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Dragonchain Great Reddit Scaling Bake-Off Public Proposal
Dragonchain Public Proposal TL;DR:
Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and postsper Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625. Watch Joe walk through the entire proposal and answer questions onYouTube. This proposal is also available on the Dragonchain blog.
Hello Reddit and Ethereum community!
I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale. For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube. We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.
Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.
Response and PoC
In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.
A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks. 24 hours in 4 minutes (YouTube): 24 hours in 4 minutes The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period. Tooling to reproduce our demo is available here: https://github.com/dragonchain/spirit-bomb
Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point.
Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired. Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.
An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity. TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block. TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.
Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain. With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times. We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment. Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.
Flexibility in Scaling
Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems. We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
LBRY - To allow users to deploy content natively to LBRY
MakerDAO to allow users to lend small amounts backed by their Reddit community points.
STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.
Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction. Dragonchain Fees Table
How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node. Getting started is easy...
Download Dragonchain’s dctl
Input three commands into a terminal
Build an image
More information can be found in our Get started documents.
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain. Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain. After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks. Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.
Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.
Costs and resources
Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD. For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments. Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.
This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users. Over a 5 day period, your scaling PoC should be able to handle: *100,000 point claims (minting & distributing points) *25,000 subscriptions *75,000 one-off points burning *100,000 transfers
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes. Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum. Reddit Scaling on Ethereum
Solutions should not depend on any single third-party provider. We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components but recognize there are numerous trade-offs to consider
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
Operational on-premises capabilities
Operational deployment to any datacenter
Over 700 independent Community Verification Nodes with proof of ownership
Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)
Usability Scaling solutions should have a simple end user experience.
Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node. Examples:
Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.
Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users. All of Reddit's Transactions on Blockchain (month) Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees. Reddit Internal Token Transaction Fees Reddit Ethereum Token Transaction Fees When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
In a combination of the above, customers could cover aggregated fees.
Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.
Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here. Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here. In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here. A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.
Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.
Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.
Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible APIs should be well documented and stable
Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. Simple is better. Learning an uncommon or proprietary language should not be necessary.
Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected. Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.
Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.
Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR. Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.
Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.
Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.
Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw
Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.
A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.
Bonus points Public, third-party implementation review available or in progress
Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.
Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.
One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).
Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).
Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!
Disney Releases Blockchain Platform as Open Source
The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group. https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html
In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney. Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
Obtain VP support and approval for the release
Verify ownership of the software to be released
Verify that no proprietary content would be released
Convince the organization that there was a value to the open source community
Convince the organization that there was a value to Disney
Offer the plan for ongoing maintenance of the project outside of Disney
Itemize competing projects
Verify no conflict of interest
Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
Obtain legal approval
Approval from corporate, parks, and other business units
Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
Trademark searches conducted for the selected name Dragonchain
Obtain IT security approval
Manual review of OSS components conducted
OWASP Dependency and Vulnerability Check Conducted
Obtain technical (software) approval
Offer management, process, and financial plans for the maintenance of the project.
Meet list of items to be addressed before release
Remove all Disney project references and scripts
Create a public distribution list for email communications
Remove Roets’ direct and internal contact information
Create public Slack channel and move from Disney slack channels
Create proper labels for issue tracking
Rename internal private Github repository
Add informative description to Github page
Expand README.md with more specific information
Add information beyond current “Blockchains are Magic”
Add getting started sections and info on cloning/forking the project
Add installation details
Add uninstall process
Add unit, functional, and integration test information
Detail how to contribute and get involved
Describe the git workflow that the project will use
Move to public, non-Disney git repository (Github or Bitbucket)
Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney. The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release. Original OSSRELASE-10 document
Create a high-quality infographic that illustrates the genesis of our platform, the working tech that has been created and how Komodo has been built differently, and deliberately, from the very beginning to ensure security, scalability and interoperability. This is why we refer to the architecture, because Komodo was designed to overcome common problems like congestion, governance and attacks that other platforms did not foresee or prevent, from the beginning. This is Komodo DNA.
Share your submission far and wide and encourage your friends and followers to vote for you.
Encourage feedback, ask questions and make your infographic the best that it can be.
Our Criteria to Judge
Please note that upvotes and shares are not the only criteria we'll use to judge winners. While useful, we will value creativity, good questions and discussion on Reddit highly. When sharing your posts you will score more highly if people comment, provide feedback and are engaged.
How well the infographic conveys our working tech, it's core concepts and plans to build on top of it.
How well the infographic illustrates our story, purpose and conveys our tech so that it's easy to understand.
Constructive discussion, questions and feedback on Reddit that lead to improvement.
Sentiment and comments generated across all our social media. This will not include vanity metrics like likes or shares.
Upvotes on Reddit for the author's submission post ONLY. All votes will be counted (i.e. doesn't matter which week they were made).
Retweets of the submission in our master thread ONLY. Include your handle and a cover image in your submission. This means if you promote yourself on Twitter you ought to promote the tweet with your work in it.
How do you win?
You may submit up to two infographics. By submitting an infographic, you understand Komodo may post and use your submissions on our digital channels during and after the contest. Each infographic must have it's own post.
Create a post on Komodo's subreddit using the 'infographic contest' flair.
Add the infographic image into the Reddit post.
Include your Twitter handle.
Include a social media friendly cover image for us to use when we tweet your submission out.
Post a link to your submission post here in the comments for all to see.
Contest Timeline Guide (these dates indicative and are subject to change).
7th September. Announcement. If you're reading this on Reddit before the big announcement then well done! You have two extra days before this is announced on Friday.
10th - 21st September. Research and Questions. We will promote the contest, invite questions and requests for resources, in the comments of this master Reddit post (because this means all information and good questions will be visible to all participants).
22nd September. Draft Submissions. Creatives to submit their draft infographics on Reddit. All submissions need to have their own post and then be linked to in the comments of this master post. This is important to remember!
24th - 30th September. Feedback. A period of one week will be devoted to promoting the submissions and asking the community and team to give you feedback.
1st October. Final Submissions.
2nd - 8th October. Voting. A week of promoting your work and at the end we'll count votes, consider feedback and pick our winners.
15th October. Winners Declared. The final decision by judges. Votes and community feedback counts towards judging but do not have final say.
Interim KMD Colour Palette If you’ve not been included in the first round it’s because the submission hadn’t been made when the team reviewed. Don’t worry though because we’re organising hangouts and further feedback to help.
#001Infographic Link//Reddit Post Link by thesudio. There’s a lot of good points made, however, these would work better if there is a clear narrative and flow to the information being presented. Otherwise, it can be overwhelming and confusing to the reader. The #1 objective is to visually depict the architecture story and how KMD is redefining blockchain platform architecture.
#002Infographic Link//Reddit Post Link by thesudio. We like that there is a clear structure and clear messaging aligned to each of the 5 pillars. However, the infographic should be focused on telling the architecture story vs the pillars.
#003Infographic Link//Reddit Post Link by VolsenVols. Love how you’ve incorporated our existing graphic design elements into the infographic. This is heading in the right direction and the level of copy and content are well balanced. It would be nice to align this closer to the architecture story and to expand on the different layers of our technology using the same style.
#004Infographic Link//Reddit Post Link by dexter_laabo. Needs to tell the architecture story. This looks more like it took information from our current website. “Anonymous” is not a key aspect of our technology that we’re focusing on.
#005Infographic Link//Reddit Post Link by savandra. The visuals are strong but the narrative could be stronger. It would be nice to align this closer to the architecture story and to expand on the different layers of our technology using the same style.
#007Infographic Link//Reddit Post Link by cryptol1. Doesn’t depict the architecture narrative. Inaccurately describes cross-chain tech as “proprietary”. Simplification has the wrong messaging associated, should be white-label focused. This is considered more of a graphics versus an infographic. Needs to be more comprehensive.
#008Infographic Link//Reddit Post Link by pacosenda. We like the unique design style and approach taken. Doesn’t follow the architecture narrative. Should be expanded out as it is a bit short on content with no clear flow or narrative.
#009Infographic Link//Reddit Post Link by jeanetteLine. Great level of detail and thought on the layout and content. Doesn’t, however, cover the architecture story. Would be preferred if the design direction reflects interim colour and style vs. legacy KMD. The roadmap should be avoided. Looks like they borrowed more from the website than the guidelines.
#010Infographic Link//Reddit Post Link by Meyse. Very creative way to explain and layout the content. This could be expanded out more to encompass the entire architecture story. Cross-chain verifications/smart contracts, blockchain bridging need to be incorporated in.
#014Infographic Link//Reddit Post Link by Limiter02. Good thought has gone into the copy, however, there’s way too much of it. Would prefer stronger visuals and utilizing a more visual storytelling approach. Doesn’t follow the architecture story. Remove the lizard.
#015Infographic Link//Reddit Post Link by piptothemoon. Great thought into visually representing key points. Needs to be expanded out to incorporate the architecture story, but this is heading in the right direction from a visual storytelling POV.
#016Infographic Link//Reddit Post Link by thecryptofoundation. Love the timeline approach, and mostly followed the guidelines and architecture story. Also, like the incorporation of accomplishments at the end. Would like to get the stock imagery used to reflect our interim colour palette. Not all visuals match what is being represented in the copy.
#017Infographic Link//Reddit Post Link by jsteneros. As discussed in the Zoom call, this graphic is really solid but a little heavy on the copy. Would be good to see more visualizations of the info. This graphic hits on some of the important messages (e.g. Komodo is built differently from other blockchain platforms and solves many of the issues that first-gen platforms are struggling with) but it would be great if there was more information about Komodo’s architecture and how Komodo is different from other platforms.
