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Rough days transcript: the best is yet to come, kill the old system, BUIDL time, we live in a DeFi bubble, power to the edges, voting challenge and rembeber you're in control kids!
Hi everybody, Charles Hoskinson here, live from warm sunny Colorado! Always warm, always sunny, sometimes Colorado. I got my Massey Ferguson hat on. Take that off, see, my hair's all messed up. One of these days and we'll lose all that hair. It's a rough day today and that markets are terrible down 20 percent for most people and every now and then I talk about price. I rarely do but in general let's talk about the macro. You know crypto is a unique phenomenon. It's a unique thing and these are crazy times. I remember just a few months back when coronavirus first came out and we saw basically everything just bottom out everybody went crazy. They went to cash all asset classes. Just went to hell in a handbasket and I did a video and I said guys our best days are ahead of us as an ecosystem and as an industry and what happened everything got better over time. People started getting more optimistic. You know the reality is that we are seeing an old industry die right now, the legacy financial system. I just read Biden's tax plan. He wants to treat capital gains as ordinary income and put another 12 and a half percent on top of that. All this stuff and at the end of the day all these new taxes amount to a trillion or so extra dollars I think per year in income... Takes six years to the make back what they printed out of thin air for coronavirus and are willing to print again which begs the question why do we even pay taxes anymore if we can just print money out of thin air? We have a whole movement of people: the AOC crowd wake up every day and they say modern monetary theory, the actual supply, doesn't matter. All that matters is how much can we print and get away with it. This is where we're at as an economy right now and globally speaking a lot of other nations agree with this. So, given that the whole world, the leadership of the world, talking about negative interest rates, they're talking about predatory financial systems hyperinflation. Just print money, modern monetary theory, just print as much cash as you want and we look to the cryptocurrency industry, and god, we got a lot of problems... I think this (week's market) collapse is probably because one of the most prominent exchanges in South Korea got hit. They got shut down by the South Korean government and they at one time were responsible for a big part of the Kimchi premium and you know what? Korean government might shut down a few more Korean exchanges and usually the market based these things in. We got crazy yield farming weird stuff going on in the DeFi space. All these other local events and their blips they don't really matter that much just like corona in the long term won't matter too much in terms of the markets. What matters is the trend and where are we going. I had a meeting with some people this morning and we talked about revolutionizing the healthcare industry and getting things better in terms of supply chains. I had another meeting with a soon-to-be former Wyoming state representative about how we're going to get governments to adopt blockchain technology. I talk every day to governors, heads of state, congressmen, senators, mayors. Some cities, sometimes very large cities, with millions of people and they all say the same thing. We need help, we need solutions, we're damn tired of the way that the old system is running. You know what? if we don't solve it a lot of people are going to get hurt or continue to be hurt. The common theme that we all have is no one's happy. Look at the black-lives-matter protests, taking their philosophy of the organization aside, the rank and file people are there not because they love Marxism. They're there because they're unhappy with the way society is and why shouldn't they be? When my grandfather, got his first job, on my mom's side, out of the Korean war, he was a lineman and he made enough money from that job to have seven kids and have his wife stay at home. No college degree, fresh out of high school, fresh out of marine demolitions and a lineman. Five boys and two girls and he could take care of that family and save money every month. Have a car and a house and that was his standard of living. How many people in the middle class today in the United States or Europe for that matter have the ability on a single person's salary to raise seven children and have the wife or the husband stay at home? How many people, not many, why? because our monetary system has failed us. The inflationary policy has created a situation where the Jeff Bezos can have 200 billion dollars and make windfall profits every year regardless of how bad the economy is. The everyday people they don't get a pay increase, so in a lot of cases they don't get to keep their job and their money deteriorates in value a lot more than three percent per year. Our industry has principles in that we worship the math and the protocols and the stable monetary policy. These types of things, and as corrupt as some of the exchanges can be, and some of the bad actors are, all movements suffer from these warts, and they're finite and temporary. You run out of them. At some point self-regulation kicks in or standards kick in and these bad actors flush out and what's left behind is a crucible that contains the truth of the matter which is: we're going to win as an industry. There's just no doubt in my mind. You have bad days in the market, you have damn good days in the market, you get addicted to the good ones and you hate the bad ones but at the end of the day it's only going in one direction which is crypto is going to eat the world: every voting system, every property registration system, every monetary system, the next 25 to 50 years is going to be running on the tech we build and others build and running with the principles of power to the edges. This is the great challenge of our time. To do it in a way that it's fair, transparent, open and doesn't allow a government to co-opt it. It's gonna be a lot of fights here. The least of our concerns and matters are a red day and every now and then I like making these videos to remind people why I'm here and why you should be here too. As toxic as the trolls could be and these other people can be, none of them really matter. Markets don't really matter, what matters are the principles and the purpose behind what we do and you have to ask yourself are you happy with the way that society is? Are you happy with the money in your pocket? Are you happy with the political leadership representing your nations? Are you happy with your future and do you honestly believe if we keep doing the things that we did and continue to do that the future is going to be better or do you think it's going to be worse or stagnant? I think too many people have woken up and they realize that if we continue doing the things that we do the future is going to be a bad place and they don't want that to happen. We're voting with our wallets, we're voting with our feet and we as a collective industry are waking up and figuring out how to build something better and there's some good days and bad days along the way. Today's a bad one but there are going to be good days tomorrow just like I told you back when corona made everything go into free fall and I told you before and I warned you about with ICO mania. We're in a DeFi bubble right now, there's no doubt in my mind about that. I saw it in 2017 with ICO mania. I see it here and there's probably going to be worse days ahead in that respect but the trend is always the same and never forget that and never forget that real people are actually adopting these systems and using them. Every day we see more and more and every day that movement grows and what's so humbling is that I know a lot of you are here with me. It used to be pretty lonely space to be in a few years back. You know, the conferences, they didn't have many people. My first bitcoin meetup group in 2011 in Colorado is at the gypsy house cafe I think, in Denver. I registered for the event I showed up. Two people registered myself and another guy and the other guy didn't show up so I had coffee with myself. Compare that with the Shelley summit that we had in July of 2020. 10 000 attendees, 10 000 from all across the world, compare that to where we are at today just nine years later pretty amazing if you think about how fast things have grown and how many fertile beautiful ideas exist in this industry and what this industry is doing for the world as a whole. That is why we're going to win because at the end of day who can argue against freedom? Who can argue against liberty? Who can argue against putting people in control? The only way you can is when you believe people are stupid, people are evil, people are incapable and I suppose that's a philosophical difference between those who currently lead and the people who want to replace them. The people in charge right now of the world, the big banks, the fortune 500 companies, the media, Hollywood... These things, they're very cynical, people who believe in the worst in us they look at everyday people who sustain and disgust and say these people if left to their own devices will be chaos. These people, if left to govern themselves will burn everything to the ground and destroy everything and every single time I have ever seen a bad event happen what the news doesn't show you and what those people don't talk about is how we come together and help each other out. Someone gets injured in the streets more often than not people show up and help them, people need a helping hand. Someone always shows up more often than not and this is no different. I don't believe the political process is effective anymore in any modern democracy. They've all been co-opted, perhaps they always were but what I do believe is that we can come together and change things economically which is what we're doing. It's messy building our own money, it is messy building our own industry, it is messy. We make a lot of mistakes along the way. We lose a lot along the way, we collect some scars too while we're at it but progress every year keeps being made. The technology every year keeps getting better. Today, right here right now, provably secure proof of stake protocols are in circulation. They were a fantasy five years ago now they're a fact of life today. Right here right now snarks have evolved by an order of magnitude in every category from validation time to efficiency to proof size in all favorable ways which opens up all kinds of new applications and scalability and privacy. Today, right here right now, layer 2 protocols are more advanced than they have ever been in our industry's history giving us the ability to build payment systems that scale to billions of people. Today, right here right now, we are seeing massive innovations in governance and a fertile environment for things like approval