Impact of Successful DDoS Attacks on a Major Crypto ...

Pledgecamp

Pledgecamp
Greetings to you, dear readers. I am always glad to share with you the most promising ideas and start-ups from the world of crypto-currencies. They are created in order to facilitate our life with you and to change the world in the future

https://preview.redd.it/sken0ungsoe21.png?width=1356&format=png&auto=webp&s=281c2a8e6b0afa0297a05157cd9aa3534707231e

Presentation

The real essence of blockchain and cryptocurrency is to distribute decision-making powers from central authorities and big powerhouses through decentralization. One of the more interesting features of cryptocurrency is that it can’t be controlled by any middlemen or authorities. On platforms like Bitcoin network where the framework is peer to peer, the transfer of real value does not require the contribution of any central power, since exchanges are approved by a distributed set of miners that exist on the system. Sadly the concept of decentralization which exists as the basis of cryptocurrency has not been completely adopted in cryptocurrency exchanges. Majority of popular exchanges with massive trading volumes are designed on centralized framework rather than on decentralized framework.
The innovation for future with high quality and make comfortable for all contributor and give the best of services in platform , make the best of controlling on decentralized network for make stabling of all condition ecosystem on platform to make as well and make this platform has a big community for support and make more interaction and transaction so that make this platform growing in future and then value this platform growing in future, building the best of platform with high on services and keeping on growing for make innovation with different so this platform make all client comfortable to use and with high on secure for controlling all condition and providing for all connection platform to make as well so that makes this platform fast growing potential in future.
The first blockchain was conceptualized by an individual (or group of individuals) known as Satoshi Nakamoto in 2008. It was launched the following year in January 2009 by Nakamoto as a core component of the cryptocurrency Bitcoin, where it serves as the public ledger for all transactions on the network.
Through the use of a blockchain, Bitcoin became the first digital currency to solve the double spending problem without requiring a trusted authority and has been the inspiration for many additional applications.
I believe that in one hundred years, blockchains will be as common and necessary as electricity is today. They will be fundamental pieces of the economy which nearly everyone will interact with on a daily basis. They will be so normal that we will forget they exist.
We should expect that, over the next couple decades, we will see a Cambrian explosion of blockchain applications and organizations much like what happened with the internet over the past few decades or electrification in the early 20th century. If that’s true, it’s worth developing a basic understanding of blockchains, including why they matter and how they work.

OVERVIEW OF THE PROJECT

Pledgecamp brings transparency, accountability, and trust to crowdfunding. With the blockchain enabling a decentralized, collaborative crowd, backers can help any idea, anywhere with the confidence that creators will keep their promises.
Until now crowdfunding has mainly been an act of faith — falling in love with a project, putting some financial skin to it, and hoping it will work out. By marrying crowdfunding with the benefits of blockchain, Pledgecamp provides a solution for that imperfect scenario in 5 ways:
  1. Backer insurance: Backing a project with your hard-earned money shouldn’t leave you helpless from a financial nightmare. With “Backer Insurance”, backers have the power to hold creators to a higher standard and ensure their money is rewarded with good faith. Creators will have skin in the game to set realistic expectations and remain accountable, even after the funding period is over.
  2. Campaign deposits: Before backing a project, you should know exactly what you’re getting into and who you’re jumping into it with. Campaign deposits force creators to put money where their mouths are, and rewards them for providing material disclosures that foster transparency to better protect your money.
  3. Incentivizing collaboration: We believe the crowd has much more to offer than just their money and should be rewarded for bringing their skills and connections to the equation. “Pledge Coins” enable automated, blockchain-based payments where users can help the platform grow at the same time as earning tokens themselves.
  4. Decentralization: Crowdfunding is at its heart a decentralized system, but currently, it is burdened by centralized parties whose bottom lines consist of generating listing fees regardless of the ultimate success of the companies. Combining crowdfunding with the decentralized nature of the blockchain will allow users to participate in and shape the network according to their needs and priorities, and scale without centralized constraints.
  5. Industry experience: As experienced crowdfunders ourselves and among the top 1% most-funded teams on Kickstarter after four successful projects, we know what tools work and which are missing from the current solutions. We will supply the tools and the marketplace the services and information creators need to succeed. For pros and first-timers alike, data-driven Automation, Advanced E-commerce, Analytics, and Data Management integrations will help creators build and optimize their campaigns.
The Pledgecamp market network combines properties of a marketplace where buyers and sellers of services are brought together, with a network where individual characteristics, identities, and references matter. This requires sophistication and care on the part of the creator to carefully evaluate which vendors have sufficient expertise to fulfil the task.
On Pledgecamp, a creator will be able to easily connect with various vendors, such as plastic injection moulders and shipping companies, who are on the platform to earn their business. The creator will be able to reliably review each vendor’s reputations and history with past clients in order to compare actual work histories and gauge fit. For an aspiring entrepreneur, finding trustworthy and appropriate partnerships is a critical success factor and huge pain point that can be addressed by a blockchain-powered market network.

What is Pledgecamp’s mission?

We believe those good ideas can come from anywhere, and no one should be denied the opportunity to become an entrepreneur. Our mission is to give everyone that opportunity.

Problem

The main problem facing crowdfunding is an issue of trust. Backers are burned repeatedly by creators who fail to follow through on their promises. A lack of security mechanisms and transparency provides backers with little protection.
Put simply, the current model on these platforms is to give a stranger some money, then pray and hope that you get something back as promised. Instead of taking an active role in providing investor protections, current platforms adopt a more passive role with the apparent aim of avoiding liability. Pledges are considered “donations” in order to distance them from being considered investments or pre-purchases.22 This euphemistic classification ignores the reality of how these platforms are used today. Some failure is a natural consequence of innovation but by ignoring the issue, today’s platforms have allowed the problem to become an epidemic.
Solution: Blockchain Powered Crowdfunding The emergence of blockchain technology and its decentralized nature presents a perfect solution to these longstanding problems in crowdfunding. Smart contracts will add security and transparency to pledging, and financial penalties will keep creators accountable to their promises. In addition, blockchain will empower the “Smart Crowd” to contribute more than just funds but participate in projects with their skills and knowledge in return for income. The distributed nature of the blockchain and the use of cryptocurrencies will allow the network to grow, self-govern, and distribute value in an open and merit-based way—without central intermediaries or borders.
Pledgecamp Ecosystem: The Pledgecamp Ecosystem consists of three major parts: the core Crowdfunding Platform, as well as the Market Network and Knowledge Center. The Pledgecamp Ecosystem is based on a blockchain-powered, peer-driven economy.

https://preview.redd.it/qtqmtsvksoe21.png?width=1019&format=png&auto=webp&s=8584e2201c10544c73a49d54fd2c2f369d3b9886

The Token

Name – Pledge Coin (PLG)
Type – ERC20
Price per PLG – $0.01 USD
Total Supply – 10,000,000,000 PLG
Public Distribution — 2,000,000,000
Remaining for Sale – 300,000,000 PLG
Min. Contribution – $50 USD
Currencies Accepted: ETH, BTC

For More Information Visit:

Twitter: https://twitter.com/Pledgecamp Facebook: https://www.facebook.com/pledgecamp Instagram: https://www.instagram.com/pledgecamp/ Telegram: https://t.me/pledgecamp Medium: https://medium.com/pledgecamp

Bounty0x username: @walesodiya

submitted by walesodiya to Pledgecamp_Official [link] [comments]

Pledgecamp – Review

Pledgecamp – Review


https://preview.redd.it/vzzev7jvroe21.png?width=1356&format=png&auto=webp&s=1abee3de68df2919c79543295b7e993c6f757bf9

Presentation

The essence of blockchain and cryptocurrency is to assign decision-making powers from central authorities and big powerhouses into decentralization. One of the more interesting features of cryptocurrency is that it can’t be compared by any middlemen or authorities. On platforms like Bitcoin network where the framework is peer to peer, the transfer of real value does not require the contribution of any central power, since exchanges are supported by a distributed set of miners that exist on the system. Sadly the concept of decentralization which exists as the basis of cryptocurrency has not been completely seized in cryptocurrency exchanges. Majority of popular exchanges with massive trading volumes are originated on centralized framework rather than on decentralized framework.

