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⚡ Lightning Network Megathread ⚡

Last updated 2018-01-29
This post is a collaboration with the Bitcoin community to create a one-stop source for Lightning Network information.
There are still questions in the FAQ that are unanswered, if you know the answer and can provide a source please do so!

⚡What is the Lightning Network? ⚡

Explanations:

Image Explanations:

Specifications / White Papers

Videos

Lightning Network Experts on Reddit

  • starkbot - (Elizabeth Stark - Lightning Labs)
  • roasbeef - (Olaoluwa Osuntokun - Lightning Labs)
  • stile65 - (Alex Akselrod - Lightning Labs)
  • cfromknecht - (Conner Fromknecht - Lightning Labs)
  • RustyReddit - (Rusty Russell - Blockstream)
  • cdecker - (Christian Decker - Blockstream)
  • Dryja - (Tadge Dryja - Digital Currency Initiative)
  • josephpoon - (Joseph Poon)
  • fdrn - (Fabrice Drouin - ACINQ )
  • pmpadiou - (Pierre-Marie Padiou - ACINQ)

Lightning Network Experts on Twitter

  • @starkness - (Elizabeth Stark - Lightning Labs)
  • @roasbeef - (Olaoluwa Osuntokun - Lightning Labs)
  • @stile65 - (Alex Akselrod - Lightning Labs)
  • @bitconner - (Conner Fromknecht - Lightning Labs)
  • @johanth - (Johan Halseth - Lightning Labs)
  • @bvu - (Bryan Vu - Lightning Labs)
  • @rusty_twit - (Rusty Russell - Blockstream)
  • @snyke - (Christian Decker - Blockstream)
  • @JackMallers - (Jack Mallers - Zap)
  • @tdryja - (Tadge Dryja - Digital Currency Initiative)
  • @jcp - (Joseph Poon)
  • @alexbosworth - (Alex Bosworth - yalls.org)

Medium Posts

Learning Resources

Books

Desktop Interfaces

Web Interfaces

Tutorials and resources

Lightning on Testnet

Lightning Wallets

Place a testnet transaction

Altcoin Trading using Lightning

  • ZigZag - Disclaimer You must trust ZigZag to send to Target Address

Lightning on Mainnet

Warning - Testing should be done on Testnet

Atomic Swaps

Developer Documentation and Resources

Lightning implementations

  • LND - Lightning Network Daemon (Golang)
  • eclair - A Scala implementation of the Lightning Network (Scala)
  • c-lightning - A Lightning Network implementation in C
  • lit - Lightning Network node software (Golang)
  • lightning-onion - Onion Routed Micropayments for the Lightning Network (Golang)
  • lightning-integration - Lightning Integration Testing Framework
  • ptarmigan - C++ BOLT-Compliant Lightning Network Implementation [Incomplete]

Libraries

Lightning Network Visualizers/Explorers

Testnet

Mainnet

Payment Processors

  • BTCPay - Next stable version will include Lightning Network

Community

Slack

IRC

Slack Channel

Discord Channel

Miscellaneous

⚡ Lightning FAQs ⚡

If you can answer please PM me and include source if possible. Feel free to help keep these answers up to date and as brief but correct as possible
Is Lightning Bitcoin?
Yes. You pick a peer and after some setup, create a bitcoin transaction to fund the lightning channel; it’ll then take another transaction to close it and release your funds. You and your peer always hold a bitcoin transaction to get your funds whenever you want: just broadcast to the blockchain like normal. In other words, you and your peer create a shared account, and then use Lightning to securely negotiate who gets how much from that shared account, without waiting for the bitcoin blockchain.
Is the Lightning Network open source?
Yes, Lightning is open source. Anyone can review the code (in the same way as the bitcoin code)
Who owns and controls the Lightning Network?
Similar to the bitcoin network, no one will ever own or control the Lightning Network. The code is open source and free for anyone to download and review. Anyone can run a node and be part of the network.
I’ve heard that Lightning transactions are happening “off-chain”…Does that mean that my bitcoin will be removed from the blockchain?
No, your bitcoin will never leave the blockchain. Instead your bitcoin will be held in a multi-signature address as long as your channel stays open. When the channel is closed; the final transaction will be added to the blockchain. “Off-chain” is not a perfect term, but it is used due to the fact that the transfer of ownership is no longer reflected on the blockchain until the channel is closed.
Do I need a constant connection to run a lightning node?
Not necessarily,
Example: A and B have a channel. 1 BTC each. A sends B 0.5 BTC. B sends back 0.25 BTC. Balance should be A = 0.75, B = 1.25. If A gets disconnected, B can publish the first Tx where the balance was A = 0.5 and B = 1.5. If the node B does in fact attempt to cheat by publishing an old state (such as the A=0.5 and B=1.5 state), this cheat can then be detected on-chain and used to steal the cheaters funds, i.e., A can see the closing transaction, notice it's an old one and grab all funds in the channel (A=2, B=0). The time that A has in order to react to the cheating counterparty is given by the CheckLockTimeVerify (CLTV) in the cheating transaction, which is adjustable. So if A foresees that it'll be able to check in about once every 24 hours it'll require that the CLTV is at least that large, if it's once a week then that's fine too. You definitely do not need to be online and watching the chain 24/7, just make sure to check in once in a while before the CLTV expires. Alternatively you can outsource the watch duties, in order to keep the CLTV timeouts low. This can be achieved both with trusted third parties or untrusted ones (watchtowers). In the case of a unilateral close, e.g., you just go offline and never come back, the other endpoint will have to wait for that timeout to expire to get its funds back. So peers might not accept channels with extremely high CLTV timeouts. -- Source
What Are Lightning’s Advantages?
Tiny payments are possible: since fees are proportional to the payment amount, you can pay a fraction of a cent; accounting is even done in thousandths of a satoshi. Payments are settled instantly: the money is sent in the time it takes to cross the network to your destination and back, typically a fraction of a second.
Does Lightning require Segregated Witness?
Yes, but not in theory. You could make a poorer lightning network without it, which has higher risks when establishing channels (you might have to wait a month if things go wrong!), has limited channel lifetime, longer minimum payment expiry times on each hop, is less efficient and has less robust outsourcing. The entire spec as written today assumes segregated witness, as it solves all these problems.
Can I Send Funds From Lightning to a Normal Bitcoin Address?
No, for now. For the first version of the protocol, if you wanted to send a normal bitcoin transaction using your channel, you have to close it, send the funds, then reopen the channel (3 transactions). In future versions, you and your peer would agree to spend out of your lightning channel funds just like a normal bitcoin payment, allowing you to use your lightning wallet like a normal bitcoin wallet.
Can I Make Money Running a Lightning Node?
Not really. Anyone can set up a node, and so it’s a race to the bottom on fees. In practice, we may see the network use a nominal fee and not change very much, which only provides an incremental incentive to route on a node you’re going to use yourself, and not enough to run one merely for fees. Having clients use criteria other than fees (e.g. randomness, diversity) in route selection will also help this.
What is the release date for Lightning on Mainnet?
Lightning is already being tested on the Mainnet Twitter Link but as for a specific date, Jameson Lopp says it best
Would there be any KYC/AML issues with certain nodes?
Nope, because there is no custody ever involved. It's just like forwarding packets. -- Source
What is the delay time for the recipient of a transaction receiving confirmation?
Furthermore, the Lightning Network scales not with the transaction throughput of the underlying blockchain, but with modern data processing and latency limits - payments can be made nearly as quickly as packets can be sent. -- Source
How does the lightning network prevent centralization?
Bitcoin Stack Exchange Answer
What are Channel Factories and how do they work?
Bitcoin Stack Exchange Answer
How does the Lightning network work in simple terms?
Bitcoin Stack Exchange Answer
How are paths found in Lightning Network?
Bitcoin Stack Exchange Answer
How would the lightning network work between exchanges?
Each exchange will get to decide and need to implement the software into their system, but some ideas have been outlined here: Google Doc - Lightning Exchanges
Note that by virtue of the usual benefits of cost-less, instantaneous transactions, lightning will make arbitrage between exchanges much more efficient and thus lead to consistent pricing across exchange that adopt it. -- Source
How do lightning nodes find other lightning nodes?
Stack Exchange Answer
Does every user need to store the state of the complete Lightning Network?
According to Rusty's calculations we should be able to store 1 million nodes in about 100 MB, so that should work even for mobile phones. Beyond that we have some proposals ready to lighten the load on endpoints, but we'll cross that bridge when we get there. -- Source
Would I need to download the complete state every time I open the App and make a payment?
No you'd remember the information from the last time you started the app and only sync the differences. This is not yet implemented, but it shouldn't be too hard to get a preliminary protocol working if that turns out to be a problem. -- Source
What needs to happen for the Lightning Network to be deployed and what can I do as a user to help?
Lightning is based on participants in the network running lightning node software that enables them to interact with other nodes. This does not require being a full bitcoin node, but you will have to run "lnd", "eclair", or one of the other node softwares listed above.
All lightning wallets have node software integrated into them, because that is necessary to create payment channels and conduct payments on the network, but you can also intentionally run lnd or similar for public benefit - e.g. you can hold open payment channels or channels with higher volume, than you need for your own transactions. You would be compensated in modest fees by those who transact across your node with multi-hop payments. -- Source
Is there anyway for someone who isn't a developer to meaningfully contribute?
Sure, you can help write up educational material. You can learn and read more about the tech at http://dev.lightning.community/resources. You can test the various desktop and mobile apps out there (Lightning Desktop, Zap, Eclair apps). -- Source
Do I need to be a miner to be a Lightning Network node?
No -- Source
Do I need to run a full Bitcoin node to run a lightning node?
lit doesn't depend on having your own full node -- it automatically connects to full nodes on the network. -- Source
LND uses a light client mode, so it doesn't require a full node. The name of the light client it uses is called neutrino
How does the lightning network stop "Cheating" (Someone broadcasting an old transaction)?
Upon opening a channel, the two endpoints first agree on a reserve value, below which the channel balance may not drop. This is to make sure that both endpoints always have some skin in the game as rustyreddit puts it :-)
For a cheat to become worth it, the opponent has to be absolutely sure that you cannot retaliate against him during the timeout. So he has to make sure you never ever get network connectivity during that time. Having someone else also watching for channel closures and notifying you, or releasing a canned retaliation, makes this even harder for the attacker. This is because if he misjudged you being truly offline you can retaliate by grabbing all of its funds. Spotty connections, DDoS, and similar will not provide the attacker the necessary guarantees to make cheating worthwhile. Any form of uncertainty about your online status acts as a deterrent to the other endpoint. -- Source
How many times would someone need to open and close their lightning channels?
You typically want to have more than one channel open at any given time for redundancy's sake. And we imagine open and close will probably be automated for the most part. In fact we already have a feature in LND called autopilot that can automatically open channels for a user.
Frequency will depend whether the funds are needed on-chain or more useful on LN. -- Source
Will the lightning network reduce BTC Liquidity due to "locking-up" funds in channels?
Stack Exchange Answer
Can the Lightning Network work on any other cryptocurrency? How?
Stack Exchange Answer
When setting up a Lightning Network Node are fees set for the entire node, or each channel when opened?
You don't really set up a "node" in the sense that anyone with more than one channel can automatically be a node and route payments. Fees on LN can be set by the node, and can change dynamically on the network. -- Source
Can Lightning routing fees be changed dynamically, without closing channels?
Yes but it has to be implemented in the Lightning software being used. -- Source
How can you make sure that there will be routes with large enough balances to handle transactions?
You won't have to do anything. With autopilot enabled, it'll automatically open and close channels based on the availability of the network. -- Source
How does the Lightning Network stop flooding nodes (DDoS) with micro transactions? Is this even an issue?
Stack Exchange Answer