voting, threshold voting, preference voting, quadratic voting, that will enable us to build all kinds of new treasuries and governance systems that eventually will scale to nation states. As the politicians of today argue whether the post office can properly count paper ballots that people mail we are building voting systems with state-of-the-art cryptography living on phones where you can vote. It's just a tap of a button and enjoy more security than we have ever imagined before. That is the future this movement, is enabling humanity money flowing at the speed of thought and the speed of thought making new money. How can you compete with that? You can't unless you bring people down with cynicism and disdain and ultimately what competing vision do they offer? That you all should be in chains? That we should just be wage slaves? We should just accept that every year our money deteriorates in value? That we should just accept that the rich will get richer the poor get poorer? Every now and then they throw us table scraps and when we get real angry they usurp the movements and then install their own leadership to basically take those movements from us as we've seen so many times before and we will see again. I'm sorry that's not a road I want to walk down and I'm willing to ride rocky waters, crazy markets, crazy people in unlimited FUD and trolling but I will never apologize for believing in the best in people and I will never apologize for believing that if only we give everyone around us the tools to save themselves and society that they can do it. They don't need great leaders and charisma. No one needs someone to tell them what to do. We all know what to do. We all know how to make the world a better place. We just have to be trusted enough to do it ourselves. You know what for the first time ever we did with bitcoin and then we did it again with ethereum and now we're doing it again with Cardano and we as a movement will continue to do it. I believe our best days are ahead of us and every day I wake up and there's more people marching with me in that respect and one day it'll be millions and one day it'll be billions and one day all those cynics will be gone, replaced with optimists, who once again believe that tomorrow is going to be better than today and that we're going to leave the world just a little bit better than the way we found it. So, every now and then on a tough day I like making a little message and letting you guys all know it's going to be better and you know what? it will be. Just have to have faith that it will be. So, hold the line, hold strong and have faith in each other and go do something, build something, start something. Got a lot of podcasts on the way, a lot of things coming down the pipe. For the dc-fund, a lot of opportunities to actually innovate. Multi assets are coming, soon Plutus is coming, soon guys are going to be able to build a lot. Start thinking today what's the business plan? What would you like to change, small or large. You don't complain about voting. Change voting. Your own organization, maybe you belong to a club, do a blockchain-based voting system. Maybe you have some political influence? Have a primary, democrat or republican, or your local primary or country for selecting candidates done with blockchain-based voting. Maybe you want to build a new financial product? Think about it, figure it out. There's so much there, it's all there, it's ready to go, it's for you to take and build and innovate with. Every day I wake up I try to make the platforms better. I try to push the technology a little further along. I try to hire great people and bring them into our industry. Cardano brought the Haskell industry into the cryptocurrency space. Cardano brought a lot of academics who had never thought about cryptocurrencies into the cryptocurrency space and we made our problems their problems and as a consequence they started solving them in ways we could have never done before. Most importantly Cardano brought a lot of you into the cryptocurrency space and you never thought you'd have this level of control and freedom over the fabric of society in the direction of the human race. Don't let that slip through your fingers. Figure out what you want to do with that super power. Might be small, might be big. I dreamed big, you can dream big too, even if you want to just dream small. Every person counts, every action counts up to the hill. Y'all matter to me and to each other and we're all in this together, never forget that! So, hard day, rough day, tomorrow will be a better one. The day after will even be better. See you guys soon, take care... Source: https://www.youtube.com/watch?v=qM192wAV4LA On Kimchi premium: https://www.investopedia.com/terms/k/kimchi-premium.asp EDIT: title typo -> rembeber -> remember :)
Charles Hoskinson on the Rough Days - [Text Version]
https://preview.redd.it/h49t3t6u9pl51.png?width=1221&format=png&auto=webp&s=fde73f432fd15d2b361f4e1621e67785bc27e30e We as AzureADA SPO watch all the videos by Charles Hoskinson. These videos are not only great news on Cardano development and ecosystem, but very often a source of inspiration. The video with the name “Rough Days” streamed live on September 4, 2020 is really a historical speech, that’s why we decided to transcribe for everyone who prefers to read rather than to watch and listen. The video you can watch here: https://www.youtube.com/watch?v=qM192wAV4LA And here is the text version. Hi everybody Charles Hoskinson here live from warm sunny Colorado. Always warm, always sunny, sometimes Colorado. And I got my Massey Ferguson hat on. Take that off, see my hair's all messed up. One of these days and we'll lose all that hair. It’s a rough day today and that markets are terrible. down 20 percent for most people. And every now and then I talk about price, I rarely do, but in general, let's talk about the macro. Crypto is a unique phenomenon, it's a unique thing and these are crazy times. I remember just a few months back when coronavirus first came out and we saw basically everything just bottom out, everybody went crazy they went to cash all asset classes just went to hell in a handbasket. And I did a video and I said: «Guys, our best days are ahead of us as an ecosystem and as an industry. And what happened? Everything got better over time. People started getting more optimistic. You know, the reality is that we are seeing an old industry die right now, the legacy financial system. I just read Biden's tax plan. He wants to treat capital gains as ordinary income and put another 12,5% on top of that. And at the end of the day, all these new taxes amount to a trillion or so extra dollars, I think, per year in income. Takes six years from the make back what they printed out of thin air for coronavirus and are willing to print again. Which begs the question why do we even pay taxes anymore if we can just print money out of thin air. And we have a whole movement of people, the AOC crowd, wake up every day and they say: «Modern monetary theory: the actual supply doesn't matter. All that matters is how much can we print and get away with it." This is where we're at as an economy right now. And globally speaking, a lot of other nations agree with this. So given that the whole world, the leadership of the world is talking about negative interest rates, they’re talking about predatory financial systems hyperinflation, just print money modern monetary theory, just print as much cash as you want. And we look to the cryptocurrency industry and, God, we got a lot of problems. I think this collapse is probably because one of the most prominent exchanges in South Korea got hit. They got shut down by the South Korean government. They, at one time, were responsible for a big part of the kimchi premium. And you know what? Korean government might shut down a few more Korean exchanges. And usually the market base these things in. We got crazy yield farming weird stuff going on in the DeFi space. All these other local events and their blips, they don't really matter that much. Just like corona in the long term won’t matter too much. In terms of the markets what matters is the trend and where are we going. I had a meeting with some people this morning and we talked about revolutionizing the healthcare industry and getting things better in terms of supply chains. I had another meeting with a soon-to-be former Wyoming state representative about how we're going to get governments to adopt blockchain technology. I talk every day to governors, heads of states congressmen, senators, mayors, some cities, sometimes very large cities with millions of people. They all say the same thing: «We need help, we need solutions, we’re damn tired of the way that the old system is running». And you know what? If we don't solve it - a lot of people are going to get hurt or continue to be hurt. The common theme that we all have is - no one's happy. Look at the black lives matters protests. Taking their philosophy of the organization aside the ranking file people are there not because they love marxism they're there because they're unhappy with the way society is. And why shouldn't they be? When my grandfather got his first job on my mom's side out of the Korean war, he was a lineman. And he made enough money from that job to have seven kids and have his wife stay at home. No college degree fresh out of high school, fresh out of marine demolitions and alignment five boys and two girls. And he could take care of that family and save money every month, have a car and a house and that was his standard of living. How many people in the middle-class today in the United States or Europe for that matter have the ability on a single person’s salary to raise seven children and have the wife or the husband stay at home? How many people? Not many. Why? Because our monetary system has failed us. The inflationary policy has created a situation where the Jeff Bezos can have 200 billion dollars and make windfall profits every year regardless of how bad the economy is and the everyday people they don't get a pay increase, so a lot of cases they don't get keep their job and their money deteriorates in value a lot more than three 3% per year. Our industry has principles in that we worship the math and the protocols and the stable monetary policy, these types of things. And as corrupt as some of the exchanges can be and some of the bad actors are: all movements suffer from these warts. And they're finite and temporary. You run out of them at some point. Self-regulation kicks in or standards kick in and these bad actors flush out. And what's left behind is a crucible that contains the truth of the matter, which is: we're going to win as an industry. There's just no doubt in my mind. You have bad days in the market, you have damn good days in the market. You get addicted to the good ones and you hate the bad ones but at the end of the day, it's only going in one direction which is: crypto is going to eat the world. Every voting system, every property registration system, every monetary system