OVERVIEW OF THE PROJECT
Pledgecamp brings transparency, liability, and trust to crowdfunding. With the blockchain enabling a decentralized, collaborative crowd, backers can help any idea, anywhere with the heart that creators will keep their promises.
Until now crowdfunding has mainly been an act of faith — falling in love with a project, putting some financial skin to it, and hoping it will work out. By marrying crowdfunding with the benefits of blockchain, Pledgecamp provides a solution for that imperfect scenario in 5 ways:
  1. Backer insurance:Backing a project with your hard-earned money shouldn’t leave you helpless from a commercial nightmare. With “Backer Insurance”, backers have the power to hold creators to a higher figure and ensure their money is rewarded with good faith. Creators will have skin in the game to set realistic expectations and remain accountable, even after the funding period is over.
  2. Campaign deposits: Before backing a project, you should know precisely what you’re getting into and who you’re jumping into it with. Campaign deposits force producers to put money where their mouths are, and rewards them for providing material disclosures that foster transparency to better protect your money.
  3. Incentivizing collaboration:We believe the crowd has much more to offer than just their money and should be rewarded for bringing their skills and connections to the equation. “Pledge Coins” enable automated, blockchain-based fees where users can help the platform grow at the same time as earning tokens themselves.
  4. Decentralization:Crowdfunding is at its heart a decentralized system, but currently, it is burdened by centralized parties whose bottom lines consist of generating listing fees regardless of the ultimate benefit of the companies. Combining crowdfunding with the decentralized nature of the blockchain will allow users to participate in and shape the network according to their needs and priorities, and scale without centralized constraints.
  5. Industry experience:As experienced crowdfunders ourselves and between the top 1% most-funded teams on Kickstarter after four successful projects, we know what tools work and which are missing from the current solutions. We will supply the tools and the marketplace the services and knowledge creators need to succeed. For pros and first-timers alike, data-driven Automation, Advanced E-commerce, Analytics, and Data Management integrations will help creators build and optimize their campaigns.
The Pledgecamp market network combines properties of a marketplace where buyers and sellers of services are brought together, with a network where individual characteristics, identities, and references matter. This wants sophistication and care on the part of the creator to carefully evaluate which vendors have sufficient expertise to fulfil the task.
On Pledgecamp, a creator will be able to easily connect with various merchants, such as plastic injection moulders and shipping companies, who are on the platform to earn their business. The creator will be able to reliably review each vendor’s reputations and history with past patients in order to compare actual work histories and gauge fit. For an aspiring entrepreneur, finding accurate and appropriate partnerships is a critical success factor and huge pain point that can be approached by a blockchain-powered market network.

Problem
The main obstacle facing crowdfunding is an issue of trust. Backers are burned repeatedly by creators who fail to follow through on their promises. A lack of protection mechanisms and transparency provides backers with little protection.
Put simply, the current model on these platforms is to give a stranger any money, then pray and hope that you get something back as guaranteed. Instead of taking an active role in providing investor protections, current platforms adopt a more passive role with the apparent aim of avoiding liability.Pledges are considered “donations” in order to distance them from being considered investments or pre-purchases.22 This euphemistic classification ignores the reality of how these platforms are used today. Some failure is a natural consequence of innovation simply by ignoring the issue, today’s platforms have allowed the problem to become an epidemic.
Solution: Blockchain Powered CrowdfundingThe emergence of blockchain technology and its decentralized nature presents a perfect explication to these longstanding problems in crowdfunding. Smart contracts will add security and transparency to pledging, and financial fines will keep creators accountable to their promises. In addition, blockchain will empower the “Smart Crowd” to contribute more than just funds but participate in projects with their skills and knowledge in return for income. The distributed nature of the blockchain and the use of cryptocurrencies will allow the network to grow, self-govern, and distribute value in an open and merit-based way—without convenient intermediaries or borders.

The Token

Name – Pledge Coin (PLG)
Type – ERC20
Price per PLG – $0.01 USD
Total Supply – 10,000,000,000 PLG
Public Distribution — 2,000,000,000
Remaining for Sale – 300,000,000 PLG
Min. Contribution – $50 USD
Currencies Accepted: ETH, BTCToken Allocation

Meet The Amazing Team:

https://preview.redd.it/cxezg5v0soe21.png?width=1063&format=png&auto=webp&s=3aa6f9a2b685c4bb898a9098cd76809becba6a57
Advisors:

https://preview.redd.it/4zlzvw12soe21.png?width=1053&format=png&auto=webp&s=09382fce355993933cafadb3510617c2d4b11609
For More Information Visit:
Twitter: https://twitter.com/PledgecampFacebook: https://www.facebook.com/pledgecampInstagram: https://www.instagram.com/pledgecamp/Telegram: https://t.me/pledgecampMedium: https://medium.com/pledgecamp

Bounty0x username: @walesodiya

submitted by walesodiya to cryptotomtom [link] [comments]

After ICON the next and only ICO, Don Tapscott is an advisor for, Jibrel Network - Why I think its the sleeping giant and why you should have a look at this project. Thoughts below.

Jibrel Network Settle in boys, this is a long one. I am about to tell you about one of the most promising projects/ICOs of this year, the Jibrel Network.
What does it do? Essentially, the Jibrel Network provides currencies, equities, commodities and other financial assets and instruments as ERC-20 tokens and puts them on the blockchain. It does that to provide incomparable liquidity and decrease friction costs. Additionally, it automates certain processes such as dividend distribution and so on.
The Jibrel Network has a native token, known as JNT, which will be used as the ‘liquid’ underlying asset of the Jibrel AG fund’s portfolio. Additionally, it is a deflationary currency because every time JNT is used as jGas (transfer of ownership; purchase of tokenized assets) it is burned.
>Wait, I’ve heard this before, with LAtoken and Veratesium, this is a tried and tested scam.
Previous attempts at the market didn't have what Jibrel have – smart regulation and insured 2-way (i.e. physical asset to tokens, tokens to physical assets liquidity). All financial assets will be tokenized as programmable CryDRs, which would entail no regulatory or legal risks whatsoever. And, why does this make it better than all the others? Due to the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations involved in trading real-world assets, there also exists an investor registry that only allows for certain CryDRs to be traded amongst addresses that have been verified by Jibrel. Meaning that, for example, only brokers and fund managers can interact in certain ways with the network. In the traditional economy, regulation is placed around certain asset classes to manage fraud, market, credit and systemic risk. Currencies, commodities and securities all have different regulations across different jurisdictions. The Jibrel Network team has worked (and continues to work) tirelessly with their regulatory advisors to translate real-world regulation into smart regulation (Solidity code). These things will update in near real time as regulation laws and rules amend, so will the smart contract.
>Pfft, where’s the proof?
Well they’re bringing out a MVP usable by any type of user. jWallet and jCash (or jFiat)! Any supposed Tether scams are now dead in the water as we have real, audited tokenized fiat currency. In 6 different forms, no less! Who audits this? The Swiss offices of PricewaterhouseCoopers (doing business under the brand PwC), one of the Big 4 auditing/accounting firms. They will check Jibrel’s position of financial performance and position, cash flows, and other subtle aspects of their financial activities. PwC audits will be public and sufficiently frequent (most likely biannual). The actual code itself? Already been audited by New Alchemy – leaders in smart contract auditing, so that’s all functional.1
jCash is simple enough, It’s Tether but legitimate and in 6 different currencies right off the bat. jUSD, jEUR, jCNY, jAED, jRUB and jGBP. Any fiat currency can be implemented (as long as there is enough demand to implement it). Additionally, Jibrel will always be able to cover their liabilities due to the 3-4x assets in excess of liabilities. Not only that, but the Jibrel DAO (when it activates) will self-regulate the fund through different rules and scenarios encoded in the smart contract – a completely decentralised, on-chain bank.
The real work of art, jWallet The jWallet does all the transaction signing, all the key storage, etc. locally - you never have to share your private keys, they never leave your browser. You can even store them in the browser cache.
It doesn't make sense to share your keys with a service (you login with email) - there are no benefits to that. It’s strange to store large sums of money in a Chrome extension.
https://techcrunch.com/2017/11/22/with-ethereum-wallets-under-constant-attack-jibrel-network-decided-to-build-their-own/
But wait, there's more, when it is up and going, The Jibrel DAO will act as an artificial trading curb, meaning that if the price sinks too low too fast, the DAO will kick in and buy up any oversold JNT, which would equate to roughly 50%. Same thing if it rises too quickly, obvs whale pnd, its curbing it! But there’s only one real downside to that.. unfortunately, this won’t be implemented for quite a while. Target is Q4 2018 for DAO being implemented and a few months (could be up to 6 months) after to be really kicked into gear. Why waiting so long after implementation? Well that’s because DAO needs to build up a buffer to be safe during it’s operation, Jibrel devs are smart and they know DAO cannot be fully operational right off the bat without any serious precautions.
>That sounds great, I’ll wait until after ICO when it dumps ;)
No mate, not with this buying pressure. Jibrel is very investor focused (see partnerships) and will be listing itself on as many exchanges as possible, with two exchanges being in the top 5 in volume (The CEO,Yazan won't say which, most likely HitBTC and a mystery second). Additionally, new jCash will be rolled out all the time, every new currency would be a new audience that’s getting exposed to this company as stated above.
But ultimately you don’t have to invest, they can do it with or without you. This is for banks and other financial institutions. With the infrastructure Jibrel is implementing, banks can save up to 25 billion dollars a year. .
Banks will be able to interact with their own digital assets, completely free of all the legal hassle they had before, while still being perfectly above board. It’s also recession proof. Any trader convinced that another GFC is coming doesn’t have to be purely cash anymore. Its protected by reducing systemic risk in its ecosystem, (through separation, Close monitoring, regulation and risk assessment being the Basel III regulatory framework). Again don’t worry, this is all covered in its smart regulation.
Also note the ICO is not paired with ETH like many ICO's. 1 ETH = x amount of tokens. Due to volatility of the tokens its ICO is pegged at 0.25 cents offer. So if ETH is high or BTC is high you will get more tokens. This makes much better sense as a token structure and why I believe it hasn't sold out yet, a lot of people are waiting in the sidelines.
Now for the juicy part (in case previous parts weren’t juicy enough for you thirsty kids), the advisors and partnerships:
They have freaking Eddy Zuaiter as an advisor, the ex-COO of Soros fund management chatting with them. The man who oversaw 2.5 billion dollars worth of trade positions joined jibrel because:
  1. He sees Jibrel as an opportunity to learn more about the space
  2. He sees Jibrel as an opportunity to directly be involved, help them be well capitalized, survive the bubble, and grow. He sees the potential to pull off an Amazon (his words).
The second is Don Tapscott, the MVP himself. This man has been throwing the term “digital currency” around since 1995, don’t listen to me prattle on, go watch one of his TED talks.
The Jibrel Network is engaged with New Alchemy for Security Audits and PwC for financial audits. In addition, we have formed a strategic agreement with Arabian Chain to bring smart regulation to MENA markets (Middle east) , as well as TaaS fund to provide smart tokens (CryDRs). Jibrel AG is a registered entity in Zug, Switzerland and is responsible for the development of the network. The Jibrel team have undertaken the necessary legal and compliance measures to ensure a fully compliant token sale. For this reason, certain jurisdictions such as US, Singapore and China will not be allowed to participate in the token sale. ;) ICO is 28 million HARD CAP- Yazan has put extra emphasis on this
Lastly, in case you brush it off as an ethereum network scamcoin? It’s blockchain agnostic. If there’s a new king in town, Jibrel can hop on over to it!
Let us know if you have any further questions https://web.telegram.org/#/[email protected]_network
http://sale.jibrel.network
ICO rating websites :
https://icobench.com/ico/jibrel-network
https://icorating.com/ico/432/
https://www.icoranker.com/jibrel-network/- 98/100
More info:
http://vator.tv/news/2017-12-07-jibrel-network-announces-partnership-with-bitcoin-suisse
https://medium.com/@curiousinvestojibrel-network-enabling-investors-e004c9ca7605
submitted by staskies to CryptoCurrency [link] [comments]