#018Infographic Link//Reddit Post Link by gravigocrypto. This one was also discussed in the Zoom call. Outstanding visuals and overall design. The info follows the architecture story well but could be stronger if the 3 layers of Komodo’s architecture were tied together into one, coherent visual. It’s a challenging task but that’s part of the contest : )
#019Infographic Link//Reddit Post Link by PacoSenda. This is a really creative infographic, which is great! However, we’d really like to see the visuals a bit more in line with fonts and color palette described above in the “First Round of Feedback” section. Also, as with the feedback for many of the infographic submissions, sticking to the Komodo architecture story would be best.
#020Infographic Link//Reddit Post Link by emmanmalaman. The visuals are pretty cool but this one misses most of our core messaging. It would be much stronger if it followed the architecture story and touched on the info provided in this post. There’s definitely potential here but it needs some work.
#021Infographic Link//Reddit Post Link by immimidada. The colors and visuals here are spot-on. It’s also really great that it sets up the problem and then presents the Komodo solution. However, the problem and solution aren’t defined exactly the way we’d like. Check out the architecture narrative to learn more, and try to follow that story a bit more closely.
#022Infographic Link//Reddit Post Link by mohitgfx3. This one is a bit heavy on the KMD logos. We’re really hoping to see a visualization of Komodo’s infrastructure architecture. As with the feedback for many of the infographics, it would be best to re-read Komodo’s architecture story and try to stick to that as much as possible. Using images from the current website is also not a great approach, as we’re preparing to launch a new site in the coming months.
#023Infographic Link//Reddit Post Link by u/sayonara_girl. Some of the visuals are cool! It’s missing the narrative we’re looking for. In general, less copy and more visual storytelling would improve this graphic a lot. We’d like to see a smooth, linear flow of information. Take another look at the architecture story and try to follow that narrative.
#024Infographic Link//Reddit Post Link by brunopugens. This one follows the narrative well! But it’s a little heavy on the copy. It would be much stronger if the architecture was displayed visually, rather than explained with text. Also, the design is cool but it’s difficult to read b/c the perspective of the text is skewed. It’s a really cool idea but might be better to put the text flat for the sake of readability and clarity.
We hosted a round of live feedback sessions via Zoom. The recording is here:
The first block in the KMD blockchain was mined just under two years ago, on September 13, 2016 to 9:04 PM. Since then, Komodo has demonstrated a commitment to innovation and established a history of execution.
Cryptomiso.com is a website that ranks 866 different blockchain projects according to the Github commit history of that project’s most popular repo. Komodo is ranked #1 overall for Github commits over the last 12 months.
China's Ministry Research Initiative regularly ranks Komodo in the top 10.
Weekly Update: First ParJar Pilot Class, Constellation partners with Chainlink, $BAT on 2gether, Pynk on BlockMAG... – 11 Oct - 17 Oct'19
Hi everyone! Here’s your week at Parachute + partners (11 Oct - 17 Oct'19): The first ParJar Pilot Class is officially off to a roaring start with 5 amazing projects and their communities. Here’s to a great future. This was the perfect occasion to announce a ParJar Battle Royale for our ParJar Pilot partners. Blood will be spilled next week. Pow! ParJar now has almost 20k active users. It works in 400+ communities and has seen 400k+ transactions. Say what! Par4Par lottery entered stage 5 this week. The stakes are even higher. 250k $PAR in prizes. Dang! Reflecting on Vitalik Buterin’s observation, Cap says: “...we’ve done things in reverse here at Parachute - we grew an amazing community around exploring ideas and built our tech to meet what they needed”. What are your thoughts on buying houses for USD 1 each in an Italian town for building the Parachute village? Cap’s recommendation. Haha. Andy’s Advent calendar. Each window is a 16.9 oz can of beer. Sweet! We saw Tiproom become the 17th most active group on Telegram a few weeks back. Well, hold on to your pants because it is now the 12th most active group. Whoa! A big reason for the group’s constant buzz are the amazing trivias hosted by the TTR crew. This week was no different. Doc Victor’s Sunday medical trivia had 8 Qs, 3k $PAR each. This was a quiz with a twist. In Doc’s words: "..beware, in each question they will have to diagnose a case based on symptoms and signs that I will give them". Noice! Charlotte’s Tuesday Trivia had 10 questions with a 25k $PAR prize pool. Another trivia by Victor (not the Doc) had another 10 Q’s, 2500 $PAR each. Listened to the TTR theme yet? DJ Jose in da house with a rocking theme. Wicked! Congratulations to Mario for winning the pet contest in TTR. Sebastian made a compilation video of all the entries. Awww! Let’s see if Cap’s guerrilla marketing at Burger Joint in NYC gets us a new Parachuter Victor’s Friday trivia at aXpire was the usual 10 Q, 100 $AXPR per Q affair. And like always, super duper fun! If you missed news from Week 41 at aXpireverse, Joakim’s got your back. Check out his video to catch up. CEO Gary Markham travelled to India this week to prepare for the Bilr release. Click here to track the latest 20k $AXPR burn. Plus, a featured article by Hosting Advice was pretty cool. 2gether added Basic Attention Token ($BAT) support to the app this week. Let the $BAT spending begin! Use the invite code: paywithbat to get 100 $2GT free when you sign up for the app. Know of a startup that’s going to Malta Blockchain Summit? Let the XIO crew know since the team will be attending along with Uptrennd. Benjamin’s tutorial video on market cycles with the BOMB token as case study was riveting and full of useful info. This week’s Dash-walk-the-talk discussion revolved around getting unstuck as an entrepreneur. After taking inputs from the community 2 weeks back, the BOMB Board finalised on the team and way forward to manage the BOMB Instagram. For the latest update on the Birdchain app, click here. Congratulations to Bounty0x for crossing 2.5x of its funding goal on Republic with more than 2 months to go. Voyager is offering a 5% annual interest on ETHOS tokens held on their platform. Read more about it here. The news was also covered by SludgeFeed. Wendy O shared her usability experience of Voyager as well. Bitcoin ATM in Alexis’ neighbourhood. Cool! The McAfeeDex launched last week is off to a tremendous start. Bitcoin Cash’s Roger Ver spoke briefly on it in a news roundup video. 6 portals are live already. If you’re still wondering how to list your token on the Dex, here’s a simple guide from the man himself. Binance Chain support coming soon! SwitchDex is now trackable on DappRadar and State of the DApps. The team has set up a dedicated TG group for folks wanting to BUIDL on SwitchDex. Also, Callisto Network is slated to do a security audit of the McAfeeDex contracts. Great stuff! Peeps who missed the Fantom AMA with G.Crypto from 2 weeks back, can catch up from the transcript released this week. The latest technical update is detailed and covers all major changes in code. Uptrennd started a new video intro contest for a 2500 $1UP prize pool. Woot! Full transcript of Jeff’s interview with OmiseGo CTO Kasima from few weeks back was released this week. $1UP can now be spent in tons of retail chains thanks to a newly forged partnership with MobiePay. Last week we saw Jarau buy a laptop with his Uptrennd earnings. This week we learnt about Zubair buying a mobile phone with his $1UP earnings. Neat! The latest biweekly Dev update and weekly District update from Ditrict0x covers news such as Ethlance redesign, Meme factory NSFW filter etc. Uptrennd continues to breach new heights on Alexa rankings every week OST has set up a community slack to coordinate all Pepo related feedback received for the Pepo app. So join in if you want to help out! Did you know that Pepo is home to some of the most influential people in crypto? This week, we heard from Ethereum and Coinbase investor Bobby Goodlatte. The app crossed 20k P2P transactions and is now live in both app stores. The first such with micro-transactions, in-app purchases and cash-out options for crypto. Few weeks back, the Sentivate community chose to burn tokens (vs a raffle). This week, they voted on how many to burn. The $SNTVT crew sat down for a live Q&A with Bit Shaman this week. The team also wrote about possible future use-cases of the Universal Web with short story threads. Cryptoreview.xyz’s review of the project also came out this week. Constellation announced that it is joining Chainlink as a new node operator in order to stream enterprise data to Chainlink’s smart contracts. Click here for the PR release. The technical overview paper gets into details of what the partnership means for both companies. Bags Token hosted an AMA this week in their Telegram group. Hope you had an opportunity to get your doubts cleared. Community member Con built a $BAGS-centric image/gif board called bagsbook. Check it out! In a bit of a sobering news, Scroll (XD Token) ceased business operations this week. Constellation will act as an oracle for Chainlink by streaming verified data to the network Pynk was featured in the latest edition of the BlockMAG published by the Malta Blockchain Summit. COO Rupert Barksfield was invited by NatWest to speak on how to get traction for tech projects. Rupert’s interview by Ayo News where he explains how AI and crowd wisdom works in tandem at Pynk came out as well. Pynk Tank is Pynk's very own think tank intiative which hosts meet ups, panel discussions, podcasts with entrepreneurs, thought leaders etc. Their latest event was this week. Folks who are yet to figure out what Pynk does can read co-founder Zack Yurtsever’s article that explains it all. Following up on the Hydro Vault sneak peek from last week, check out its detailed update on the dev front. How can the Hydro platform be used to get acceleration for your fintech product? Click here to read how. Co-Founder Mike Kane travelled to the AWS Loft in NYC for the Shearman & Sterling Empire Startups Demo Day event to showcase Hydro’s fintech solutions. $HYDRO got listed on the Coinone exchange. This will be $HYDRO's first IDR fiat on-ramp. With bZx joining the Hydro dApp store this week, it now has an impressive line up of partners. Thanks to the massive community push, $HYDRO will be listed on Atomic Wallet in its next release. For a quick summary of the latest news from Hydroverse, click here. Most of these have already been covered in our updates. Silent Notary conducted the first ever speedtest of its IDL network. The team published the results and steps to optimise the code. In its current state, the network is able to execute 5-12 transactions per second. The first version of the SelfKey Corporate Wallet was launched this week. The corporate wallet will allow you to purchase digital services for your business in the future. Plus, a partnership with ChangeNOW allows easy crypto swapping from the marketplace. And with that, we close for another week in the Parachuteverse. See you soon with another update. Cheers!
