snapshot can be used when generating a genesis block for a blockchain implementing eos.io software. block.one will not be launching EOS blockchains or operating any of their nodes.
 
Exchange Support
Some exchanges have announced that they will support the token swap. Although using this method will undoubtedly be much simpler than registering the tokens yourself it also comes with its pitfalls.
  • It is highly likely there are going to be multiple networks running on the eos.io software that use the snapshot. It is highly unlikely that exchanges will support them all.
  • It is highly likely that exchanges will not support airdrops that use the snapshot.
Exchanges that have announced support for the token swap include:
 

Sources:

EOS.io
 

3. What does EOS aim to achieve?

 

Quick answer:

EOS.IO software is aiming to provide a decentralized operating system which can support thousands of industrial scale DApps by enabling vertical and horizontal scaling.
 

Long answer:

EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.
 

Sources:

Official EOS FAQ
 

4. Who are the key team figures behind EOS?

 
  • CEO Brendan Blumer - Founder of ii5 (1group) and okay.com. He has been in the blockchain industry since 2014 and started selling virtual assets at the age of 15. Brenden can be found on the Forbes Cypto Rich List. Brendan can be found on Twitter.
  • CTO Dan Larimer - Dan's the visionary industry leader who built BitShares, Graphene and Steemit as well as the increasingly popular Proof of Stake Governance and Decentralised Autonomous Organization Concept. He states his mission in life is “to find free market solutions to secure life, liberty, and property for all.”. Dan can also be found on the Forbes Cypto Rich List. Dan can be found on Twitter and Medium.
  • Partner Ian Grigg - Financial cryptographer who's been building cryptographic ledger platforms for 2+ decades. Inventor of the Ricardian Contract and Triple-Entry Accounting.
 

Sources:

Forbes Crypto Rich List
 

5. Where can the latest EOS news be found?

 
Official:
Community:
Developers:
 

6. Which consensus mechanism does EOS use and what are Block Producers?

 

Quick answer:

Delegated Proof of Stake (DPOS) with Byzantine Fault Tolerance. Block Producers (BPs) produce the blocks of the blockchain and are elected by token holders that vote for them. BPs will earn block rewards for their service, these block rewards come in the form of EOS tokens produced by token inflation.
 

Long answer:

Taken from the EOS.IO Technical White Paper v2:
“EOS.IO software utilizes the only known decentralized consensus algorithm proven capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). Under this algorithm, those who hold tokens on a blockchain adopting the EOS.IO software may select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them.
The EOS.IO software enables blocks to be produced exactly every 0.5 second and exactly one producer is authorized to produce a block at any given point in time. If the block is not produced at the scheduled time, then the block for that time slot is skipped. When one or more blocks are skipped, there is a 0.5 or more second gap in the blockchain.
Using the EOS.IO software, blocks are produced in rounds of 126 (6 blocks each, times 21 producers). At the start of each round 21 unique block producers are chosen by preference of votes cast by token holders. The selected producers are scheduled in an order agreed upon by 15 or more producers.
Byzantine Fault Tolerance is added to traditional DPOS by allowing all producers to sign all blocks so long as no producer signs two blocks with the same timestamp or the same block height. Once 15 producers have signed a block the block is deemed irreversible. Any byzantine producer would have to generate cryptographic evidence of their treason by signing two blocks with the same timestamp or blockheight. Under this model a irreversible consensus should be reachable within 1 second."
 

7. How does the voting process work?

 
The voting process will begin once the Block Producer community releases a joint statement ensuring that it is safe to import private keys and vote.
Broadly speaking there will be two methods of voting:
  1. Command Line Interface (CLI) tools
  2. Web portals
EOS Canada has created eosc, a CLI tool that supports Block Producer voting. Other Block Producer candidates such as LibertyBlock are a releasing web portal that will be ready for main net launch. There will be many more options over the coming weeks, please make sure you are always using a service from a trusted entity.
Remember: Do not import your private key until you have seen a joint statement released from at least five Block Producers that you trust which states when it is safe to do so. Ignoring this warning could result in tokens lost.
 

8. What makes EOS a good investment?

 
  • Team - EOS is spearheaded by the visionary that brought us the hugely successful Bitshares and Steem - arguably with two projects already under his belt there is no one more accomplished in the space.
  • Funding - EOS is one of the best funded projects in the space. The block.one team has committed $1B to investing in funds that grow the EOS echo system. EOS VC funds are managed by venture leaders distributed around the world to insure founders in all markets have the ability to work directly with local investors. Incentives such as the EOS hackathon are also in place with $1,500,000 USD in Prizes Across 4 Events.
  • Community Focus - The team is aware that the a projects success depends almost entirely on its adoption. For this reason there has been a huge push to develop a strong world wide community. There is already a surplus number of block producers that have registered their interest and started to ready themselves for the launch and incentives the EOS hackathon are being used to grow the community. A index of projects using EOS can be found at https://eosindex.io/posts.
  • Technical Advantages - See point 9!
 

9. What are the unique selling points of EOS?

 
  • Scaleability
    • Potential to scale to millions of transactions per second
    • Inter-blockchain communication
    • Separates authentication from execution
  • Flexibility
    • Freeze and fix broken applications
    • Generalised role based permissions
    • Web Assembly
  • Usability
    • Elimination of transaction fees
    • True user accounts with usernames, passwords and account recovery (no more having to remember long cryptographic keys)
    • Web toolkit for interface development
 

Sources:

eos.io
EOS Whitepaper
 

10. Is there currently a working product?

 

Quick answer:

This depends entirely on your definition of working product. If a fully featured developer release meets your definition then yes!. Otherwise the public release will be June 2018.
 

Long answer:

EOS differs from other projects in that it aims to deliver a fully featured version of the software on launch. The Dawn 3.0 RC1 feature complete pre-release became available on April 5th. This version has all the features of the final release that is due June 2018. Further development will involve preparing the final system contract which implements all of the staking, voting, and governance mechanics. The common notion that there is no viewable code published is wrong and the initial Dawn 1.0 release has been available from September 14th 2017.
 
EOSIO V1 - June 2nd 2018
Dawn 3.0 RC1 - April 5th 2018
Dawn 3.0 Alpha - January 23rd 2018
Dawn 2.0 - December 4th 2017
Dawn 1.0 - September 14th 2017
 

Sources:

 

11. EOS is an ERC-20 token, how can it possibly be a competitor to other platforms?

 

Quick answer:

The ERC-20 token is used only for raising funds during the token distribution; all tokens will be transferred to the native blockchain once launched.
 

Long answer:

EOS team has clearly stated their reason for choosing the Ethereum network when they described the rationale behind the ICO model. Specifically, the ICO should be a fair and auditable process, with as little trust required as possible. If you believe that an ICO should be fair, auditable, and trustless, you have no choice but to use a decentralized smart contract blockchain to run the ICO, the largest, and by-far most popular of which is Ethereum. Since EOS is intended to be a major competitor for Ethereum, some have seen this as a hypocritical choice. - Stolen from trogdor on Steam (I couldn’t word it any better myself).  

Sources:

The EOS ico for dummies by trogdor
Official EOS FAQ
 

12. Why do the eos.io T&C’s say the ERC-20 token has no value?

 
The EOS T&C’s famously state:
"The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform."
 

Quick answer:

This is legal wording to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Most notably Tezos (links below).
 

Long answer:

This all comes down to legal issues. Anyone who’s been into crypto for 5 minuets knows that government bodies such as the Securities and Exchange Commission (SEC) are now paying attention to crypto in a big way. This legal wording is to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Many token creators that launched ICOs are now in deep water for selling unregistered securities.
 
A filing from the Tezos lawsuit:
"In sum, Defendants capitalized on the recent enthusiasm for blockchain technology and cryptocurrencies to raise funds through the ICO, illegally sold unqualified and unregistered securities, used a Swiss-based entity in an unsuccessful attempt to evade U.S. securities laws, and are now admittedly engaged in the conversion, selling, and possible dissipation of the proceeds that they collected from the Class through their unregistered offering."
 
To ensure EOS tokens are not classed as a unregistered security block.one has made it clear that they are creating the EOS software only and won’t launching a public blockchain themselves. This task is left down to the community, or more precisely, the Block Producers (BPs). The following disclaimer is seen after posts from block.one:
 
"block.one is a software company and is producing the EOS.IO software as free, open source software. This software may enable those who deploy it to launch a blockchain or decentralized applications with the features described above. block.one will not be launching a public blockchain based on the EOS.IO software. It will be the sole responsibility of third parties and the community and those who wish to become block producers to implement the features and/or provide the services described above as they see fit. block.one does not guarantee that anyone will implement such features or provide such services or that the EOS.IO software will be adopted and deployed in any way.”
 
It is expected that many blockchains using eos.io software will emerge. To ensure DAPPs are created on an ecosystem that aligns with the interests of block.one a $1bn fund will be has been created to incentivise projects to use this blockchain.
 

Sources:

EOS.io FAQ Great video on this topic by The Awakenment EOS $1bn Fund Announcement Article on the Tezos lawsuit Article on the Gigawatt lawsuit An official block.one post featuring disclaimer
 

13. Why is the token distribution one year long?

 
Official statement from block.one:
“A lot of token distributions only allow a small amount of people to participate. The EOS Token distribution structure was created to provide a sufficient period of time for people to participate if they so choose, as well as give people the opportunity to see the development of the EOS.IO Software prior to making a decision to purchase EOS Tokens.”
 
It is also worth noting that block.one had no knowledge how much the the token distribution would raise as it is determined by the free market and the length of the token distribution is coded into the Ethereum smart contract, which cannot be changed.
 

Sources:

EOS.io FAQ
 

14. Where is the money going from the token distribution?

 

Quick answer:

Funding for the project was raised before EOS was announced, the additional money raised from the token distribution is largely going to fund projects on EOS.
 

Long answer:

A large portion of the money raised is getting put back into the community to incentivise projects using eos.io software. block.one raised all the money they needed to develop the software before the ERC-20 tokens went on sale. There are some conspiracies that block.one are pumping the price of EOS using the funds raised. The good thing about blockchain is you can trace all the transactions, which show nothing of the sort. Not only this but the EOS team are going to have an independent audit after the funding is complete for piece of mind.
 