A Class by Itself

A Class by Itself: Based on this lecture and the book “Zero to One, ” by Peter Thiel
Rock, paper, scissors. Innovation beats competition. Why? Because a true innovation is an order of magnitude better than what had existed previously. Because an innovation creates something new it can form a monopoly. It is what Peter Thiel describes as going from 0 to 1. By contrast, competition takes something that previously existed and replicates it, seeking perfection, differentiating only through minor variation. Competition is psychologically unhealthy and detrimental to value creation. Competition is going from 1 to N.
Bitcoin was an innovation. It was a 0 to 1, order of magnitude improvement, that really created something new. At the genesis of the Bitcoin block-chain in 2009 it had a monopoly of the crypto-currency market. It was in a class by itself where it could dominate. People that recognized that early were able to make a lot of money. Yay!
Developing Ethereum from the proven concepts of Bitcoin was another innovation. It was another 0 to 1, order of magnitude improvement, that really created something new. At the genesis of the Ethereum main-chain in 2015 it had a monopoly on the smart contracting market. It was in a class by itself. It had a several year lead in that specialized market, where it could dominate. People that recognized that early were able to make a lot of money. Yay!
A secret about nature.
We think of losers as those who can’t compete because they are too weak or dim-witted or lazy. But most competitors are losers too. They lose because it’s difficult to differentiate your efforts in a populated field. Because power law distribution is real and present in competence hierarchies, the larger the field of competitors, the more likely you are to shake out nearer the bottom than the top. Certainly you can get better at something through practice, but the larger the group of contenders, the more average your results are likely to appear. Furthermore, the tendency is to take an adversarial stance toward competitors, which leads to a large amount of wasted effort and pointless, destructive emoting. Competition is for losers, especially when you could dominate in a class by yourself.
They say a Jack of all trades is master of none. If this is true, and competing in a crowded field is likely to yield only average results, then one path to success is to specialize in a niche where you can dominate and where there are few competitors. Be like the giant panda. Eat nothing but bamboo. Monopolize that niche. This is a secret about nature.
Amazon became the behemoth it is today in on-line sales by starting with a small niche market where it could dominate, books. Pooled block-chain security and inter-chain communication is a similar small niche market. Amazon innovated by combining computer technology with human action to provide the best service at the lowest cost to achieve a monopoly and in doing so created a 10X improvement over what had existed preciously. The need to initially attract miners and then to coordinate hard forks is a major impediment to innovation in the block-chain space. Rapid deployment and iteration should facilitate quicker evolution of the technologies built on Polkadot.
The crypto space can be divided into many smaller markets. Currency, value storage, trading/exchange, smart contracting, oraclizing, compute, identity services, obfuscation services, gaming and many more that are not mentioned here or have not yet been created. A state machine that is customized to task is likely to be the best solution for many of these markets. The ability to upgrade the state machine and integrate novel state transition functions seamlessly into a network of chains on the fly without a hard fork is a Zero to One innovation in block-chain technology.
Amazon progressively moved outward from book sales, systematically phagocitising and dominating other small markets to out-compete them by creating economies of scale. Because substrate allows for rapid deployment of innovative chains that can upgrade without the need for coordinated hard forks, substrate chains will dominate older tech and phagocitize their markets. On-the-fly upgrades without the need for coordinated hard forks is an order of magnitude, 10X impovement over what has existed previously.
A secret about people.
Secrets about people are secrets that people don’t know about themselves. We can find the secrets people aren’t telling us by asking what is forbidden or taboo. Fanatical zeal over decentralization is a cultural norm in the crypto space. Decentralization is a crypto-meme. Projects viewed as centralized are vociferously attacked on social media. This makes sense for currencies in the meat space. Central(ized) banks invariably dilute the value of the currencies they issue through inflation at the expense of users and especially holders/savers. Because there is no freedom without economic freedom, the complete decentralization of crypto-currencies with fixed, unchangeable inflation rates and uncensorable and immutable transactions makes sense. But is complete decentralization of every crypto application appropriate or even desirable?
Consider smart contracting. The first smart contract that was really successful at raising a lot of capital was the DAO. After raising more than the GDP of some countries, the contract was promptly hacked and the capital was taken resulting in a contentious chain split for Ethereum. The Ethereum Foundation functioned as a centralized authority in this instance to restore the funds to the original contributors at the expense of losing the right to claim that the system was decentralized, completely destroying the original missions’ value proposition of unstoppable applications. The DAO starkly illustrated that complete decentralization is not always desirable, indeed it may not even be possible. This is a secret about people. People need formal governance over the execution of contracts because human interpretation of meaning is variable.
The need for governance over computers shouldn’t be surprising. Computers are great at analyzing large amounts data, but don’t begin to recognize meaning. The human mind has evolved for the abstract nature of our universe. Humans are great at analyzing the abstract, but frequently disagree about meaning. Computers are nothing but tools for humans. Tools need to be controlled to work towards a meaningful purpose.
Computers can be used to search for patterns in enormous volumes of data. We have seen this in the anti-fraud systems deployed by Paypal, and later with the systems developed by Palantir, where computers are used to search for patterns and then humans decipher the meaning in the context of our world. Computers are great for finding odd patterns in enormous piles of data, but a human mind is also required to determine if the odd patterns actually has meaning. Same goes for a block chain. The computer will faithfully and flawlessly execute whatever state transition function they are programmed with, but they can’t judge the morality. Only a human mind can determine if a given transaction is theft, or fair ball, and the humans involved will often disagree on this point.
Polkadot is innovating along along the dimension of governance. Governance systems create a symbiosis between man and machine, similar to Amazon’s fraud detection programs. Empirically, we know that crypto-economic systems tend to fracture along social lines. They fracture along social lines because they are economic systems, and economics is the study of human action. Human behavior can’t just be crossed out of an economic system like some variable in an algebraic equation. Economics doesn’t work like that. Because a crypto-economic network is really only useful when humans interact with it, effective governance systems are necessary to satisfactorily resolves disputes and keep the network cohesive.
Polkadot is at least an order of magnitude improvement over the systems that came before it along multiple dimensions: governance, inter-chain communication, on-the-fly upgrades without co-ordinated hard forks. At the genesis of the Polkadot relay chain in 2019 it will have a monopoly, or near monopoly, along each of these dimensions of innovation. Concurrent innovation along multiple dimensions puts Polkadot in a class by itself. People that recognize this early should be able to make a lot of money. Yay!
submitted by McPheeb to polkadot_market [link] [comments]