Unanswered Questions

How do on-chain fees work when opening and closing channels? Who pays the fee?
How does the Lightning Network work for mobile users?
What are the best practices for securing a lightning node?
What is a lightning "hub"?
How does lightning handle cross chain (Atomic) swaps?

Special Thanks and Notes

  • Many links found from awesome-lightning-network github
  • Everyone who submitted a question or concern!
  • I'm continuing to format for an easier Mobile experience!
submitted by codedaway to Bitcoin [link] [comments]

[Transcript] Crypto Zombie Interview With Anonymous Komodo Founder JL777


Crypto Zombie talks about the interview at 13:30 of his video: https://www.youtube.com/watch?v=LTOdWcuuSFA
Link to full text at pages 10 to 15: https://gallery.mailchimp.com/b1c805c050ef6fca080b9d888/files/cf42e52f-5978-4f4e-b45a-241b94af4638/12_BlockchainBrief_November.pdf
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CRYPTO ZOMBIE: It is difficult to describe the Komodo Platform in just a few words. Often confused as simply a privacy coin, KMD, is actually an incredibly robust and intricate ecosystem. With Komodo’s unique spin on smart contracts, referred to as “crypto-conditions,” and the fact that KMD has already achieved 45,000 TPS (1,000,000 possible in the near future), this platform may actually be the first crypto to solve all four of blockchain’s major pain-points: privacy, scalability, interoperability, and security. In this much anticipated AMA, I got to chat with the anonymous founder of Komodo, JL777, via the Komodo Discord. Here is what JL777 had to say...

CZ: So let’s jump into this directly with the MOST requested community question: Are you Satoshi Nakamoto?

JL777: Happy to answer questions of a non-personal nature. That seems pretty personal. But I didn’t arrive in crypto until late 2013, so clearly I can’t be Satoshi. Maybe there are a lot of similarities in our beliefs, but he was gone before I arrived.

CZ: Just starting off with some fun! Alright, so all jokes asides let’s dive in. What exactly is Komodo (KMD)?

JL777: It has many different aspects, hard to make a single statement about it. I know this drives the marketing side nuts as they need these elevator pitch things. However, I can explain how it is evolving. It starts with the desired end solution: a crypto that can handle mass market scale, has privacy, is secure, and fast. Given that just getting two of those four usually requires making significant trade-offs to decentralization. You can imagine that it is not an easy problem to solve! So, KMD starts with Zcash privacy: the best available privacy tech. So, we can check that off the list. But, it needs to be secure. So I had to invent the dPoW [consensus] to leverage BTC’s massive hashrate. That allowed us to have a lot of independent chains, all secured by dPoW, which led to the runtime forking ability that lets you launch a chain from the command line without any source code changes. PoW, PoS, some hybrid, all types of premine and emission schedules.

CZ: Could you briefly explain dPoW and why it’s so secure, for those who don’t understand?

JL777: dPoW is dynamically creating decentralized checkpoints to the BTC blockchain. That means that once a block is notarized, it is like having it “write protected.” No need to worry about it being rewritten. Being rewritten is a very real danger!

CZ: So in other words as long as BTC is not under 51% attack it would be impossible for Komodo or any of it’s chains to be affected?

JL777: I wouldn’t say impossible, but it becomes order of magnitude (or more) difficult. I wrote a description of the reorg process and can post it here if you’d like.

CZ: Sure we can link to it for further research. That would be great!

JL777: https://github.com/KomodoPlatform/Mastering_CryptoConditions It directly applies to explaining dPoW. It is from the documentation on the channels CC (Crypto-Conditions), which implements an improved form of Lightning Networks and addresses the latency issue, as it provides dPoW protection to mempool transactions. With the privacy and security items addressed, the next thing to do was scaling. Along the way people kept asking for smart contracts. With the notarization process in place, it enabled us to create a solution that non-notarized chains are unable to do. That is creating a reference set of hashes that allow you to verify that a transaction on any chain has been confirmed, on any other chain. It uses a method that is very similar to SPV validation. It’s all about merkleroots and merkleroots of merkleroots from many different chains all being combined. This is sent back to the notarizer and ends up in the notarization data. Once it’s there, then any notarized chain is able to validate the raw data from a transaction that actually happened on a different chain. What that allows is a burn protocol to burn coins on one chain and recreate them on another. So, the total coins across all of the fungible chains are constant. That means you can have however many chains you need for the transactions per second (TPS) needed. Anytime you need to transfer coins from one chain to the next, you use the burn protocol. Reading it, it does seem pretty deep technical... sorry... I guess it can be summarized as using notarization to create a cluster of chains whose total coin supply is held constant. This forms our scaling solution. Instead of having to create some cutting edge networking protocol that can handle some crazy TPS, with our solution you just spawn a new chain. It is similar to building more roads if your existing roads are congested. No need for any magical maglev vacuum tube high throughput high ways. Just a bunch of normal roads, if you have a bunch of cars... Just a bunch of normal blockchains if you need a bunch of TPS. I much prefer the simple solutions, as I can fully understand those.

CZ: Exactly! Such a simple solution, but yet you still see so many people going crazy over TPS! On the topic of tech, I’m curious what your thoughts are on some of these newer solutions, such as the rise of DAG protocols?

JL777: When it gets so complex and you need some math jargon to prove that it works... well, how can I know that it does? Code isn’t exactly a math proof. I think there are many very interesting experiments. However, I prefer to stick with the tried and true Bitcoin protocol and extend it. Why reinvent the wheel? Especially when so much work has been done already to make Bitcoin work as well as it does. It only breaks down at high load and isn’t very easy to program. Though I did make an atomic swap system called BarterDEX, which does utilize the Bitcoin script.

CZ: Yes! Let’s expand on that! What is the difference between atomic swaps and etomic swaps?

JL777: Etomic swap was just my way of quickly getting ETH into the BarterDEX. BarterDEX uses the Bitcoin protocol to do swaps. ETH doesn’t do Bitcoin protocol so I made an ETOMIC coin and you swap that using the protocol. We implemented a 1:1 lock/unlock of ETH/ERC20 for the ETOMIC. It does add a new layer and with mm2, we will directly implement atomic swaps between ETH and Bitcoin protocol.

CZ: With so many blockchains now switching from ERC-20s to their own mainnets (native blockchains), does this mean that some blockchains will never be interoperable through the BarterDEX? Or do you think it’s a possibility in the future?

JL777: With there being so many totally incompatible new protocols, it seems unlikely that they will interoperate very well and will go off and create their own island. Isolated from the rest of crypto. Maybe some will be very big islands though. Unless they have enough usage on their “island” it would seem it will eventually become a problem...

CZ: This does make you wonder if TRUE interoperability between all blockchains will ever be possible...

JL777: I think if these islands wanted to be interoperable, they can add this, but I suspect some don’t want to be. They maybe have dreams of becoming the only crypto. Which, of course, is an unrealistic expectation when the barrier to create a new crypto is so low. You don’t need a nation state to create a crypto! Even with such a big barrier, we end up with hundreds of fiat currencies. There is no single global currency, so how on earth can anybody truly believe there will be some single crypto? I try to base my decisions on common sense and simplicity. It ends up being quite complex as it is, even if it is created out of simple components. Now that KMD is getting the CC extensions, it completes all the technical requirements. The Crypto Conditions is mainly for the scaling solution, but I started experimenting with it a couple months ago and it started surprising me with its power!

CZ: This is true! I know you have a unique way of handling smart contracts. What are Crypto-Conditions and what makes UTXO-based smart contracts such a breakthrough for the future of blockchain?