What is Quant Networks Blockchain Operating System, Overledger? And why are Enterprises adopting it at mass scale?
Won't let me post the related images here, but please refer to this article which includes them https://medium.com/@CryptoSeq/what-is-a-blockchain-operating-system-and-what-are-the-benefits-c561d8275de6 Overledger is the world’s first blockchain operating system (OS) that not only inter-connects blockchains but also existing enterprise platforms, applications and networks to blockchain and facilitates the creation of internet scale multi-chain applications otherwise known as mApps. In less than 10 months since launching Overledger they have provided interoperability with the full range of DLT technologies from all the leading Enterprise Permissioned blockchains such as Hyperledger, R3’s Corda, JP Morgan’s Quorum, permissioned variants of Ethereum and Ripple (XRPL) as well as the leading Public Permissionless blockchains / DAGs such as Bitcoin, Stellar, Ethereum, IOTA and EOS as well as the most recent blockchain to get added Binance Chain. In addition, Overledger also connects to Existing Networks / Off Chain / Oracle functionality and it does all of this in a way that is hugely scalable, without imposing restrictions / requiring blockchains to fork their code and can easily integrate into existing applications / networks by just adding 3 lines of code.
What is a blockchain Operating system?
You will be familiar with Operating systems such as Microsoft Windows, Apple Mac OS, Google’s Android etc but these are all Hardware based Operating Systems. Hardware based Operating Systems provide a platform to build and use applications that abstracts all of the complexities involved with integrating with all the hardware resources such as CPU, Memory, Storage, Mouse, Keyboard, Video etc so software can easily integrate with it. It provides interoperability between the Hardware devices and Software. Overledger is a Blockchain Operating System, it provides a platform to build and use applications that abstracts all of the complexities involved with integrating with all the different blockchains, different OP_Codes being used, messaging formats etc as well as connecting to existing non-blockchain networks. It provides interoperability between Blockchains, Existing Networks and Software / MAPPs
How is Overledger different to other interoperability projects?
Other projects are trying to achieve interoperability by adding another blockchain on top of existing blockchains. This adds a lot of overhead, complexity, and technical risk. There are a few variants but essentially they either need to create custom connectors for each connected blockchain and / or require connected chains to fork their code to enable interoperability. An example of the process can be seen below: User sends transaction to a multi sig contract on Blockchain A, wait for consensus to be reached on Blockchain A A custom connector consisting of Off Chain Relay Nodes are monitoring transactions sent to the smart contract on Blockchain A. Once they see the transaction, they then sign a transaction on the Interoperability blockchain as proof the event has happened on Blockchain A. Wait for consensus to be reached on the Interoperability Blockchain. The DAPP running on the Interoperability Blockchain is then updated with the info about the transaction occurring on Blockchain A and then signs a transaction on the Interoperability blockchain to a multi sig contract on the Interoperability Blockchain. Wait for consensus to be reached on the interoperability Blockchain. A different custom connector consisting of Off Chain Relay Nodes are monitoring transactions sent to the Smart Contract on the Interoperability Blockchain which are destined for Blockchain B. Once they see the transaction, they sign a transaction on Blockchain B. Wait for consensus to be reached on Blockchain B. Other solutions require every connecting blockchain to fork their code and implement their Interoperability protocol. This means the same type of connector can be used instead of a custom one for every blockchain however every connected blockchain has to fork their code to implement the protocol. This enforces a lot of restrictions on what the connected blockchains can implement going forward. Some problems with these methods:
They add a lot of Overhead / Latency. Rather than just having the consensus of Blockchain A and B, you add the consensus mechanism of the Interoperability Blockchain as well.
Decentralisation / transaction security is reduced. If Blockchain A and Blockchain B each have 1,000 nodes validating transactions, yet the Interoperability Blockchain only has 100 nodes then you have reduced the security of the transaction from being validated by 1000 to validated by 100.
Security of the Interoperability Blockchain must be greater than the sum of all transactions going through it. JP Morgan transfer $6 Trillion every day, if they move that onto blockchain and need interoperability between two Permissioned blockchains that have to connect via a public Interoperability blockchain, then it would always have to be more costly to attack the blockchain than the value from stealing the funds transacted through the blockchain.
Imposes a lot of limitations on connected blockchains to fork their code which may mean they have to drop some existing functionality as well as prevent them from adding certain features in the future.
Creates a single point of failure — If the Interoperability blockchain or connector has an issue then this affects each connected blockchain.
It doesn’t scale and acts as a bottleneck. Not only does building complex custom connectors not scale but the Interoperability blockchain that they are forcing all transactions to go through has to be faster than the combined throughput of connected blockchains. These Interoperability blockchains have limited tps, with the most being around 200 and is a trade off between performance and decentralisation.
But some Interoperability blockchains say they are infinitely scalable?
If the interoperability blockchain is limited to say 200 tps then the idea is to just have multiple instances of the blockchain and run them in parallel, so you benefit from the aggregated tps, but just how feasible is that? Lets say you want to connect Corda (capable of 2000+ tps) to Hyperledger (capable of up to 20,000 tps with recent upgrade). (Permissioned blockchains such as Hyperledger and Corda aren’t one big blockchain like say Bitcoin or Ethereum, they have separate instances for each consortium and each is capable of those speeds). So even when you have just 1 DAPP from one consortium that wants to connect Corda to Hyperledger and use 2000 tps for their DAPP, you would need 100 instances of the Interoperability blockchain, each with their own validators (which maybe 100–200 nodes each). So, 1 DAPP would need to cover the costs for 100 instances of the blockchain and running costs for 10,000 nodes…This is just one DAPP connected to one instance of a two permissioned blockchains, which are still in the early stages. Other blockchains such as Red Belly Blockchain can achieve 440,000 tps, and this will surely increase as the technology matures. There is also the added complexity of then aggregating the results / co-coordinating between the different instances of the blockchain. Then there are the environmental concerns, the power required for all of these instances / nodes is not sustainable. It’s not just transactions per second of the blockchain as well, its the latency of all these added consensuses along the path to reach to the destination and not knowing whether the security of each of the hops is sufficient and can be trusted. To see examples of how this potential issue as well as others effect Cosmos you can see my article here. I recommend also reading a blog done by the CEO of Quant, Gilbert Verdian, which explains how Overledger differs here as well as detailed in the whitepaper here.
In 1973 Vint Cerf invented the protocol that rules them all: TCP/IP. Most people have never heard of it. But it describes the fundamental architecture of the internet, and it made possible Wi-Fi, Ethernet, LANs, the World Wide Web, e-mail, FTP, 3G/4G — as well as all of the inventions built upon those inventions.
Wired: So from the beginning, people, including yourself, had a vision of where the internet was going to go. Are you surprised, though, that at this point the IP protocol seems to beat almost anything it comes up against?Cerf: I’m not surprised at all because we designed it to do that.This was very conscious. Something we did right at the very beginning, when we were writing the specifications, we wanted to make this a future-proof protocol. And so the tactic that we used to achieve that was to say that the protocol did not know how — the packets of the internet protocol layer didn’t know how they were being carried. And they didn’t care whether it was a satellite link or mobile radio link or an optical fiber or something else.We were very, very careful to isolate that protocol layer from any detailed knowledge of how it was being carried. Plainly, the software had to know how to inject it into a radio link, or inject it into an optical fiber, or inject it into a satellite connection. But the basic protocol didn’t know how that worked.And the other thing that we did was to make sure that the network didn’t know what the packets had in them. We didn’t encrypt them to prevent it from knowing — we just didn’t make it have to know anything. It’s just a bag of bits as far as the net was concerned.We were very successful in these two design features, because every time a new kind of communications technology came along, like frame relay or asynchronous transfer mode or passive optical networking or mobile radio‚ all of these different ways of communicating could carry internet packets.We would hear people saying, ‘The internet will be replaced by X25,’ or ‘The internet will be replaced by frame relay,’ or ‘The internet will be replaced by APM,’ or ‘The internet will be replaced by add-and-drop multiplexers.’Of course, the answer is, ‘No, it won’t.’ It just runs on top of everything. And that was by design. I’m actually very proud of the fact that we thought of that and carefully designed that capability into the system.