INT - Comparison with Other IoT Projects

What defines a good IoT project? Defining this will help us understand what some of the problems they might struggle with and which projects excel in those areas. IoT will be a huge industry in the coming years. The true Internet 3.0 will be one of seamless data and value transfer. There will be a tremendous amount of devices connected to this network, from your light bulbs to your refrigerator to your car, all autonomously transacting together in an ever growing network in concert, creating an intelligent, seamless world of satisfying wants and needs.
.
Let’s use the vastness of what the future state of this network is to be as our basis of what makes a good project.
.
Scalability
In that future we will need very high scalability to accommodate the exponential growth in transaction volume that will occur. The network doesn’t need to have the ability to do high transactions per second in the beginning, just a robust plan to grow that ability as the network develops. We’ve seen this issue already with Bitcoin on an admittedly small market penetration. If scaling isn’t a one of the more prominent parts of your framework, that is a glaring hole.
.
Applicability
Second to scalability is applicability. One size does not fit all in this space. Some uses will need real-time streaming of data where fast and cheap transactions are key and others will need heavier transactions full of data to be analyzed by the network for predictive uses. Some uses will need smart contracts so that devices can execute actions autonomously and others will need the ability to encrypt data and to transact anonymously to protect the privacy of the users in this future of hyper-connectivity. We cannot possibly predict the all of the future needs of this network so the ease of adaptability in a network of high applicability is a must.
.
Interoperability
In order for this network to have the high level of applicability mentioned, it would need to have access to real world data outside of it’s network to work off of or even to transact with. This interoperability can come in several forms. I am not a maximalist, thinking that there will be one clear winner in any space. So it is easy, therefore, to imagine that we would want to be able to interact with some other networks for payment/settlement or data gathering. Maybe autonomously paying for bills with Bitcoin or Monero, maybe smart contracts that will need to be fed additional data from the Internet or maybe even sending an auto invite for a wine tasting for the wine shipment that’s been RFID’d and tracked through WTC. In either case, in order to afford the highest applicability, the network will need the ability to interact with outside networks.
.
Consensus
How the network gains consensus is often something that is overlooked in the discussion of network suitability. If the network is to support a myriad of application and transaction types, the consensus mechanism must be able to handle it without choking the network or restricting transaction type. PoW can become a bottleneck as the competition for block reward requires an increase in difficulty for block generation, you therefore have to allow time for this computation in between blocks, often leading to less than optimal block times for fast transactions. This can create a transaction backlog as we have seen before. PoS can solve some of these issues but is not immune to this either. A novel approach to gaining consensus will have to be made if it is going to handle the variety and volume to be seen.
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Developability
All of this can be combined to create a network that is best equipped to take on the IoT ecosystem. But the penetration into the market will be solely held back by the difficulty in connecting and interacting with the network from the perspective of manufacturers and their devices. Having to learn a new code language in order to write a smart contract or create a node or if there are strict requirements on the hardware capability of the devices, these are all barriers that make it harder and more expensive for companies to work with the network. Ultimately, despite how perfect or feature packed your network is, a manufacturer will more likely develop devices for those that are easy to work with.
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In short, what the network needs to focus on is:
-Scalability – How does it globally scale?
-Applicability – Does it have data transfer ability, fast, cheap transactions, smart contracts, privacy?
-Interoperability – Can it communicate with the outside world, other blockchains?
-Consensus – Will it gain consensus in a way that supports scalability and applicability?
-Developability – Will it be easy for manufactures to develop devices and interact with the network?
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The idea of using blockchain technology to be the basis of the IoT ecosystem is not a new idea. There are several projects out there now that are aiming at tackling the problem. Below you will see a high level breakdown of those projects with some pros and cons from how I interpret the best solution to be. You will also see some supply chain projects listed below. Supply chain solutions are just small niches in the larger IoT ecosystem. Item birth record, manufacturing history, package tracking can all be “Things” which the Internet of Things track. In fact, INT already has leaked some information hinting that they are cooperating with pharmaceutical companies to track the manufacture and packaging of the drugs they produce. INT may someday include WTC or VEN as one of its subchains feeding in information into the ecosystem.
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IOTA
IOTA is a feeless and blockchain-less network called a directed acyclic graph. In my opinion, this creates more issues than it fixes.
The key to keeping IOTA feeless is that there are no miners to pay because the work associated with verifying a transaction is distributed to among all users, with each user verifying two separate transactions for their one. This creates some problems both in the enabling of smart contracts and the ability to create user privacy. Most privacy methods (zk-SNARKs in specific) require the one doing the verifying to use computationally intensive cryptography which are outside the capability of most devices on the IoT network (a weather sensor isn’t going to be able to build the ZK proof of a transaction every second or two). In a network where the device does the verifying of a transaction, cryptographic privacy becomes impractical. And even if there were a few systems capable of processing those transactions, there is no reward for doing the extra work. Fees keep the network safe by incentivizing honesty in the nodes, by paying those who have to work harder to verify a certain transaction, and by making it expensive to attack the network or disrupt privacy (Sybil Attacks).
IOTA also doesn’t have and may never have the ability to enable smart contracts. By the very nature of the Tangle (a chain of transactions with only partial structure unlike a linear and organized blockchain), establishing the correct time order of transactions is difficult, and in some situations, impossible. Even if the transactions have been time stamped, there is no way to verify them and are therefore open to spoofing. Knowing transaction order is absolutely vital to executing step based smart contracts.
There does exist a subset of smart contracts that do not require a strong time order of transactions in order to operate properly. But accepting this just limits the use cases of the network. In any case, smart contracts will not be able to operate directly on chain in IOTA. There will need to be a trusted off chain Oracle that watches transactions, establishes timelines, and runs the smart contract network
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-Scalability – High
-Applicability – Low, no smart contracts, no privacy, not able to run on lightweight devices
-Interoperability – Maybe, Oracle possibility
-Consensus – Low, DAG won’t support simple IoT devices and I don’t see all devices confirming other transactions as a reality
-Developability – To be seen, currently working with many manufacturers
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Ethereum
Ethereum is the granddaddy of smart contract blockchain. It is, arguably, in the best position to be the center point of the IoT ecosystem. Adoption is wide ranging, it is fast, cheap to transact with and well known; it is a Turing complete decentralized virtual computer that can do anything if you have enough gas and memory. But some of the things that make it the most advanced, will hold it back from being the best choice.
Turing completeness means that the programming language is complete (can describe any problem) and can solve any problem given that there is enough gas to pay for it and enough memory to run the code. You could therefore, create an infinite variety of different smart contracts. This infinite variability makes it impossible to create zk-SNARK verifiers efficiently enough to not cost more gas than is currently available in the block. Implementing zk-SNARKs in Ethereum would therefore require significant changes to the smart contract structure to only allow a small subset of contracts to permit zk-SNARK transactions. That would mean a wholesale change to the Ethereum Virtual Machine. Even in Zcash, where zk-SNARK is successfully implemented for a single, simple transaction type, they had to encode some of the network’s consensus rules into zk-SNARKs to limit the possible outcomes of the proof (Like changing the question of where are you in the US to where are you in the US along these given highways) to limit the computation time required to construct the proof.
Previously I wrote about how INT is using the Double Chain Consensus algorithm to allow easy scaling, segregation of network traffic and blockchain size by breaking the network down into separate cells, each with their own nodes and blockchains. This is building on lessons learned from single chain blockchains like Bitcoin. Ethereum, which is also a single chain blockchain, also suffers from these congestion issues as we have seen from the latest Cryptokitties craze. Although far less of an impact than that which has been seen with Bitcoin, transaction times grew as did the fees associated. Ethereum has proposed a new, second layer solution to solve the scaling issue: Sharding. Sharding draws from the traditional scaling technique called database sharding, which splits up pieces of a database and stores them on separate servers where each server points to the other. The goal of this is to have distinct nodes that store and verify a small set of transactions then tie them up to a larger chain, where all the other nodes communicate. If a node needs to know about a transaction on another chain, it finds another node with that information. What does this sound like? This is as close to an explanation of the Double Chain architecture as to what INT themselves provided in their whitepaper.
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-Scalability – Neutral, has current struggles but there are some proposals to fix this
-Applicability – Medium, has endless smart contract possibilities, no privacy currently with some proposals to fix this
-Interoperability – Maybe, Oracle possibility
-Consensus – Medium, PoW currently with proposals to change to better scaling and future proofing.
-Developability – To be seen
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IoTeX
A young project, made up of several accredited academics in cryptography, machine learning and data security. This is one of the most technically supported whitepapers I have read.They set out to solve scalability in the relay/subchain architecture proposed by Polkadot and used by INT. This architecture lends well to scaling and adaptability, as there is no end to the amount of subchains you can add to the network, given node and consensus bandwidth.
The way they look to address privacy is interesting. On the main parent (or relay) chain, they plan on implementing some of the technology from Monero, namely, ring signatures, bulletproofs and stealth addresses. While these are proven and respected technologies, this presents some worries as these techniques are known to not be lightweight and it takes away from the inherent generality of the core of the network. I believe the core should be as general and lightweight as possible to allow for scaling, ease of update, and adaptability. With adding this functionality, all data and transactions are made private and untraceable and therefore put through heavier computation. There are some applications where this is not optimal. A data stream may need to be read from many devices where encrypting it requires decryption for every use. A plain, public and traceable network would allow this simple use. This specificity should be made at the subchain level.