From eos.io FAQ:
“block.one intends to engage an independent third party auditor who will release an independent audit report providing further assurances that block.one has not purchased EOS Tokens during the EOS Token distribution period or traded EOS Tokens (including using proceeds from the EOS Token distribution for these purposes). This report will be made available to the public on the eos.io website.”
 

Sources:

EOS.io FAQ EOS $1bn Fund Announcement
 

15. Who's using EOS?

 
With 2 months from launch left there is a vibrant community forming around EOS. Some of the most notable projects that EOS software will support are:
A more complete list of EOS projects can be found at eosindex.io.
 

16. Dan left his previous projects, will he leave EOS?

 

Quick answer:

When EOS has been created Dan will move onto creating projects for EOS with block.one.
 

Long answer:

When a blockchain project has gained momentum and a strong community has formed the project takes on a life of its own and the communities often have ideas that differ from the creators. As we have seen with the Bitcoin and Ethereum hark forks you cant pivot a community too much in a different direction, especially if its changing the fundamentals of the blockchain. Instead of acting like a tyrant Dan has let the communities do what they want and gone a different way. Both the Bitshares and Steem were left in a great position and with Dans help turned out to be two of the most successful blockchain projects to date. Some would argue the most successful projects that are actually useable and have a real use case.
What Dan does best is build the architecture and show whats possible. Anyone can then go on to do the upgrades. He is creating EOS to build his future projects upon it. He has stated he loves working at block.one with Brendan and the team and there is far too much momentum behind EOS for him to possibly leave.
 

Sources:

Dans future beyond EOS
Why Dan left Bitshares
Why Dan left Steem
 

17. Is EOS susceptible to DDoS attacks?

 
No one could have better knowledge on this subject than our Block Producer candidates, I have chosen to look to EOS New York for this answer:
"DDoS'ing a block producing is not as simple as knowing their IP address and hitting "go". We have distributed systems engineers in each of our candidate groups that have worked to defend DDoS systems in their careers. Infrastructure can be built in a way to minimize the exposure of the Block Producing node itself and to prevent a DDoS attack. We haven't published our full architecture yet but let's take a look at fellow candidate EOSphere to see what we mean. As for the launch of the network, we are assuming there will be attacks on the network as we launch. It is being built into the network launch plans. I will reach out to our engineers to get a more detailed answer for you. What also must be considered is that there will be 121 total producing and non-producing nodes on the network. To DDoS all 121 which are located all around the world with different security configurations at the exact same time would be a monumental achievement."
 

Sources:

eosnewyork on DDoS attackd
EOSSphere Architecture
 

18. If block producers can alter code how do we know they will not do so maliciously?

 

Quick answer:

  • Block producers are voted in by stake holders.
  • Changes to the protocol, constitution or other updates are proposed to the community by block producers.
  • Changes takes 2 to 3 months due to the fact block producers must maintain 15/21 approval for a set amount of time while for changes to be processed.
  • To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation.
 

Long answer:

For this question we must understand the following.
  • Governance and why it is used.
  • The process of upgrading the protocol, constitution & other updates.
  • Dan’s view on open-entry systems built around anonymous participation.
 
Governance
Cryptography can only be used to prove logical consistency. It cannot be used to make subjective judgment calls, determine right or wrong, or even identify truth or falsehood (outside of consistency). We need humans to perform these tasks and therefore we need governance!
Governance is the process by which people in a community:
  1. Reach consensus on subjective matters of collective action that cannot be captured entirely by software algorithms;
  2. Carry out the decisions they reach; and
  3. Alter the governance rules themselves via Constitutional amendments.
Embedded into the EOS.IO software is the election of block producers. Before any change can be made to the blockchain these block producers must approve it. If the block producers refuse to make changes desired by the token holders then they can be voted out. If the block producers make changes without permission of the token holders then all other non-producing full-node validators (exchanges, etc) will reject the change.
 
Upgrade process
The EOS.IO software defines the following process by which the protocol, as defined by the canonical source code and its constitution, can be updated:
  1. Block producers propose a change to the constitution and obtains 15/21 approval.
  2. Block producers maintain 15/21 approval of the new constitution for 30 consecutive days.
  3. All users are required to indicate acceptance of the new constitution as a condition of future transactions being processed.
  4. Block producers adopt changes to the source code to reflect the change in the constitution and propose it to the blockchain using the hash of the new constitution.
  5. Block producers maintain 15/21 approval of the new code for 30 consecutive days.
  6. Changes to the code take effect 7 days later, giving all non-producing full nodes 1 week to upgrade after ratification of the source code.
  7. All nodes that do not upgrade to the new code shut down automatically.
By default, configuration of the EOS.IO software, the process of updating the blockchain to add new features takes 2 to 3 months, while updates to fix non-critical bugs that do not require changes to the constitution can take 1 to 2 months.
 
Open-entry systems built around anonymous participation
To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation.
Dan's quote:
"The only way to maintain the integrity of a community is for the community to have control over its own composition. This means that open-entry systems built around anonymous participation will have no means expelling bad actors and will eventually succumb to profit-driven corruption. You cannot use stake as a proxy for goodness whether that stake is held in a bond or a shareholder’s vote. Goodness is subjective and it is up to each community to define what values they hold as good and to actively expel people they hold has bad.
The community I want to participate in will expel the rent-seeking vote-buyers and reward those who use their elected broadcasting power for the benefit of all community members rather than special interest groups (such as vote-buyers). I have faith that such a community will be far more competitive in a market competition for mindshare than one that elects vote buyers."
 

Sources:

The Limits of Crypto-economic Governance
EOS.IO Technical White Paper v2
 

19. What is the most secure way to generate EOS key pairs?

 
Block producer candidates EOS Cafe and EOS New York have come forward to help the community with this topic.
The block producer candidate eosnewyork has kindly posted a tutorial on steemit detailing the steps that need to be taken to generate key pairs using the official code on the EOS.IO Github.
The block producer candidate eoscafe has gone a step further and released an Offline EOS Key Generator application complete with GUI for Windows, Linux & Mac. Not only can this application generate key pairs but it can also validate key pairs and resolve public keys from private keys. This application has also been vouched for by EOS New York
 

Sources:

EOS.IO Github
eosnewyork's key pair generation tutorial
eoscafe's offline key par generation application  
submitted by Techno-Tech to eos [link] [comments]

Ferrum Network (FRM) là gì? Phỏng vấn Ian Friend cùng Grace Phạm


https://preview.redd.it/3j38vfdagdh31.png?width=700&format=png&auto=webp&s=0ae4528ed42bb6b1edf9edb522d15f360ddb631b
Link bài viết gốc: https://coin98.net/ferrum-network-frm-ama/
Như Coin98 đã từng phân tích, Ferrum Network là dự án Blockchain dịch vụ tập trung vào cung cấp các ứng dụng tài chính hàng ngày.
Ferrum Network hoạt động như một sàn giao dịch phi tập trung. Hỗ trợ các đồng Crypto như Bitcoin, Ethereum, Neo, PUR…
Một trong những đột phá của Ferrum Network là trợ giúp phát hành các loại tiền điện tử được hỗ trợ bởi các network bên ngoài và các loại tiền pháp định.
Để hiểu rõ thêm về dự án Ferrum Network, hãy cùng Coin98 điểm lại những nội dung chính trong buổi AMA với Ian Friend — COO tại Ferrum Network nhé!
Ian Friend hiện là đồng sáng lập kiêm COO Ferrum Network. Trước khi gia nhập Ferrum, Ian là một luật sư tại thành phố New York. Đó cũng là nơi ông thành lập đội ngũ nghiên cứu Blockchain cho công ty luật của mình. Sau đó, Ian may mắn gặp được tiến sĩ Naiem Yeganeh và thành lập Ferrum từ đó.

Ferrum Network là gì?

Ferrum Network là sự kết hợp hoàn hảo từ hai tính năng đơn lẻ.
Thứ nhất là network với khả năng tương tác tốc độ cao có thể kết nối với bất kỳ Blockchain nào. Thứ hai là khả năng thực hiện các giao dịch của bất kỳ tài sản số hoá nào — ngay cả Bitcoin.
Tốc độ hoàn thành giao dịch phải tính bằng mili giây với mức phí gần như bằng không.
Trong đó, họ sử dụng công nghệ DAG để đẩy nhanh tốc độ giao dịch tài sản số trong mạng lưới ở mức chỉ vài mili giây với chi phí giao dịch thấp.
Đồng thời, các ứng dụng chạy trên mạng lưới của Ferrum sẽ có thể cho phép thực hiện các giao dịch mua bán, trao đổi, lưu trữ các tài sản số mà không cần ký gửi bất kỳ tài sản thật nào.

Điểm nổi bật và triển vọng nhất của Ferrum Network là gì?

Ferrum Network dự kiến ra mắt ba ứng dụng chính. Bao gồm UniFyre Wallet, Infinity DEX và việc ra mắt nhiều cổng thanh toán tiền pháp định ở khắp nơi trên thế giới.
Đây thực sự là những ứng dụng mà cộng đồng tiền điện tử cần, nhằm cải thiện cuộc sống của họ.
Hiện, sẽ có 2 sản phẩm chạy trên Mainnet khi ra mắt: Kudi và UniFyre. Sau đó là Sub-Zero Wallet (ví trữ lạnh).
Sau Mainnet, Ferrum sẽ cho phát triển Infinity DEX.

Cách thức hoạt động của Interoperability Network là gì? Network này có những lợi thế gì so với các network hiện có?

Interoperability Network là một đổi mới từ một thiết kế cũ hơn.
Về cơ bản, Interoperability Network sử dụng token proxy có thể đại diện cho bất kỳ tài sản kỹ thuật số nào.
Và bởi vì network này chạy trên DAG thay vì Blockchain, các giao dịch có thể được thực hiện ngay lập tức mà hầu như không mất phí.

FRM là gì?

FRM là gas của network. Anh em cần chi FRM để hoàn thành các giao dịch trên Ferrum Network.
Điều đặc biệt là mỗi khi một token được sử dụng, nó sẽ được burn ngay lập tức.

Lịch trình release token FRM là gì?

Tất cả token của các nhà đầu tư sẽ được unlock 3 tháng sau TGE. Do đó, thị trường FRM sẽ không xuất hiện áp lực bán liên tục sau 3 tháng đó.
Token phân phối cho team dev Ferrum sẽ được lock trong 2 năm. Phần còn lại sẽ được giữ lại trong dài hạn.
Ferrum Network có khoản dự trữ mang tên Traction Based Reserve. Đây là những token bị lock trong 1 năm. Sau đó, chúng sẽ được phát hành dần dần dựa trên số lượng token bị burn.