JL777: To call it smart contracts is really understating what it is. Consider that it is possible to have a single CC (Crypto-Condition) transaction type mean “run the associated smart contract using the interpreted language.” What the CC does is create a new vout type, like p2pk, p2pkh, p2sh, there is a new CC vout type. This is an output that needs to satisfy the specified CC script, which can handle the industry standard Crypto-Conditions specification. But I had it extended a bit so we can have custom functions that also need to be satisfied. By making it a custom function, it allows essentially anything to be implemented. And by anything, I mean ANYTHING. At first I wasn’t 100% sure of this, but my first four CC extensions I made were: faucet, rewards, dice, and assets. The faucet is a blockchain enforced faucet. Rewards is a blockchain enforced rewards plan. Basically what most people want masternodes for. Lock funds... get some extra percentage. Dice is a blockchain enforced real-time dice game, just to show that such things can be done. Assets is a token creation system that allows a user to create new tokens with a single transaction. I also implemented functions needed for a DEX. So, basically counter-party functionality. These were the first four and I did it in several weeks as I was learning about how to do it and doing them for the first time. My thinking is that after we get a critical mass of CC extensions, the vast majority of dApps can be created just via RPC calls. No need to code a new CC extension, no need to code a smart contract, just issue RPC calls (or just click buttons and forms in a GUI). The next iteration of CC, I came up with oracles, gateways, prices and channels. Oracles creates a market driven data market for “oracle-izing” data on-chain. Gateways uses the oracles and assets to automatically tokenize BTC to an on-chain asset and also allows for automatically process withdraws.
Basically the proxy DEX model of trading BTC equivalents, but it will be protected with a multisig custodians and all the tokens are locked in a contract until released with a valid deposit. The prices CC will use the oracles and gateway CC to implement a cash settled BitMEX type of leveraged betting on the BTC price. The channels CC is being debugged by one of the new devs who just started last week and it will be a better form of Lightning Network, as it uses a backward compatible transaction format, doesn’t require nodes to be online, and is secured by dPoW.

CZ: Thats crazy! Most people really have no idea the Komodo platform is this robust. Komodo seems like it has already achieved so many things: scalability, privacy, interoperability, and security. So why do you feel it often gets overshadowed by newer, more “flashy” tech, that may in fact be inferior?

JL777: I think the problem is that it has too much for any “elevator pitch,” so nobody who makes decisions in elevators decides to buy KMD! I don’t think there is any flashier tech than KMD, considering it solves all the crypto issues that other projects are struggling to do just a couple aspects of, when we can implement the entire value add of some project with a single CC that takes a few weeks to do... If that isn’t flashy, not sure what is!

CZ: So, I recently spoke with PTYX from Chainzilla. Will Komodo platform continue offering services to premiere partners or will you be “passing the torch” over to other Blockchain-as-a-service platforms like Chainzilla?

JL777: I just write code, so no idea what will happen regarding the non-coding side of things. I also don’t do GUI, so no idea when any of that will be done. I am just a simple C programmer. So I write C code to solve the deep tech issues that are otherwise unsolved.

CZ: Gotcha... But you know that’s VERY important, especially for user adoption.

JL777: Ideas by Nature I am trusting will solve the GUI issues. Much, much better than I could. I have to rely on others to get such things done.

CZ: Yes I’m excited to see how that turns out! Let’s discuss adoption. You always hear people speak about “mass adoption,” but what do you feel it will REALLY take in order for this technology to reach the masses?

JL777: Games. Realtime crypto games. That is why I did dice CC. We also have plans for a lotto CC. But, really any sort of game can be made blockchain enforceable now by using the CC tech. And, being UTXO-based, it is much more secure and so far it is much faster to code and debug.

CZ: I’m so glad you said that because I feel games will be a huge proponent as well! Are you guys looking to also be able to deal with non-fungibles? For example ERC-721s?

JL777: Already done. We just need a lot more coders, domain specific CC, to take the reference CC I am making and customizing it into some specific dApp. My role is to show the type of things that can be done, but we really need a big ecosystem with projects doing the various games and specific use case dApps.

CZ: Do you make any decisions outside of just the coding? How does the governance within Komodo work?

JL777: People like to ask me for my opinion, even on things like colors and such things, but I try to stay out of it as much as possible. Let each person with expertise make the decisions. If there is some deadlock, then maybe I let my opinion be known. But, I don’t have any special powers, other than the common sense thing, and people when they hear a good common sense solution to a problem they are battling with, it is usually adopted. But, I stay out of the team meetings and let them do their thing. Things are centralized around me too much as it is, so I try to reduce it as much as possible

CZ: That’s good to know. Seems quite fair. Everyone has a say and anyone can expand on the ecosystem how they see fit to the best of their abilities.

JL777: Yes, totally open community.

CZ: So, this is another community question: What is your relationship with ØCryptoUnion?

JL777: There is no formal relationship. They are working on some sort of gateway project, like several other projects. But, there are dozens of projects in the ecosystem and no formal relationship. This is old style crypto, not the new style corporate. At least that is how I am “managing” the open source side of things. There is a different side, that I am not involved in, so I can’t speak to how things are done there.

CZ: You bring up a good point, however, given the reality that we live in a world that is controlled by few (governments, institutions, etc), do you think a truly decentralized future is realistically possible?

JL777: A much more decentralized future is possible. But, it is also possible for a global totalitarian state. We already are close to a global surveillance state... very dangerous

CZ: I think the biggest problem is getting people to actually CARE. Most people just want the easiest, most convenient thing and often are willing to sacrifice privacy over convenience.

JL777: Well, when it comes to MONEY, people do CARE. Especially in the parts of the world where basic survival is not easy. But yes, privacy has been sacrificed a lot, to the point where people think you must be some sort of extremist if you just want to keep some privacy. But, a lot of writers of novels used pen-names. Nobody went accusing them. When the police can’t be trusted to be fair, then everybody cares about hiding as much as possible, since anything can and will be used against you! And we know we can’t trust criminals, since they ignore the law.. So why advertise to the world who you are?

CZ: I agree. People always say “well if you have nothing to hide, then who cares?” I think thats the wrong attitude. So, before we go I just wanted ask one final question. Ultimately, what is your grand vision for the Komodo Platform and what can we expect in the near future?

L777: Like you said, mass market adoption will need nice GUI. The low level tech in my mind is basically done. We just need to do a bunch more CC, which can, and will be done. Then people can make dApps via RPC calls. So with the easy to use GUI that gets mass market adoption, that achieves the goal of the scalable, secure, private and fast crypto. Likely KMD will be the first to achieve all four and have an atomic DEX to interface with many other cryptos. It has been a long journey, but within a year or so, I think I will become much less important. Things shift into the “GUI-zation” side of things. Maybe I can take a vacation...

CZ: I have no idea how to code but I can only imagine that vacation will be WELL deserved!

JL777: Just imagine writing a novel where if you make ANY mistake it crashes! Not just spelling or grammar, but character development, plot, or any error and BOOM! It’s DEAD!

CZ: Great analogy! Well, thanks so much JL777 for taking time out of your busy schedule to have this chat. You are clearly an intelligent person and I’ve really enjoyed this. There is so much more we could talk about, but unfortunately there is only so much time!

JL777: It was fun to chat! Feel free to stop by the Discord anytime. There is an “Ask-JL777 channel” here. Just post there anytime and I will answer.

submitted by KomodoWorld to komodoplatform [link] [comments]

Coin-a-Year: Nyancoin

Hello cryptocurrency lovers! Welcome to Coin-a-Year, the laziest series yet in the Coin-a-Day publishing empire. This year's coin is Nyancoin (NYAN). I originally covered Nyancoin in an article here in /cryptocurrency published January 4th, 2015.
Without (much) further ado, I'm going to include the original report next, unmodified. This is unlike my Coin-a-Week series, where I use strikeout and update in-text. Because this is going to be a longer update, I'll just make all further comments and updates below, just realize that all information below is as of January 4th, 2015 and thus is more than a year out of date as of posting now, at the end of February 2016.
Since I use horizontal rules as internal dividers in the original post, I'll use a double horizontal rule to divide the original text from this prelude and the following update.
Coin-a-Day Jan 4th
Welcome to the fourth installment of Coin-a-Day! To see convenient links to the introduction and the previous entries, please see /coinaday. Today's coin is Nyancoin (NYAN).
Summary
• ~173.6 million available currently [1]; 337 million limit [2]
• All-time high: ~0.000024 BTC on February 16, 2014 [1]
• Current price: ~3 satoshi [1]
• Current market cap: ~$1,275 [1]
• Block rate (average): 1 minute [1] [3]
• Transaction rate: ~25? / last 24 hours; estimated $3-4 [4]
• Transaction limit: 70 / second [5]
• Transaction cost: 0 for most transactions [6]
• Rich list: ??? [7]
• Exchanges: Cryptsy [8]
• Processing method: Mining [10]
• Distribution method: proof-of-work block rewards and 1% premine for "bounties, giveaways & dev support" [2] [10]
• Community: Comatose [9]
• Code/development: https://github.com/nyancoin-release/nyancoin ; there hasn't been a released code change in 10 months. The new developer has talked about some changes, but has not made a new release. He has given advice about how to keep the network running and operate the client. [10]
• Innovation or special feature: First officially licensed cryptocurrency (from Nyancat) [2]; "zombie"-coin [11]
Description / Community:
So you're probably wondering why in the world we're talking about a coin which has been declared dead and already written off. I actually first selected this coin to illustrate a "deadcoin", but the more I dug into it, the more I was amazed at the shambles I discovered. I am combining the description and community sections for this coin, because the community (or lack thereof) is the central issue for Nyancoin.
Substantially all, if not literally all, of the original infrastructure is gone. From the announcement post, the original website has expired. The nyan.cat site itself survives, but has no reference to the coin. The github repo remains, but then there was never much changed from the bitcoin/litecoin original. In fact, the COPYING file doesn't even list "Nyancoin Developers". None of the original nodes seem to be running anymore. @Nyan_Coin hasn't tweeted since July 6th. And that was just to announce posting an admittedly cute picture to facebook which makes a claim for a future which seems never to have developed. Of the original 15 pools, I think all are dead except p2pool, for which at least one node still supports NYAN. The original blockchain explorer, nyancha.in, is still running. The faucet is dead or broken. The original exchanges no longer list it (two of the three having died; SwissCEX having ended its trading as of the first of this year). And so forth.
And yet:

I'm not dead! I'm getting better!