This is the approach Quant have taken with their Blockchain OS, Overledger to solve Blockchain interoperability. Compared to other Interoperability platforms that are trying to achieve interoperability at the transaction layer by connecting two blockchains via another blockchain, these will be ultimately be made redundant once faster methods are released. Overledger is designed to be future proof by isolating the layers so it doesn’t matter whether it’s a permissioned blockchain, permissionless, DAG, Legacy network, POW, POS etc because it abstracts the transaction layer from the messaging layer and runs on top of blockchains. Just as the Internet wasn’t replaced by X25, frame relay, APM etc, Overledger is designed to be future proof as it just runs on top of the Blockchains rather than being a blockchain itself. So, if a new blockchain technology comes out that is capable of 100,000 TPS then it can easily be integrated as Overledger just runs on top of it. Likewise, with protocols such as HTTPS, SSH etc these will also emerge for blockchains such as ZK-Snarks and other privacy implementations as well as other features made available, all will be compatible with Overledger as its just sitting on top rather than forcing their own implementation for all. It doesn’t require blockchains to fork their code to make it compatible, it doesn’t add the overhead of adding another blockchain with another consensus mechanism (most likely multiple as it has to go through many hops). All of this adds a lot of latency and restrictions which isn’t needed. The developer can just choose which blockchains they want to connect and use the consensus mechanisms of those blockchains rather than forced to use one. Overledger can provide truly internet scale to meet whatever the demands may be, whether that be connecting multiple red belly blockchains together with 440,000 tps it doesn’t matter as it doesn’t add its consensus mechanism and uses proven internet scale technology such as that based on Kubernetes, which is where each task is split up into a self-contained container and each task is scaled out by deploying more to meet demand. Kubernetes is what runs Google Search engine where they scale up and down billions of containers every week. Due to this being more of a summary, I strongly recommend you read this article which goes into detail about the different layers in Overledger.
But how does it provide the security of a blockchain if it doesn’t add its own blockchain?
This is often misunderstood by people. Overledger is not a blockchain however it still uses a blockchain for security, immutability, traceability etc, just rather than force people to use their own blockchain, it utilises the source and destination blockchains instead. The key thing to understand is the use of its patented technology TrustTag, which was made freely available to anyone with the Overledger SDK. Please see this article which explains TrustTag in detail with examples showing how hashing / digital signatures work etc A quick overview is if i want to send data from one blockchain to another the Overledger SDK using Trusttag will put the data through a hashing algorithm. The Hash is then included in digital signature as part of the transaction which is signed by the user’s private key and then validated through normal consensus and stored as metadata on the source blockchain. The message is then sent to the MAPP off chain. The MAPP periodically scans the blockchains and puts the received message through a hashing algorithm and compares the Hash to the one stored as metadata on the blockchain. This ensures that the message hasn’t been modified in transit, the message is encrypted and only the Hash is stored on chain so completely private, provides immutability as it was signed by the user’s private key which only they have and is stored on the blockchain for high availability and secure so that it can’t be modified, with the ability to refer back to it at any point in time. Despite Overledger being a very secure platform, with the team having a very strong security background such as Gilbert who was chief security information officer for Vocalink (Bank of England) managing £6 trillion of payments every year and classified as national critical security (highest level you can get), ultimately you don’t need to trust Overledger. Transactions are signed and encrypted at client side, so Overledger has no way of being able to see the contents. It can’t modify any transaction as the digital signature which includes a hash of the transaction would be different so would get rejected. Transaction security isn’t reduced as it is signed at source using however many nodes the source blockchain has rather than a smaller amount of nodes with an interoperability blockchain in the middle.
Multi Chain Applications (MAPPs)
What Overledger will allow with Treaty contracts is to use popular programming languages such as Java and create a smart contract in Overledger that interacts with all of the connected blockchains. Even providing Smart contract functionality to blockchains that don’t support them such as Bitcoin. This means that developers don’t have to create all the smart contracts on each blockchain in all the different programming languages but instead just create them in Overledger using languages such as Java that are widely used today. If they need to use a different blockchain then it can be as easy as changing a line of code rather than having to completely rewrite the smart contracts. Overledger isn’t a blockchain though, so how can it trusted with the smart contract? A Hash of the smart contract is published on any blockchain the MAPP developer requires and when called the smart contract is run its run through a hashing function to check that it matches the Hash value stored on the blockchain, ensuring that it has not been modified. By running the Smart contract off chain this also increases Scalability enormously. With a blockchain all nodes have to run the smart contract one after another rather than in parallel. Not only do you get the performance benefit of not having to run the code against every single node but you can also run them in parallel to others executing smart contracts. You can read more about Treaty Contracts here
The different versions of Overledger
The current live version is the Enterprise version as that is where most of the adoption is taking place in blockchain due to permissioned blockchains being preferred until permissionless blockchains resolve the scalability, privacy and regulatory issues. Please see this article which goes into more details about Entereprise blockchain / adoption. The Enterprise version connects to permissioned blockchains as well as additional features / support suited for Enterprises.
The community version is due to be released later this year which will allow developers to benefit from creating MAPPs across permissionless blockchains. Developers can publish their MAPPs on the MAPP Store to create additional revenue streams for developers.
Where does Overledger run from? Is it Centralised?
Overledger can run from anywhere. The community version will have instances across multiple public clouds, Enterprises / developers may prefer to host the infrastructure themselves within a consortium which they can and are doing. For example SIA is the leading private Financial Network provider in Europe, it provides a dedicated high speed network which connects all the major banks, central banks, trading venues etc. SIA host Overledger within their private network so that all of those clients can access it in the confinement of their heavily regulated, secure, fast network. AUCloud / UKCLoud host Overledger in their environment to offer as a service to their clients which consist of Governments and critical national infrastructure. For Blockchain nodes that interact with Overledger the choice is entirely up to the developer. Each member within a consortium may choose to host a node, some developers may prefer to use 3rd party hosting providers such as Infura, or Quant can also host them if they prefer, its entirely their choice. Overledger allows for higher levels of decentralisation by storing the output across multiple blockchains so you not only benefit from the decentralisation of one blockchain but the combination of all of them. Ultimately though decentralisation is thrown around too much without many actually understanding what it means. It’s impossible to have complete decentralisation, when you sign a transaction to be added to a blockchain ultimately you still connect through a single ISP, connect through a single router, or the input into a transaction is done through a piece of software etc. What matters to be decentralised is where trust is involved. As i have mentioned before you don’t need to trust the OS, it’s just providing instructions on how to interact with the blockchains, the end user is signing the transactions / encrypting at client side. Nothing can be seen or modified with the OS. Even if somehow the transaction did get modified then it would get rejected when consensus is done as the hash / digital signature won’t match at the destination blockchain. Where the transaction actually gets put onto the blockchain is where decentralisation matters, because thats what needs to be trusted and conensus is reached and Overledger enables this to be written across multiple blockchains at the same time.