Subchains will have the ability to define their needs in terms of block times, smart contracting needs, etc. This lends to high applicability.
They address interoperability directly by laying out the framework for pegging (transaction on one chain causing a transaction on another), and cross-chain communication.
They do not address anywhere in the whitepaper the storage of data in the network. IoT devices will not be transaction only devices, they will need to maintain data, transmit data and query data. Without the ability to do so, the network will be crippled in its application.
IoTeX will use a variation of DPoS as the consensus mechanism. They are not specific on how this mechanism will work with no talk of data flow and node communication diagram. This will be their biggest hurdle and why I believe it was left out of the white paper. Cryptography and theory is easy to elaborate on within each specific subject but tying it all together, subchains with smart contracts, transacting with other side chains, with ring signatures, bulletproofs and stealth addresses on the main chain, will be a challenge that I am not sure can be done efficiently.
They may be well positioned to make this work but you are talking about having some of the core concepts of your network being based on problems that haven’t been solved and computationally heavy technologies, namely private transactions within smart contracts. So while all the theory and technical explanations make my pants tight, the realist in me will believe it when he sees it.
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-Scalability – Neutral to medium, has the framework to address it with some issues that will hold it back.
-Applicability – Medium, has smart contract possibilities, privacy baked into network, no data framework
-Interoperability – Medium, inherent in the network design
-Consensus – Low, inherent private transactions may choke network. Consensus mechanism not at all laid out.
-Developability – To be seen, not mentioned.
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CPChain
CPC puts a lot of their focus on data storage. They recognize that one of the core needs of an IoT network will be the ability to quickly store and reference large amounts of data and that this has to be separate from the transactional basis of the network as to not slow it down. They propose solving this using distributed hash tables (DHT) in the same fashion as INT, which stores data in a decentralized fashion so no one source owns the complete record. This system is much the same as the one used by BitTorrent, which allows data to be available regardless of which nodes will be online at a given time. The data privacy issue is solved by using client side encryption with one-to-many public key cryptography allowing many devices to decrypt a singly encrypted file while no two devices share the same key.
This data layer will be run on a separate, parallel chain as to not clog the network and to enable scalability. In spite of this, they don’t discuss how they will scale on the main chain. In order to partially solve this, it will use a two layer consensus structure centered on PoS to increase consensus efficiency. This two layer system will still require the main layer to do the entirety of the verification and block generation. This will be a scaling issue where the network will have no division of labor to segregate congestion to not affect the whole network.
They do recognize that the main chain would not be robust or reliable enough to handle high frequency or real-time devices and therefore propose side chains for those device types. Despite this, they are adding a significant amount of functionality (smart contracts, data interpretation) to the main chain instead of a more general and light weight main chain, which constrains the possible applications for the network and also makes it more difficult to upgrade the network.
So while this project, on the surface level (not very technical whitepaper), seems to be a robust and well thought out framework, it doesn’t lend itself to an all-encompassing IoT network but more for a narrower, data centric, IoT application.
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-Scalability – Neutral to medium, has the framework to address it somewhat, too much responsibility and functionality on the main chain may slow it down.
-Applicability – Medium, has smart contract possibilities, elaborate data storage solution with privacy in mind as well has high frequency applications thought out
-Interoperability – Low, not discussed
-Consensus – Low to medium, discussed solution has high reliance on single chain
-Developability – To be seen, not mentioned.
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ITC
The whitepaper reads like someone just grabbed some of the big hitters in crypto buzzword bingo and threw them in there and explained what they were using Wikipedia. It says nothing about how they will tie it all together, economically incentivize the security of the network or maintain the data structures. I have a feeling none of them actually have any idea how to do any of this. For Christ sake they explain blockchain as the core of the “Solutions” portion of their whitepaper. This project is not worth any more analysis.
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RuffChain
Centralization and trust. Not very well thought out at this stage. DPoS consensus on a single chain. Not much more than that.
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WaltonChain
Waltonchain focuses on tracking and validating the manufacture and shipping of items using RFID technology. The structure will have a main chain/subchain framework, which will allow the network to segregate traffic and infinitely scale by the addition of subchains given available nodes and main chain bandwidth.
DPoST (Stake & Trust) will be the core of their consensus mechanism, which adds trust to the traditional staking structure. This trust is based on the age of the coins in the staker’s node. The longer that node has held the coins, combined with the amount of coins held, the more likely that node will be elected to create the block. I am not sure how I feel about this but generally dislike trust.
Waltonchain's framework will also allow smart contracts on the main chain. Again, this level of main chain specificity worries me at scale and difficulty in upgrading. This smart contract core also does not lend itself to private transactions. In this small subset of IoT ecosystem, that does not matter as the whole basis of tracking is open and public records.
The whitepaper is not very technical so I cannot comment to their technical completeness or exact implementation strategy.
This implementation of the relay/subchain framework is a very narrow and under-utilized application. As I said before, WTC may someday just be one part of a larger IoT ecosystem while interacting with another IoT network. This will not be an all-encompassing network.
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-Scalability – High, main/subchain framework infinitely scales
-Applicability – Low to medium, their application is narrow
-Interoperability – Medium, the framework will allow it seamlessly
-Consensus – Neutral, should not choke the network but adds trust to the equation
-Developability – N/A, this is a more centralized project and development will likely be with the WTC
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VeChain
\*Let me preface this by saying I realize there is a place for centralized, corporatized, non-open source projects in this space.* Although I know this project is focused mainly on wider, more general business uses for blockchain, I was requested to include it in this analysis. I have edited my original comment as it was more opinionated and therefore determined not to be productive to the conversation. If you would like to get a feel for my opinion, the original text is in the comments below.\**
This project doesn't have much data to go off as the white paper does not contain much technical detail. It is focused on how they are positioning themselves to enable wider adoption of blockchain technology in the corporate ecosystem.
They also spend a fair amount of time covering their node structure and planned governance. What this reveals is a PoS and PoA combined system with levels of nodes and related reward. Several of the node types require KYC (Know Your Customer) to establish trust in order to be part of the block creating pool.
Again there is not much technically that we can glean from this whitepaper. What is known is that this is not directed at a IoT market and will be a PoS and PoA Ethereum-like network with trusted node setup.
I will leave out the grading points as there is not enough information to properly determine where they are at.
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INT
So under this same lens, how does INT stack up? INT borrows their framework from Polkadot, which is a relay/subchain architecture. This framework allows for infinite scaling by the addition of subchains given available nodes and relay chain bandwidth. Custom functionality in subchains allows the one setting up the subchain to define the requirements, be it private transactions, state transaction free data chain, smart contracts, etc. This also lends to endless applicability. The main chain is inherently simple in it’s functionality as to not restrict any uses or future updates in technology or advances.
The consensus structure also takes a novel two-tiered approach in separating validating from block generation in an effort to further enable scaling by removing the block generation choke point from the side chains to the central relay chain. This leaves the subchain nodes to only validate transactions with a light DPoS allowing a free flowing transaction highway.
INT also recognizes the strong need for an IoT network to have robust and efficient data handling and storage. They are utilizing a decentralize storage system using DHT much like the BitTorrent system. This combined with the network implementation of all of the communication protocols (TCP/IP, UDP/IP, MANET) build the framework of a network that will effortlessly integrate any device type for any application.
The multi-chain framework easily accommodates interoperability between established networks like the Internet and enables pegging with other blockchains with a few simple transaction type inclusions. With this cross chain communication, manufactures wouldn’t have to negotiate their needs to fit an established blockchain, they could create their own subchain to fit their needs and interact with the greater network through the relay.
The team also understands the development hurdles facing the environment. They plan to solve this by standardizing requirements for communication and data exchange. They have heavy ties with several manufacturers and are currently developing a IoT router to be the gateway to the network.
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-Scalability – High, relay/subchain framework enables infinite scalability
-Applicability – High, highest I could find for IoT. Subchains can be created for every possible application.
-Interoperability – High, able to add established networks for data support and cross chain transactions
-Consensus – High, the only structure that separates the two responsibilities of verifying and block generation to further enable scaling and not choke applicability.
-Developability – Medium, network is set up for ease of development with well-known language and subchain capability. Already working with device manufacturers. To be seen.
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So with all that said, INT may be in the best place to tackle this space with their chosen framework and philosophy. They set out to accomplish more than WTC or VEN in a network that is better equipped than IOTA or Ethereum. If they can excecute on what they have laid out, there is no reason that they won’t become the market leader, easily overtaking the market cap of VeChain ($2.5Bn, $10 INT) in the short term and IOTA ($7Bn, $28 INT) in the medium term.
submitted by Graytrain to INT_Chain [link] [comments]