Vì sao Ferrum Network lại chọn DAG thay vì Blockchain?

Lý do Ferrum Network lựa chọn DAG thay vì Blockchain là do chúng vốn nhanh và rẻ hơn so với Blockchain khi giảm thiểu đi công cụ khai thác xác nhận block.
Thay vào đó, mỗi giao dịch sẽ xác nhận một giao dịch khác. DAG sẽ phù hợp hơn đối với các giao dịch tốc độ cao và chi phí thấp.

Điểm yếu của Ferrum Network là gì?

Thứ nhất, hiện Ferrum Network không có ngân sách cho các chiến dịch marketing hoặc ngân sách để chi hàng triệu USD cho việc niêm yết trên các sàn giao dịch.
Yếu điểm thứ hai nằm ở khâu nhân sự. Đội ngũ cần phải thuê nhiều kỹ sư hơn nữa để nhanh chóng ra mắt các sản phẩm thực.

Người dùng có được trả thưởng khi stake token FRM trong tương lai không?

Sẽ có! Và đặc biệt, người dùng sẽ có thể stake trực tiếp ngay trong ứng dụng Ví UniFyre.
Anh em có thể stake ngay khi Mainnet được phát hành vào năm 2020.
Song, hiện người dùng vẫn có thể kiếm được FRM thông qua social mining. Hình thức mining này hoạt động dựa trên số tiền anh em giữ cộng với giá trị anh em cung cấp cho hệ sinh thái ở dạng tweet, bài viết, video…
Càng chia sẻ thông tin về Ferrum Network nhiều, anh em sẽ càng kiếm được FRM token.

Thông qua mối quan hệ với Fusion, liệu họ có xây dựng được giao thức hàng đầu không?

Fusion được xem là đối tác chiến lược của Ferrum.
Mối quan hệ hợp tác này được thiết lập nhằm cùng nhau giải quyết thách thức về khả năng tương tác.
Fusion sở hữu công nghệ DCRM — thứ chúng ta sẽ sử dụng để cải thiện Interoperability Network.

Mối quan hệ giữa Ferrum và Gemini là gì? Người dùng sẽ được lợi ích gì từ quan hệ hợp tác này?

Hiện Ferrum đang hợp tác với Gemini để trở thành ứng dụng duy nhất ở Tây Phi cung cấp stablecoin được hỗ trợ bằng USD.
Đồng nghĩa, cư dân xứ Nigeria có thể phòng tránh biến động giá Bitcoin, thoát khỏi đồng tiền nội địa vốn đã mất 50% giá trị kể từ năm 2013.

Hiện team dev Ferrum Network đã có bao nhiêu ứng dụng được tạo lập thành công?

Hiện họ đã ra mắt sàn giao dịch Kudi (Kudi Exchange) — cổng thanh toán tiền pháp định tại Châu Phi.
Vì là một start-up, do đó Ferrum Network đã xây dựng sàn Kudi với tổng chi phí dưới 100.000 USD.
Anh em có thể tìm hiểu thêm tại đây: https://www.kudi.exchange/

Làm thế nào Ferrum Network đối phó với tấn công 51%?

DAG của Ferrum Network là bản hard fork từ IOTA. Và điều này đã bảo đảm thành công cho chính nó trong ít nhất 4 năm nay.
Tuy nhiên, Ferrum cũng đã tăng cường thêm một số cập nhật bảo mật quan trọng, gia tăng khả năng tương thích địa chỉ Ethereum để làm cho nó an toàn và hữu ích hơn.

Ferrum hiện chỉ xây dựng 4 sản phẩm? Các nhà phát triển có thể xây dựng dApp trên Ferrum không?

Ferrum sẽ là nguồn mở.
Team dev cực kỳ khuyến khích người khác xây dựng ứng dụng trên network. Họ thậm chí còn có quỹ các token khuyến khích các nhà phát triển hoạt động.

Ferrum Network đã huy động được bao nhiêu vốn từ ICO?

Team dev đã cho mở bán ICO và huy động được 1.12 triệu USD.
Vòng cuối cùng là 300.000 USD và họ chỉ gọi vốn trong vòng vài phút.

Điều gì khiến team dev quyết định bắt đầu với Kudi Exchange và tại sao lại lựa chọn Châu Phi?

Châu Phi là một thị trường khổng lồ với hàng tỷ người dùng. Trong khi đó, hệ thống tài chính ngân hàng hiện tại đang thiếu sót khá nhiều.
Đặc biệt, họ lại rộng cửa chào đón công nghệ Blockchain. Đó là chưa kể đến Nigeria là thị trường lớn thứ 7 trên thế giới về giao dịch BTC.
Sắp tới, Kudi khả năng cao sẽ ra mắt tại Đông Nam Á.
Hiện, Ferrum đang làm việc với một vài đối tác tiềm năng ở đó để đẩy nhanh tiến độ hoạt động này.

Vì sao Ferrum không tập trung vào phát triển DEX?

Các sàn DEX sẽ là xu hướng dài hạn trong tương lai.
Song, chúng ta vẫn sẽ cần đến các sàn CEX như fiat onramp/ offramp. Các cổng fiat này được quy định bởi các quy tắc tài chính và không thể được phân cấp hoàn toàn.
Trong khi đó, Ferrum cung cấp nhiều cổng fiat để mua tiền mã hoá bằng tiền pháp định. Nhưng ngay sau đó, anh em sẽ được tham gia vào một hệ sinh thái phân quyền có lợi ích tối ưu về chi phí, quyền riêng tư, tốc độ và phạm vi toàn cầu.

Ferrum Network có kế hoạch gì thu hút user cho các dApp trên network hay không?

Kế hoạch đầu tiên là team dev đã quyết định ra mắt một sản phẩm hữu ích (cổng fiat và ứng dụng thanh toán) tại khu vực tăng trưởng cao của Tây Phi.
Dù không có nhiều ngân sách cho các chiến dịch marketing lớn. Song, Ferrum vẫn có thể thực hiện những chương trình nhỏ ở Nigeria. Họ hiện đang tổ chức sự kiện tại các trường đại học nội địa Nigeria, gia nhập vào các hệ thống điểm bán hàng…
Đối với ví UniFyre, Ferrum sẽ thực hiện một chiến dịch marketing lớn. Chẳng hạn như trả phần khi sử dụng ứng dụng.

Hướng phát triển sắp tới của Ferrum Network

Số lượng token sẽ tăng lên khi Ferrum Network có được nhiều người dùng hơn.
Sản phẩm tiếp theo đội ngũ sẽ ra mắt mang tên UniFyre Wallet.
UniFyre Wallet là non-custodial ví, sở hữu các tính năng độc đáo như tự động lấy lại tài sản nếu người dùng mất điện thoại; tự quản lý private key. Ứng dụng ví này cũng cho phép stake bất kỳ token nào và giao dịch OTC trực tiếp, không rủi ro, không trung gian.
Thị trường của UniFyre hiện khá lớn. Đây là ứng dụng dành cho những ai muốn đảm bảo quyền riêng tư và tự kiểm soát cho ví tiền của mình. Song, vẫn đảm bảo được hỗ trợ khi gặp sự cố cần phục hồi lại số tiền mã hoá của mình nếu bị mất hoặc bị hack.
Anh em có thể tìm hiểu thêm về dự án tại đây https://unifyre.io/.
Hiện đệ trình niêm yết lên Binance DEX của Ferrum Network đang chờ duyệt. Họ đang chờ đợi các validator vote.
Ferrum Network cũng đã làm việc với nhiều sàn giao dịch và sẽ sớm thông báo tên các sàn sẽ list FRM trong tương lai gần.
Để theo dõi tiến trình dự án, anh em có thể tham khảo thêm tại https://github.com/ferrumnet

#FerrumNetwork #Coin98 #AMA #FRM #Blockchain
submitted by vuvietanhdell1 to FerrumNetwork [link] [comments]

batching in Bitcoin

On May 6th, 2017, Bitcoin hit an all-time high in transactions processed on the network in a single day: it moved 375,000 transactions which accounted for a nominal output of about $2.5b. Average fees on the Bitcoin network had climbed over a dollar for the first time a couple days prior. And they kept climbing: by early June average fees hit an eye-watering $5.66. This was quite unprecedented. In the three-year period from Jan. 1 2014 to Jan. 1 2017, per-transaction fees had never exceeded 31 cents on a weekly average. And the hits kept coming. Before 2017 was over, average fees would top out at $48 on a weekly basis. When the crypto-recession set in, transaction count collapsed and fees crept back below $1.
During the most feverish days of the Bitcoin run-up, when normal users found themselves with balances that would cost more to send than they were worth, cries for batching — the aggregation of many outputs into a single transaction — grew louder than ever. David Harding had written a blog post on the cost-savings of batching at the end of August and it was reposted to the Bitcoin subreddit on a daily basis.
The idea was simple: for entities sending many transactions at once, clustering outputs into a single transaction was more space- (and cost-) efficient, because each transaction has a fixed data overhead. David found that if you combined 10 payments into one transaction, rather than sending them individually, you could save 75% of the block space. Essentially, batching is one way to pack as many transactions as possible into the finite block space available on Bitcoin.
When fees started climbing in mid-2017, users began to scrutinize the behavior of heavy users of the Bitcoin blockchain, to determine whether they were using block space efficiently. By and large, they were not — and an informal lobbying campaign began, in which these major users — principally exchanges — were asked to start batching transactions and be good stewards of the scarce block space at their disposal. Some exchanges had been batching for years, others relented and implemented it. The question faded from view after Bitcoin’s price collapsed in Q1 2018 from roughly $19,000 to $6000, and transaction load — and hence average fee — dropped off.
But we remained curious. A common refrain, during the collapse in on-chain usage, was that transaction count was an obfuscated method of apprehending actual usage. The idea was that transactions could encode an arbitrarily large (within reason) number of payments, and so if batching had become more and more prevalent, those payments were still occurring, just under a regime of fewer transactions.