The team are very well connected with a wealth of experience at very senior roles at Global enterprises which I will include a few examples below. Gilbert Verdian the CEO was the Head of security for the payment infrastructure for the Bank of England through his CISO role with Vocalink (Mastercard)managing £6 trillion every year. This is treated by the government as critical national infrastructure which is the highest level of criticallity because its so fundamental to the security of the country. They have experience and know what it takes to run a secure financial infrastructure and meeting requirements of regulators. Gilbert was director for Cybersecurity at PWC, Security for HSBC and Ernst & Young as well as various government roles such as the CISO for the Australian NSW Health, Head of Security at the UK government for Ministry of Justice and HM Treasury in addition to being part of the committee for the European Commission, US Federal Reserve and the Bank of England. Cecilia Harvey is the Chief Operating Officer, where she was previously a Director at HSBC in Global Banking and Markets and before that Director at Vocalink. Cecilia was also Chief Operating Officer at Citi for Markets and Securities Services Technology as well as working for Barclays, Accenture, IBM and Morgan Stanley. Vijay Verma is the Overledger platform lead with over 15 years of developer experience in latest technologies like Java, Scala, Blockchain & enterprise technology solutions. Over the course of his career, he has worked for a number of prestigious organisations including J&J, Deutsche, HSBC, BNP Paribas, UBS Banks, HMRC and Network Rail. Guy Dietrich, the managing director of Rockefeller Capital (manages $19 Billion in assets) has joined the board of Quant Network, and has recently personally attended meetings with the Financial Conduct Authority (FCA) with Gilbert https://twitter.com/gverdian/status/1168628166644183042 As well as advisors such as Paolo Tasca, the founder and Executive Director of the Centre for Blockchain Technologies (UCL CBT) at University College Londonfounder and executive director as well as Chris Adelsbach, Managing Director at Techstars, the worldwide network that helps entrepreneurs succeed. Techstars has partners such as Amazon, Barclays, Boeing, Ford, Google, Honda, IBM, Microsoft, PWC, Sony, Target, Total, Verizon, Western Union etc. Due to client demand they are expanding to the US to setup a similar size office where board members such as Guy Dietrich will be extremely valuable in assisting with the expansion. The most exciting part about the project though is just how much adoption there has been of the platform, from huge global enterprises, governments and cloud providers they are on track for a revenue of $10 million in their first year. I will go through these in the next article, followed by further article explaining how the Token and Treasury works. You can also find out more info about Quant at the following: Part One — Blockchain Fundamentals Part Two — The Layers Of Overledger Part Three — TrustTag and the Tokenisation of data Part Four — Features Overledger provides to MAPPs Part Five — Creating the Standards for Interoperability Part Six — The Team behind Overledger and Partners Part Seven — The QNT Token Part Eight — Enabling Enterprise Mass Adoption Quant Network Enabling Mass Adoption of Blockchain at a Rapid Pace Quant Network Partner with SIA, A Game Changer for Mass Blockchain Adoption by Financial Institutions
A couple of years ago in the early months of the 2017, I published a piece called Abundance Via Cryptocurrencies (https://www.reddit.com/C\_S\_T/comments/69d12a/abundance\_via\_cryptocurrencies/) in which I kind of foresaw the crypto boom that had bitcoin go from $1k to $21k and the alt-coin economy swell up to have more than 60% of the bitcoin market capitalisation. At the time, I spoke of coming out from “the Pit” of conspiracy research and that I was a bit suss on bitcoin’s inception story. At the time I really didn’t see the scaling solution being put forward as being satisfactory and the progress on bitcoin seemed stifled by the politics of the social consensus on an open source protocol so I was looking into alt coins that I thought could perhaps improve upon the shortcomings of bitcoin. In the thread I made someone recommended to have a look at 4chan’s business and finance board. I did end up taking a look at it just as the bull market started to really surge. I found myself in a sea of anonymous posters who threw out all kinds of info and memes about the hundreds, thousands, tens of thousands of different shitcoins and why they’re all going to have lambos on the moon. I got right in to it, I loved the idea of filtering through all the shitposts and finding the nuggest of truth amongst it all and was deeply immersed in it all as the price of bitcoin surged 20x and alt coins surged 5-10 times against bitcoin themselves. This meant there were many people who chucked in a few grand and bought a stash of alt coins that they thought were gonna be the next big thing and some people ended up with “portfolios” 100-1000x times their initial investment. To explain what it’s like to be on an anonymous business and finance board populated with incel neets, nazis, capitalist shit posters, autistic geniuses and whoever the hell else was using the board for shilling their coins during a 100x run up is impossible. It’s hilarious, dark, absurd, exciting and ultimately addictive as fuck. You have this app called blockfolio that you check every couple of minutes to see the little green percentages and the neat graphs of your value in dollars or bitcoin over day, week, month or year. Despite my years in the pit researching conspiracy, and my being suss on bitcoin in general I wasn’t anywhere near as distrustful as I should have been of an anonymous business and finance board and although I do genuinely think there are good people out there who are sharing information with one another in good faith and feel very grateful to the anons that have taken their time to write up quality content to educate people they don’t know, I wasn’t really prepared for the level of organisation and sophistication of the efforts groups would go to to deceive in this space. Over the course of my time in there I watched my portfolio grow to ridiculous numbers relative to what I put in but I could never really bring myself to sell at the top of a pump as I always felt I had done my research on a coin and wanted to hold it for a long time so why would I sell? After some time though I would read about something new or I would find out of dodgy relationships of a coin I had and would want to exit my position and then I would rebalance my portfolio in to a coin I thought was either technologically superior or didn’t have the nefarious connections to people I had come across doing conspiracy research. Because I had been right in to the conspiracy and the decentralisation tropes I guess I always carried a bit of an antiauthoritarian/anarchist bias and despite participating in a ridiculously capitalistic market, was kind of against capitalism and looking to a blockchain protocol to support something along the lines of an open source anarchosyndicalist cryptocommune. I told myself I was investing in the tech and believed in the collective endeavour of the open source project and ultimately had faith some mysterious “they” would develop a protocol that would emancipate us from this debt slavery complex. As I became more and more aware of how to spot artificial discussion on the chans, I began to seek out further some of the radical projects like vtorrent and skycoin and I guess became a bit carried away from being amidst such ridiculous overt shilling as on the boards so that if you look in my post history you can even see me promoting some of these coins to communities I thought might be sympathetic to their use case. I didn’t see it at the time because I always thought I was holding the coins with the best tech and wanted to ride them up as an investor who believed in them, but this kind of promotion is ultimately just part of a mentality that’s pervasive to the cryptocurrency “community” that insists because it is a decentralised project you have to in a way volunteer to inform people about the coin since the more decentralised ones without premines or DAO structures don’t have marketing budgets, or don’t have marketing teams. In the guise of cultivating a community, groups form together on social media platforms like slack, discord, telegram, twitter and ‘vote’ for different proposals, donate funds to various boards/foundations that are set up to give a “roadmap” for the coins path to greatness and organise marketing efforts on places like reddit, the chans, twitter. That’s for the more grass roots ones at least, there are many that were started as a fork of another coin, or a ICO, airdrop or all these different ways of disseminating a new cryptocurrency or raising funding for promising to develop one. Imagine the operations that can be run by a team that raised millions, hundreds of millions or even billions of dollars on their ICOs, especially if they are working in conjunction with a new niche of cryptocurrency media that’s all nepotistic and incestuous. About a year and a half ago I published another piece called “Bitcoin is about to be dethroned” (https://www.reddit.com/C\_S\_T/comments/7ewmuu/bitcoin\_is\_about\_to\_be\_dethroned/) where I felt I had come to realise the scaling debate had been corrupted by a company called Blockstream and they had been paying for social media operations in a fashion not to dissimilar to correct the record or such to control the narrative around the scaling debate and then through deceit and manipulation curated an apparent consensus around their narrative and hijacked the bitcoin name and ticker (BTC). I read the post again just before posting this and decided to refer to it to to add some kind of continuity to my story and hopefully save me writing so much out. Looking back on something you wrote is always a bit cringey especially because I can see that although I had made it a premise post, I was acting pretty confident that I was right and my tongue was acidic because of so much combating of shills on /biz/ but despite the fact I was wrong about the timing I stand by much of what I wrote then and want to expand upon it a bit more now. The fork of the bitcoin protocol in to bitcoin core (BTC) and bitcoin cash (BCH) is the biggest value fork of the many that have occurred. There were a few others that forked off from the core chain that haven’t had any kind of attention put on them, positive or negative and I guess just keep chugging away as their own implementation. The bitcoin cash chain was supposed to be the camp that backed on chain scaling in the debate, but it turned out not everyone was entirely on board with that and some players/hashpower felt it was better to do a layer two type solution themselves although with bigger blocks servicing the second layer. Throughout what was now emerging as a debate within the BCH camp, Craig Wright and Calvin Ayre of Coin Geek said they were going to support massive on chain scaling, do a node implementation that would aim to restore bitcoin back to the 0.1.0 release which had all kinds of functionality included in it that had later been stripped by Core developers over the years and plan to bankrupt the people from Core who changed their mind on agreeing with on-chain scaling. This lead to a fork off the BCH chain in to bitcoin satoshis vision (BSV) and bitcoin cash ABC. https://bitstagram.bitdb.network/m/raw/cbb50c322a2a89f3c627e1680a3f40d4ad3cee5a3fb153e5d6d001bdf85de404 The premise for this post is that Craig S Wright was Satoshi Nakamoto. It’s an interesting premise because depending upon your frame of reference the premise may either be a fact or to some too outrageous to even believe as a premise. Yesterday it was announced via CoinGeek that Craig Steven Wright has been granted the copyright claim for both the bitcoin white-paper under the pen name Satoshi Nakamoto and the original 0.1.0 bitcoin software (both of which were marked (c) copyright of satoshi nakamoto. The reactions to the news can kind of be classified in to four different reactions. Those who heard it and rejected it, those who heard it but remained undecided, those who heard it and accepted it, and those who already believed he was. Apparently to many the price was unexpected and such a revelation wasn’t exactly priced in to the market with the price immediately pumping nearly 100% upon the news breaking. However, to some others it was a vindication of something they already believed. This is an interesting phenomena to observe. For many years now I have always occupied a somewhat positively contrarian position to the default narrative put forward to things so it’s not entirely surprising that I find myself in a camp that holds the minority opinion. As you can see in the bitcoin dethroned piece I called Craig fake satoshi, but over the last year and bit I investigated the story around Craig and came to my conclusion that I believed him to be at least a major part of a team of people who worked on the protocol I have to admit that through reading his articles, I have kind of been brought full circle to where my contrarian opinion has me becoming somewhat of an advocate for “the system’. https://coingeek.com/bitcoin-creator-craig-s-wright-satoshi-nakamoto-granted-us-copyright-registrations-for-bitcoin-white-paper-and-code/ When the news dropped, many took to social media to see what everyone was saying about it. On /biz/ a barrage of threads popped up discussing it with many celebrating and many rejecting the significance of such a copyright claim being granted. Immediately in nearly every thread there was a posting of an image of a person from twitter claiming that registering for copyright is an easy process that’s granted automatically unless challenged and so it doesn’t mean anything. This was enough for many to convince them of the insignificance of the revelation because of the comment from a person who