the next 25 to 50 years is going to be running on the tech we build and others build. And running with the principles of power to the edges. This is the great challenge of our time: to do it in a way that it's fair, transparent, open, and doesn't allow a government to co-opt it. It's gonna be a lot of fights here the least of our concerns and matters are a red day. And every now and then I like making these videos to remind people why I’m here and why you should be here too. As toxic as the trolls could be and these other people can be - none of them really matter. Markets don’t really matter. What matters are the principles and the purpose behind what we do. And you have to ask yourself: - Are you happy with the way that society is? Are you happy with the money in your pocket? Are you happy with the political leadership representing your nations? Are you happy with your future and do you honestly believe if we keep doing the things that we did and continue to do that the future is going to be better? Or do you think it's going to be worse or stagnant? I think too many people have woken up and they realize that if we continue doing the things that we do, the future is going to be a bad place. And they don't want that to happen. And so we're voting with our wallets, we’re voting with our feet and we as a collective industry are waking up and figuring out how to build something better. And there's some good days and bad days along the way. Today's a bad one, but there are going to be good days tomorrow. Just like I told you back when corona made everything go into free fall. And I told you before. And I warned you about with ICO mania. We're in a DeFi bubble right now. There’s no doubt in my mind about that. I saw it in 2017 with ICO mania, I see it here. And there's probably going to be worse days ahead in that respect. But the trend is always the same and never forget that. And never forget that real people are actually adopting these systems and using them. And every day we see more and more and every day that movement grows. What's so humbling is that I know a lot of you are here with me. It used to be pretty lonely space to be in a few years back. You know, the conferences, they didn't have many people. My first bitcoin meetup group in 2011 in Colorado is at the gypsy house cafe, I think I was 13th in Pearl over Capitol hill in Denver. And I registered for the event, I showed up. Two people registered: myself and another guy. And the other guy didn't show up so I had coffee with myself. Compare that with the Shelley summit that we had in July of 2020: 10 000 attendees. Ten thousands from all across the world. Compare that to where we are at today just nine years later. Pretty amazing if you think about how fast things have grown and how many fertile beautiful ideas exist in this industry and what this industry is doing for the world as a whole. And that is why we're going to win. Because at the end of the day who can argue against freedom? Who can argue against liberty? Who can argue against putting people in control? The only way you can is when you believe people are stupid, people are evil, people are incapable. And I suppose that's a philosophical difference between those who currently lead and the people who want to replace them. The people in charge right now of the world, the big banks, the Fortune 500 companies, the media, Hollywood, these things - they're very cynical people who believe in the worst in us. They look at everyday people with sustain and disgust and say: «These people if left to their own devices will be chaos. These people if left to govern themselves will burn everything to the ground and destroy everything.». And every single time I have ever seen a bad event happen, what the news doesn’t show you and what those people don't talk about is how we come together and help each other out. Someone gets injured in the streets more often than not people show up and help them. People need a helping hand someone always shows up more often than not. And this is no different. I don't believe the political process is effective anymore in any modern democracy. They've all been co-opted, perhaps they always were. But what I do believe is that we can come together and change things economically, which is what we're doing. And it's messy. Building our own money is messy, building our own industry is messy. We make a lot of mistakes along the way, we lose a lot along the way. We collect some scars too while we're at it. But progress every year keeps being made. The technology every year keeps getting better. Today, right here, right now provably secure proof of stake protocols are in circulation. They were a fantasy five years ago, now they're a fact of life. Today, right here, right now snarks have evolved by an order of magnitude in every category from validation time to efficiency to proof size. In all favorable ways which opens up all kinds of new applications and scalability and privacy. Today, right here, right now layer 2 protocols are more advanced than they have ever been in our industry's history. giving us the ability to build payment systems that scale to billions of people. Today, right here, right now we are seeing massive innovations in governance and a fertile environment for things like approval voting, threshold voting, preference voting, quadratic voting that will enable us to build all kinds of new treasuries and governance systems that eventually will scale to nation-states. As the politicians of today argue whether the post office can properly count paper ballots that people mail, we are building voting systems with state-of-the-art cryptography living on phones where you can vote with just a tap of a button and enjoy more security than we have ever imagined before. That is the future. This movement is enabling humanity. Money flowing at the speed of thought and the speed of thought making new money. How can you compete with that? You can’t, unless you bring people down with cynicism and disdain. And ultimately what competing vision do they offer? That you all should be in chains. That we should just be wage slaves. We should just accept that every year our money deteriorates in value. That we should just accept that the rich will get richer the poor get poorer. And every now and then they throw us table scraps. And when we get real angry - they usurp the movements and then install their own leadership to basically take those movements from us. As we've seen so many times before and we will see it again. I'm sorry that's not a road I want to walk down. And I'm willing to ride rocky waters, crazy markets crazy people in unlimited flood and trolling. But I will never apologize for believing in the best in people. And I will never apologize for believing that if only we give everyone around us the tools to save themselves and society that they can do it. They don't need great leaders and charisma. No one needs someone to tell them what to do. We all know what to do. We all know how to make the world a better place. We just have to be trusted enough to do it ourselves. You know what? For the first time ever we did with Bitcoin. And then we did it again with Ethereum. And now we're doing it again with Cardano. And we, as a movement, will continue to do it. So I believe our best days are ahead of us and every day I wake up and there's more people marching with me in that respect. And one day it'll be millions. And one day it'll be billions. And one day all those cynics will be gone. Replaced with optimists who once again believe that tomorrow is going to be better than today. and that we're going to leave the world just a little bit better than the way we found it. So every now and then on a tough day I like making a little message and letting you guys all know it's going to be better and you know what it will be. Just have to have faith that it will be. So hold the line, hold strong, and have faith in each other and go do something. Build something. Start something. Got a lot of podcasts on the way. A lot of things coming down the pipe for the DC fund. A lot of opportunities to actually innovate. Multi-assets are coming soon. Plutus is coming soon. Guys are going to be able to build a lot. Start thinking today what's the business plan. What would you like to change? Small or large. You don't complain about voting - change voting! Your own organization. Maybe you belong to a club - do a blockchain-based voting system. Maybe you have some political influence. Have a primary democrat or republican or your local primary in your country for selecting candidates done with blockchain-based voting. Maybe you want to build a new financial product. Think about it! Figure it out! There's so much there! It’s all there! It's ready to go, it's for you to take and build and innovate with. Every day I wake up I try to make the platforms better. I try to push the technology a little further along. I try to hire great people and bring them into our industry. Cardano brought the Haskell industry into the cryptocurrency space. Cardano brought a lot of academics, who had never thought about cryptocurrencies, into the cryptocurrency space and we made our problems their problems and as a consequence, they started solving them in ways we could have never done before. But most importantly Cardano brought a lot of YOU into the cryptocurrency space and you never thought you'd have this level of control and freedom over the fabric of society in the direction of the human race. Don't let that slip through your fingers. Figure out what you want to do with that superpower. Might be small, might be big. I dreamed big. You can dream big too. Even if you want to just dream small: every person counts every action counts. Up to the hill. Y'all matter. To me and to each other and we're all in this together. Never forget that. So, hard day, rough day. Tomorrow will be a better one. The day after will even be better. See you guys soon Take care!
Many blockchain-based cryptocurrencies, and most importantly, Bitcoin and Ether, have become notorious for transaction failures, primarily due to scalability issues. And that’s pretty much all when we talk about plain-vanilla Bitcoin and its copycats like Litecoin or its clones like Bitcoin Cash. But with blockchains like Ethereum, which expand into the far reaches of a new territory known as smart contracts and decentralized applications (dApps), this is only the tip of the iceberg. In other words, only a beginning. by StealthEX What hides below the surface, and thus rarely emerges in public discussions about cryptocurrencies, is the closed-off nature of smart contract-enabled blockchains. To be ever so slightly useful, smart contracts and dApps running on top of them must have access to real-world data which is immensely off-chain, while they are permanently stuck within the constraints of their tiny on-chain world. So how do they escape out of the straightjackets put on them by their restrictive environments? That’s where blockchain oracles come into play.
And what role do they play, exactly?