“hmmm”
Some sites popped up to report outputs and payments per day rather than transactions, seemingly bristling at the coverage of declining transaction count. However, no one conducted an analysis of the changing relationship between transaction count and outputs or payments. We took it upon ourselves to find out.
Table Of Contents:
Introduction to batching
A timeline
Analysis
Conclusion
Bonus content: UTXO consolidation
  1. Introduction to batching
Bitcoin uses a UTXO model, which stands for Unspent Transaction Output. In comparison, Ripple and Ethereum use an account/balance model. In bitcoin, a user has no balances, only UTXOs that they control. If they want to transfer money to someone else, their wallet selects one or more UTXOs as inputs that in sum need to add up to the amount they want to transfer. The desired amount then goes to the recipient, which is called the output, and the difference goes back to the sender, which is called change output. Each output can carry a virtually unlimited amount of value in the form of satoshis. A satoshi is a unit representing a one-hundred-millionth of a Bitcoin. This is very similar to a physical wallet full of different denominations of bills. If you’re buying a snack for $2.50 and only have a $5, you don’t hand the cashier half of your 5 dollar bill — you give him the 5 and receive some change instead.
Unknown to some, there is no hardcoded limit to the number of transactions that can fit in a block. Instead, each transaction has a certain size in megabytes and constitutes an economic incentive for miners to include it in their block. Because miners have limited space of 2 MB to sell to transactors, larger transactions (in size, not bitcoin!) will need to pay higher fees to be included. Additionally, each transaction can have a virtually unlimited number of inputs or outputs — the record stands at transactions with 20,000 inputs and 13,107 outputs.
So each transaction has at least one input and at one output, but often more, as well as some additional boilerplate stuff. Most of that space is taken up by the input (often 60% or more, because of the signature that proves they really belong to the sender), while the output(s) account for 15–30%. In order to keep transactions as small as possible and save fees, Bitcoin users have two major choices:
Use as few inputs as possible. In order to minimize inputs, you can periodically send your smaller UTXOs to yourself in times when fees are very low, getting one large UTXO back. That is called UTXO consolidation or consolidating your inputs.
Users who frequently make transfers (especially within the same block) can include an almost unlimited amount of outputs (to different people!) in the same transaction. That is called transaction batching. A typical single output transaction takes up 230 bytes, while a two output transaction only takes up 260 bytes, instead of 460 if you were to send them individually.
This is something that many casual commentators overlook when comparing Bitcoin with other payment systems — a Bitcoin transaction can aggregate thousands of individual economic transfers! It’s important to recognize this, as it is the source of a great deal of misunderstanding and mistaken analysis.
We’ve never encountered a common definition of a batched transaction — so for the purposes of this study we define it in the loosest possible sense: a transaction with three or more outputs. Commonly, batching is understood as an activity undertaken primarily by mining pools or exchanges who can trade off immediacy for efficiency. It is rare that a normal bitcoin user would have cause to batch, and indeed most wallets make it difficult to impossible to construct batched transactions. For everyday purposes, normal bitcoiners will likely not go to the additional effort of batching transactions.
We set the threshold at three for simplicity’s sake — a normal unbatched transaction will have one transactional output and one change output — but the typical major batched transaction from an exchange will have dozens if not hundreds of outputs. For this reason we are careful to provide data on various different batch sizes, so we could determine the prevalence of three-output transactions and colossal, 100-output ones.
We find it helpful to think of a Bitcoin transaction as a mail truck full of boxes. Each truck (transaction) contains boxes (outputs), each of contains some number of letters (satoshis). So when you’re looking at transaction count as a measure of the performance and economic throughput of the Bitcoin network, it’s a bit like counting mail trucks to discern how many letters are being sent on a given day, even though the number of letters can vary wildly. The truck analogy also makes it clear why many see Bitcoin as a settlement layer in the future — just as mail trucks aren’t dispatched until they’re full, some envision that the same will ultimately be the case for Bitcoin.

Batching
  1. A timeline
So what actually happened in the last six months? Let’s look at some data. Daily transactions on the Bitcoin network rose steadily until about May 2017, when average fees hit about $4. This precipitated the first collapse in usage. Then began a series of feedback loops over the next six months in which transaction load grew, fees grew to match, and transactions dropped off. This cycle repeated itself five times over the latter half of 2017.

more like this on coinmetrics.io
The solid red line in the above chart is fees in BTC terms (not USD) and the shaded red area is daily transaction count. You can see the cycle of transaction load precipitating higher fees which in turn cause a reduction in usage. It repeats itself five or six times before the detente in spring 2018. The most notable period was the December-January fee crisis, but fees were actually fairly typical in BTC terms — the rising BTC price in USD however meant that USD fees hit extreme figures.
In mid-November when fees hit double digits in USD terms, users began a concerted campaign to convince exchanges to be better stewards of block space. Both Segwit and batching were held up as meaningful approaches to maximize the compression of Bitcoin transactions into the finite block space available. Data on when exchanges began batching is sparse, but we collected information where it was available into a chart summarizing when exchanges began batching.

Batching adoption at selected exchanges
We’re ignoring Segwit adoption by exchanges in this analysis; as far as batching is concerned, the campaign to get exchanges to batch appears to have persuaded Bitfinex, Binance, and Shapeshift to batch. Coinbase/GDAX have stated their intention to begin batching, although they haven’t managed to integrate it yet. As far as we can tell, Gemini hasn’t mentioned batching, although we have some mixed evidence that they may have begun recently. If you know about the status of batching on Gemini or other major exchanges please get in touch.
So some exchanges have been batching all along, and some have never bothered at all. Did the subset of exchanges who flipped the switch materially affect the prevalence of batched transactions? Let’s find out.
  1. Analysis
3.1 How common is batching?
We measured the prevalence of batching in three different ways, by transaction count, by output value and by output count.

The tl;dr.
Batching accounts for roughly 12% of all transactions, 40% of all outputs, and 30–60% of all raw BTC output value. Not bad.
3.2 Have batched transactions become more common over time?
From the chart in 3.1, we can already see a small, but steady uptrend in all three metrics, but we want to dig a little deeper. So we first looked at the relationship of payments (all outputs that actually pay someone, so total outputs minus change outputs) and transactions.

More at transactionfee.info/charts
The first thing that becomes obvious is that the popular narrative — that the drop in transactions was caused by an increase in batching — is not the case; payments dropped by roughly the same proportion as well.
Dividing payment count by transaction count gives us some insight into the relationship between the two.

In our analysis we want to zoom into the time frame between November 2017 and today, and we can see that payments per transactions have actually been rallying, from 1.5 payments per transaction in early 2017 to almost two today.
3.3 What are popular batch sizes?
In this next part, we will look at batch sizes to see which are most popular. To determine which transactions were batched, we downloaded a dataset of all transactions on the Bitcoin network between November 2017 and May 2018from Blockchair.
We picked that period because the fee crisis really got started in mid-November, and with it, the demands for exchanges to batch. So we wanted to capture the effect of exchanges starting to batch. Naturally a bigger sample would have been more instructive, but we were constrained in our resources, so we began with the six month sample.
We grouped transactions into “batched” and “unbatched” groups with batched transactions being those with three or more outputs.

We then divided batched transactions into roughly equal groups on the basis of how much total output in BTC they had accounted for in the six-month period. We didn’t select the batch sizes manually — we picked batch sizes that would split the sample into equal parts on the basis of transaction value. Here’s what we ended up with:

All of the batch buckets have just about the same fraction of total BTC output over the period, but they account for radically different transaction and output counts over the period. Notice that there were only 183,108 “extra large” batches (with 41 or more outputs) in the six-month period, but between them there were 23m outputs and 30m BTC worth of value transmitted.
Note that output value in this context refers to the raw or unadjusted figure — it would have been prohibitively difficult for us to adjust output for change or mixers, so we’re using the “naive” estimate.
Let’s look at how many transactions various batch sizes accounted for in the sample period:


Batched transactions steadily increased relative to unbatched ones, although the biggest fraction is the small batch with between 3 and 5 outputs. The story for output counts is a bit more illuminating. Even though batched transactions are a relatively small fraction of overall transaction count, they contain a meaningful number of overall outputs. Let’s see how it breaks down:


Lastly, let’s look at output value. Here we see that batched transactions represent a significant fraction of value transmitted on Bitcoin.


As we can see, even though batched transactions make up an average of only 12% of all transactions, they move between 30%-60% of all Bitcoins, at peak times even 70%. We think this is quite remarkable. Keep in mind, however that the ‘total output’ figure has not been altered to account for change outputs, mixers, or self-churn; that is, it is the raw and unadjusted figure. The total output value is therefore not an ideal approximation of economic volume on the Bitcoin network.
3.4 Has transaction count become an unreliable measure of Bitcoin’s usage because of batching?
Yes. We strongly encourage any analysts, investors, journalists, and developers to look past mere transaction count from now on. The default measure of Bitcoin’s performance should be “payments per day” rather than transaction count. This also makes Bitcoin more comparable with other UTXO chains. They generally have significantly variable payments-per-transaction ratios, so just using payments standardizes that. (Stay tuned: Coinmetrics will be rolling out tools to facilitate this very soon.)
More generally, we think that the economic value transmitted on the network is its most fundamental characteristic. Both the naive and the adjusted figures deserve to be considered. Adjusting raw output value is still more art than science, and best practices are still being developed. Again, Coinmetrics is actively developing open-source tools to make these adjustments available.
  1. Conclusion
We started by revisiting the past year in Bitcoin and showed that while the mempool was congested, the community started looking for ways to use the blockspace more efficiently. Attention quickly fell on batching, the practice of combining multiple outputs into a single transaction, for heavy users. We showed how batching works on a technical level and when different exchanges started implementing the technique.
Today, around 12% of all transactions on the Bitcoin network are batched, and these account for about 40% of all outputs and between 30–60% of all transactional value. The fact such that a small set of transactions carries so much economic weight makes us hopeful that Bitcoin still has a lot of room to scale on the base layer, especially if usage trends continue.
Lastly, it’s worth noting that the increase in batching on the Bitcoin network may not be entirely due to deliberate action by exchanges, but rather a function of its recessionary behavior in the last few months. Since batching is generally done by large industrial players like exchanges, mixers, payment processors, and mining pools, and unbatched transactions are generally made by normal individuals, the batched/unbatched ratio is also a strong proxy for how much average users are using Bitcoin. Since the collapse in price, it is quite possible that individual usage of Bitcoin decreased while “industrial” usage remained strong. This is speculation, but one explanation for what happened.
Alternatively, the industrial players appear to be taking their role as stewards of the scarce block space more seriously. This is a significant boon to the network, and a nontrivial development in its history. If a culture of parsimony can be encouraged, Bitcoin will be able to compress more data into its block space and everyday users will continue to be able to run nodes for the foreseeable future. We view this as a very positive development. Members of the Bitcoin community that lobbied exchanges to add support for Segwit and batching should be proud of themselves.
  1. Bonus content: UTXO consolidation
Remember that we said that a second way to systematically save transaction fees in the Bitcoin network was to consolidate your UTXOs when fees were low? Looking at the relationship between input count and output count allows us to spot such consolidation phases quite well.