claimed to have authority on twitter. Others chimed in to add that in fact there was a review of the copyright registration especially in high profile instances and these reviewers were satisfied with the evidence provided by Craig for the claim. At the moment Craig is being sued by Ira Kleiman for an amount of bitcoin that he believes he is entitled to because of Craig and Ira’s brother Dave working together on bitcoin. He is also engaged in suing a number of people from the cryptocurrency community for libel and defamation after they continued to use their social media/influencer positions to call him a fraud and a liar. He also has a number of patents lodged through his company nChain that are related to blockchain technologies. This has many people up in arms because in their mind Satoshi was part of a cypherpunk movement, wanted anonymity, endorsed what they believed to be an anti state and open source technologies and would use cryptography rather than court to prove his identity and would have no interest in patents. https://bitstagram.bitdb.network/m/raw/1fce34a7004759f8db16b2ae9678e9c6db434ff2e399f59b5a537f72eff2c1a1 https://imgur.com/a/aANAsL3) If you listen to Craig with an open mind, what cannot be denied is the man is bloody smart. Whether he is honest or not is up to you to decide, but personally I try to give everyone the benefit of the doubt and then cut them off if i find them to be dishonest. What I haven’t really been able to do with my investigation of craig is cut him off. There have been many moments where I disagree with what he has had to say but I don’t think people having an opinion about something that I believe to be incorrect is the same as being a dishonest person. It’s very important to distinguish the two and if you are unable to do so there is a very real risk of you projecting expectations or ideals upon someone based off your ideas of who they are. Many times if someone is telling the truth but you don’t understand it, instead of acknowledging you don’t understand it, you label them as being stupid or dishonest. I think that has happened to an extreme extent with Craig. Let’s take for example the moment when someone in the slack channel asked Craig if he had had his IQ tested and what it was. Craig replied with 179. The vast majority of people on the internet have heard someone quote their IQ before in an argument or the IQ of others and to hear someone say such a score that is actually 6 standard deviations away from the mean score (so probably something like 1/100 000) immediately makes them reject it on the grounds of probability. Craig admits that he’s not the best with people and having worked with/taught many high functioning people (sometimes on the spectrum perhaps) on complex anatomical and physiological systems I have seen some that also share the same difficulties in relating to people and reconciling their genius and understandings with more average intelligences. Before rejecting his claim outright because we don’t understand much of what he says, it would be prudent to first check is there any evidence that may lend support to his claim of a one in a million intelligence quotient. Craig has mentioned on a number of occasions that he holds a number of different degrees and certifications in relation to law, cryptography, statistics, mathematics, economics, theology, computer science, information technology/security. I guess that does sound like something someone with an extremely high intelligence could achieve. Now I haven’t validated all of them but from a simple check on Charles Sturt’s alumni portal using his birthday of 23rd of October 1970 we can see that he does in fact have 3 Masters and a PhD from Charles Sturt. Other pictures I have seen from his office at nChain have degrees in frames on the wall and a developer published a video titled Craig Wright is a Genius with 17 degrees where he went and validated at least 8 of them I believe. He is recently publishing his Doctorate of Theology through an on-chain social media page that you have to pay a little bit for access to sections of his thesis. It’s titled the gnarled roots of creation. He has also mentioned on a number of occasions his vast industry experience as both a security contractor and business owner. An archive from his LinkedIn can be seen below as well. LinkedIn - https://archive.is/Q66Gl https://youtu.be/nXdkczX5mR0 - Craig Wright is a Genius with 17 Degrees https://www.yours.org/content/gnarled-roots-of-a-creation-mythos-45e69558fae0 - Gnarled Roots of Creation. In fact here is an on chain collection of articles and videos relating to Craig called the library of craig - https://www.bitpaste.app/tx/94b361b205196560d1bd09e4e3b3ec7ad6bea478af204cabfe243efd8fc944dd So there is a guy with 17 degrees, a self professed one in a hundred thousand IQ, who’s worked for Australian Federal Police, ASIO, NSA, NASA, ASX. He’s been in Royal Australian Air Force, operated a number of businesses in Australia, published half a dozen academic papers on networks, cryptography, security, taught machine learning and digital forensics at a number of universities and then another few hundred short articles on medium about his work in these various domains, has filed allegedly 700 patents on blockchain related technology that he is going to release on bitcoin sv, copyrighted the name so that he may prevent other competing protocols from using the brand name, that is telling you he is the guy that invented the technology that he has a whole host of other circumstantial evidence to support that, but people won’t believe that because they saw something that a talking head on twitter posted or that a Core Developer said, or a random document that appears online with a C S Wright signature on it that lists access to an address that is actually related to Roger Ver, that’s enough to write him off as a scam. Even then when he publishes a photo of the paper copy which appears to supersede the scanned one, people still don’t readjust their positions on the matter and resort back to “all he has to do is move the coins or sign a tx”. https://imgur.com/urJbe10 Yes Craig was on the Cypherpunk mailing list back in the day, but that doesn’t mean that he was or is an anarchist. Or that he shares the same ideas that Code Is Law that many from the crypto community like to espouse. I myself have definitely been someone to parrot the phrase myself before reading lots of Craig’s articles and trying to understand where he is coming from. What I have come to learn from listening and reading the man, is that although I might be fed up with the systems we have in place, they still exist to perform important functions within society and because of that the tools we develop to serve us have to exist within that preexisting legal and social framework in order for them to have any chance at achieving global success in replacing fiat money with the first mathematically provably scarce commodity. He says he designed bitcoin to be an immutable data ledger where everyone is forced to be honest, and economically disincentivised to perform attacks within the network because of the logs kept in a Write Once Read Many (WORM) ledger with hierarchical cryptographic keys. In doing so you eliminate 99% of cyber crime, create transparent DAO type organisations that can be audited and fully compliant with legislature that’s developed by policy that comes from direct democratic voting software. Everyone who wants anonymous coins wants to have them so they can do dishonest things, illegal things, buy drugs, launder money, avoid taxes. Now this triggers me a fair bit as someone who has bought drugs online, who probably hasn’t paid enough tax, who has done illegal things contemplating what it means to have that kind of an evidence ledger, and contemplate a reality where there are anonymous cryptocurrencies, where massive corporations continue to be able to avoid taxes, or where methamphetamine can be sold by the tonne, or where people can be bought and sold. This is the reality of creating technologies that can enable and empower criminals. I know some criminals and regard them as very good friends, but I know there are some criminals that I do not wish to know at all. I know there are people that do horrific things in the world and I know that something that makes it easier for them is having access to funds or the ability to move money around without being detected. I know arms, drugs and people are some of the biggest markets in the world, I know there is more than $50 trillion dollars siphoned in to off shore tax havens from the value generated as the product of human creativity in the economy and how much human charity is squandered through the NGO apparatus. I could go on and on about the crappy things happening in the world but I can also imagine them getting a lot worse with an anonymous cryptocurrency. Not to say that I don’t think there shouldn’t be an anonymous cryptocurrency. If someone makes one that works, they make one that works. Maybe they get to exist for a little while as a honeypot or if they can operate outside the law successfully longer, but bitcoin itself shouldn’t be one. There should be something a level playing field for honest people to interact with sound money. And if they operate within the law, then they will have more than adequate privacy, just they will leave immutable evidence for every transaction that can be used as evidence to build a case against you committing a crime. His claim is that all the people that are protesting the loudest about him being Satoshi are all the people that are engaged in dishonest business or that have a vested interest in there not being one singular global ledger but rather a whole myriad of alternative currencies that can be pumped and dumped against one another, have all kinds of financial instruments applied to them like futures and then have these exchanges and custodial services not doing any Know Your Customer (KYC) or Anti Money Laundering (AML) processes. Bitcoin SV was delisted by a number of exchanges recently after Craig launched legal action at some twitter crypto influencetalking heads who had continued to call him a fraud and then didn’t back down when the CEO of one of the biggest crypto exchanges told him to drop the case or he would delist his coin. The trolls of twitter all chimed in in support of those who have now been served with papers for defamation and libel and Craig even put out a bitcoin reward for a DOX on one of the people who had been particularly abusive to him on twitter. A big european exchange then conducted a twitter poll to determine whether or not BSV should be delisted as either (yes, it’s toxic or no) and when a few hundred votes were in favour of delisting it (which can be bought for a couple of bucks/100 votes). Shortly after Craig was delisted, news began to break of a US dollar stable coin called USDT potentially not being fully solvent for it’s apparent 1:1 backing of the token to dollars in the bank. Binance suffered an alleged exchange hack with 7000 BTC “stolen” and the site suspending withdrawals and deposits for a week. Binance holds 800m USDT for their US dollar markets and immediately once the deposits and withdrawals were suspended there was a massive pump for BTC in the USDT markets as people sought to exit their potentially not 1:1 backed token for bitcoin. The CEO of this exchange has the business registered out of Malta, no physical premises, the CEO stays hotel room to hotel room around the world, has all kind of trading competitions and the binance launchpad, uses an unregistered security to collect fees ($450m during the bear market) from the trading of the hundreds of coins that it lists on its exchange and has no regard for AML and KYC laws. Craig said he himself was able to create 100 gmail accounts in a day and create binance accounts with each of those gmail accounts and from the same wallet, deposit and withdraw 1 bitcoin into each of those in one day ($8000 x 100) without facing any restrictions or triggering any alerts or such. This post could ramble on for ever and ever exposing the complexities of the rabbit hole but I wanted to offer some perspective on what’s been happening in the space. What is being built on the bitcoin SV blockchain is something that I can only partially comprehend but even from my limited understanding of what it is to become, I can see that the entirety of the crypto community is extremely threatened as it renders all the various alt coins and alt coin exchanges obsolete. It makes criminals play by the rules, it removes any power from the developer groups and turns the blockchain and the miners in to economies of scale where the blockchain acts as a serverless database, the miners provide computational resources/storage/RAM and you interact with a virtual machine through a monitor and keyboard plugged in to an ethernet port. It will be like something that takes us from a type 0 to a type 1 civilisation. There are many that like to keep us in the quagmire of corruption and criminality as it lines their pockets. Much much more can be read about the Cartel in crypto in the archive below. Is it possible this cartel has the resources to mount such a successful psychological operation on the cryptocurrency community that they manage to convince everyone that Craig is the bad guy, when he’s the only one calling for regulation, the application of the law, the storage of immutable records onchain to comply with banking secrecy laws, for Global Sound Money? https://archive.fo/lk1lH#selection-3671.46-3671.55 Please note, where possible, images were uploaded onto the bitcoin sv blockchain through bitstagram paying about 10c a pop. If I wished I could then use an application etch and archive this post to the chain to be immutably stored. If this publishing forum was on chain too it would mean that when I do the archive the images that are in the bitstragram links (but stored in the bitcoin blockchain/database already) could be referenced in the archive by their txid so that they don’t have to be stored again and thus bringing the cost of the archive down to only the html and css.