2019 should be the year that you start your food business... Here's how (Mini-AMA all weekend)

So you love to eat. No kidding! You need to eat to live. So does everyone else. Starting a food business is fun, stressful, and it's a blast when someone you have no clue who they are likes what you made.
You have a burning desire to start a hot sauce / juice / beverage / cookie / baked goods / bitcoin gummy bear company. Basically if someone wants to put it in their mouth, you have an idea for it. So let's get to it. Break it down, from start to finish (lol, it's never done).
WARNING: This may seem as some what self-promoting, but the only thing I will say now is that I started a 3PL shipping company specifically for food items. No links to it, but you can check my post history, but I'll save you the time. I used to be a web / app developer, got tired of the grind with trying to get clients to pay, got tired, bought a food truck with ZERO experience (seriously, my first event I bought 300 loaves of bread. Used 4.5. It was pretty comical and family / friends ate sourdough for WEEKS). I brought the food truck up, had the truck, a pop-up restaurant on Las Vegas Blvd., got an offer to sell the physical truck and book of business, took it, and kept the name rights. Now I'm using my skills both in tech and food to streamline and help foodpreneurs. Take this with whatever grain of salt you want.
Also, to state real quick, DO NOT PM ME QUESTIONS... I am here to open things up so everyone can learn, so the next person looking how to start up a hot sauce company gets relevant information and not "Sent you a PM." I'm gonna be around all weekend, and want to help everyone. I'll try and make responses as detailed / personalized as I can. The more info you post, the more I can help.
Part 1: You have an idea - Great - Treat it like a start-up, because it is
Food can be unsexy. Kitchens are hot, you burn yourself, you get covered in grease, you slip on stainless steel floors (true), and every once in a while theres some knife cuts. BUT, when you know that you just bought a $20 case of potatoes (50 lb) and are selling french fries for $6 for like 3oz of potatoes, your fave words become "Would you like fries with that?"
Key 1 - Know your numbers. Go shopping. You already have your idea, so go shopping. Make a test recipe at home, solely for the purpose of cost analysis. Jump on google sheets, and list EVERY ingredient on your list, and then look at other things, which I call hidden costs.
Visible Costs - Recipe ingredients, packaging, labeling Hidden Costs - How long does it take you to cook / bake / make (labor time), how long do you need to cook it (oven wear and tear, gas, electric for mixer, etc)
You can have a ton of hidden costs beyond just the actual ingredients, and these often get overlooked. If you plan on growing the business, get a friend and your phone and take pictures of HOW YOU WANT IT DONE along each step. Create the "brand" manual for your food / baked good / sauce, etc. Is the hot sauce supposed to be chunky? Is it supposed to be smooth? Are the cookies supposed to be a 30% shade of brown for crispness, and how long did you leave it in the oven for? Those should ALL be documented. You have the time now, and you should be doing it.
Key 2 - Find your suppliers, and find about discounts
You know what you need, and retail might not be the cheapest, or it could be. Play the sales. If you are making a cookie that uses bananas, can you take advantage of price matching at Walmart vs a restaurant supply store to get a better deal and cheaper ingredients? As a smaller company / maker, this should be a good idea, as it will help you create your MVP much cheaper.
Part 2: For the love of everything holy use google to find about your licensing requirements. (I won't do this for you as part of the AMA, just an FYI).
Everyone seems to get tied up with "Can I make this soup / cookie / hot sauce." The short answer is yes, you can, and you can test it legally. It'll take a few dollars, but it's worth it because of the access you can get.
  • Start with your local city or county health department. As you can see from my name, I'm in Vegas. Southern Nevada Health District manages all of the food. They will handle the licensing for food establishments and producers. If you need some Google help, search "[my city] health department]" "[my county] health department]" and if that search returns unfruitful, then search for "[my city] cottage food laws" "cottage food laws [my city / my county]" because small producers will 90% of the time be allowed to create small batches of what are considered "non-hazardous foods" in a home kitchen with little to no oversight. WHAT THIS MEANS: You will most likely be able to bake cookies, cupcakes, make a hot sauce, MAYBE a soup, basically anything that is heated / cooked and can be left out and still be fine. There is almost zero chance your sushi delivery service will be allowed. Fun fact, you cannot serve raw bacon, but under some cottage food laws, cooked bacon is fine because it is turned into a "jerky" classification. So you need to read. I'm not a lawyer, I just like paperwork. Don't be an idiot.
  • Licensing of some sort will be a key part of you starting to get out there. Theres a semi-good chance you can sell on FB, to friends family, at a school bake sale, or even through Etsy / your own online shop without getting any kind of official letter or licensing requirements. SWAT isn't coming because you're selling grandmas cookies on Etsy, so breathe and relax. If you go to a craft show, farmers market, etc, that is when the licensing comes into play, but putting that time and effort / money into it will put you lightyears ahead of everyone else doing it out of their house. Also, fees tend to be pretty low, so you can test your idea from SOMEONE WHO IS EXCHANGING MONEY FOR YOUR GOODS AND DOES NOT CARE ABOUT YOUR FEELINGS. Everyones family / spouse / friends won't really be too keen to tell you "Yo dawg, this is garbage sauce / cupcake / icing / soup" so gathering feedback on what works cheaply before you use student loans on your hot sauce idea is a good thing. Few dollars up front to keep you from doing something dumb.
  • If you are going to go through the trouble of going through licensing to go to a farmers market, etc., then please, child, have a seat and start collecting feedback. Make your product better. It's not hard. "Hey, free half cookie for an email for a survey, and when we launch, we will email you a 30% off coupon." It's not hard, survey money and google forms are free. Mailchimp is free for small accounts. Do the work, otherwise throw your money away at a strip club.
Part 3: Liability and the business
You've now established that grandma wasn't lying to you, and your bacon jerky business is viable, and you're starting to see an increase in orders. Here's what to do next, now that you've "proven the concept" beyond people who will lie to you.
  • Get an LLC / Corp. Use something like Gust Launch, Clerky, or Stripe Atlas. <--- Use google. No links. Time to use your big boy pants. Open a new tab. An LLC / Corp will allow you to set up a business bank account, so when something goes wrong (it will), you can separate your personal life from the business. It's less than $1,000, and worth every penny.
  • Get a business bank account. Credit unions are dope, but big banks work too. Also, cash is fine, but the more credit cards you process, the better. Different schools of thought on this, I just like not having to deal with cash. Some banks charge you a cash handling fee over a certain cash deposit limit (true story). I found a trick to get around this. Go to a check cashing / payday loan place, buy a money order (free usually), then deposit the money order. It's not cash. Just my $.02.
  • BUY BUSINESS INSURANCE.... It's cheap. We paid like $100 a month for $500k in coverage if memory serves me right, and scaled up based on what the client needed through umbrella policies. Our truck insurance for business was like $300 a month on the commercial vehicle. You're dealing with food, and people can get sick. Just do it. When it saves your ass down the road, message me and you can buy me a 2 for $3 Rockstar from 7-11 as a thank you.
  • WTF are you actually selling is a big thing, and regulations will play a pretty big part of this, because it may fall under some OTHER, LARGER authority. There was a post recently for someone who wanted to repackage cheese as part of a cheese of the month box. Bro, FDA and USDA are all over that. There are several agencies I would never want to run afoul of, FBI, IRS, SEC, and FDA. Seriously, you'll get smacked harder than a toddler falling out of a shopping cart if you anger any of those agencies. Use Google. Heres an example. Friend of mine wanted to start a meal prep company, and wanted to do fresh juices. Seems simple because fresh juice places are everywhere right? Not. According to FDA regulations, even for small producers, any part of a "fresh juice" derived from "any part of the fresh vegetable / fruit" was supposed to be handled and cared for according to HCAAP and be pasteurized. Now, fun fact.... Making fresh juice "to order" does not fall under these categories because it would be intended for "immediate consumption." So as long as the meal prep guys made food ahead of time, but only made the juice and bottled it same day, it would fall under these guidelines, and wouldn't be tied to a whole host of regulations and expense. Leave it overnight? Nahh, can't do it. Same day? Totally fine. LEARN TO READ, BECAUSE A SMALL CHANGE COULD SAVE YOU. I've already decided I wouldn't do good in prison, so I don't want to go to jail.
  • You'll need a corporate structure and an EIN most likely for official licenses and for tax reporting. If you're selling online, something like TaxJar is a godsend. You'll need this also if you connect to your POS system to get paid and make that monnnaaayyyyyyy....
  • Something that I've seen brought up here countless times is "well I'm getting busy but my mom / wife / grandma needs to cook in the kitchen," or the good problem to have, "I'm busy with orders because the local news station picked it up and I can't make it fast enough." You're going to want to start investigating what are called "commissary kitchens" or "rentable commercial kitchens" and again, use the googles. [my city / county] commissary kitchens. There are a ton in almost every major city (except Vegas, dunno why). Or search for "kitchens for rent by the hour." You'll get access to larger / better equipment, usually rentable all-in by the hour, so it'll help you plan and budget, because earlier you did all the recipe and timing cards so you know how long it will take (see, I'm not a complete idiot).
Part 4: Launching
HOOOLLLLYYYYYYYYY SHHHHHIIIIIITTTTTTTTTTT..... You're ready to go big time, and are listening to "All I do is win" on repeat on your speakers and standing in your front yard shooting your not-a-flamethrower in the sky. Some things you should start to think about:
  • Branding is big. Have you secured the .com? You need to. There are different schools of thought on if different TLD's are okay. I say no, personally, and I won't pick a name if the .com isn't available. Work on a decent label or branding sticker. Packaging is key as well. For bottles, check out SKS Bottle. For boxes check out U-Line. You might be able to find someone cheaper locally, because shipping is a huge expense of heavy boxes / packaging (supplier to you). Check out StickerMule, Lightning Labels, or google "label suppliers." If you want the non-shiny labels, look for "matte" labels.
  • Social will be major. Not only for being able to launch your own brand, but if you ever decide to go into retail, or distribute. It's common sense in this day and age. I will tell you, that if you have a product that is consumer based, show them how to use it. Hot sauce? Start making recipes and posting them with your hot sauce. Cookies? Show different ways cookies can be given as gifts. Interact with people celebrating things. Pay attention to holidays. Bacon jerky? Go to a NASCAR event, biker rally, take pics, and interact. Give samples away. Go where your target market is.
  • Distribution. Take a listen to "Major Distribution" by 50 Cent. Great hype song. Or Go Getter by Young Jeezy. You're now the Columbians trying to get your hot sauce crack into as many hands as you can. You're selling online, spending hours packaging each bottle with care, printing labels, while you child is crying and your wife is burning rice for the 6th night in a row. Your hands smell like Kraft packaging. Bubble wrap is your defacto blanket....
STOP READING HERE BECAUSE THIS IS SEMI-SELF PROMOTIONAL BECAUSE I AM GIVING TIPS RELATED TO WHAT I DO. LOOK FOR THE NEXT SET OF ALL CAPS TO SKIP THIS ENTIRELY.
A regular distributor will take your product, buy it, and resell it. They may add it to their product catalog, maybe a "hey, Massive Diablo Hot Sauce is a new sauce we are carrying, want to try it?" "Nahhhhh..." "Okay, normal hot sauce it is then." You are the owner of your hot sauce. You're the owner of your packaged cookies. You're the owner of your gluten free, purple yam potato chip. You care the most. You can go the traditional distribution route, and it can happen, but for someone to want to pick you up, you need traction. That's where a food 3PL comes into play (which is a grossly underserved market imho). You pay to rent space in a warehouse, usually by the pallet or half pallet size, pay monthly, and then you pay each order sent out. You need to make sure the numbers work for this.
You're now shipping orders more efficiently, and most likely taking advantage of their shipping discounts because of volume. Straight forward, we plug our own account details into ShipStation for FedEx and get even better rates because of the volume we do. The more you ship, if you have a loading dock, etc. all play into your rates.
Now, you've offloaded the task of shipping to someone else, and are free to focus on sales, growing the business. If you move to a co-packer (more below), your co-packer is sending your stuff to us in bulk, and we are shipping, basically moving you out of the equation almost entirely. You'll need someone who tracks lot numbers, shipment dates, and more in case of a recall, and who got what in an inventory management system (we do, hence the tech background). Temp, shelf life, FIFO, expiration dates, and breakage all are things you need to consider when working with someone.
OKAY YOU CAN KEEP READING NOW THAT YOU'VE SKIPPED THE SELF PROMOTION (KIND OF) PART
  • Co-packers will save your sanity, your relationships, and keep you from smelling like chocolate chips or ghost peppers on date night. Because you've done your starards manual, and updated it based on tweaks, you can start searching for a co-packer. Google the meaning. It's not hard. Don't ask me what a co-packer is. Youre going to want to look at things like capacity, non-disclosure agreements, secrecy, length in business, and packaging capabilities. I know of one place here in Vegas that will do cookies, in different sizes, and will package several different ways. Not everyone will. Look for things like turn around time, lead time, graphics capabilities, and more. I'm sure I'm forgetting something, but if I think of it, see the comments.
Congrats!!!!!!! You've now made the next Tabasco, Auntie Ann's Pretzels, Chips Ahoy, Sriracha, Fresh Squeezed Juice conglomerate. I expect to see all of you on store shelves, and if this helped, send me some food. I'll eat it, or my girlfriend will.
Quesadillas are sandwiches. Fight me. See you in the comments.
submitted by Brianvegas to Entrepreneur [link] [comments]