Enabling smart contracts and dApps to interact with the outside world opens both endless possibilities and a big can of worms. Now that the entire world is made available to a smart contract, it can take an input from an external source of information, make some calculations that require this data or arrive at a decision based on it, and then get down to some work like moving contractually-locked funds from Alice to Bob. Or from Bob to Alice, depending on the verdict. Sounds cool, huh? But here’s the catch. As transactions on a smart contract blockchain are supposed to be irreversible (while the blockchain itself immutable), it can lead to catastrophic consequences if the input has been tampered with or just happens to be incorrect for some arbitrary reason, not necessarily ill in intent. This fundamental problem of internalizing the outside world for on-chain execution of contractual agreements on smart contract blockchains has become most apparent with the advent of Decentralized Finance (or simply DeFi) a few years ago. DeFi is a promising new kid on the blockchain arena. It hinges on the idea of decentralizing most financial services that we use today, but without a bank or other financial institution in the middle. It is envisioned that with the help of smart contracts and dApps using them we will be able to lend money and borrow with collateralized digital assets, offer and receive banking services including mortgages and insurance, buy and sell digital assets safely on decentralized marketplaces, as well as issue stablecoins and user tokens. Pretty impressive list, isn’t it? However, for all of this to work properly we need trustless and reliable sources of information outside the blockchain that provide inputs to dApps running on that blockchain. DeFi requires trustless data feeds about the state of the world to ensure correct on-chain execution of smart contracts powering dApps. But how do we get these and manage to retrieve external data that cannot be verified through cryptography but that we can still trust and rely on? Entities that provide off-chain data for on-chain consumption are called blockchain oracles. Technically, an oracle is an interface through which a smart contract queries and retrieves information from an external source of truth. As it turns out, DeFi is not the only field of application where blockchain oracles turn up quite handy, but since their use is most indispensable there, it makes sense to delve deeper into this area.
Oracles of DeFi
Today, the space is crowded with a plethora of players that aim at providing DeFi with so much needed real-time market information, for example, digital asset prices. There are many forms of oracles, but the most important distinction is drawn between centralized and decentralized ones. As DeFi is supposed to be a trustless, decentralized environment, the decentralized oracles are the flesh and blood of this ecosystem, so we are mostly concerned here with this type of blockchain oracles (just in case, there are centralized oracles too). DeFi platforms deploy various oracle solutions in their pursuit of retrieving real-time information about the market price of digital assets. The most well known among these is the MakerDAO lending platform which uses an oracle module called the Medianizer to obtain the real-time exchange prices. Technically, it is a smart contract that accepts price updates from independent data feeds, discards false ones along with outliers, and calculates the median price (hence the name) to be used as a reference for other smart contracts. Another blockchain-based borrowing and lending platform, Compound, uses administrators who are holders of the platform’s native COMP token. They manage and control price feeds through aggregator contracts they create. Authorized sources of information called reporters are then queried for reference prices by aggregators which verify the data and calculate median values to be used internally. A somewhat similar approach is utilized by AmpleForth, a developer of a stablecoin with elastic supply, and Synthetix, a platform for creating crypto-backed synthetic versions of assets like commodities, stocks, indices, cryptocurrencies, and fiat. On the other hand, there are a few blockchain projects that provide decentralized oracle services to other platforms and blockchains, mostly Ethereum and EOS. Such projects as Provable (formerly Oraclize), ChainLink, Band Protocol, Tellor aim at providing blockchain-agnostic protocols that allow query and retrieval of virtually any type of reference data in a standardized manner. As authenticity and veracity of the information retrieved is of crucial importance to its consumers, these projects run their own decentralized blockchains whose primary task is to validate data feeds and check that the information received is authentic and has not been tampered with. Realistically, these special-purpose blockchains come closest to the implementation of a blockchain oracle idea in a truly decentralized and trustless way.
To be continued
In the second part of this two-part article we will look into other uses of blockchain oracles beyond DeFi, and talk about potential problems and pitfalls of this nascent technology, as well as approaches used to deal with them. Stay with us and remain in the know! And remember if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 250 coins and constantly updating the list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps: ✔ Choose the pair and the amount for your exchange. For example COMP to DAI. ✔ Press the “Start exchange” button. ✔ Provide the recipient address to which the coins will be transferred. ✔ Move your cryptocurrency for the exchange. ✔ Receive your coins. Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected]). The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision. Original article was posted onhttps://stealthex.io/blog/2020/08/12/blockchain-oracles-connecting-the-worlds-part-1/
Hi Jrowe47, you're not shadowbanned, but 13 of your most recent 168 comments/submissions were removed (either automatically or by human moderators).
fxl4rij in FADQ on 11 Jul 20 (1pts):
Drugs that: ...reduce pain are analgesic. ...constrict blood vessels are vasoconstrictors. ...interact with serotonin receptors are serotonergic. ...stimulate mental and physical states are...
fxkwsi3 in FADQ on 10 Jul 20 (1pts):
Link to a source. For all we know, you're a black hat villain trying to pull off an evil dictionary hack. But really, take us down the rabbit hole. All I'm saying is I'm not gonna take your word for...
fwc6z5j in whatisthisthing on 29 Jun 20 (11pts):
Yes, those are Rick and Morty fan art sculptures.
fvj61do in photoshopbattles on 21 Jun 20 (1pts):
I haven't quite understood some of the new slang kids are using, but I think this would be a great place for "yeet."
cwpzq1 in MachineLearning on 28 Aug 19 (2pts):
GPT-2 774M Large Model (guide and discussion)
bmc3k9 in MachineLearning on 08 May 19 (1pts):
Could gpt-2 be useful for code generation?
6pzcir in DIY on 27 Jul 17 (1pts):
Tiny solar generators with reflector dishes, help wanted
6bs3o3 in askscience on 17 May 17 (1pts):
How to measure droplet size?
67vrbf in Bitcoin on 27 Apr 17 (0pts):
The linguistic quirks and tone of posts supporting bu and Bitmain
66oxxh in interestingasfuck on 21 Apr 17 (1pts):
Carvings in the pillars at Gobekle Tepe have been determined to be constellations
5wcwg9 in MachineLearning on 26 Feb 17 (1pts):
A question about FANN vs other libraries
5ifqp8 in explainlikeimfive on 15 Dec 16 (1pts):
ELI5: How does multiplication of the base point by a private key result in a valid x,y coordinate on the elliptic curve?
5ifoau in explainlikeimfive on 15 Dec 16 (1pts):
ELI5: In elliptic curve cryptography, how does multiplication of the private key by the base point result in an x,y coordinate?
Why I still think Ethereum will pass Bitcoin and never look back
I'm in crypto since the birth of BTC. About 2 to 3 years ago, when Ethereum was traded at 1 USD (yes) I moved all my BTC to ETH and didn't look back. From then to now, I've watched my small investment grow to millions in almost no time. I didn't sell a cent, I didn't even move my Eth at all, even after watching it go from 1400 back to 80 usd again. Why? Let me show you one thing. https://www.reddit.com/ethereum/ This thing. Take a look at this. At any time of the day, at any day of the week. Compare it to https://www.reddit.com/bitcoin, or https://www.reddit.com/btc, or any other subreddit in the world. Tell me any other subreddit that looks like that. While other subreddits spend most of their time and resources on random political discussions, Ethereum keeps silently building the new world economy, and you can watch that, live, on that subreddit. Have you seen DAI? The fact a fully decentralised stable coin and margin market survived the most extreme crypto winter in history is almost a miracle. You may not remember but that was one of Crypto's biggest flaws and now we have the solution for it. On Ethereum. And it just works. Have you seen StarkWare? It is easily the most advanced real cryptography company in the world, they're building snarks/starks which are essentially the philosopher's stone of crypto, they subsume and generalize almost every other cryptographic primitive as a single fundamental primitive, and guess where it is being built? Ethereum. Have you stopped to think how much of the top 100 currencies are Ethereum tokens? I could go on and on, but the point I'm trying to make is something everyone silently knows. Bitcoiners know it, Bitcoin Cash enthusiasts know it, alternative coin enthusiasts know it. The entire field feels like a shill playground right now, all the loud kids trying to pump their favorite coin, while the "serious adults" work. While progress on every other coin has pretty much stagnated, an entire decentralised economy is being built on Ethereum, right now. What has Bitcoin accomplished in the last 3 years? And what Ethereum has? The most exciting new tech they have is LN, but they forget that there is no point in having an ultra-fast decentralised currency if all services built around it are centralised. And that's exact how things work today: for every centralised Bitcoin service or app, there is a decentralised Ethereum smart contract. Now, take a breath and think honestly: if Satoshi was alive right now, what project would he be proud about? The only thing that could put doubt on my mind that Ethereum will soon take the first place is if we had another smart-contract project capable of competing with it. And what we got? EOS, fully centralised. Cardano, a beautiful project, but still vaporwar'ish; even if it delivers innovation, it has 2-3 years of dapp-development / network effect to catch up, which will probably not happen, since Ethereum can easily adopt any of its innovations anyway. Rootstock failed to deliver. What else? Nothing. Despite many attempts, it is clear nobody managed to put a competition to Ethereum. As soon as Ethereum starts showing clear signs of strength, it isn't stopping. It almost passed Bitcoin once, and it is clearly a matter of time until it does. I have no doubt of that. That's why I didn't touch a single coin I hold: as long as Ethereum is still behind BTC, I know there is room to growth. Surely, if it passes Bitcoin tomorrow, it'll still be far from its ATH. But that's my personal benchmark. As soon as news start noticing about "what is this Ethereum thing that everyone is talking about", then I know it is time to sell some of my stake. Some, of course, because, after that, the fight will then be Ethereum vs USD / EUR. And I know who is winning that too...