The History, The Current State And The Future Of NavCoin
The History, The Current State And The Future Of NavCoin
This is it. If you're interested to see what NAV is all about, this is the ultimate guide for you. You will learn about the history of NavCoin and how it evolved. You will learn about the current state and features of NavCoin and you will learn about the exciting new features that are planned and coming up in the (near) future. So buckle up, this is going to be a long ride!
Table Of Content
What is NavCoin?
Rebranding to SummerCoinV2 /NavajoCoin
Rebranding to NavCoin
The Current State
Tutorials And Guidelines
Where can you use NAV?
Introduction - What is NavCoin?
NavCoin is a cryptocurrency that has been publicly traded since mid 2014. It's a fork of the latest version of Bitcoin Core with many additional features and functionalities which differentiate NAV from other cryptos.
NavCoin has been one of the first projects to switch to Proof of Stake and is still using PoS to validate and generate blocks. NavCoin didn't have an ICO or a premine. It is self-funded from the beginning and primarily, but not solely maintained by developers of Encrypt-S - the NavCoin Core team (see below for more info about the team).
NAV is trying to simplify cryptocurrencies for the masses. It does this by providing features which make it easy to use like the implementation of OpenAlias, which allows people to send NAV to an email-like address (for example [[email protected]](mailto:[email protected])). It also provides very easy to use desktop and mobile wallets.
NAV also provides optional privacy. You can send transactions publicly or private, as you prefer.
It's block speed is really fast with about 30 seconds per block. Transactions are confirmed as spendable within only 30 second which makes it ideal for retail and e-commerce.
High levels of scalability (260+ transactions per second)
It currently has a market cap of 11.6kk (as of writing) and trades for about $0.18 / 4'872 Sats per NAV. The circulating supply is 64kk with no max supply (with an inflation of about 4%).
Staking NavCoin currently yields about 8–10% of your holdings per year. This number depends on how many NAV are currently staking. The minimum return is about 4% (if every single NAV would be staking).
NAV is available on many different exchanges with the biggest ones being Binance, Bittrex and Poloniex.
Introduction The following chapter will summarize and break down the history of NavCoin in a few sentences. NAV started a long time ago, went through rebrandings and changes of the core team before it became what it is today. SummerCoin NavCoin was initially first introduced under the name SummerCoin on April 23 in 2014. SummerCoin was a fork of the Bitcoin blockchain. It used to have a PoW/PoS hybrid algorithm with a block time of 45 seconds. SummerCoinV2 /NavajoCoin Soon after the initial launch of SummerCoin, the original developer left and SoopY (soopy452000 on bitcointalk) took over as the main developer and rebranded the project to SummerCoinV2 respectively NavajoCoin and introduced new features. The name NavajoCoin was chosen in honor of the Navajo Code Talker. The unbreakable Navajo code was used to encrypt highly classified military information and commands and decrypt the same in WW II. SoopY introduced a technology which allowed sending transactions anonymously and private. This technology was called "Navajo Anonymous Technology". SoopY also released a new wallet and set the Proof of Stake rewards at 10% for the first year, 5% for the second year and 2% for every year after. NavCoin On August 12, 2014, Craig (current lead core developer, pakage on bitcointalk) started to get involved with NAV by helping to set up a website . It was officially announced that Craig joined the core team as a "Wallet & Web Developer" on November 06, 2014. The last tokenswap and restart of the blockchain of NAV happened on May 12, 2016. Soon later, SoopY stopped showing up and Craig stepped into the role of the lead core developer. Since then, Craig has assembled a strong team with which he built NavCoin into what it is today. Currently, Craig and the NavCoin Core team is located in New Zealand and they are actively developing many ground-braking features which differentiate NAV from other cryptocurrencies. You will read more about that later in this article.
The Current State
Introduction The year 2018 has been a thriving year for the NavCoin ecosystem. Despite the USD price of NAV not reflecting it, in 2018 the core team has developed a whole bunch of new features. Also the core content creators published the first official guidelines that function as an orientation guide for community content creators. This chapter will give you an overview of the current team, the features, the prior mentioned guidelines and the community of NavCoin. Core Team  Last year, the core team has grown alot. It contains of developers, content creators and interns. The core team are employees of Encrypt S, the New Zealand's leading blockchain R&D lab. Encrypt S is developing blockchain solutions since 2014 and values building open-source software highly. Craig MacGregor - Chief Executive Officer Craig is the CEO of Encrypt S and the founder of NavCoin. He is one of the world's most experienced blockchain developers. Craig founded NavCoin in 2014 and is developing software for it since then. He has assembled a strong team of like-minded people. Craig also speaks at seminars and conferenced. Some of the companies and conferences he did blockchain education sessions at are Oracle, Xero, Air New Zealand, Blok Tex and trademe. Together with the team, he is also doing a education series on YouTube where he explains upcoming features in-depth for the community. Alex Vazquez - Chief Technical Officer Alex is the CTO of Encrypt S and the most active contributor to the NavCoin core Github. He has incredible knowledge of blockchains and proposes and implements solutions for challenges and features. He supports community developers frequently and answers any questions of the community thoroughly. Like Craig, Alex is developing software for the NavCoin ecosystem for a very long time. Alex speaks at universities at times and educates students about the blockchain technology. Paul Sanderson - Lead Software Engineer Paul is the Lead Software Engineer at Encrypt S. He has a flair for technology. His technical and management skills are perfectly suited for consultancy and investment advising. He also frequently contributes to the NavCoin core source code. Rowan Savage - Senior Software Engineer Rowan is a full stack software engineer with more than a decade experience in developing complex front-end web applications. He joined Encrypt S in February 2018 and has since been involved in the Valence Plattform, the Kauri Wallet and NavCoin Core. You will read more about these feature/projects later. Carter Xiao - Lead UX/UI Designer Carter specializes in user-centric design and is also very talented with 3D animation, motion graphics and programming. One of NavCoins core principle is "Simplifying Crypto" and UX/UI is a very important part of that. Matt Paul - Software Engineer Like Rowan, Matt is a full stack Software Engineer. He joined the core team in Mai 2017 and has since worked on NavPay, NavPi, the Kauri Wallet and NavCoin Core. Kieren Hyland - Chief Strategy Officer Kieren is one of the employees that are working for Encrypt S for a very long time. He is the CSO and is a digital strategist and growth hacker with a passion for new technology and has a lot of experience in online marketing. Laura Harris - Creative Director Laura has a combination of commercial and creative flair. She manages the social media accounts for NavCoin and ensures, that NavCoins' message is always powerful, relevant and distinctive. John Darby - Content Creator John is an internationally awarded Technology and Financial sector marketing communications specialist. He is one of the Core Content Creators for NavCoin. Features of NavCoin  The following features are currently available and have been developed in the last months and years. It is sorted from newest to oldest. Static Block Reward The soft-fork for the enabling of static block rewards have been accepted and became active recently at 5th January 2019. This means, that the block reward was changed from a percentage based reward to a static reward. This will incentivize the stakers to have their node online 24/7 which increased the security of the network. It also aligns NavCoin with the PoSv3 specification. With this implementation, the yearly inflation will be 3.6% currently and will exponentionally decrease because of the static value of the rewards. Every staked block will now give the staker 2 NAV. Depending on how many people are staking, the yearly percentage varies. With the network weight currently being around 20'000'000 NAV, stakers earn around 10% rewards from staking 24/7. Cold staking To provide extra security to participants in the staking process in the NavCoin network, the core team decided to implement cold staking. This allows to store NAV offline and still be able to sign staking inputs. Looking forward, a possible integration into the Ledger Nano S would mean, that one can stake NAV securely from a offline hardware wallet. How cool is that? OpenAlias One of the core principle of NAV is to simplify cryptocurrencies. Many non-technical people are deterred from the long, cryptic addresses used in wallets. When sending funds, you have to make sure that every single letter and digit is correct which is nerve-wracking for the average person. NavCoin has implemented OpenAlias, which allows to transform the wallet address into a email-like form. Everyone can register a name like "[[email protected]](mailto:[email protected])". Funds can then be sent to this name, which makes sending crypto much easier and less error-prone. Community Fund This is the one big feature I was most excited about. NavCoin core has implemented the first fully decentralized community fund. Acceptance of proposals and release of funds is all approved by the decentralized network. No central authority has access to the fund. The community fund enables everyone to propose their ideas to the NavCoin community and to get paid to implement these ideas. Everyone can propose whatever they like (of course there is a higher rate of success if the proposal contributes to the NavCoin ecosystem ;-)). In fact, this article was sponsored by the NAV-Community by voting "yes" for my proposal. The fund works like this: For a fee of 50 NAV, everyone can create and present his idea/proposal to the entire NavCoin network. The fee is here to help prevent spam attacks. Proposals can literally be anything - be it development, marketing or anything else you can some up with. After creating the proposal, everyone contributing to the NavCoin network can then decide if they like the proposal of not. They vote with "Yes" or "No" for the acceptance of the proposal. Voting happens via staking. Every transaction that gets validated by you gives you one vote. This means that the more NAV you are staking, the higher your voting weight is. The proposal stays in the state "Pending" until it is accepted or rejected. To be accepted, a proposal has to have a participation of at least 50% of all staked blocks and at least 75% of these votes have to be "Yes"-votes. Like-wise to be rejected a proposal need 50% participation of the network and 75% of these votes have to be "No"-votes. Additionally, if a