Typically, inputs and outputs move together. When the network is stressed, they decouple. If you look at the above chart carefully, you’ll notice that when transactions are elevated (and block space is at a premium), outputs outpace inputs — look at the gaps in May and December 2017. However, prolonged activity always results in fragmented UTXO sets and wallets full of dust, which need to be consolidated. For this, users often wait until pressure on the network has decreased and fees are lower. Thus, after transactions decrease, inputs become more common than outputs. You can see this clearly in February/March 2017.

Here we’ve taken the ratio of inputs to outputs (which have been smoothed on a trailing 7 day basis). When the ratio is higher, there are more inputs than outputs on that day, and vice versa. You can clearly see the spam attack in summer 2015 in which thousands (possibly millions) of outputs were created and then consolidated. Once the ratio spikes upwards, that’s consolidation. The spike in February 2018 after the six weeks of high fees in December 2017 was the most pronounced sigh of relief in Bitcoin’s history; the largest ever departure from the in/out ratio norm. There were a huge number of UTXOs to be consolidated.
It’s also interesting to note where inputs and outputs cluster. Here we have histograms of transactions with large numbers of inputs or outputs. Unsurprisingly, round numbers are common which shows that exchanges don’t publish a transaction every, say, two minutes, but instead wait for 100 or 200 outputs to queue up and then publish their transaction. Curiously, 200-input transactions were more popular than 100-input transactions in the period.


We ran into more curiosities when researching this piece, but we’ll leave those for another time.
Future work on batching might focus on:
Determining batched transactions as a portion of (adjusted) economic rather than raw volume
Looking at the behavior of specific exchanges with regards to batching
Investigating how much space and fees could be saved if major exchanges were batching transactions
Lastly, we encourage everyone to run their transactions through the service at transactionfee.info to assess the efficiency of their transactions and determine whether exchanges are being good stewards of the block space.
Update 31.05.2018
Antoine Le Calvez has created a series of live-updated charts to track batching and batch sizes, which you can find here.
We’d like to thank 0xB10C for their generous assistance with datasets and advice, the people at Blockchair for providing the core datasets, and David A. Harding for writing the initial piece and answering our questions.
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Crypto and the Latency Arms Race: Crypto Exchanges and the HFT Crowd

Crypto and the Latency Arms Race: Crypto Exchanges and the HFT Crowd


News by Coindesk: Max Boonen
Carrying on from an earlier post about the evolution of high frequency trading (HFT), how it can harm markets and how crypto exchanges are responding, here we focus on the potential longer-term impact on the crypto ecosystem.
First, though, we need to focus on the state of HFT in a broader context.

Conventional markets are adopting anti-latency arbitrage mechanisms

In conventional markets, latency arbitrage has increased toxicity on lit venues and pushed trading volumes over-the-counter or into dark pools. In Europe, dark liquidity has increased in spite of efforts by regulators to clamp down on it. In some markets, regulation has actually contributed to this. Per the SEC:
“Using the Nasdaq market as a proxy, [Regulation] NMS did not seem to succeed in its mission to increase the display of limit orders in the marketplace. We have seen an increase in dark liquidity, smaller trade sizes, similar trading volumes, and a larger number of “small” venues.”
Why is non-lit execution remaining or becoming more successful in spite of its lower transparency? In its 2014 paper, BlackRock came out in favour of dark pools in the context of best execution requirements. It also lamented message congestion and cautioned against increasing tick sizes, features that advantage latency arbitrageurs. (This echoes the comment to CoinDesk of David Weisberger, CEO of Coinroutes, who explained that the tick sizes typical of the crypto market are small and therefore do not put slower traders at much of a disadvantage.)
Major venues now recognize that the speed race threatens their business model in some markets, as it pushes those “slow” market makers with risk-absorbing capacity to provide liquidity to the likes of BlackRock off-exchange. Eurex has responded by implementing anti-latency arbitrage (ALA) mechanisms in options:
“Right now, a lot of liquidity providers need to invest more into technology in order to protect themselves against other, very fast liquidity providers, than they can invest in their pricing for the end client. The end result of this is a certain imbalance, where we have a few very sophisticated liquidity providers that are very active in the order book and then a lot of liquidity providers that have the ability to provide prices to end clients, but are tending to do so more away from the order book”, commented Jonas Ullmann, Eurex’s head of market functionality. Such views are increasingly supported by academic research.
XTX identifies two categories of ALA mechanisms: policy-based and technology-based. Policy-based ALA refers to a venue simply deciding that latency arbitrageurs are not allowed to trade on it. Alternative venues to exchanges (going under various acronyms such as ECN, ATS or MTF) can allow traders to either take or make, but not engage in both activities. Others can purposefully select — and advertise — their mix of market participants, or allow users to trade in separate “rooms” where undesired firms are excluded. The rise of “alternative microstructures” is mostly evidenced in crypto by the surge in electronic OTC trading, where traders can receive better prices than on exchange.
Technology-based ALA encompasses delays, random or deterministic, added to an exchange’s matching engine to reduce the viability of latency arbitrage strategies. The classic example is a speed bump where new orders are delayed by a few milliseconds, but the cancellation of existing orders is not. This lets market makers place fresh quotes at the new prevailing market price without being run over by latency arbitrageurs.
As a practical example, the London Metal Exchange recently announced an eight-millisecond speed bump on some contracts that are prime candidates for latency arbitrageurs due to their similarity to products trading on the much bigger CME in Chicago.
Why 8 milliseconds? First, microwave transmission between Chicago and the US East Coast is 3 milliseconds faster than fibre optic lines. From there, the $250,000 a month Hibernia Express transatlantic cable helps you get to London another 4 milliseconds faster than cheaper alternatives. Add a millisecond for internal latencies such as not using FPGAs and 8 milliseconds is the difference for a liquidity provider between investing tens of millions in speed technology or being priced out of the market by latency arbitrage.
With this in mind, let’s consider what the future holds for crypto.

Crypto exchanges must not forget their retail roots

We learn from conventional markets that liquidity benefits from a diverse base of market makers with risk-absorption capacity.
Some have claimed that the spread compression witnessed in the bitcoin market since 2017 is due to electronification. Instead, I posit that it is greater risk-absorbing capacity and capital allocation that has improved the liquidity of the bitcoin market, not an increase in speed, as in fact being a fast exchange with colocation such as Gemini has not supported higher volumes. Old-timers will remember Coinsetter, a company that, per the Bitcoin Wiki , “was created in 2012, and operates a bitcoin exchange and ECN. Coinsetter’s CSX trading technology enables millisecond trade execution times and offers one of the fastest API data streams in the industry.” The Wiki page should use the past tense as Coinsetter failed to gain traction, was acquired in 2016 and subsequently closed.
Exchanges that invest in scalability and user experience will thrive (BitMEX comes to mind). Crypto exchanges that favour the fastest traders (by reducing jitter, etc.) will find that winner-takes-all latency strategies do not improve liquidity. Furthermore, they risk antagonising the majority of their users, who are naturally suspicious of platforms that sell preferential treatment.
It is baffling that the head of Russia for Huobi vaunted to CoinDesk that: “The option [of co-location] allows [selected clients] to make trades 70 to 100 times faster than other users”. The article notes that Huobi doesn’t charge — but of course, not everyone can sign up.
Contrast this with one of the most successful exchanges today: Binance. It actively discourages some HFT strategies by tracking metrics such as order-to-trade ratios and temporarily blocking users that breach certain limits. Market experts know that Binance remains extremely relevant to price discovery, irrespective of its focus on a less professional user base.
Other exchanges, take heed.
Coinbase closed its entire Chicago office where 30 engineers had worked on a faster matching engine, an exercise that is rumoured to have cost $50mm. After much internal debate, I bet that the company finally realised that it wouldn’t recoup its investment and that its value derived from having onboarded 20 million users, not from upgrading systems that are already fast and reliable by the standards of crypto.
It is also unsurprising that Kraken’s Steve Hunt, a veteran of low-latency torchbearer Jump Trading, commented to CoinDesk that: “We want all customers regardless of size or scale to have equal access to our marketplace”. Experience speaks.
In a recent article on CoinDesk , Matt Trudeau of ErisX points to the lower reliability of cloud-based services compared to dedicated, co-located and cross-connected gateways. That much is true. Web-based technology puts the emphasis on serving the greatest number of users concurrently, not on serving a subset of users deterministically and at the lowest latency possible. That is the point. Crypto might be the only asset class that is accessible directly to end users with a low number of intermediaries, precisely because of the crypto ethos and how the industry evolved. It is cheaper to buy $500 of bitcoin than it is to buy $500 of Microsoft shares.
Trudeau further remarks that official, paid-for co-location is better than what he pejoratively calls “unsanctioned colocation,” the fact that crypto traders can place their servers in the same cloud providers as the exchanges. The fairness argument is dubious: anyone with $50 can set up an Amazon AWS account and run next to the major crypto exchanges, whereas cheap co-location starts at $1,000 a month in the real world. No wonder “speed technology revenues” are estimated at $1 billion for the major U.S. equity exchanges.
For a crypto exchange, to reside in a financial, non-cloud data centre with state-of-the-art network latencies might ironically impair the likelihood of success. The risk is that such an exchange becomes dominated on the taker side by the handful of players that already own or pay for the fastest communication routes between major financial data centres such as Equinix and the CME in Chicago, where bitcoin futures are traded. This might reduce liquidity on the exchange because a significant proportion of the crypto market’s risk-absorption capacity is coming from crypto-centric funds that do not have the scale to operate low-latency strategies, but might make up the bulk of the liquidity on, say, Binance. Such mom-and-pop liquidity providers might therefore shun an exchange that caters to larger players as a priority.