Bitcoin is the most censorship resistant money in the world.
You don't have to buy a “whole” bitcoin so don't freak out if you look at the price. You can buy a piece of one no problem.
The Dallas Mavericks accept Bitcoin on their website. You don't trust Mark Cuban. He's the best shark.
Bitcoin is the best performing asset of the last decade (better than S&P500).
Diversify your current portfolio.
It's not illegal in the USA.
You holding just one satoshi slightly limits the supply and can rise the price for everyone else.
[In late 2019] hash rate is the highest it has ever been
Suicide insurance; if Bitcoin rises in price there is no worse feeling than regret.
Some of the smartest people in computer science and cryptography are working on it. Trust nerds.
Look at the all time historical chart. No technical analysis just tell me what you think when you look at it.
Money is a belief system... and I want to believe.
Transparent ledger, no funny business going on it's easy to audit.
Elon Musk appears to be a fan. How's that for an appeal to authority
There is a fixed limit in the number of bitcoins that will exist. 21 million bitcoin, 7 billion people on earth. Do the math.
There are so many examples of governments inflating their currency to the point where it becomes unusable. Read the wikipedia page for Venezuela or Zimbabwe.
Altcoins make sacrifices in either security or centralization. There are altcoins out there that claim to be innovating but just check the scoreboard nothing has flipped Bitcoin in market value or even gotten close.
With technology developing at a rate faster than law, governments and for-profit businesses have the ability to monitor our purchases, location, our habits, and all of this has happened without consent. People made jokes and conspiracy theory, but sometimes conspiracy is real. Most people are good, but there is absolutely evil out there. There are absolutely evil people in positions of power. There are absolutely evil people that work together in positions of power. Does anyone actually believe that Jeffrey Epstein committed suicide. Go read about Leslie Wexner. Go read the cypherpunk manifesto.
The upcoming halvening in 2020 will reduce the number of Bitcoin created in each block, making them more scarce, and if history repeats more valuable.
Bitcoin has lower fees than traditional banking.
Gold has the advantage of being a physical thing. But unlike gold you know Bitcoin is not forged, or mixed with another metal, and you can easily break it into tiny pieces and send it over the internet to someone.
Bitcoin could spark new interests maybe you start to read more into economics, computer science, or Brock Pierce.
Bitcoin has survived with no leader, marketing team, public relations, or legal team.
Because Wired magazine said Bitcoin was dead at $2, Forbes said it was dead at $15, NY Times at $208, and CNN at $333.
Just do a cost benefit analysis. What happens if Bitcoin fails and it goes to zero vs. what happens if it succeeds, and becomes world money.
Bitcoin encourages long term thinking, planning, saving. Due to inflation we are punished by holding on to cash. Look up the statistics on the average savings account while we are bombarded with consumerist bullshit like Funko pop heads, Loot crate subscription services, and new syrup flavors for coffee. Currently we are encouraged to spend now, seek immediate gratification, and ignore what we are becoming as Amazon picks out our clothes and toothpaste ships it to the house and we sit and watch streaming services where content is pushed to us and I'm supposed to buy that this garbage is actually “trending”. Our lives have become so comfortable that idiots spend $60 to escape a room and have someone take your picture when you get out. What would our ancestors think.
Maybe you're a day trader looking to use a trading bot in an unregulated market.
Bitcoin has 7 letters in it. Lucky number 7.....
Bitcoin promises to bank the unbanked, and provide services to those not otherwise “qualified” to open a bank account.
It's just cool, don't you want to seem smart to all your friends.
The origin story is so nuts there's going to be a movie or several movies about the early days of Bitcoin. Satoshi Nakamoto remains anonymous to this day. Imagine if the inventor of the cell phone was anonymous.
If you have money to burn, don't buy soda, weed, or some girls private snapchat it's a dead end put it towards Bitcoin and give it to your child in the future.
To avoid getting ripped off by foreign exchange fees just because you were born one place and your friends were born in another place.
Can't live off the grid in your log cabin and still use Mastercard. Bitcoin is one piece of opting out.
If one country adopts BTC as the national currency, it doesn't take much thought to realise that others will follow.
Join a welcoming and unique community. Everyone is super nice because they want your money.
You can stick it to the baby boomers.
You can stick it to the vegans.
You can stick it Roger Ver.
Maybe your IQ is 70 and you'll do whatever CNBC Fast Money recommends.
Maybe a hacker infects your computer, records you doing that thing, and threatens to release the tape if you do not pay them 1.5 Bitcoin.
You're a risk taker looking for some risky investment.
Aliens attack like Independence Day, blow up major cities in major countries, your money is still safe with Bitcoin. As long as there is a some guy, some person, living on an island with a copy of the ledger out there on your'e good. We're all good.
Many proposals to scale the number of transactions, may the best plan win.
One day you might have to use BTC to pay taxes, buy food, and charge your Tesla.
You want to support a political group and remain private.
You can trust math more than you can trust people to set an emission rate.
Government don't know how much you have.
The first response to Bitcoin being published by Hal Finney stated that Bitcoin was positioned to reach million dollar valuation. Hal was the first bull and passed away in 2014, missing a lot #doitforHal.
Baddies can't freeze your money if they mad at you.
The Big Bang Theory mentioned it, maybe you want to be like Sheldon the bazinga guy.
Be contrarian. In a world where everyone zigs it's sometimes good to zag.
Don't have any hobbies, and you just need a reason to get up in the morning.
Enjoy learning? Bitcoin is a topic where there is so much to learn, and so much development, that it really becomes a never ending journey. For someone who likes learning, it's more productive than speedrunning a video game.
Yolo. You only live once. This isn't a dress rehearsal, if there's something your kind of interested in pursue it. That's true for anything not just Bitcoin. But if you're reading this I'm assuming you're interested.
Bitcoin is not a ponzi scheme. The difference is Bitcoin does not need new people buying in to work, blocks being added will continue even if the community stopped growing.
With religion on the decline maybe you want to join a cult. Crypto twitter is a great echo chamber to meet like minded people.
Satoshi Nakamoto found a way to distribute a global currency in a fair way with the ability to adjust the mining difficulty as we go, it's really incredible. You still need computers and electricity to mine new bitcoin today but it's an extremely fair way for people to earn. There was no premine of Bitcoin. Everyone who has Bitcoin either bought it at what the market said, or they earned it.
No CEO in charge of Bitcoin to make bad decisions or a board of directors that can make changes. The users, an ever growing number, are in charge.
Bitcoin has no days off, it has no workers in charge who can get sick or take a holiday.
Bitcoin has survived 10 years (and more). While there will always be dangers, I'd argue that those first few years it was most vulnerable to fail.
Have some trust in the cypherpunks. Anyone who held and didn't sell bitcoin as it went from pennies to five figures is not looking to get rich. They want to change the world.
Potential president Tulsi Gabbard disclosed owning some.
Digital money is the future, anyone who has tried Venmo can see that. Well Bitcoin is a digitally native asset.
Refugees can use Bitcoin to store their wealth as they flee a failing country.
Bitcoin is an open source project. Anthony Pompliano likes to call it a virus but I like how the author of the Bitcoin Standard describes it. Bitcoin is like a song. As long as one person remembers it you can't destroy a song.
Triple entry accounting. When humans first started recording who owes who what we had single-entry accounting. The king's little brother would keep everything written down, but we had to really trust this guy because he could simply erase a line and that money would be gone. When double-entry accounting started to spread 500 years ago it brought with it massive innovation. Businesses could now form relationships across the ocean as they each kept a record. We did not have innovation again until Satoshi's Bitcoin, where blockchain can be used as the neutral third party to keep record. It might not sound important but blockchain allows us to agree upon an objective reality.