No you're not, you'll be stone dead in a moment.
[Of course, that scene finishes with knocking out the "recovering" patient so he can be taken away...not to mention the absurdity of including Monty Python in a financial article, but moving right along.]
There is still just enough left to Nyancoin to keep it twitching, even if it is on life-support. Whether it's an individual node or whether it's a pool, there are blocks being produced at a steady rate as intended. Transactions are being processed. There is still a market. There is still a block explorer. And there is a dev. It is like a case study in the absolute minimum necessary to keep a coin alive. The most likely outcome is almost certainly a final collapse when one critical piece or another of the infrastructure goes away. And yet in the meantime, a person can own a million NYAN for $8 [12], and then move this coin quickly and easy, albeit with no particular external demand. It's like the world's most hyped testnet.
I think this case presents an interesting example of what happens to an altcoin when its initial support dries up. NYAN coin is more fortunate than some, actually, as there are some where there are no longer any nodes running it nor the original announcement thread (in fact, there was actually a second Nyancoin launched around the same time. But it died hard and its original announcement thread was deleted and at this point I would have no idea how to access it; so "Nyancoin" thus illustrates how hard a coin can die (Nyancoin 2) as well as how it can hang around despite being proclaimed dead, with far more justification behind that pronouncement than there has been for bitcoin (NYAN) ).
Footnotes
[1] http://coinmarketcap.com/currencies/nyancoin/
[2] https://bitcointalk.org/index.php?topic=402085.0 Regarding the premine, it's unclear to me where this money is now, since the original poster hasn't been active on BCT since May and the original site is down. However, given that it's only 1%, and about $25 in value right now, there seem to be more significant concerns for NYAN.
[3] http://nyancha.in/chain/Nyancoin - Nyan blockchain explorer; blocks are somewhat inconsistent but somewhere around the 1 minute average
[4] There doesn't seem to be anything automatically doing these stats, so I did visual inspection on about 1500 blocks (about one day) excluding the block generation reward (~250k/day). Most blocks are otherwise empty. I counted about 24 transactions or so scrolling through, with an outlier around 300k NYAN and another around 100k NYAN. In total, about 500k NYAN, excluding the block rewards. This is very approximately $3-4.
[5] Nyancoin is a basically unmodified, slightly out-of-date bitcoin as far as code goes, and ignoring the change in block rate and total coin supply, as well as the difficulty retarget after every block. So for purposes of estimating maximum possible transaction throughput, I start with bitcoin's estimated 7 transactions per second, and multiply by 10 for having a block on average every minute rather than every 10 minutes. In any event, this limit is not likely to be reached in the foreseeable future.
[6] Like bitcoin, transaction fees appear to be optional in Nyancoin. Unlike bitcoin, there is almost no transaction volume, and coins tend to sit for a relatively long time before being moved. So zero-fee transactions appear to be the norm from looking at a couple transactions on the block explorer.
[7] I couldn't find one. See the disclosure section of this article: your humble correspondent is likely represented in some way on a top 100 if one were to be made or if one exists, despite not holding it directly, depending on how the exchange holds it.
[8] I could not find any other exchanges still listing Nyancoin. SwissCex appears to have disabled it as of a couple days ago. Cryptsy has a notice that the NYAN/BTC market will be closing, but its NYAN/LTC market appears strong.
[9] Essentially all of the original sites, pools, faucets, etc. are dead and there has been very little to replace it. There is basically a single node, or perhaps a very few, which are running the blockchain. However, there is a developer still trying to hold things together, maxvall_dev, maxvall on BCT. He is the last hope for the NYAN.
[10] https://bitcointalk.org/index.php?topic=597877.0 This is the thread where maxvall took over as dev, and it also discusses switching to PoS, which hasn't happened as far as I know.
[11] "zombie"-coin: Not to be confused with ZMB (my god, does it ever end?). This is my term to describe a coin which is "undead": by rights it should be dead. And yet it's still walking around and acting like it's alive. What is it? What's going on? It's quite debatable whether this gives it any special value, but I find it an interesting state, and it's why this was chosen for early coverage. There are plenty of actually popular and successful coins, and we will go onto covering more normal selections; we're looking for variety rather than repetition. But I think this is an interesting example for what can go wrong, and yet in the midst of that, how little it takes for a coin to survive. In fact, it's almost like an alternate history bitcoin to me; this shows the concept that "it was run on one computer before; it can be run on one computer again" to some extent. And there are even some strange pragmatic benefits as well, like having no competition for getting a transaction into a block and thus zero transaction fees.
[12] And, in fact, the author chose to do so today, spending about 0.03 BTC for about 1 million NYAN.
Additional Reading
/nyancoins - Like NYAN: mostly dead, but not quite
http://nyan-coin.org/ - new official website
BCT thread listing nodes, xpool (p2pool), for mining information.
americanpegasus predicting in February that NYAN will hit $1; always an entertaining read
Giveaway
Instead of a challenge today, since NYAN has enough challenges, I decided I would give away 10,000 NYAN to at least the first ten people who ask for it. This still remains at my discretion, but honestly, if you really want, say, 50,000 NYAN and create four new accounts to do so, I'll probably be too amused to say no. I don't expect to get ten requests. If I get more, I'll probably still fulfill them, but as with everything else, this is left to my whim.
Donations and Disclosure
Okay, this is an important one today because of the tiny market here. I actually hold less USD value in NYAN than in BTC, DOGE, and PPC (although my value in PPC might be about equivalent actually), but I hold more of the total market in NYAN than any of those three. And I'll probably be buying more. So I have a conflict of interest in writing this article.
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
I personally hold just over 1 million NYAN on Cryptsy right now.
Perhaps it would be better if I didn't write any articles about anything I were invested inspeculating on, but I started this series for my own education to further my speculation, so unfortunately, dear reader, your needs come second to my own. tanstaafl; you get what you pay for, and I'm giving you my thoughts.
If by some strange quirk of fate you actually own NYAN and enjoyed this article and wished to donate some to me, K7Ho9HghBF6xWwS6JsepE6RAEPyAXbsQCV is mine (first non-empty account I've posted; transferred 1000 NYAN into here earlier from Cryptsy to test that the network and my wallet were actually working).
Thank you all for reading and commenting! I've already learned a lot from this process and I look forward to more!
Upcoming coins:
• January 5th: Nxt
• January 6th: Darkcoin
• January 7th: Namecoin
I'll use alphabetic labeling for footnotes in the updates to avoid any confusion with the footnotes in the original. For simplicity, unchanged items, like the 337 million limit and the 1 minute will not be mentioned, and we'll start with the summary changes.
Updates:
Summary
  • ~263.7 million NYAN currently exist [a]
  • Current price: ~7 satoshi [b]
  • Current market cap: ~$8,000 [c]
  • Transaction rate: ~185 / last 24 hours; ~3,300,000 NYAN (~$100) [d]
  • Exchanges: Cryptopia [e]
  • Community: We're not quite dead yet; in fact, I think we're getting better! [f]
  • Code/Development: I have an early draft of NYAN2, but I'm about six months past my initial goal for having it available to use. Life/work/lack of build machine/procrastination. NYAN2 will be a rebase onto a modern LTC codebase which will soft fork to fix a current vulnerability to a fork bug. For now, the network still runs on the same code that it did when I wrote the first article.
Discussion
I'm going to consider the community first, since I pointed it out as the weakness and central topic in the last one, then talk about the technical situation briefly, and then review the financial results.
The community has been excellent, if I do say so myself. We've got working infrastructure going thanks to the contributions of many Nekonauts (see [f]). Some original Nekonauts have returned or at least popped in from time to time, and new ones like myself have found Nyancoin (I would say given what I wrote in the original, I was still a skeptic of it at that point. Not that skeptics can't be Nekonauts, but I think I'd put my conversion to the cult of nyan shortly after writing that, even though I was already a nillionaire then for the heck of it.)
While I do look forward to seeing the community continue to grow in future years and consider that important, I don't think the community is our weakest point any longer; I think it's now our strongest point. I've tried to encourage the community's revival as best I could, including giving away tens of nillions in total, and lots of long rambling articles on my views on ethics and philosophy and frankly it's worked better than I would've really expected (or at least it has coincided with an effective recovery of the community). The community also helped me through at least a couple hard times personally in there as well.
The technical situation in Nyancoin is mostly unchanged but slightly improved, although with two additional known vulnerabilities. It's unchanged in that it's the same client. It's improved in that we have an active nyanchain explorer host (nyan.space), and we have a public draft of a plan for a soft forking security fix update in the near future (hopefully by the end of March (although I've slipped these deadlines before and may well miss March for release by a bit, I do think I'm inching closer now and then)).
The most serious vulnerability is to forking. This is the bug which hit Peercoin if I recall correctly. NYAN2 is intended to solve this through its soft fork from the LTC fix upstream (from the BTC fix upstream). In the meantime, we've been lucky we haven't been attacked. The tiny marketcap probably helps with not being a particularly attractive attack target. We're not exactly about to pay ransom to move faucet outputs. But that's no excuse; we want this fixed and should have it finally done "soon" (tm).
The less serious vulnerability is to a time warp attack in the difficulty function (Kimoto Gravity Well), which relates to general weaknesses it has and issues we've had with large gaps in the block chain because of spikes in the difficulty function causing it to be unprofitable and driving away most of the hash, and then low difficulty and price rise making it attractive to more hash, creating a spike and causing it again. While this is irritating, the chain still works, even if there are fits and starts at times. An important part of the reason I can get away with this is because there is at least one Nekonaut-supporting miner, CartmanSPC, who rescues us from time to time, and did so during the course of this article being written. We have a bunch of pools, but sometimes the hash just isn't there to get us unstuck when the difficulty goes high enough. Another part of the reason I consider it not an especially serious issue is because there's a workaround which works for me (classic bad developer logic): I use a large transaction fee (generally 337 NYAN, although I might have halved it after the most recent halving, I'll probably use 337 again) on my personal wallet by default. If necessary, I use a couple of them. It can make NYAN profitable to mine again despite the higher difficulty and "unstick" the chain. The difficulty function can go back down again in the next block if the gap has been long enough, so that can be enough to keep it going again for a while (although it can also get stuck again irritatingly fast at times). A fix for this will be putting in a better difficulty function for NYAN3, which will require a hard fork. This is tentatively scheduled for feature freeze around the middle of this year, coding to follow, activation sometime early 2017.
Financial has been our most disappointing performance. A graph of the 1 year performance right now on coinmarketcap looks pretty sad, showing our fall from a little over 60 satoshi down to around 7 satoshi now.
We rose too high, too fast, and I didn't stick with the safe high paying job like a sane person. Instead I hit the road, went to jail, and worked minimum wage. That doesn't sound like a sentence from a cryptocurrency financial review, does it? But the performance of NYAN since the article has been the story of my personal finances, which is the story of my life since then.
So, autobiographical coinaday interlude, trying to keep it generally to the most salient points. Well, in 2014 I had been on my way home to Minnesota from California when I was pulled over leaving Eureka, Nevada for speeding (got sloppy and went 45 approaching the 45 sign and thus technically still in the 35; bored cop seeing out-of-state plates). My vehicle reeked of weed, what with having been in Mendocino County previously with no intention of traveling out of the county much less state anytime soon but family emergency brought me back, and the end result was a citation for possession of cannabis and paraphernalia along with the speeding.
Fast forward to the beginning of 2015, I'm settled into a good software position and start looking more at cryptocurrency in my spare time. I write the coin-a-day series for a bit and then got annoyed and quit after a while when trying to do one a day on top of an actual job was too much for me (along with some annoyance over criticism; I can be rather thin-skinned at times). But I had gotten interested in Nyancoin, and started buying it up more and more with extra money I was making.