proposal didn't pass after 6 voting cycles (about 6 weeks) it is also rejected. After a proposal has been accepted, the creator of the proposal can start his work. When the work is finished, or at in the proposal defined checkpoints, the proposal creator can create a payment request for the full or part of the requested funds. The NavCoin network can then again decide, if the work is what the creator promised to do and vote for the funds or reject the payment request because it was not what he promised. This mechanism ensures, that the funds are only release if the creator of the proposal did what he promised. The NavCoin network decides everything, there is no central authority which makes the community fund 100% decentralized. The community fund is quite new but there have already been some proposals that were accepted like paying for the development & hosting of NAV block explorer, the creation and distribution of NAV car stickers to the community for free (or paid by the community fund), the funding of interns for NavCoin Core, translation of the website into other languages and YouTube videos. What ideas could you come up with? By the way: this article was also sponsored by the community fund :-) Proof of Stake Like said before, NavCoin uses the Proof of Stake algorithm to create and validate blocks. Participants of the NavCoin network can earn rewards by putting their coins to stake and thus validating blocks and securing the network. The reward used to be 4% fixed but recently changed with the implementation of PoSv3. Currently, rewards for stakers that are staking 24/7 is about 10% but it is dependent on how many people are staking. If more nodes come online, this reward will go down. If 90% of all NAVs would be at stake, stakers would still earn 4%. Tutorials And Guidelines  The NavCoin Core team pushes the community to contribute to the NavCoin ecosystem constantly. They emphasize that NavCoin is an open source project and everyone can contribute. The team tries to make it as easy as possible for the average person to contribute and thus created different tutorials and guidelines. Tutorials To Contribute To The Website The whole website is open source. Everyone can contribute to the website. The team created different guides for people to follow . The NavCoin Developer Manifesto The content creator core team has build a developer manifesto. It defines the values that should be uphold like for example that they will always operate in the best interest of the network. If defines the principles, purposes, scope of involvement and operational requirements . The NavCoin Content Creation Manifesto Similar to the developer manifesto, there is also a content creation manifesto. Again it defines the principles for creating content, the purpose, the scope of involvement and the operational requirements . NavCoin Brand Guidelines In addition to the content creation manifesto, there is also a brand guideline booklet. This should help content creators to create images, videos, articles etc. in the same style as the core team. It defines the NAV brand. The brand guidelines contain definitions, the language to use (words to use, words not to use), the tone of voice, what the community aspires to be and what we discourage to be. It also contains the logo pack which can be used in graphics etc. It describes correct logo spacing, logo placement, the colors of NAV and different web assets. It gives tips about gradients and overlays, the typefaces (with a font pack) and many more. Check it out yourself . NavCoin Educational Series The core team has decided to actively involve the community in the creation of new features. For this reason and to allow users to ask questions, they created the NavCoin Educational Series. The core team schedules an online live meetup which can be joined by everyone. On YouTube they do live-streams and explain upcoming features. Examples of these series are explanations for cold staking, static rewards (PoSv3) and the community fund. The community can ask questions live and the core team will answer them immediately. Community During the last year there have been an influx of software developers from the community starting to create features for NAV. navexplorer.com An examples is navexplorer.com which is programmed by community developer prodpeak and is a block explorer for NavCoin. Additionally, it functions as a interface to see what is going on in the community fund. It shows pending proposals and payment requests. NEXT Wallet The NEXT Wallet is an alternative wallet for NAV and other cryptocurrencies. It has a beautiful user interface and is additionally the easiest interface to interact with the community fund (create proposals, create payment requests and vote for proposals and payment requests). It is programmed by community developer sakdeniz who put hundreds of hours into it during last year. There were also some marketing activities starting to emerge with the release of the community fund. Some of these were for example free stickers for everyone in the NAV community to stick to their car / shop / window etc. or YouTube videos of CryptoCandor and Cryptomoonie that explained the details of NAV. I am sure, that with the 500'000 NAV available in the community fund per year there will be an influx of gread ideas - development as well as marketing activities - that will be funded.
Introduction These features are planned for the future. Many of the following features are part of the 2019 roadmap. Some will not be described in great detail because not much is known about them yet. I've still listed them as they are part of what is yet to come. Features Rimu - Improved Privacy Solution NavCoin used to be a optional privacy coin. That means, that you could choose to send a transaction in private. NavCoin was criticized for the way it handles private payments because it relied on a few servers which didn't make it that decentralized. The technology was called "NavTech" and was a secondary blockchain that obscured the transaction and the amount that was sent. NavCoin Core is currently developing a new improved privacy solution that will make the private payment system completely trustless and districuted and runs at a protocol level. Alex of the NavCoin Core team has published a paper that describes this new privacy solution. It's called Zero Confidential Transactions and can be found here: https://www.researchgate.net/publication/330366788_ZeroCT_Improving_Zerocoin_with_Confidential_Transactions_and_more. What I want to highlight is the collaboration between Alex as the proposer of the solution and the Veil team, a Bitcoin Core developer and Moneros main cryptographer as reviewers. When the best work together, it will be interesting to see what the outcome is! Valence Plattform  Valence is an applied Blockchain platform that can help businesses realise the tangible benefits of blockchain. You can think of Valence as a platform with which you can build Anonymous Distributed Applications (aDapps) with. But Valence is a different kind of platform that enables developers to create new types of blockchain applications. The problem with current (turing complete) dApp platforms are their complexity and rigid nature. Security holes in smart contracts and scaling issues happen frequently . Valence provides transitional pathways that let businesses migrate only part of their activities to the blockchain without having to restructure their entire business model .
Valence will provide a spectrum of blockchain application solutions which sit along the decentralized spectrum, offering businesses simple ways to dip their toes into the blockchain at minimal risk or complexity .
Thanks to the proof of stake nature of the Valence blockchain, more of a node's resources can be used for processing and routing application data which makes the platform faster and scalable.
Valence aims to make building blockchain applications as accessible to the general public as WordPress or Squarespace has made building websites.
The developers NavCoin and Valence aim to make Valence extremely easy to work with:
A Valence application could be an open source mobile or web application that submits unencrypted or encrypted data directly to the blockchain. The only configuration necessary for the app developer would be setting up the data structure. Once they've done that they can start writing to the blockchain immediately. The Valence blockchain interface is language agnostic, meaning developers are free to build applications in whichever language they're familiar with, which greatly reduces the barrier to entry. As the platform progresses, Valence will introduce more and more smart contract templates in collaboration with the development community. These will be like plugins that users can simply select and configure for their application, without having to reinvent the wheel and risk contract errors or spend countless hours of research to program them.
NavShopper The following information is taken from the latest weekly news: NavShopper is a new project which will allow people to spend NavCoin on a growing list of retailers and service providers. NavShopper sits between traditional retailers accepting fiat and NavCoin users and purchases products on behalf of the user by managing the crypt-fiat conversion, payment and shipping. This project will unlock many more ways for people to spend NAV on existing websites/marketplaces without requiring each site to individually accept cryptocurrencies. Some of the prototypes we are working on include crediting your Uber account, buying products on Amazon and donating to charities. Kauri Wallet The Kauri Wallet aims to be an open-source, multi-currency wallet which functions as a foundation for other features. Kauri Enhanced Enhancements to the Kauri Wallet will allow multiple accounts, pin numbers, recurring payments and more. Kauri DAEx The Kauri DAEx is a Decentralised Atomic Exchange that utilises the features of the Kauri Wallet and enables users to create safe peer to peer atomic exchanges for any currency supported by the Kauri Wallet. NavDelta NavDelta will be a payment gateway that allows users to spend NAV at any business which accepts currencies supported by the Kauri Wallet. NavMorph NavMorph is a fusion of Rimu and Kauri DAEx and will allow to privately send every cryptocurrency supported by the Kauri Wallet.
If you have made it this far: Congratulations! You have learned about how NAV evolved, what its current state is and what the future will bring. To sum all up: NavCoin has made incredible progress during last year and released many long awaited features despite the bear market. Many more exciting features are yet to come and it's going to be very interesting to see where we will stand on this day next year.
Unfortunately, the giveaway was not possible in the cryptocurrency-subreddit because of their rules, so I'm doing it here :-) As a surprise, in the next 2 hours I am going to send some NAV to everyone who wants to try out the awesome features and NavPay you read about above. To get your NAVs, all you have to do is the following:
Download the app NavPay from the Android Play Store or as a iOS user, use the NavPay website
Follow the steps to set up your mobile wallet
Backup your private key (the random words) so you could restore your wallet if your phone breaks or something like that!
Post your public address, so I can send you some NAVs
If you liked the experience, I'd be happy to hear back from you :)
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