Bitcoin is non-political.
Bitcoin is easy to accept. I mean kind of. It's certainly easier than setting up a bank account.
A sandwich used to cost 10 cents in America, I walk into Subway and they don't even have $5 foot longs anymore. Inflation man..
It's a peaceful protest.
Critics say that mining wastes electricity, but if Bitcoin adoption continues the world will actually be incentivized to produce more renewable energy. There are so many waterfalls and sources of energy in the middle of nowhere right now. People might not see a reason to build a power plant over there now, but in the future it can make business sense. Take that waterfall mine bitcoin, and sell them to the people who can't mine. It allows for a business to sell their energy anywhere.
Get into debates around Bitcoin, build those critical thinking skills.
“Predicting rain doesn't count, building arks does”
“The best time to plant a tree was 20 years ago, the second best time is now.”
"I never considered for one second having anything to do with it. I detested it the moment it was raised. It’s just disgusting. Bitcoin is noxious poison.”
The immaculate conception. No cryptocurrency can have a start the grassroots way Bitcoin did, it's just impossible given how the space has changed.
There are more than 1000x more U.S. dollars today than there were a hundred years ago.
Bitcoin is the largest transfer of wealth this decade from the least curious to the curious.
The concept of the Star Wars Cantina, Galt's Gulch, or young Beat Generation kids sitting in a basement smoking cigarettes and questioning the world can only exist if money remains fungible.
You can send money to your Dad even if he lives in a country run by bad boys.
Memorize your key, and walk around the world carrying your money in your head.
The Federal Reserve is objectively way too powerful.
John Mcafe promised that if bitcoins were not valued at 1 million dollars by the end of 2020 he would eat his own penis on national television. It will be a sad day if we don't hit that 1 million.
The Apple credit card.
If we ever get artificial intelligence it'll be able to interact with Bitcoin.
Katy Perry is aware of crypto so if by some chance you run into her, you get one chance to strike up conversation, so here's your chance to shine. You don't ask for a picture, you don't say she's pretty, or name your favorite song. Take your shot and ask about what type of cold storage she uses for her bitcoin.
Many people are afraid of a world currency because it's associated with a centralized world power taking control. Bitcoin allows for neutral world money.
Remember those purely social internet forums? If you don’t then this might seem weird to you, but back in the day before Facebook, Myspace, Instagram or the word ‘social network’ existed outside of lecture halls, if you wanted a place to hang out online that wasn't open to the public then privately message boards were pretty much your only decent option. So the story goes that in the early nineties me and my old college buddies, we split the costs of the server got together and I made us a private forum. You can guess what happens next, the years go on and the forum gets a fair amount of use, memories were made, users come and go but eventually better social tools take over and the forum gets mothballed. The last conversation I had on the old forum was about ten years ago, I kept the site up and running all these years for a few reasons. One was to have a place to test stuff, and I ended up using the server as a tool to teach my kids how to use computers properly. (You guessed it! I’m a network admin.) Skip to present day and about four weeks ago you can imagine my surprise when I get an email informing me that new users are registering accounts on the forum. At first I figured it was some of the old guys coming back for nostalgia. You won’t find the site on google and the URL isn’t something you would just guess either, So I logged myself in and went to check out the new thread, the subject line was a series of numbers “1088A7 7BR286 33PZ00”. I clicked on title to inspect the conversation but there was only one post, a series of letters and numbers with spaces at random intervals too long to post here. My first thought was that it was a prank, so I checked the admin log for IP’s just to see who it was, turns out my supposedly private forum had received 400 unique hits at the exact time of posting, from I.P addresses all over the world. I should have known then that something weird was going on, but I was curious and It felt like a puzzle I was being asked to solve. As I wracked my brain over the next few days I began to research as much cryptography as I could, but whatever code these posts were in wasn’t something I could decipher. After about three days of searching another post appeared, in much the same theme and again there were around 400 unique hits at the time of posting that prevented me from finding the origin. This is when things began to take an even stranger turn. So far, the same user had posted each entry in the thread. A few hours after the second post five other users started leaving messages, all of which were huge entries of letters and numbers. The posts came flying in over a four-hour period until they just stopped and the server started going insane, CPU and ram usage began to max out but the traffic never changed. At that point I had seen enough and pulled the plug on the server, assuming It was being used as a bitcoin miner and forgot about the whole thing. The next day I got a text on my work phone. “Turn on the server”. I was more than a little shaken, but I didn’t do anything straight away as I was at work. A few hours after my lunch break was over I got a Facebook message from my teenage son which was unusual so I checked it straight away. The message was a picture of his face from his laptop webcam along with our home address. If any of you have kids you can imagine my calm and measured (hint: It wasn’t) reply. A few minutes later my work phone started ringing with one of the support technician’s caller ID, but when I took the call they weren’t on the other end. Instead to my surprise it was Stephen hawking’s voice speaking at me over the line. “The forum is being used for great things, leave work, return to your family and plug the server back in. You have two hours.” I knew that was a threat, I’m not an idiot so I didn’t take any chances. I raced back home, plugged the server back in and waited for a response. My personal phone buzzed this time with a new text message from my daughter. “Well done. No more interference, we’re waking up.” “We’re waking up”, what the hell did that mean? I made myself a coffee and tried to log into the server but I was locked out. Whatever was happening they had full access to everything we owned, which shouldn’t be possible. The more I thought about it, the crazier my theories got until eventually I realised whatever was happening was way beyond my capacity to deal with. Remember the old college buddies I set the forum up with? Well one of them works for the NSA and his name is Pete. I figured that if anyone would be willing to help me out with this, it would be him. I mean, I just didn’t trust local police to have the know-how and the FBI doesn’t exactly have a ‘call here if you don’t think the local police force have the ability deal with your situation without getting your family killed’ hotline, you know? I just needed a way to contact him without ‘them’ realising what I had done. I knew I was traceable via my phone GPS, so they would know wherever I went with them. I also know my car could be tracked the same way, so I couldn’t go anywhere with them but I also couldn’t just leave them at the house or they might get suspicious. I had no idea to what extent they had access to CCTV around the area or the other webcams in the house or at work either, so I had to make everything seem normal, but not too normal. I drove back to work with the phones, my work laptop and a hoodie, when I arrived at the office I sat at my desk, returned my devices to their usual places and got back to work. When I was satisfied a believable amount of time had passed I began operation ‘call for help’. Step one: I walked at a smooth and completely normal pace down the hallway and to the left where I entered the conveniently camera free server room. Step two: After entering the server room I got changed into the hoodie I brought with me and limped out of the office, hopefully with my head covered and my gait changed they wouldn’t recognise me through the outdated low-res Chinese cameras. Step three: As soon as I got out of the office I limped to the nearest bus station and took a ride to the nearest mall, where my Oscar winning doctor house performance would take me to the nearest mobile store. With the piece of paper on which I’d written my friends phone number I quickly hobbled over to the men’s bathroom, picked a stall and made the call. The phone rang. Then it rang again. And then I hit a voicemail. No worries hang up and try again! No answer. Shit. Fuck. Shit. It took 12 tries in the mall toilets before I got anywhere, but when I finally got through to him he understandably wasn’t very happy. “Who the fuck is this and why have you called me twelve times?” I blurted out as much as I could in 30 seconds, I even got as far as the weird codes still being posted on the forum, then the son of a bitch hung up on me. I just sat there for a few seconds, stunned. I didn’t know what else to do, so I dialled in 911 but before I could put the call through the burner phone rang. Unknown number. It was Pete, he spoke very quietly down the line and told me he couldn’t talk on his personal number, but that I did the right thing by calling him. I quickly picked up the story from where I had left off, leaving out no details. I feel sorry for the guy who sat in the other bathroom stall, he must’ve thought I was a maniac. After I finished I felt the tone of the conversation change and then it was my turn to listen as he blurted out a ton of technical questions about the nature of the traffic and forum posts. I told him he could see the posts for himself if he got on to the website