And then comes the crash. I had to stop putting as much in as I realized that where I was living and what I was working on wasn't going to work out for me and I needed to figure something else out. So, as I seem wont to do, I went on a roadtrip. I quit my job. And I went back for the court date for my citations and refused to pay, instead spending 10 days in jail rather than pay ~$1400 (I actually had the money in cash available to me if I chose to pay as a backup if I chickened out, but the judge annoyed me enough that I really preferred to be jailed instead of paying, as stupid as that sounds since I'm quite sure the judge didn't care in the least one way or another).
After that, I went back to roadtrip lifestyle for a while. It was a nice period. A lot of beautiful scenery; a lot of reading. Eventually, I busted up my car pretty badly...a couple times actually, the second time for good. Fast forwarding through the rest of the year, I worked a couple minimum wage jobs to pay bills and avoid cubicle life and kill some time until I figured out what I was going to do next. Just recently I quit as delivery boy after getting a speeding ticket (I swear, I'm not as horrible of a driver as this makes me sounds, although I have had a bad tendency to speed in the past, which I really have curbed to almost nothing; but I'm clearly not good enough) and am currently writing a Coin-a-Year article with a friend's incentive and applying to do documentation and development with the Nu project.
Okay, so what did any of that have to do with NYAN? Well, it's the mess of a life that has led to the fall of the price from 60 satoshi to 7 satoshi. If instead my life history for the time since the article had been simply "I was happily employed writing software", then I don't believe we would have dropped below 20 satoshi. It's easy to see in hindsight. If anyone can lend me a time machine, I'm sure I can get some condensed instructions which should improve performance significantly. Otherwise, just going to have more chalked up for the "character building" tally.
So, lessons learned if you are the major buy support for your coin: you need long-term reserves. Whatever you put in bids can be taken out in a moment by a dump for no apparent reason. This is particularly true if you may be quitting your cushy, high-paying job and wandering around without income for an extended period of time. Rather obvious, but hey, maybe someone else can learn from my mistakes. If I'd been bidding as cautiously as I am now from the beginning, I think the price would probably be somewhere from 10-20 satoshi now instead of around 7 satoshi.
It's especially unfortunate given that I wanted to be able to demonstrate the more consistent growth possible building a stable store of value, as opposed to the pump and dumps common in altcoins. And instead we had a pump-and-dump looking graph ourselves after I bid up higher than I was able to sustain, and a large (10+ nillion) instadump crashed the market all the way back down to 1 satoshi momentarily. We've had a few large (2+ nillion) dumps since, but nothing that large. We haven't generally had that large of bids though either.
It's hard to know when I've exhausted the supply at a price level, when it sometimes waits for a couple weeks or even more and then fills all the bids at once. But I want to maximize the minimum price paid because I think that's important for building confidence in a store of value long-term, which is one of my core goals for NYAN.
At the same time, we're still up from the lowest parts of the floor and where I found it. Since I own about 30% [g], the very cheapest supply has been taken off the market. I plan to keep on buying up "cheap NYAN" as much as I can. I've bought up to 60 satoshi before, I'll probably buy up that high this time around. I've got a token 100,000 NYAN ask at 300 satoshi; I hope never to sell lower.
Conclusions
Now I try to wrap it all together as if I saw this all coming and am the wise expert, despite having had about 90% drop in price in the last year after bidding too high. My original concept was taking the "minimum viable coin" and reviving it to a powerhouse as a textbook example in how to do it.
Part of my core concept in this is the arbitrariness of value: throughout history, humans have chosen any number of things as a store of value for the time: salt, large rocks, certain metals, disks, marked sticks, and so forth. While there has generally been a certain logic in the choice, in that there is a locally restricted supply in one way or another, and so forth, from the perspective of other centuries or cultures the choices can seem quite strange. Growing up, I was always struck by how strange the notion of salt being limited and valuable seemed in a world where people were trying to reduce intake and large amounts could be bought for trivial sums. And yet, a key nutrient necessary for life fundamentally makes more sense as being valuable than notched sticks or printed paper or a piece of plastic with some encoded information.
Humans have perpetually come up with stranger and stranger ways of storing and transferring value. Each new step, as always, comes with its own disadvantages and, frankly, has generally appeared nonsensical at best and fraudulent at worst to the status quo. Which doesn't mean that each new attempt is valuable. The gold bugs always like to point out that every fiat currency ultimately returns to its true value of zero. And the skeptics of cryptocurrency argue that all cryptocurrencies will eventually return to their true value of zero.
It's certainly possible. And it's possible the USD will hyperinflate someday. I tend to try the moderate view for a plausible guess of the future. By that type of logic, I would guess that over the course of decades, USD will in general lose value, and cryptocurrency will tend to slowly gain value. That might not seem the moderate view, but USD not losing value over decades would be truly shocking. And hyperinflation has been predicted since the USD went off the gold standard, or before. So some amount of inflation less than hyperinflation seems like the safe guess (but then, the Titanic arriving would also have seemed like the safe guess to me). And with cryptocurrency, I think it's clear by now the technology will continue to survive. So my first question is with what overall value as a market? It could go down, of course, but that seems unlikely in an already small, young market. Even if all the current crop die off and are replaced, whatever cryptocurrencies are around should be able to do better than a handful of billion in market cap in my view.
I believe that cryptocurrency has a bright future ahead of it. The best coins should ultimately survive and thrive. But I've been wrong on most of my major calls so far, like for instance when I thought BTC was over-priced around $5-$10.
I think Nyancoin can have an important role to play in the future of cryptocurrency in the years and decades to come, but it's a massively speculative long-shot. See also Nyancoin risks document. But like Linus Torvalds' autobiography, I try to keep "Just for Fun" as a core motto and principle. It's makes for a good hobby project because there will always be more to work on, with a core community motto of
TO INFINITY AND BEYOND!
Disclaimers / Sponsorship:
As I said before:
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
And I'll reiterate that I own about 30% [g] of the current supply of NYAN, which makes me by definition maximally biased.
Also, I'm not sure what's up with the address from the first post. It doesn't show up in my current wallet as a recognized address. So, anyhow, don't send there. :-) If you'd like to donate, please consider sponsoring a coin-a-day or coin-a-week article.
This is the first sponsored article. This Coin-a-Year article has been brought to you by spydud22 's generous patronage. I'd been meaning to do a Coin-a-Week article on Nyancoin for a while, but between wanting to "wait until the price recovered a bit" and general procrastination, then it seemed like it would make a good Coin-a-Year article, and then I wanted to wait until the price recovered a bit more...anyhow, so thank you spydud22, for causing me to finally do this. :-)
Footnotes
  • [a] nyan.space/chain/Nyancoin ; as of block 1091430, 263738786.71890615 NYAN outstanding. This is slightly over 50% more than the last report, which is what we would expect, since it had existed for about a year then, and has approximately annual halvings. The first year generated about 50% of total supply; the second year generated about 25% of total supply. We should expect in a year to have about 17% (one-sixth) more than we have now.
  • [b] https://www.cryptopia.co.nz/Exchange?market=NYAN_BTC ; this is the only market reflected in coinmarketcap and it is the primary one on which I trade. Cryptopia also has other base pairs which operate at significantly higher spreads (lower bids; higher asks) and have minimal volume. In the time since the last report, NYAN has traded as high as 60 satoshi (and briefly a little higher at times), but over the last almost twelve months since a peak about a year ago, the price has been generally declining overall, as a gross oversimplification of a lot of movements. This has been an effect of me not being able to keep buying as much and there being large dumps I wasn't expecting from time-to-time. Now I'm taking the approach of building large (one or more nillion (million NYAN)) bids on each price as I slowly work my way back up again in order to be able to handle possible dumps with less price shock.
  • [c] coinmarketcap.com/currencies/nyancoin/ ; as noted in [b], this only reflects the /BTC basepair on Cryptopia but that's where most of the volume is anyhow. Of course, the market is also not particularly liquid since I'm the primary buyer and have rather limited means currently.
  • [d] I haven't setup a script to count this yet, among many things on my to-do list for someday, so I went through by hand from what was the then-latest block of 1091430 on nyan.space back to 1089766 which was the first block generated less than 24 hours before. There was actually a three and a half hour block gap at that point, such that the next prior block was about 24 hours and 15 minutes before 1091430 while 1089766 was only about 20 hours and 45 minutes prior, and has a disproportionate number of transactions and value compared to a typical block (8 and ~313,000 NYAN respectively) from the build-up during the gap. But since that gap conveniently started right about at the start of the 24 hour period, doesn't really skew our results here.
Note that there are often times where the UTXO created during one transaction during the day is spent during a later transaction in the day. This can be considered the "same" Nyancoin being "spent" twice in the same day in our total. But in practice, I believe what's happening here is the faucet is breaking off small (10-50 NYAN) pieces from a larger (~40,000 NYAN) chunk, and so that pops up a bunch of times. So the total NYAN blockchain volume as counted for this topline number should not be interpreted as "NYAN spent in the day" but "NYAN moved on the chain", where the "same coin" can move many times. So it's a very easily gamed metric and not a strong / resistant metric like the market price tends to be (at least relatively speaking), but it's a fun number to calculate and provides a little bit of information.
The transaction count can also be easily inflated and certainly, for instance, having the faucet does generate transactions which are a very common transaction.
And this is also just an arbitrary 24 hour period compared to a previous arbitrary 24 hour period. Nonetheless, I do think there's clearly a bit more activity on the Nyanchain, even though the typical block is still empty and the number of transactions and volume is still tiny compared to the major cryptocurrencies.
Here's an arbitrary example of the faucet transactions Note the zero transaction fee, which I love that the miners support (the defaults are all quite low as well).
Here's an example of what may be the smallest transaction by NYAN volume of the day; but no, I followed its small, spent output, and it led to this gem which also links to this. I have no idea what's going on here, but it's hilarious and I love it. How's that for microtransaction support? :-)
  • [e] Obviously Cryptsy went down. We had had more than enough red flags with Cryptsy (including one time where I was able to withdraw 6 nillion more than I had in my balance) and got onto Cryptopia. spydud22 basically accomplished that for us, although I helped out in the tail end of the campaigning.
  • [f] Our community is still small (I wish there were literally dozens of us!) but we've had valuable activity from multiple people, including, just as highlights, vmp32k who hosts nyan.space, a clone of the original nyancha.in, jwflame who created the excellent nyancoin.info intro site, with the awesome status page (which currently notes that "the last 500 blocks actually took 111 minutes, which is approaching the speed of light, causing the universe to become unstable"), KojoSlayer who runs the faucet and dice, spydud22 who got us on Cryptopia, and many other Nekonauts have made worthy contributions, and the Nekonauts mentioned have done more than just that listed. So while we are small, we are active at least from time to time and technically capable.
Even though our posting rate is still around 1 post a day or so on average, and so still a relatively quiet subreddit (and it is our main (only?) hub), it's still a very noticeable and significant difference from how /nyancoins looked when I was reviewing it for the original piece here. Here's an attempt to approximate what was there using Reddit search ; archive.org has a snapshot on January 19th, 2015, which is well into the early revival mania and one from August 14th, 2014, before four and a half months of little to no activity. Apparently archive.org unsubscribed to /nyancoins in that interval itself...
  • [g] Maybe up to around 35% by now; maybe still around 30%. I haven't updated hodling report lately; it was 30% last time I recall, but I've bought more and more has been made since.
submitted by coinaday to CryptoCurrency [link] [comments]