Key points from the AMA

Here are my key take-aways from the AMA:
Modum's competition includes USB temperature loggers and active cooling transport. Modum's solution and hardware automation makes them stand out from the competition. (It's faster and cheaper, there's actually no real competition)
Modum will publish audited financial reports prior to sending dividends - this is a legal requirement in Switzerland. (Great for transparity)
Modum are 'looking forward to' growing their clients to include logistics (Parcel delivery companies), Pharma wholesalers, Pharma producers and to use the modum system for domestic and international shipments. (As I read it, this means they're confident it'll happen and they're going to do it)
The 43 Registered companies: 'Modum have accumulated a network of 43 companies who are registered in the modum system and have utilized their solution to some capacity. These companies have been critical in providing feedback, testing integration, and allowing the Modum team to develop its technology.'
(Modum have said they have 'clients lined up' - so I think it is safe to assume that their clients may include some/many of these companies. Obviously if they have used the system to some capacity they will be acutely aware of the benefits and be well positioned as a potential client).
The Modum team also said 'even in its earliest our pilot customers were very enthusiastic about the modum solution conceptually, so much so that they were eager to test it, even in its earliest stages. Since developing our proprietary modum sensor industry interest has only increased. We are looking forward to providing the leading, GDP compliant, passive temperature monitoring system for pharma'. (Pharma are champing at the bit to use Modum. HODL!)
This is very interesting: Modum raised 13.5 Million Dollars in their ICO and when asked about this, they confirmed they had actually not sold any of it yet. Their website shows the ICO funds raised and the breakdown in percentages between BTC, ETH and IOTA as raised in September. The recent bull runs of each means that these funds have now doubled to about $27 Million dollars, approximately. - Think about this.. The market cap of Modum at the time of writing is about $33 Million dollars, yet they hold $27 Million+ in funds!!
They can't give a cut of this back to tokenholders due to law (which is fine) but this has two big implications:
  1. Modum were asked about how the funds can allow them to accelerate their road map however unfortunately it was amongst the questions they didn't answer, but think about how quickly they can accelerate their roadmap now. Marc Degan has also addressed this on Slack saying that they are re planning their roadmap due to the funding they received. (I expect this to vastly accelerate development and market entry / penetration)
  2. Profits obtained will simply not be required to pay for company costs. From the AMA, 'There are some legal obligations to put some of the profit to the reserves – all other profit can be used to either put into additional reserves or allocate to the dividend' - So I imagine with this massive influx of funds, virtually all profits, from day 1, can be paid out as a dividend. This is great news for tokenholders looking forward to dividends. We won't have to wait until after the break-even point and then for reserves to be built up. Personally I see no reason why dividends can't be begin immediately after the first quarter.
This is great - the whole system is managed by the logistics company. Once integrated, this allows for rapid uptake by any client that wishes to use them!
The team were asked how to value their token - and said it is of course valued as an infinite annuity, however the details of future profits and the share of this profit are missing, therefore the equation isn't complete. Personally I was hoping they would just say the token is worth $100 but hey, I tried.
Exchanges: They are not actively approaching exchanges as it's not a priority right now, but if an exchange approached them they will answer. (Companies have to apply to exchanges which requires money and effort. Modum are concentrating their efforts elsewhere right now, however would be amenable to an exchange approaching them. In my experience, they will do this if they see the token will get good volume and bring them customers. A bit of a catch 22, but perhaps with the influx of funds they can allocate some of it to applications for different exchanges, both to pay the listing fee and make the application. That would be great for tokenholders.
Novartis: Asked whether they are collaborating with Novartis, they said 'Let's keep it like the CIA, we can neither confirm nor deny' - read into this what you will, I think it was just a bit of humor. Marc Degen has said on slack that they they are definitely not 'negotiating' with Novartis (in his words, not 'at this stage'). Collaborating? Well, his brother Pascal is head of sterile packaging there, and one would think his experience with what major pharma wants and requires would have major impact on the project, and if there's anyone that needs to be convinced of the merit of the Modum system for Novartis to adopt it, then it's him. Will Novartis look to adopt Modum as a system, once it's established and proven, to save them 60% of their non-temperature sensitive shipping costs (including shelf products such as Voltaren) Well - I personally think it's completely inevitable in the future. Modum are initially going to be approaching the SME (small-medium) Pharma segment. Integrating the Modum system into Novartis's supply chain would obviously be a massive feat, but something I can forsee happening due to the massive cost savings, and of course Pascal's unique position there. It would be a boon for Novartis and Modum, I can't see why it wouldn't happen, just a matter of time. These are my personal thoughts only.
Upcoming Partnerships: 'Official partnerships and collaborations will be announced in a separate blog post and press release' (We can look forward to announcements in the very near future regarding the logistics company they have partnered with and clients that will be using the system. When that happens, make sure you have a bottle of champagne and could somebody who is good with graphics please put the Modum logo on the bitcoin rollercoaster... hahah)
Other industries: They confirmed that they have been approached by leading companies in the industries of healthcare, Chemical, Heavy machinery, Automotive, Aerospace & Automotive and Food sector to provide solutions for their supply chains including a wide variety of sensor types. (Modum can add additional sensors to its device including humidity, light, movement etc to monitor various physical states in the shipping process). (I see this as a huge upside down the track - clients receiving these goods already demand proof that products maintained proper shipping conditions, and any solution offering this service has an obvious advantage)
Status of sensor integration into the logistics company: This question was asked a couple of different times but was not answered. We can speculate as to the reasons - They may not be wishing to take away the CEO's thunder, as it's possible it will be announced soon that this is complete. They may be unsure exactly when it will be complete - as they are relying upon the logistics company etc. They also may be a little behind schedule. Either way it's not a problem - a couple of weeks here or there does not matter.
Most important question about Wrestling: Marc Degen vs Pascal Degen: Marc basically said he wiped the floor with Pascal back in the day, and has offered a re-match to be live-streamed to all tokenholders, when the MOD token hits $20. ;)
Current MOD token price: I've explained above why the current price barely covers the crypto assets on-hand at Modum, let alone the revenue which is about to start flowing to them, and which will probably be immediately distributed. This is an excellent investment, and I look forward to the exciting yeas ahead.
submitted by PJ83 to modum_io [link] [comments]