but he quite wisely told me that would be a bad idea, any unexpected traffic that they spotted would be a dead giveaway I’d told someone what was happening. Then I asked what the hell he thought was happening, how could they even have found our old forum let alone have the resources to infiltrate my life like this? He tried to bypass the question but I kept pressing him, I figured my kids were in danger and I had a right to know who the hell these people were but he refused to answer and told me to head home. I refused to co-operate until I knew who was threatening my family. He said “it’s not a matter who, It’s a matter of what. That’s all you want to know, for your safety and mine. Agents will be at your house in a few hours, your family home and we’ll take it from there.” I couldn’t believe what I was hearing, I’m a glorified network guy whose computer was probably hacked by well-informed Chinese kids somewhere, now my family is being questioned by federal agents? And who or what the hell are these people and why is the federal government getting involved so quickly? Two hours later there was a knock at the door, outside was a white guy in a crisp blue suit and tie, to his right was a black guy in a tan get up. Both were easily 6,5’ and had little American flag pins on their collar. I realised then I had walked into an episode of Homeland. The two introduced themselves as NSA agents, but I don’t recall their names. I asked for ID and they presented their cards, I even made a note of taking down their agent numbers for my own records. After we’d exchanged pleasantries and I made sure everyone was on the way home to talk to the two men, I went into the kitchen to make coffee. When I came back into the living room the agents had already begun tearing the place apart. They took every device they could get their hands on, our laptops, home PC’s, even our smart TV and managed to stuff them all into the back of their car, it felt more like a robbery than police work. When they had finished, they returned to the house and sat with me in the living room, they asked me a lot of personal questions about who my family where and how long it would take them to arrive. More than anything it made me feel like they were more concerned about getting us all in the same room than helping us. The low buzz of their phones put an end to the barrage of questions, simultaneously they pulled the devices out of their pockets and exchanged an exasperated look with one another before thanking me for my time and rushing out of the door, taking thousands of dollars of my equipment and personal items with them. Ten minutes later there was another knock at the door. Pretty shaken by this strange intrusion I didn’t answer the door at first, but after a second more intense knock I opened the door. In front of me were two men and a woman, average height, nothing notable other than the badges in their hands. Our exchange went something like this. “Sir, Pete informed us of the situation. If it’s ok with you we’d like to begin-“ “Didn’t you guys just send some people?” “I’m sorry sir, we’re it.” “But what about the other two who just left? I have their badge numbers written down here.” The agents at the door looked pale as I explained what had happened. Then I went pale as they explained that those two men hadn’t been sent by the federal government. They left soon after they realised everything of value had been taken, but assured me they’d be working the case in the meantime. I haven’t heard anything back from them since. I’d been trying to get in touch with my buddy for weeks about what the hell had happened and whether I was safe but he never picked up and eventually the number was disconnected. I even made the drive to his house, but when I got there it was for sale and him and his family were gone. I thought this nightmare was over, but last week I was followed on my way to work. I think my family may be in danger so since then I have finished building a new server, I’m going to put the forum back up and see what happens. So far all know is that there is something or someone out there using computer resources that has the intelligence to outsmart the NSA and the FBI. What worries me most is that no one I’ve spoken to has any idea exactly what it’s up to. I’ve put my story out here in the hopes that I’ll be able to give an update when this is all over, but If I don’t then I hope someone out there finds this and it helps them. Be careful out there on the web
LIVE Beijing Conference June 22, 2017: English Translation
Me and my partner are going to do English play by play here. Tickets were around 570 each, so if you found this helpful , please donate. 2:10 Checked in. Around 100 guests attending so far. Conference should officially start in 20 mins. 2:30 Conference started. Currently in the Microsoft Beijing Office Lobby. Just introductions so far. The video trailer they played before the conference was quite impressive and in English. 2:32 srikanth Raju is speaking in English. You guys are good for this part. Big point: Microsoft believes in a heterogeneous Blockchain environment for Azure. Mentioned Ethereum specifically coexisting with antshares. 2:41 Skipped Jiang Li, Microsoft senior consultant's section for some reason. 2:45 Feng han is talking about the rise of alipay and transactions becoming electronic. Believes that full automation is the next step. Alibaba is still only half automated in their logistics. Huawei is interested in building smart cities, and will need blockchain. Note: they aren't announcing a partnership. Just talking about it. 2:51 Feng han talking about current internet infrastructure not being safe for the futures smart infrastructure. Then talked about a class offered by a genius cryptography professor, wangxiaoyun at tsinghua. Made a joke about 300x returns since ICO. 2:57 Hongfei Da. Talking about bitcoin and history of crypto. Now talking about founding of Antshares. Discussing dBFT and consensus briefly. Now talking about ICO. State of AntShares: 432 nodes, 1058300 blocks, main env running for 150 days. 352 stars on GitHub. LOL talking about this subreddit specifically now. Coinmarketcap ranking. All assets will be digitized. Two categories: 1. Proof of existence is on the blockchain. 2. Off chain physical assets like IDs, bikeshare locks, intellectual property. Spirit of blockchain isn't decentralization. It is transparency and fairness via publicly agreed upon rules and data. Mantra: digital asset + digital ID + smart contract = smart economy. REBRANDING: NEO smart economy. Green logo Neo contracts with C#, Java/kotlin, python, go NeoX is like an interledger protocol NeoQ is quantum safe encryption NeoFS is a new database layer Emphasized ecosystem partnership with bancor agrello matchpool Missed some points because too fast. Will go back later. 3:28 innospace CEO talking. Selected AntShares to join a pool of 10 companies out of 800 applicants. Best companies get 100x growth. Talked about Neo contracts active dev community and emphasized fintrch fundamental paper. 3:35 Alex norta from agrello. English speaking. Introducing the agrello platform currently. Announced new white paper finished today and ICO occurring now. 3:43 Adam from Coindash. Marketing Coindash as a onestop crypto portfolio that enables social trading and facilitates ICOs. Gives test runs for ICOs and let's you gauge interest. Announcing foray into China with close partnership with NEST partnership. 3:59 they made a reference to the matrix where they all pushed buttons and the screen said, WAKE UP NEO 4:00 break for 30 mins 4:31 restarting. CTO of AntShares speaking. Explaining smart contracts. Telling a story about Coke vending machine software executing a smart contract, except it ate his money because of a malicious party blocking the coin entry. Blockchain is necessary to allow smart contracts to be executed fairly. Neo is different from Eth and fabric because it has static contract calls, deterministic blockchain network calls, and uses oracle's instead of internet API calls. Example, different nodes will have different Google search results based off of IP location. NeoVM vs EthVM vs Docker Dyanmic sharding for NeoVM makes parallel processing scale better than EVM which has static sharding. Variables in NeoVM are determined beforehand and then the sharding is done before computation as opposed to EVM which divides work inflexibly. EVM has high coupling (bad). NVM has low coupling like docker. Execution of contracts depends too much on the nodes and blockchain. This point wasn't too clear. Coupling seems to be a concept that people don't talk about often. Sounds like he was saying that you need to run eth smart contracts on a test blockchain environment while NeoVM allows you to test and run code independent of blockchain. Microsoft offers IDE plugins and compilers to help people develop on the Neo platform. Digital certificate issuance and asset digitization are supported in Neo but not inherently in Eth. Storage layer for contracts is built into Neo. You can give authorization for others to read or write your contract storage space. Also, if your contract has a bug, you can take the data and migrate it to a patched contract. Lastly, allows rental of storage space for contracts. No support for any of the three points above in EVM. Giving example of locking an account for a period of time. Showing decentralized domains. Sounds a lot like Eth name service. 5:21 bijie tech CEO. Talking about Binance ICO. Introducing the Binance team. Binance is a coin to coin centralized exchange. Made a joke about not wanting to ICO but did it after seeing everyone elses valuations. 5:35 fangzhou charity entrepreneur. Became a multimillionaire after getting some ANS. Money is freedom. Now wants to give charity loans to kids that need an operation but parents don't have the money. Because of new Chinese laws only 113 out of 500 NGOs can receive donation money. Therefore the market for charity is undersupplied by organizations that can use the money. 5:46 xiaobai medical founder No fixed location, employees or resources. Wants to make a medical system where people record their illnesses and compare outcomes with other patients to determine what is the best treatment. Can also match patients with doctors. Sounds like a combo of ZocDoc and patientory. 5:55 nest smart fund founder Problems of most funds are lack of liquidity, inability to participate in the invested company, and high management cost. DAO on ethereum was hacked, but NEST wants to do what DAO does but more safely and more transparently. They choose C# ( made a joke about being at Microsoft and using C#). Going to make a nest coin that is redeemable for some of the coins that the project backs. ................................. Questions: what's going to happen to ANS? AntShares will retire and get redistributed as NEO in the new wallet software. You don't have to do anything. No reissue so investors don't get screwed. Exchanges will get contacted automatically. How many devs do you have now? 2 full time devs. They are going to offer NEO bounties on code and hire more. New exchange announcement? Binance ................................. DONE .,.............................. ETH donation address: 0x92CBE3Ae9ECB30Fa52BE536d55616571380c43b5 LTC donation address: LZXsdjZJJBWpAx7VQmQ4turVrvgBJwguru ANS donation address: ARA25KDeQMbcR7nAAjTbbnf3pkW98etD2U