BIP39 Words list

Nothing special, just a copy of the current list (for the future) of what can be found at https://github.com/bitcoin/bips/blob/mastebip-0039/english.txt
abandon,ability,able,about,above,absent,absorb,abstract,absurd,abuse,access,accident,account,accuse,achieve,acid,acoustic,acquire,across,act,action,actor,actress,actual,adapt,add,addict,address,adjust,admit,adult,advance,advice,aerobic,affair,afford,afraid,again,age,agent,agree,ahead,aim,air,airport,aisle,alarm,album,alcohol,alert,alien,all,alley,allow,almost,alone,alpha,already,also,alter,always,amateur,amazing,among,amount,amused,analyst,anchor,ancient,anger,angle,angry,animal,ankle,announce,annual,another,answer,antenna,antique,anxiety,any,apart,apology,appear,apple,approve,april,arch,arctic,area,arena,argue,arm,armed,armor,army,around,arrange,arrest,arrive,arrow,art,artefact,artist,artwork,ask,aspect,assault,asset,assist,assume,asthma,athlete,atom,attack,attend,attitude,attract,auction,audit,august,aunt,author,auto,autumn,average,avocado,avoid,awake,aware,away,awesome,awful,awkward,axis,baby,bachelor,bacon,badge,bag,balance,balcony,ball,bamboo,banana,banner,bar,barely,bargain,barrel,base,basic,basket,battle,beach,bean,beauty,because,become,beef,before,begin,behave,behind,believe,below,belt,bench,benefit,best,betray,better,between,beyond,bicycle,bid,bike,bind,biology,bird,birth,bitter,black,blade,blame,blanket,blast,bleak,bless,blind,blood,blossom,blouse,blue,blur,blush,board,boat,body,boil,bomb,bone,bonus,book,boost,border,boring,borrow,boss,bottom,bounce,box,boy,bracket,brain,brand,brass,brave,bread,breeze,brick,bridge,brief,bright,bring,brisk,broccoli,broken,bronze,broom,brother,brown,brush,bubble,buddy,budget,buffalo,build,bulb,bulk,bullet,bundle,bunker,burden,burger,burst,bus,business,busy,butter,buyer,buzz,cabbage,cabin,cable,cactus,cage,cake,call,calm,camera,camp,can,canal,cancel,candy,cannon,canoe,canvas,canyon,capable,capital,captain,car,carbon,card,cargo,carpet,carry,cart,case,cash,casino,castle,casual,cat,catalog,catch,category,cattle,caught,cause,caution,cave,ceiling,celery,cement,census,century,cereal,certain,chair,chalk,champion,change,chaos,chapter,charge,chase,chat,cheap,check,cheese,chef,cherry,chest,chicken,chief,child,chimney,choice,choose,chronic,chuckle,chunk,churn,cigar,cinnamon,circle,citizen,city,civil,claim,clap,clarify,claw,clay,clean,clerk,clever,click,client,cliff,climb,clinic,clip,clock,clog,close,cloth,cloud,clown,club,clump,cluster,clutch,coach,coast,coconut,code,coffee,coil,coin,collect,color,column,combine,come,comfort,comic,common,company,concert,conduct,confirm,congress,connect,consider,control,convince,cook,cool,copper,copy,coral,core,corn,correct,cost,cotton,couch,country,couple,course,cousin,cover,coyote,crack,cradle,craft,cram,crane,crash,crater,crawl,crazy,cream,credit,creek,crew,cricket,crime,crisp,critic,crop,cross,crouch,crowd,crucial,cruel,cruise,crumble,crunch,crush,cry,crystal,cube,culture,cup,cupboard,curious,current,curtain,curve,cushion,custom,cute,cycle,dad,damage,damp,dance,danger,daring,dash,daughter,dawn,day,deal,debate,debris,decade,december,decide,decline,decorate,decrease,deer,defense,define,defy,degree,delay,deliver,demand,demise,denial,dentist,deny,depart,depend,deposit,depth,deputy,derive,describe,desert,design,desk,despair,destroy,detail,detect,develop,device,devote,diagram,dial,diamond,diary,dice,diesel,diet,differ,digital,dignity,dilemma,dinner,dinosaur,direct,dirt,disagree,discover,disease,dish,dismiss,disorder,display,distance,divert,divide,divorce,dizzy,doctor,document,dog,doll,dolphin,domain,donate,donkey,donor,door,dose,double,dove,draft,dragon,drama,drastic,draw,dream,dress,drift,drill,drink,drip,drive,drop,drum,dry,duck,dumb,dune,during,dust,dutch,duty,dwarf,dynamic,eager,eagle,early,earn,earth,easily,east,easy,echo,ecology,economy,edge,edit,educate,effort,egg,eight,either,elbow,elder,electric,elegant,element,elephant,elevator,elite,else,embark,embody,embrace,emerge,emotion,employ,empower,empty,enable,enact,end,endless,endorse,enemy,energy,enforce,engage,engine,enhance,enjoy,enlist,enough,enrich,enroll,ensure,enter,entire,entry,envelope,episode,equal,equip,era,erase,erode,erosion,error,erupt,escape,essay,essence,estate,eternal,ethics,evidence,evil,evoke,evolve,exact,example,excess,exchange,excite,exclude,excuse,execute,exercise,exhaust,exhibit,exile,exist,exit,exotic,expand,expect,expire,explain,expose,express,extend,extra,eye,eyebrow,fabric,face,faculty,fade,faint,faith,fall,false,fame,family,famous,fan,fancy,fantasy,farm,fashion,fat,fatal,father,fatigue,fault,favorite,feature,february,federal,fee,feed,feel,female,fence,festival,fetch,fever,few,fiber,fiction,field,figure,file,film,filter,final,find,fine,finger,finish,fire,firm,first,fiscal,fish,fit,fitness,fix,flag,flame,flash,flat,flavor,flee,flight,flip,float,flock,floor,flower,fluid,flush,fly,foam,focus,fog,foil,fold,follow,food,foot,force,forest,forget,fork,fortune,forum,forward,fossil,foster,found,fox,fragile,frame,frequent,fresh,friend,fringe,frog,front,frost,frown,frozen,fruit,fuel,fun,funny,furnace,fury,future,gadget,gain,galaxy,gallery,game,gap,garage,garbage,garden,garlic,garment,gas,gasp,gate,gather,gauge,gaze,general,genius,genre,gentle,genuine,gesture,ghost,giant,gift,giggle,ginger,giraffe,girl,give,glad,glance,glare,glass,glide,glimpse,globe,gloom,glory,glove,glow,glue,goat,goddess,gold,good,goose,gorilla,gospel,gossip,govern,gown,grab,grace,grain,grant,grape,grass,gravity,great,green,grid,grief,grit,grocery,group,grow,grunt,guard,guess,guide,guilt,guitar,gun,gym,habit,hair,half,hammer,hamster,hand,happy,harbor,hard,harsh,harvest,hat,have,hawk,hazard,head,health,heart,heavy,hedgehog,height,hello,helmet,help,hen,hero,hidden,high,hill,hint,hip,hire,history,hobby,hockey,hold,hole,holiday,hollow,home,honey,hood,hope,horn,horror,horse,hospital,host,hotel,hour,hover,hub,huge,human,humble,humor,hundred,hungry,hunt,hurdle,hurry,hurt,husband,hybrid,ice,icon,idea,identify,idle,ignore,ill,illegal,illness,image,imitate,immense,immune,impact,impose,improve,impulse,inch,include,income,increase,index,indicate,indoor,industry,infant,inflict,inform,inhale,inherit,initial,inject,injury,inmate,inner,innocent,input,inquiry,insane,insect,inside,inspire,install,intact,interest,into,invest,invite,involve,iron,island,isolate,issue,item,ivory,jacket,jaguar,jar,jazz,jealous,jeans,jelly,jewel,job,join,joke,journey,joy,judge,juice,jump,jungle,junior,junk,just,kangaroo,keen,keep,ketchup,key,kick,kid,kidney,kind,kingdom,kiss,kit,kitchen,kite,kitten,kiwi,knee,knife,knock,know,lab,label,labor,ladder,lady,lake,lamp,language,laptop,large,later,latin,laugh,laundry,lava,law,