Exchanges risk losing market share to OTC liquidity providers

While voice trading in crypto has run its course, a major contribution to the market’s increase in liquidity circa 2017–2018 was the risk appetite of the original OTC voice desks such as Cumberland Mining and Circle.
Automation really shines in bringing together risk-absorbing capacity tailored to each client (which is impossible on anonymous exchanges) with seamless electronic execution. In contrast, latency-sensitive venues can see liquidity evaporate in periods of stress, as happened to a well-known and otherwise successful exchange on 26 June which saw its bitcoin order book become $1,000 wide for an extended period of time as liquidity providers turned their systems off. The problem is compounded by the general unavailability of credit on cash exchanges, an issue that the OTC market’s settlement model avoids.
As the crypto market matures, the business model of today’s major cash exchanges will come under pressure. In the past decade, the FX market has shown that retail traders benefit from better liquidity when they trade through different channels than institutional speculators. Systematic internalizers demonstrate the same in equities. This fact of life will apply to crypto. Exchanges have to pick a side: either cater to retail (or retail-driven intermediaries) or court HFTs.
Now that an aggregator like Tagomi runs transaction cost analysis for their clients, it will become plainly obvious to investors with medium-term and long-term horizons (i.e. anyone not looking at the next 2 seconds) that their price impact on exchange is worse than against electronic OTC liquidity providers.
Today, exchange fee structures are awkward because they must charge small users a lot to make up for crypto’s exceptionally high compliance and onboarding costs. Onboarding a single, small value user simply does not make sense unless fees are quite elevated. Exchanges end up over-charging large volume traders such as B2C2’s clients, another incentive to switch to OTC execution.
In the alternative, what if crypto exchanges focus on HFT traders? In my opinion, the CME is a much better venue for institutional takers as fees are much lower and conventional trading firms will already be connected to it. My hypothesis is that most exchanges will not be able to compete with the CME for fast traders (after all, the CBOE itself gave up), and must cater to their retail user base instead.
In a future post, we will explore other microstructures beyond all-to-all exchanges and bilateral OTC trading.
Fiber threads image via Shutterstock
submitted by GTE_IO to u/GTE_IO [link] [comments]

Logs of yesterday's dev meeting

 Dev meeting?  Would say so, yes  The people are still exhausted from the payment ID meeting :)  Guess we could ping some people  vtnerd, moneromooo, hyc, gingeropolous, TheCharlatan, sarang, suraeNoether, jtgrassie  Anyone up for a meeting?  Yep I'm here  Here  o/  Perhaps we should just start and people will eventually hop in?   oof   sorry guys, I'm working on the new FFS and I forgot all about this. Got a couple of new volunteers.   This literally might be able to launch tomorrow.  I know that. It's called "flow" :)  I could run if you're out of time?   go for it dEBRUYNE   you guys are going to like this new FFS. We're like 99% done.  Hi  rehrar: someone else do the milestone thing already?  All right, jtgrassie, perhaps you'd to start w/ briefly describing your most recent PR? https://github.com/monero-project/monero/pull/5091   oneiric, xiphon did everything   like....everything  As far as I can see, it allows the user to push his transaction over I2P, thereby masking the origin IP of the sendeuser  great  And it hooks into vtnerd's PR right?  Sure. It basically just builds on vtnerds Tor stuff.  sorry dEBRUYNE  Really not much added.  I have it running and tested.  From the perspective of the user, what needs to be configured exactly?  Nice  Assuming the PR is included in the release binaries  I'm using knacccs i2p-zero duirng testing but will of course work with any i2p setup   sorry dEBRUYNE <= Np  Looks a little like dams breaking, now that we have some dark clouds over Kovri and people take matters into their own hands ...  User needs to run i2p, expose a socks service and and inbound tunnel.  Basically same as Tor  Okay, so should be reasonable as long as we write proper documentation for it (e.g. an elaborate guide)  rbrunner, yes, knaccc credit for jumping on i2p-zero really  dEBRUYNE: documentation monero side is kindof done. i2p side is very much implementation specific.  I suppose we could write some guides for the most popular implementations?  e.g. i2p-zero aims to be zero conf, but i2pd or Kovri would be differnet.  I see, great  vtnerd___: Do you want to add anything?  could amend the current kovri guide for monero use from --exclusive-peer to the new proxy support  Now I have i2p-zero running and tested with the #5091, I plan to jump back over to helping knaccc on getting that polished.  I added support for socks proxy in the basic wallets  ^ excellent  Yes vtnerd___ I havent tested it yet but looks sweet.  So connections to `monerod` over Toi2p are possible within wallet cli and wallet rpc  Awesome  This also implies auth+encryption even if ssl is not in use (when using an onion or i2p address)  All right  moneromooo: are you here? If so, could you perhaps share what you've been working on?  I am.  I revived the SSL PR, more stuff on multi sender txes, an implementation of ArticMine's new block size algorithm.  I presume a multi sender tx works similar to multisig insofar as the senders have to exchange data before the transaction can be performed right?  Yes.  There are 2 SSL PRs. What's the diff?  Theoretically this would also allow the sender to provide an output right? Which would be kind of similar to Bitcoin's P2EP  The second one adds some things like selecting a cert by fingerprint.  Yes.  (for the first sentence)  All right, awesome  For anyone reading, this breaks the assumption of the inputs belonging to a single sender, which makes analysis more difficult  Nice side-effect.  Much work coming for the various wallets to support that  rbrunner: Anything you'd like to share in the meeting btw?  Yes, just a little info  I have started to seriously investigate what it would mean to integrate Monero into OpenBazaar  I have already talked with 2 of their devs, was very interesting  In maybe 2 or 3 weeks I intend to write a report  Too early to tell much more :)  Soon^tm I guess :)  Yep  Currently wrestling with Go debugging  whole new world  moneromooo: Has pony recently shared any insights regarding the upcoming 0.14 release btw?  No.  All right  I would love to see the tor & i2p PR's merged sooner rather than later so we can get more testing done.  ^ +1  Isn't that famous early code freeze already on the horizon?  fluffypony, luigi1111 ^  I suppose I could provide a little update regarding the GUI btw  As always, lots of bug fixes and improvements :-P  selsta has recently added a feature to support multi accounts  dsc_ has revamped the wizard and will now start working on implementing the different modes and a white theme  dsc_ is working fulltime on the GUI already?  yes  :)   dsc_ is bae  In light of the recent payment ID discussion, we've also, by default, disabled the option to add a payment ID unless the user explicitely activates the option on the settings page  rehrar ^  nice   I spoke about this yesterday at the coffee chat, this is not a good decision.  How does it handle integrated addresses? The same way?  rehrar ?   For the next many months, we are still stuck with PAyment IDs in the ecosystem. Making it harder for people to access them will make Monero suck so hard to use for the average person for many months.  i agree with rehrar   Remove the option of Payment IDs when we remove Payment IDs  rehrar: The new GUI release won't be live until probably mid march though  Which is a few weeks in advance of the scheduled protocol upgrade   Payment ID removal comes in October   right, but Payment IDs are not removed in March  Did we not have loose consensus on removing the old, unencrypted payment IDs in march?   they are removed in October  We had discussed a deprecation in March  and a ban in October   ok, then if we are going to do that, we have to commit to it and contact the exchanges like Binance that use them and get rid of them in the next few months  (of unencrypted)   Binance is huge, and if they still use them, then people will be very upset that they can't deposit or use Payment IDs easily   I'm just speaking from a UX perspective.  I thought it was unencrypted in April and possibly encrypted in October  Yes I do agree  Timeline and notes: https://github.com/monero-project/meta/issues/299  impossible to remove them for march, many exchanges still use them  We can defer it to the 0.15 release if needed  Well, that wasn't the impression for them log that I just read today  This was all discussed in the earlier meeting linked above   We have to force the ecosystem off of Payment IDs before we remove them from the UI, is all I'm saying  Remove != make difficult to use  ... or make them more difficult there, right?  ping sgp_   sarang, I understand, and I agreed with you during that meeting. But then I started thinking of it as a UX person, which I am.   And that huge massive problem leapt out at me  i think making them difficult to generate is a good idea but making them difficult to consume and use is a bad idea  well, maybe not a good idea, but a better idea   ^  If we defer the decision to depriciate long payment IDs to october, won't we have the same issue then?  The UI can gave an expandable payment ID field like MyMonero and we can still call it deprecated   It is foolhardy to remove an option that the ecosystem uses. So I suggest we keep the Payment ID in the UI until October when they are completely banned.   no dEBRYUNE, because they will be banned via consensus  sgp_ imo it may be a misdirection of dev resources to add that since things are proceeding in the short term rather than long term  but this is a relatively minor point  Nothing matters til exchanges change  All right   The issue is that consensus will still have them in April, and exchanges won't upgrade because they are still allowed. Thus they must still be in the UI.  endogenic these changes are already merged in the GUI to hide it like you do  ok   But when they are banned, exchanges are forced to upgrade or stop using Monero, so we can remove them safely because they won't be in use  rehrar: that's a strong assumption   sarang that they will upgrade?  yes   if they don't, then they can't use Monero  If exchanges require pid, users need a way to set a pid. Making it hard for the user in the interim is just going to be a nightmare.   we have decided to take our "stand" in October  A way that is not too hard, then  To be clear, we still intend to deprecate long encrypted payment IDs in April right? But no enforcement until October   the term "deprecated" doesn't mean much if it's still allowed, and used in popular places   yes, as far as I understand it   jtgrassie, exactly  True I suppose  dEBRUYNE: we need to be more specific when talking about deprecation   the person who suffers is the user  There are two proposals for GUI deprecation:  1. Hide it in the send screen with a simple option to expand (currently merged iirc)  2. Hide it completely in the send screen unless users enable the field in advanced settings (PR'd but not merged yet iirc)  What are the arguments for 2?   Both are poor options, but 1 is better than 2 by a long shot   Well the people who need to be made to "suffer" are the exchanges. And I don't see a way to make exchanges "suffer" other than by having their suffering customers complain to them constantly that they need to update.  ^  CLI has something similar where users need to set a manual payment ID transfer mode. Not sure if it's merged yet   the way to make the exchanges suffer is when we ban PIDs. They either upgrade or don't use Monero.  exact;y  Agree with rerahr here  have exchanges been provided with clear, practical, sufficient technical upgrade plans for supporting what they're doing with PIDs but with subaddrs?    Both are poor options, but 1 is better than 2 by a long shot <= I wouldn't call 1. a poor option. Have you actually checked how it looks?  Because it states "Payment ID" and a user has to click on the + to expand the field  endogenic: yes the email when out. Blog post coming soon, but contains the same info as the email  also the exhcnages' users are often using wallets that don't support subaddresses  ok great   as well, it should be noted that the timeline for exchanges to upgrade is September, not October when the fork is.  Which wallets are that?  Rehrar: I don't see option 1. causing any issues/confusion  i guess it doesnt matter too much if withdrawing as a personal user the main address should suffice   Because September is when the new versions will be coming out without PIDs in the UI  If there's opposition to 2, 1 is fine. We can still call it deprecated which is the optics we need anyway   exchange users are often just using other exchanges lol. No wallets involved.   dsc_ dEBRUYNE, ok, I trust you guys here then  rbrunner: i was thinking mymonero last i heard  Ok  pigeons: rbrunner yes receiving on subaddresses won't be supported yet  sending to them has been possible though  and yes as learnandlurkin says often they withdraw to other systems like exhcnages that also dont yet support subaddresses  I really can't come up with any good argument for 2. right now  endogenic: seems not much of an issue then. Exchanges will typically support withdrawals to both subaddresses and plain addresses (especially if we are going to force them to use subaddresses)  For deposits, MyMonero works properly if the user sends to a subaddress  Actually the second solution was already merged: https://github.com/monero-project/monero-gui/pull/1866  Maybe not enough eyes watching :)   The important thing is to have done something to justify having a big "DEPRECATED IN APRIL" stamp on PIDs to spook exchanges in the interim  This was for solution 1: https://github.com/monero-project/monero-gui/pull/1855   The Monero Community Workgroup will start making noise everywhere we can to exchanges, and everywhere else that will listen. Try to get on those garbage news sites also.   So everyone knows that deprecated in April, and banned in September  Hey, for solution 1, write "Payment ID (optional, deprecated)" or similar there  rbrunner: noted  rehrar: probably wait until the blog post, but it should only be a few days   Maybe a Reddit sticky post would be useful?   With the blog post   If people are over freaking out about the hashrate  or terabyte blockchain :)  sigh  Any questions for the MRL side?  Is someone checking ArticMine's block size changes for weird behaviour in some cases etc ?  How would such testing work? Private blockchain?  I'm waiting on cost information from ArticMine to complete the model  Or just simulations?  Also, smooth suggested a mean rather than median for the 100000 block op. It would indeed be much nicer if it doesn't make the change worse.  You mean computationally or what?  Nicer ? Yes.  no sorting needed for mean  I'll add a separate sim for that  Well, just nicer. Forger the much.  Forger the Much sounds like the formal name of a Lord of the Rings character  :)  To close the payment ID discussion, in essence, we agree that we shouldn't make it difficult for the user to add a payment ID right (until 0.15 is released)  ?  I don't. I did make it harder.  In the CLI, somewhat other story, I would say  than the GUI  People there are used to juggle with options and CL parameters  rehrar: I recommend opening another issue to reverse 1866 and we can gather feedback on it there  Sounds good, to me at least   Dudes, if I do a Jitsi stream right now to show the new FFS in action, would you guys be interested in watching it?  I'd watch it, if the meeting is formally done  sure  yeah, can I start one and record it?   I'll give it in like fifteen minutes   I'll let you all know, stand by  I have a question on tx_extra if no one else has anything to talk about  People have said you can put arbitrary data in there in whatever format you want as long as you're willing to pay for it. However, do you need to mine the transaction for it to be included? I didn't think nodes would block transactions with arbitrary tx_extra data  It'll be in nodes' txpool when you relay it. A wallet could see it before it's mined.  moneromooo: will it be mined though?  by others  Is it valid ?  assume it's otherwise valid  Does it have a high enough fee ?  assume it does yes  I ran into conflicting information here: https://monero.stackexchange.com/a/3627/42  Then it will probably be mined.  I once had the idea to put "my" MMS messages in there, looked at the code, and found no hard blocks for tx_extra data  That answer looks incorrect.  It is incorrect  If it will be mined, then that meets my assumption. There seems to be some misconception that people will not mine transactions with arbitrary tx_extra. I can add some comments there  And please don't spam it, and don't put fingerprintable stuff in it. It's meant to be here for *useful* stuff that's "uniform" enough.  It will be mined, whether a wallet *displays* the tx_extra is a different question.  I don't think any wallet currently displays that  it soes if its a pid  I think  Yeah, of course :)  Great, that answers my question 
submitted by dEBRUYNE_1 to Monero [link] [comments]