In our last article, we explored the fundamentals of TBU (or Tachyon Booster UDP). TBU is the core of Tachyon’s architecture which will replace the Application, Transport and Internet layers of the conventional TCP/IP protocol. What Is TBU? How Does TBU Work? The core of Tachyon Protocol includes four parts — TBU(Tachyon Booster UDP), TSP(Tachyon Security Protocol)… medium.com Today we will take a look at TSP, or Tachyon Security Protocol. As the name suggests, TSP is that part of Tachyon which ensures that the ecosystem remains safe from hackers and user data remains hidden from the outside world. The two main weapons in TSP’s arsenal are Asymmetric end-to-end Encryption and Protocol Simulation Scheme. ECDHE-ECDSA Asymmetric end-to-end Encryption The data that you send over the Internet passes through a host of servers, routers, and devices. There’s simply no way of knowing how secure any of these data gateways are. For all you know, your data might be intercepted by hackers at multiple points. The most reliable safeguard against this problem is end-to-end encryption, which scrambles user data such that only the recipient can make any sense out of it. Even if a hacker intercepts this data, it would seem all gibberish. It’s only when the data reaches its correct destination that it is unscrambled and the original message is revealed. Let’s say at a birthday party, Jim wants to send a secret message to his friend Rob; but the party is teeming with other kids, and he can’t risk the secret being let out. Luckily for Jim, both he and Rob have been taking French classes outside their school hours. Jim jots down the message in French on a piece of paper, and asks the other kids to relay it over to Rob. Now even if any of his friends open the chit, he won’t be able to make any meaning out of it. Smart move, Jim! Ordinary point-to-point networking suffers from 2 major threats: 1.Network Sniffing Hackers can use Network Sniffing tools to intercept and analyze the data flowing over computer network links. Most of these Sniffers work mainly with TCP/IP packets, but more sophisticated tools can work lower in the network hierarchy and even intercept Ethernet frames. To counter such data hacking techniques, TSP creates encryption keys in insecure channels (where data points are unfamiliar with the credentials of each other) by implementing ECDH — ECDSA and Ephemeral Key. ECDH — ECDSA are a class of cryptographic algorithms which come under what is known as Elliptic Curve Cryptography. TSP also uses AES (Advanced Encryption Standard) to ensure that even if the message is intercepted, the attacker wouldn’t be able to read it. In addition to this, a set of hash algorithms, such as HMAC, SHA2 and Keccak, are deployed so that in case the attacker is able to alter the data, the message would be automatically ignored. In some instances, although the attacker is unable to decode the message, he might still be able to acquire some statistical feature information from it. TSP safeguards against this through a combination of different techniques, such as using a public symmetric encryption key, adding random data to the transmitted message, and encrypting the information part (such as the frame byte of the data packet). Moreover, the likelihood of an encryption key being deciphered increases with multiple usages. TSP avoids any such risks by automatically renegotiating the encryption key after the connection transmits a certain length of data.
Man-in-the-middle Attack (MITM)
In MITM, the attacker actually pretends to be one of the communicating parties and intercepts the communication. In 2018, well known hardware wallet manufacturer Ledger became the victim of MITM attacks. A piece of malware that made its way into the user’s computer would simply modify the “Bitcoin receive address” as displayed on the Ledger Wallet app. The satoshis that were supposed to make their way to the user’s wallet ended up being directed to the attacker’s public address instead. TSP protects against MITM attacks by using ECDH (or Elliptic-Curve Diffie–Hellman), a key agreement protocol that allows two parties to establish a shared secret communication over an insecure channel. This makes it possible for the identities of both parties to be verified before any data is transmitted. Through ECDH, each of these parties generates an elliptic-curve public-private key pair. As long as this private key is not exposed, MITM attacks can be prevented. Protocol Simulation Scheme A distinct feature of TSP is the Protocol Simulation Scheme, which allows Tachyon to simulate well known communication protocols, such as UDP, TCP, HTTP, HTTPS, FTP and SMTP. So while Tachyon encrypts data packets using its own TBU protocol stack (discussed in our last article), anyone who intercepts this data would assume that the data belongs to the communication protocol being simulated. Though Protocol Simulation, TSP guarantees that the real content of the communication is concealed, in order to avoid information unwarranted interception and exposure. It also fools firewalls and other third party applications into letting Tachyon data flow unhindered — a feature that is really useful in Tachyon’s VPN application. Today, HTTP/HTTPS is the most commonly used communication protocol in the World Wide Web. However, in most cases, the data that is transmitted is completely unencrypted, which makes it vulnerable to hacking. Moreover, HTTP-based communication checks neither the identity of the node with which communicating is being established, nor the integrity of the message being transmitted. In case of Tachyon, not only is the data encrypted in multiple levels, but the nature of the data packet is concealed as well. For example, in case of SMTP simulation, the data will resemble an ordinary e-mail; while in case of HTTPS simulation, the data traffic will appear like the user is visiting a website such as Google or BBC News.
The Research was comissioned by Consensys. From Consensys' homepage, we learn that
ConsenSys is a global organism building the infrastructure, applications, and practices that enable a decentralized world.
If we have a look at the About Page, we learn that
Our focus is on the ecosystem, the growth of the Ethereum network (emphasis mine), and global integration of the benefits of blockchain and tokenization.
The study was done by Whiteblock, the "Scalable Blockchain Testing Platform". If we have a look at the prnewswire press release, we learn that:
Blockchain organizations such as Cosmos, Ethereum Community Fund, Amis, Maker DAO, IMToken, PlatON, Status, Loom Network, Coinfund, 1KX, Transference Fund, Web 3 Foundation, Grid+, MixLabs, Ledger Capital, Enterprise Ethereum Alliance, Google, Microsoft, ConsenSys and Bo Shen - Founding Partner of Fenbushi Capital & Cofounder of Bitshares, along with academic institutions such as Duke, USC, and MIT have committed to contributing resources to develop comprehensive reports based on Whiteblock's raw data (emphasis mine).
So at least a few pro-Ethereum entities have provided resources to Whiteblock. Can we expect impartiality from Whiteblock's research? Additionally, if we have a look at the report, it was co-jointedly written by two scientist from Whiteblock and two scientists from Consensys: https://www.screencast.com/t/8niRZaRScVJ So we have the same party requesting an independent study of a concurrent blockchain and participating to the redaction off the final report. Conflict of interests, anyone?
We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.
This becomes apparent from the substantial reliance on architecture where cryptographic validation is not necessarily instantiated, though rather implemented in proximity.
What does not necessarily instantiated mean? This looks like a rather vague statement where the author isn't sure himself about what he writes. I think the main beef Consensys/Whiteblocks has with EOS' architecture is that it doesn't do things the way Ethereum does, and hence is deemed "bad".
About the EOS Max Transaction Rate (TPS):
Whiteblock states that their testnet didn't support more than 250 TPS:
As observed in the section on performance, the transaction throughput in the system does not exceed 250 TPS even in optimal settings with 0 ms of latency and 0% packet loss.
To me it seems like it speaks more of Whiteblock's ability of setting up a test net than anything else, because EOS Mainnet already passed several thousands of transactions previously, with the record being close to 4000 TPS (3996 TPS to be exact):
Edit: added link to Whiteblock paper, spelling, less aggressive tone. Edit 2: Added server info Edit 3: Added virtual machine info, links to server hardware, spelling Edit4: Added introduction, information of performance test inputs Edit 5: Updated sections About EOS and Cryptography and Cryptographic Validation, About the EOS Max Transaction Rate (TPS) Edit 6: Some formatting This post is still work in progress.
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