lawn,lawsuit,layer,lazy,leader,leaf,learn,leave,lecture,left,leg,legal,legend,leisure,lemon,lend,length,lens,leopard,lesson,letter,level,liar,liberty,library,license,life,lift,light,like,limb,limit,link,lion,liquid,list,little,live,lizard,load,loan,lobster,local,lock,logic,lonely,long,loop,lottery,loud,lounge,love,loyal,lucky,luggage,lumber,lunar,lunch,luxury,lyrics,machine,mad,magic,magnet,maid,mail,main,major,make,mammal,man,manage,mandate,mango,mansion,manual,maple,marble,march,margin,marine,market,marriage,mask,mass,master,match,material,math,matrix,matter,maximum,maze,meadow,mean,measure,meat,mechanic,medal,media,melody,melt,member,memory,mention,menu,mercy,merge,merit,merry,mesh,message,metal,method,middle,midnight,milk,million,mimic,mind,minimum,minor,minute,miracle,mirror,misery,miss,mistake,mix,mixed,mixture,mobile,model,modify,mom,moment,monitor,monkey,monster,month,moon,moral,more,morning,mosquito,mother,motion,motor,mountain,mouse,move,movie,much,muffin,mule,multiply,muscle,museum,mushroom,music,must,mutual,myself,mystery,myth,naive,name,napkin,narrow,nasty,nation,nature,near,neck,need,negative,neglect,neither,nephew,nerve,nest,net,network,neutral,never,news,next,nice,night,noble,noise,nominee,noodle,normal,north,nose,notable,note,nothing,notice,novel,now,nuclear,number,nurse,nut,oak,obey,object,oblige,obscure,observe,obtain,obvious,occur,ocean,october,odor,off,offer,office,often,oil,okay,old,olive,olympic,omit,once,one,onion,online,only,open,opera,opinion,oppose,option,orange,orbit,orchard,order,ordinary,organ,orient,original,orphan,ostrich,other,outdoor,outer,output,outside,oval,oven,over,own,owner,oxygen,oyster,ozone,pact,paddle,page,pair,palace,palm,panda,panel,panic,panther,paper,parade,parent,park,parrot,party,pass,patch,path,patient,patrol,pattern,pause,pave,payment,peace,peanut,pear,peasant,pelican,pen,penalty,pencil,people,pepper,perfect,permit,person,pet,phone,photo,phrase,physical,piano,picnic,picture,piece,pig,pigeon,pill,pilot,pink,pioneer,pipe,pistol,pitch,pizza,place,planet,plastic,plate,play,please,pledge,pluck,plug,plunge,poem,poet,point,polar,pole,police,pond,pony,pool,popular,portion,position,possible,post,potato,pottery,poverty,powder,power,practice,praise,predict,prefer,prepare,present,pretty,prevent,price,pride,primary,print,priority,prison,private,prize,problem,process,produce,profit,program,project,promote,proof,property,prosper,protect,proud,provide,public,pudding,pull,pulp,pulse,pumpkin,punch,pupil,puppy,purchase,purity,purpose,purse,push,put,puzzle,pyramid,quality,quantum,quarter,question,quick,quit,quiz,quote,rabbit,raccoon,race,rack,radar,radio,rail,rain,raise,rally,ramp,ranch,random,range,rapid,rare,rate,rather,raven,raw,razor,ready,real,reason,rebel,rebuild,recall,receive,recipe,record,recycle,reduce,reflect,reform,refuse,region,regret,regular,reject,relax,release,relief,rely,remain,remember,remind,remove,render,renew,rent,reopen,repair,repeat,replace,report,require,rescue,resemble,resist,resource,response,result,retire,retreat,return,reunion,reveal,review,reward,rhythm,rib,ribbon,rice,rich,ride,ridge,rifle,right,rigid,ring,riot,ripple,risk,ritual,rival,river,road,roast,robot,robust,rocket,romance,roof,rookie,room,rose,rotate,rough,round,route,royal,rubber,rude,rug,rule,run,runway,rural,sad,saddle,sadness,safe,sail,salad,salmon,salon,salt,salute,same,sample,sand,satisfy,satoshi,sauce,sausage,save,say,scale,scan,scare,scatter,scene,scheme,school,science,scissors,scorpion,scout,scrap,screen,script,scrub,sea,search,season,seat,second,secret,section,security,seed,seek,segment,select,sell,seminar,senior,sense,sentence,series,service,session,settle,setup,seven,shadow,shaft,shallow,share,shed,shell,sheriff,shield,shift,shine,ship,shiver,shock,shoe,shoot,shop,short,shoulder,shove,shrimp,shrug,shuffle,shy,sibling,sick,side,siege,sight,sign,silent,silk,silly,silver,similar,simple,since,sing,siren,sister,situate,six,size,skate,sketch,ski,skill,skin,skirt,skull,slab,slam,sleep,slender,slice,slide,slight,slim,slogan,slot,slow,slush,small,smart,smile,smoke,smooth,snack,snake,snap,sniff,snow,soap,soccer,social,sock,soda,soft,solar,soldier,solid,solution,solve,someone,song,soon,sorry,sort,soul,sound,soup,source,south,space,spare,spatial,spawn,speak,special,speed,spell,spend,sphere,spice,spider,spike,spin,spirit,split,spoil,sponsor,spoon,sport,spot,spray,spread,spring,spy,square,squeeze,squirrel,stable,stadium,staff,stage,stairs,stamp,stand,start,state,stay,steak,steel,stem,step,stereo,stick,still,sting,stock,stomach,stone,stool,story,stove,strategy,street,strike,strong,struggle,student,stuff,stumble,style,subject,submit,subway,success,such,sudden,suffer,sugar,suggest,suit,summer,sun,sunny,sunset,super,supply,supreme,sure,surface,surge,surprise,surround,survey,suspect,sustain,swallow,swamp,swap,swarm,swear,sweet,swift,swim,swing,switch,sword,symbol,symptom,syrup,system,table,tackle,tag,tail,talent,talk,tank,tape,target,task,taste,tattoo,taxi,teach,team,tell,ten,tenant,tennis,tent,term,test,text,thank,that,theme,then,theory,there,they,thing,this,thought,three,thrive,throw,thumb,thunder,ticket,tide,tiger,tilt,timber,time,tiny,tip,tired,tissue,title,toast,tobacco,today,toddler,toe,together,toilet,token,tomato,tomorrow,tone,tongue,tonight,tool,tooth,top,topic,topple,torch,tornado,tortoise,toss,total,tourist,toward,tower,town,toy,track,trade,traffic,tragic,train,transfer,trap,trash,travel,tray,treat,tree,trend,trial,tribe,trick,trigger,trim,trip,trophy,trouble,truck,true,truly,trumpet,trust,truth,try,tube,tuition,tumble,tuna,tunnel,turkey,turn,turtle,twelve,twenty,twice,twin,twist,two,type,typical,ugly,umbrella,unable,unaware,uncle,uncover,under,undo,unfair,unfold,unhappy,uniform,unique,unit,universe,unknown,unlock,until,unusual,unveil,update,upgrade,uphold,upon,upper,upset,urban,urge,usage,use,used,useful,useless,usual,utility,vacant,vacuum,vague,valid,valley,valve,van,vanish,vapor,various,vast,vault,vehicle,velvet,vendor,venture,venue,verb,verify,version,very,vessel,veteran,viable,vibrant,vicious,victory,video,view,village,vintage,violin,virtual,virus,visa,visit,visual,vital,vivid,vocal,voice,void,volcano,volume,vote,voyage,wage,wagon,wait,walk,wall,walnut,want,warfare,warm,warrior,wash,wasp,waste,water,wave,way,wealth,weapon,wear,weasel,weather,web,wedding,weekend,weird,welcome,west,wet,whale,what,wheat,wheel,when,where,whip,whisper,wide,width,wife,wild,will,win,window,wine,wing,wink,winner,winter,wire,wisdom,wise,wish,witness,wolf,woman,wonder,wood,wool,word,work,world,worry,worth,wrap,wreck,wrestle,wrist,write,wrong,yard,year,yellow,you,young,youth,zebra,zero,zone,zoo
submitted by lowcarbjc to btc [link] [comments]