[AMA SUMMARY] Coin98 AMA #29 Ferrum Network with Ian Friend - COO At Ferrum Network


https://preview.redd.it/cjzluk91i6h31.jpg?width=960&format=pjpg&auto=webp&s=12d87043df93ed0c81317d2857f245627f1efdf4
Coin98, a Facebook Group, recently did an AMA with Ian Friend, COO of Ferrum Network.
Grace Pham: Before we start the AMA could you please introduce a little bit about yourself as well as a quick introduction about FRM for anyone who hasn't heard about FRM yet?
Ian Friend: Yes of course. I am the Co-Founder and COO of Ferrum Network. Prior to joining Ferrum I was a lawyer in New York City where I founded my law firm's blockchain practice team. I then met Naiem Yeganeh, PhD and we founded Ferrum.
Q: Could you briefly describe what is FRM in 3-5 sentences?
Ian Friend: Ferrum is really the combination of two interconnected components. First, is the high-speed interoperability network that can connect to any blockchain and executes transactions of any digital asset - even bitcoin - in milliseconds for near zero fees.
Q: You guys are building among other things an Interoperability Network, can you explain a bit how this works and what the advantages are compare to the existing networks?
Ian Friend: Ok so the interoperability network is a innovation from an older design, essentially it uses proxy tokens that can represent any digital asset. And because it runs on a DAG instead of a blockchain, transactions can be executed instantly for almost no fees.
Q: What is the ferrum token utility in the ecosystem? Where it will be used and why the demand for the token should increase?
Ian Friend: FRM is the gas of the network. You need to spend it to run transactions. The unique thing is that everytime a token is spent, it is burned. Our African users alone will account for thousands of daily token burns on day 1 of main net launch. The token should increase as we acquire more users for our products. The next product we will launch is called UniFyre Wallet. This will be available worldwide and coming to an app store near you.
Q: What are the advantages of DAG that you used for Ferrum Network? Why did you choose DAG instead of blockchains?
Ian Friend: We chose DAG instead of a blockcahin because they are inherently faster and cheaper than blockchains because there are no miners confirming blocks. Each transaction confirms another transaction. This is more suitable for high-speed and low cost transactions like we need to run our financial products
Q: What made you decide to start with the Kudi Exchange and why Africa?
Ian Friend: Africa is a huge market with billions of people and the existing banking and financial systems are lacking in many ways. They are also open to blockchain technology. Nigeria is the 7th biggest market in the world for BTC trading.
Q: Is there any rewards for staking FRM TOKEN in the future?
Ian Friend: Yes so there is pseudo staking now thru social mining. community.ferrum.network There will be staking in the UniFyre Wallet and staking once the main net is released in 2020. But for now you can earn thru social mining which allows you to earn FRM based on teh amount you hold plus the value you provide to the ecosystem in the form of tweets, articles, videos, etc.
Q: Till now whether they conducted any TPS for their blockchain because we need to have enough security for the transactions which most of the people will show much interest in security blockchain. Through POS layer whether we can hold the coin in order to increase the staking rewards?
Ian Friend: Ferrum Network can do thousands of transactions per ssecond and each transaction clears almost instantly. Here is a demo of a BTC transaction on our test net which execute in milliseconds
Q: What is your go-to-market strategy?
Ian Friend: Depends on the product you are talking about but for Kudi Exchange we are focused on bitcoin traders in Nigeria and also signing up merchants to our point of sale system that is built into the app.
Q: What prospects of Ferrum are you most excited about?
Ian Friend: UniFyre Wallet, Infinity DEX and laucnhing fiat gateways in parts of the world that really need crypto to help improve their lives.
Q: What is your monetary policy?
Ian Friend: We are a lean start up. We built Kudi Exchange on less than $100,000. We are very frugal and never waste money.
Q: How much fund raised until now, have you reached the softcap? will you do an IEO in the future?
Ian Friend: We just did an ICO. Total raised in all rounds was $1.12 million. The last round was $300,000 and we raised it in just a few minutes.
Q: What technology stands behind Ferrum Network and why it’s better than the existing one?
Ian Friend: So fundamentally it is a DAG based interoperability network which uses decentralied proxy tokens to achieve instant transactions of any digital asset without holding anyones private keys.
Q: Currently, there is no public Github repository for the project, do you intend in showcasing the code at some point?
Ian Friend: We will be showing more public repositories as we continue. https://github.com/ferrumnet
Q: What's your plan after listing on Bitmax?
Ian Friend: Binance DEX application was made last week, we are just waiting on the validators to vote. We are in talks with many other exchanges just looking for the right one to list on next.
Q: What is the Unifire wallet? and when the Unifire wallet lauch?
Ian Friend: https://unifyre.io/ is a non-custodial wallet with many unique features like the ability to recover your assets if you lose your phone, and risk free OTC trading and staking any token. Version 0.1 will be released in the next few months. Later versions will have all the features once main net is live.
Q: What are Ferrum weaknesses?
Ian Friend: Because of our low raise we dont have a big marketing budget or a budget to spend millions to list on exchanges. We need to work hard and be creative. But it has worked for us so far considering we listed on BItMax 5 days after the ICO. We also need to hire more engineers. If anyone here is a developer, we are hiring!
Q: It's believed that staking on exchanges is a hot trend. Do you have the plan to do staking on Kudi Exchange?
Ian Friend: Not on Kudi but we will have staking of FRM on UniFyre with the push of a button. Once main net is out UniFyre will enable the staking of any token even those that do not use smart contracts like BEP-2 tokens!
Q: What is the biggest problem that Ferrum team has faced? and how has your team solved it?
Ian Friend: Many challenges but one big one was the trend in crypto to raise money and list on an exhange before any product was built or there were users. We raised only after we built Kudi Exchange. I hope this trend continues and people do not fall for "vaporware" projetcs anymore
The other big one is providing a banking app to the unbanked in Africa. With Kudi you can send real money using What's App, and access US Dollar stable coins from the same app. This had never been done before Kudi.
Q: Can you share more details about the relationship between Ferrum and Gemini? What's the benefit for user under the partnership?
Ian Friend: Sure so we partnered with Gemini to become the only app in West Afica offering a US Dollar backed stable coin. This means our Nigerian users can hedge out of volatile bitcoin, and also hedge out of their own fiat currency, which has lost 50% of its value since 2013. We are now looking to partner with other stable coin providers to offer alternatives to GUSD.
Q: What is your inflation and deflation in Tokenomics?
Ian Friend: All investor tokens are unlocked after 3 months so after that you dont have to worry about "dumping". The rest are locked up over the course of years and only slowly released. One unique thing we are doing is called the Traction Based Reserve wher tokens are unlcoked only based on the amount of burned tokens.
Q: I heard a lot people said: DEX is the future so Centralized exchange will dead. so why Ferrum don't develop DEX only?
Ian Friend: I agree in the long term DEXes are the future. But we will still need CEXs as fiat onramps/offramps. These fiat gateways are stil regulated by the financial rules, and therefore cannot be fully decentralized. At Ferrum, we have fiat gateways to buy crypto with fiat, but then you enter into a decentralized non-custodial ecosystem which has inherent benefits in terms of costs, privacy, speeds, and global reach.
Ian Friend: Thank you all for attending! Please join our channel for all things Ferrum: https://t.me/ferrum_network
https://www.facebook.com/groups/Coin98.Net/about/
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StrataMiner is ready for download. Feature-packed software package for controlling and monitoring any number of rigs.