The case for Ethereum: general-purpose vs special-purpose blockchains

Bitcoin and Alt-coins are Special-Purpose Chains

What's the difference between a general-purpose blockchain and a special-purpose blockchain? Let's start with bitcoin, the original special-purpose chain for computing and comparing sha256 hashes. Bitcoin users started the chain by mining on generic x86 (general-purpose) CPUs. But because sha256 hashing is a specific computation, btc mining is now dominated by Application Specific Integrated Circuit (ASIC) hardware. Litecoin is another special-purpose chain, except it computes scrypt hashes (some manufacturers are already started shipping scrypt ASIC miners). There's also a Primecoin for computing prime numbers, and a bunch of other special-purpose chains commonly known as alt-coins.

Special-Purpose Chains: Backend and User Perspective

How does it work when we want to use the services provided by separate special-purpose chains? Let's look at the granddaddy of alt-coins, namecoin, which like bitcoin uses sha256 hashes. Additionally, it also provides some standard namecoin script opcodes for associating plaintext pseudonyms with unique addresses (public/private keypairs), so namecoin addresses can register and "own" domain names or identities/handles. Let's say you want to use bitcoins to purchase a namecoin .bit domain that its owner is selling. What does it take to get these two special-purpose blockchains (bitcoin and namecoin) to interact with each other? The immediate option (and the only one available today) is a centralized service running a web server in front of both p2p daemons (as nodes of their respective networks, bitcoind and namecoind). That centralized service is a BTC/NMC exchange, and maybe it has an interface allowing you to register "dot-bit" names (otherwise you'd have to open up two separate wallets - one for each coin). The centralized exchange is a trusted third-party that holds in escrow the BTC and NMC of each user (whose coins could be stolen by a dishonest exchange operator).

A General-Purpose Chain: Backend and User Perspective

So how is using a unified general-purpose chain different from a special-purpose one? On the Ethereum general-purpose chain, each service is provided by some "DApp" (distributed app "hosted" by all ethereum miners). A DApp is an interface to a specific "contract", running at some address on the blockchain. For instance, to register a name, you would open the EtherNames DApp in the ethereum client's built-in browser, type in the name you want to register, and "send" the registration as a transaction with data. There's no need to copy and paste addresses since the Ethereum client provides hooks for seamless wallet access inside every DApp. The registration transaction is sent to the EtherName DApp's contract address, which is running some variant of the namecoin contract code. A specific contract gets initialized at a particular address by some untrusted third-party individual/entity (the DApp author). The contract author is not trusted, all the author does is upload the contract code and pay the initial "gas" fee. The contract code is independently executed and verified by each ethereum miner as part of a single atomic transaction. Atomicity means that the ledger database updates are all-or-nothing, so no user has to worry about the risk of having to pay first because any and all transactions needed to fulfill a contract are guaranteed to occur within the same block, or the contract is broken and won't run at all. Think of Ethereum contracts as interconnected threads in a big web of complex multi-sig transactions of Ethers and contract-specific sub-currencies, all of which run atop the same unified blockchain.

Special-Purpose Chains: Developer Perspective

From the developer's perspective, operating a service that uses two separate special-purpose chains requires maintaining both blockchains (upgrading separate software, providing enough processing power, disk space, and bandwidth for each chain). It also requires maintaining user accounts, as well as wallets on two separate chains (multiplied by the number of users). Hosting a server is needed to run both the namecoin daemon and bitcoin daemon (unless outsourced to a centralized API). The web developer will need to maintain a web server and app stack such as LAMP (Linux Apache Mysql Php) or MEAN (Mongodb Express Angular Node). Finally, the service must hold the users' deposits of bitcoins and namecoins in secure hot wallets and offline cold storage, keeping them safe from hacker thieves. Altogether, every service operator needs to independently maintain a separate full-stack system, which can be a herculean effort.

A General-Purpose Chain: Developer Perspective

A service operating on Ethereum has a DApp backend hosted right on the blockchain, maintained by miners (who earn gas fees). A developer simply authors the contract code and pays the gas fee to initialize it on the blockchain, which is much easier than forking an alt-coin to start yet another genesis block. DApp's do not need a separate API for access and integration by other developers; authors just name functions inside a contract, directly exposing an API (with optional fee-per-use) that enables message calls from any other Ethereum DApp. Also, DApp authors do not need to maintain user accounts, since the users interact with the DApp directly on the blockchain through their ethereum addresses. Nor do DApp authors need to maintain user wallets since private keys stay private in a decentralized system. Unlike the current convention where coins are deposited to a wallet address controlled by some third-party, in a truly decentralized system private keys are only used for signing transactions as inputs to contracts.

Meta-Coins as Feature Specs

Meta-coin protocol extensions like Colored Coins, MasterCoin, and CounterParty work by organizing a group of users who agree to interpret bitcoin transaction data according to some metadata specification, supplementing the base rules of the bitcoin protocol. For example, MasterCoin specifies creating multisig 1-of-n bitcoin transactions and encoding data in the n-minus-1 unused public keys. In the meta-coin approach, each feature or "contract" is specified in the meta-protocol. Two MasterCoin features are registration of a data stream and the creation of a sub-currency, these are baked into the specification and reference client alongside the other features. While you can register new data streams and sub-currencies, if you want to create a new contract that is some kind of a hybrid between a data stream and a sub-currency, such as a call/put option or a Contract For Difference (CFD), it would need to be implemented directly in the reference client, and unlocked as a feature at some future block number. Implementing new features in a meta-coin protocol that doesn't have a scripting language requires specifying them directly in the protocol and must be effected at the organizational level.

Scripts and DApps vs Forks and Features

Embedding a scripting language into a crypto-currency gives it the same kind of extensibility that gamers crave in video games. Scripts empower players to create "mods" and customize their game-world with new levels, characters, and maps. In the crypto-currency world, scripting allows for the extension of a plethora of decentralized features such as trading, lotteries, and ecommerce, all atop a shared, compatible platform. Bitcoin has a scripting language, but with severe limitations including: lack of loops, binary state variables limited to spent or unspent transaction outputs, and blockchain blindness. The difficulty of using bitcoin script has in effect given rise to a landscape of competing alt-coins and meta-coins with incompatible protocols. The preferable route, and vision of Ethereum, is to foster a fully-featured ecosystem of compatible, interacting DApps. Providing a Turing-complete scripting language on a general-purpose blockchain with message calls between contracts stimulates adoption of Ethereum as a shared decentralized Operating System and kernel.

Decentralized House, Decentralized Dealer

Consider the concept of a decentralized lottery. In a semi-decentralized lottery that is merely provably fair, although the operator is not capable of altering any particular dice outcome, he can simply shut down the service immediately after a big winning bet comes in, scamming the user of his money and winnings. But in a fully decentralized lottery, the mechanism for distributing the winnings is written into the contract itself (open-source and audited by users), so no central operator is needed. While writing such a contract in bitcoin script is theoretically possible (see pages 12-15), to my knowledge none has been implemented. In practice, it is easier to create a LottoCoin as a special-purpose alt-chain. In contrast, writing a script on the Ethereum platform for a fully decentralized lottery is not only feasible but relatively easy.

Conclusion

The limitations and difficulties of using bitcoin script to implement decentralized features natively on the bitcoin blockchain has resulted in a fragmented ecosystem of incompatible, competing alt-chains and meta-coins. While it is theoretically possible to use bitcoin script for complex contracts like cross-chain atomic trading, practical implementations of such features have yet to be achieved (to my knowledge). On the other hand, Ethereum focuses on providing an easy-to-use scripting language for implementing advanced contracts on a general-purpose blockchain. Ethereum's extensible platform enables the realization of advanced decentralized features that previously were inaccessible.
submitted by martinBrown1984 to ethereum [link] [comments]

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