StrataMiner is now released for beta testing. Looking for a few brave miners.
Go to strataminer.com to learn and install.
I'll be answering any questions here today. For technical support, please email me at [email protected]. Tell me what operating system you're on in the email message.
Features
Windows and Linux - Made for both. Client and Control Center don't need to be on the same OS either.
Profit Switching - Flip the switch and you'll always be mining the best currency for each device.
Any pool - StrataMiner works with any pool using a standard stratum protocol.
Web Portal - Control your rigs from anywhere on the planet with an internet connection.
24 coins and counting - AEON, Bitcoin Gold, Denarius, Ethereum, Ethereum Classic, GoByte, Groestlcoin, HUSH, Komodo, LOKI, Monacoin, Monero, MusicCoin, Pirl, Quantum Resistant Ledger, Ravencoin, Trezarcoin, Ubiq, Verge, Vertcoin, Vivo, ZCash, ZClassic, Zen. More coming.
Exchange address generation - StrataMiner can generate deposit addresses on your Cryptopia and Bittrex accounts. Once your crypto hits your exchange, you can easily exchange for 100s of others. More exchanges coming soon.
One-click updates - No installers required for updates of mining core software. Stay up-to-date through Control Center with a single click.
Community features - With pool sharing enabled, you become part of a community working to ensure pools are always available and trustworthy. This service is part of StrataMiner's commitment to decentralized mining.
Hashrate verification - StrataMiner's proprietary Adaptive Proxy technology enables auditing of pool communications to verify that hashrate reports match share submission statistics. In other words, StrataMiner makes sure everybody is being honest.
Familiar miner cores - Ethminer, Claymore Miner, CCMiner, EWBF, XMR-Stak
Automatic network configuration - The Control Center and Client know how to find each other. Turn them on and go.
Email notifications - Requires Gmail. Receive an email if something's not right. The messaging is still a little rudimentary.
Low fees - 0.5% for development. Miner cores and pools may have additional fees.
Earnings tracking - Earnings estimations are tracked over time. Earnings are recorded in both USD and crypto.
Market data - Up to date market information for each currency, including market capitalization, price, and 24-hour change.
Open source software - The Control Center is open-source and written in Python 3. See pystrata on github if you're interested in fiddling with the code.
What you get for your fee
New miners and algorithms - New stable miners will be incorporated based on community desire. Strataminer tracks algorithm changes and blockchain forks for you, so you'll always have working software, if available.
New coins - Many can be added within hours of receiving a request. No software updates required.
New features - The feature set will be improved based on community feedback. This is only the beginning.
Technical support - Development fees enable StrataMiner to respond to issues and fix bugs quickly and continuously.
StrataMiner API - New coin data, new mining software, and some market data come from the StrataMiner API.
An obvious drawback is that you'll need an address for each currency that you want to mine. If you have Cryptopia and Bittrex accounts, you can use auto-generation to make addresses for all but 4 of the supported currencies (XMR, AEON, LOKI, QRL). I'll work on integrating Binance, CoinExchange, and HitBTC next.
The Coinomi mobile wallet can also get you 16 of the 24 supported currencies.
You'll need pretty fresh drivers, partly for StrataMiner and partly for the miner cores, i.e. Ethminer, ... I actually expect to ease up on StrataMiner's driver requirements a little, but you'll still want to keep fresh drivers for the mining software updates, as they come.
On request, I've lowered the driver requirements for StrataMiner itself, but if you don't have the newest drivers, you may not be able to use Ethminer. You can still use Claymore for Ethash though. Minimum drivers are now >= 385.54 on Windows, >= 384.81 on Linux.
StrataMiner is not affiliated with or sponsored by any exchange, any pool, any other website, or any other software vendor.
submitted by buck54321 to gpumining [link] [comments]

How this little-known crypto is giving Bitcoin a run for its money

1/8The tale of "altcoins"
Bitcoin's share of the cryptocurrency market is sliding, with a host of alternative digital coins gaining ground as developers race to create digital cash that can gain a footing in mainstream commerce and finance. Monero - referred to as a privacy coin because it allows users to conceal nearly all details of transactions. It has become increasingly used for illegal purposes. Since its launch in 2014, Monero has grown to be the 12th biggest cryptocurrency by market capitalization with around $1.4 billion-worth in circulation. Let's dig a little deeper and understand it more.


2/8How is Monero different from Bitcoin?
Every transaction involving Monero obscures the digital addresses of the senders and receivers, as well as the value of the transaction. That offers users near-total anonymity, allowing them to instantaneously send digital cash without leaving any clues. Bitcoin was initially seen as opaque, as the identity of the owners of digital wallets used to send and receive bitcoin is not public. But details recorded permanently on the blockchain after bitcoin is sent and received can, in fact, give up clues that can be used to pinpoint those identities.


3/8Why is it gaining attention?
When Norwegian police earlier this year gave details of the kidnapping of the wife of a wealthy businessman, they said the family had demanded a ransom in cryptocurrencies. Local press reported that the suspects wanted to be paid in Monero. The unusual request underlined a growing trend for criminals to seek alternatives to bitcoin for illicit activities.


4/8What is it mostly used for?
Monero's use on darknet marketplaces - sites used for buying illicit goods from drugs to stolen credit cars - is on the rise. Three of the biggest five darknet markets now accept Monero. Monero is also widely used for "cryptojacking," or illicit cryptocurrency mining, where hackers infect computers and steal their power to mine new coins - a highly lucrative endeavour. Monero's developers say its characteristics make it a useful tool for companies looking to maintain commercial secrecy. According to experts users in repressive countries looking to avoid censorship or surveillance can also safely move money in the form of Monero.


5/8Is law enforcement worried? What do regulators say?
Cryptocurrencies are mostly unregulated. Though countries from Britain to the United States are looking at how to deal with the phenomenon, few have set out comprehensive strategies for dealing with digital coins.And though aware of the propensity for cryptocurrencies to be used for money laundering, few financial national-level regulators have specifically addressed privacy coins.

Britain's finance ministry, which leads a task force that is looking at if and how Britain will regulate cryptocurrencies, said it was aware of the potential for Monero to be used for criminal ends.

Japan's financial watchdog, sensitive to money laundering potential of privacy coins, last year asked a Tokyo-based exchange to review its listings. The exchange later ceased trading Monero.


6/8Who's behind Monero?
Like bitcoin, Monero is governed by a virtual community of hundreds of developers that lacks any centralised authority. Cabanas is one of only two publicly-known members of its seven-person core developer team, who act as stewards for updates to its code. Mitchell Krawiec-Thayer, a San Francisco-based blockchain developer who is part of Monero Research Labs, said Monero is designed so it can be easily mined by individuals rather than powerful groups that team up to mine coins in industrial quantities. Monero has recently launched a response group, where those infected by malware can seek help, Krawiec-Thayer said.


7/8Who uses Monero for legitimate purposes?
Data on who uses Monero, and why, is scarce. Daily transactions for Monero - one proxy for how widely the cryptocurrency is used - have hovered around 8,000 this month, data from website CoinMetrics shows. The number of active digital wallet addresses for Monero has hung around 5,000. By comparison, bitcoin sees around 320,000 transactions a day, with about 785,000 active addresses.


8/8Who are its contemporaries?
Monero is not the only privacy coin. Others, such as ZCash, have grown popular with investors, often for speculative reasons but also because of interest in their privacy features. Grayscale, the world's biggest crypto asset manager with around $1.3 billion under management, allows investors like hedge funds to invest in ZCash. Amid growing acceptance of privacy coins, a number of major exchanges list Monero. For example, Malta-based Binance, one of the world's largest exchanges, allows users to trade the coin. Binance declined to comment on Monero, but said it has a comprehensive review process for evaluating coins and tokens for listing, and that it carries out periodic reviews on projects.
submitted by tradeniveshtips to u/tradeniveshtips [link] [comments]

Bitcoin mining tutorial of Binance Pool #Binance Pool # ... Binance Tutorial deutsch - Anleitung zum Kaufen und ... Binance CEO Says Bitcoin Mining May Move to Cheaper Places ... Bitcoin Prediction Machine, Ethereum Is Property, Bullish ... Binance Mining Pool. [ Showing personal account ] (4) I Spent $100,000 Building a CRYPTOCURRENCY & BITCOIN ... BINANCE BITCOIN MINING POOL Coming Soon! XRP Not A ... #614 Binance Hack 7000 Bitcoin BTC gestohlen, Crypto durch Gold gedeckt & Bitmains Mining Power Abs Bitcoin mining of the binance pool #Binancepool #binance ... How to Deposit Bitcoin To Binance Sinhala

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Bitcoin mining tutorial of Binance Pool #Binance Pool # ...

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