Log of Slack Talk about Ark SmartBridge and ArkVM

grexx So I think we need to start thinking about blockchain systems as clusters of networks and not one main blockchain. You may have one core token/currency that the other chains recognize and can process as currency (through smartbridge transactions) but then have that pegged to the sidechains for the purpose of accounting in and out of the sidechain that processes the smart contracts. This might allow you to have a scalable network of sidechains running ARKVM and smart contracts that users could select between in congested periods while still using the main ARK token as currency in and out of the sidechain. If that makes sense. I missed a lot of the argument above and just saw some discussion on VM and sidechains so wanted to see what all the fuss was about but I don't have time to fully get caught up. So correct me if I missed the core of the concern/argument Ultimately for scaling efforts to work, people are going to have to start thinking outside of the box and doing everything on one chain isn't the answer. the one thing you want to avoid is having too much extra data being processed on the main chain you want to keep it lean and focused on payments as effectively as possible It's extremely cumbersome to spin off an entire blockchain just to run one dapp/smart contract I'll be better off joining an already popular chain with the vm enabled So this is something I think is misleading. One major facet of ARK is that we are going to seriously lower the barrier to entry for deploying blockchains. On top of that, there would be several economic models for the person running the chain to secure delegates. They could potentially offer profit sharing, i.e. if the contract charges a fee to run, a portion of the cost of using the dapp/smart contract goes to the delegate pool. They could fund it themselves as you mentioned through some form of contract, or they could create a model we haven't even thought of yet, like in game perks, company voting rights for delegates, etc. Remember that a sidechain isn't necessarily just a smart contract, it could be a companies entire product rolled into a dapp using a blockchain that they don't want bloated or effected by other data they could close off that blockchain to deploying or processing smart contracts outside of their dapp and simply have it serve the purpose of their product. That would be just one use case of deploying an ARK compatible chain You could accept ARK into your sidechain through a pegged mechanism as payment for utilizing your smart contract/dapp and then have the contract that accepts that ARK peg distribute tokens to the delegates that could then be withdrawn to the main ARK chain through the smartbridge from the associated main chain account which does the financial accounting for the sidechain
grexx No matter what you think about ethereum's scaling solutions, it has 100% not been proven to actually work up to this point. If I was a product owner, I would not want to rely on the ethereum developers or the ethereum blockchain at this point for my entire business model Look at how many businesses right now are effected when something like CryptoKitties kills the Eth blockchain how would you feel if you are a company with a product and some asshat mobile app for trading digital cats shuts down your business for 4 days and you lose a weeks salary for your employees due to the losses it's an unsustainable business model We are going to make it to where anyone can deploy a blockchain as easily as they would deploy a VPS or a website. In some industries, like gaming, it might become a badge of honor or an esteemed position to be a delegate for those chains. It could even be incorporated into the game itself. For larger corporate environments, they may not care about having it be as decentralized as you and may have a series of corporate partners collaborate on running a network they use among several companies for a product line who knows what people will come up with we are building the tools to create new business models, building them off the ARK brand and with built in compatibility to create inter-chain operations in the future as we learn where those new opportunities lie the reason everyone uses ERC20 and runs on Eth right now is because they have no other option without putting in serious man hours to launch their own eth chain We have talked to countless teams building on Ethereum right now who wish there was another option. Everyone in this sector has a different view of how this all plays out. Ethereum has their vision and anyone who wants to support them is probably making a great decision. They have some of the smartest minds working on the issues with their network but it doesn't mean it's the right answer in every situation.
moonman This doesn't address how to run trustless swaps when the main chain doesn't have a VM, which is one of the main Ark products people are looking forward to. You're saying that the sidechain needs to be funded by the runner, but then that again kills the point because then it's centralized and requires some dude to back his own tokens for the swaps, which is nonsense.
grexx I didn't say it needs to be. I said there are several options of how to secure delegates for a sidechain.
moonman I'm not talking about securing them. I'm talking about a specific product that has been hailed as the holy grail for ARK - trustless currency swaps How do you propose it works with a sidechain when sidechain tokens have no value compared to ARK?
grexx If the sidechain requires money to swap into the sidechain in order to secure an action, then the money is supplied by the people using the service.
goldenpepe There is lots of confusion and mixed messaging as to what Ark actually is Is Ark a way to connect blockchains? Or is Ark a platform?
goldenpepe The people that believed the former were confused as to why the VM isn't going to be on the main chain Since that would allow trustless swaps But apparently it isn't
moonman I'm asking about trustless swaps. There are 3 parties in this equation - the main chain ARK that is swapped in, the side chain token, and the target currency that is outside Ark's chains. If ArkVM was on the mainchain then it is simple to require collateral on the ArkVM side and then release it after. With a side chain, this isn't possible because the tokens used to faciliate the transaction between for ex BTC and ARK have no value @grexx
grexx I don't think there is confusion or mixed messages. I think ARK has the potential to fill roles we haven't even thought up yet. I think the confusion is in what YOU personally want ARK to be and what you see as the killer application, and maybe a difference in priorities.
goldenpepe No, based on everything I've seen it's the former
grexx But always remember I am only here to speak for myself and not the team in any sort of proper spokesman role.
moonman It's not "us personally" - we run the largest and most active Ark community outside of this slack.
goldenpepe If it's the latter then there needs to be better communication
moonman We have a point of reference to know what people are expecting or investing for / want
goldenpepe I keep seeing people pushing the "smartbridge" as a way to connect chains
grexx Does there? Why? Because you say so?
goldenpepe I see encoded listeners being pushed
moonman Because everybody says so.
goldenpepe
People keep talking about how Ark will connect every chain using encoded listeners and "embedding the code snippet"
grexx The intention was to fulfill both roles. To create push button blockchains with the ability to share data between each of those chains.
goldenpepe But how do you fulfill the former without a VM on the main chain?
You can't do trustless swaps without it
moonman Our question is directly regarding HOW this will technically be possible without VM on the main chain without trusting centralized nodes.
ArkVM was pitched as the solution to centralized nodes.
Without it in the equation it's just an open source ShapeShift
goldenpepe I said this earlier, but there needs to be a real whitepaper
A fully technical explanation of all the technology and how everything is supposed to work
grexx So let me ask you this just as a philosophy/feasibility question. Would you rather see a closed smart contract system on the main chain that only allowed contracts for trustless swaps between chains but not necessarily open deployment of smart contracts, i.e. you wouldn't be able to deploy cryptokitties to the main chain to run your business but we would be able to deploy a contract to allow trustless swaps between the sidechain that runs it, while still balancing out the need to keep the majority of application traffic off of the main chain to avoid bloat/congestion?
moonman If you're asking if we/people want main chain VM exclusive use for trustless swaps, the answer is absolutely YES
If main chain was limited to swaps it would address all the concerns we and fellow Ark holders we've talked to have
goldenpepe My concerns are slightly different and related to the forked chains themselves
the_stalker You tell them @moonman
goldenpepe I don't see how segregating the VM to another chain will solve bloat
grexx I see that the argument focuses down to trustless swaps being the key component that is desired, but the ARK teams major issue with allowing deployment of contracts in the way it works currently on Ethereum is with the bloat/congestion issue
goldenpepe devs that want to deploy a smart contract will just join a chain that has the VM enabled already
That will lead to the problem ethereum is having now
moonman If swaps were the exclusive use of VM on the main chain it would avoid bloat.
spghtzzz Sidechains will have ARK valuation?
goldenpepe That's the thing though
I don't see how segregating the VM into its own chain will solve bloat
Everyone will just congregate onto a single popular VM-enabled chain
goldenpepe It'll be an ethereum clone
grexx If application are functioning on individual connected sidechains then the majority of in-application processing could be accomplished on the sidechain with pegged trustless swaps back to the main chain and the only accounting on the main chain is the accounting
moonman I think I understand what the team is getting at with deploying sidechain VMs, I am simply worried that the biggest pitch that people have repeated back to us is not possible without the main chain VM being able to be used for swaps.
@goldenpepe They won't because there will be no valuation incentive.
spghtzzz So trustless swaps will be available then
moonman So the private chains will stay "private"
@spghtzzz No, he just asked us as a "what if", but hopefully he asked for a good reason :slightly_smiling_face:
grexx I am not allowed to divulge key internal information, but I do enjoy talking these things through and getting feedback/opinions (edited)
spghtzzz If sidechains can have proper valuation in ARK, just start a decentralized-oriented chain and make trustless swaps available
moonman That runs the risk of dethroning ARK, which would be the other issue.
goldenpepe I mean, answering technical details of how this should all work on a high level shouldn't be "key internal info"
That's our biggest worry: the promises aren't technically possible
moonman You're not selling to just investors here, developers like us want to know how this is going to be done because it's why we're here in the first place creating things on ARK and running delegates - we want to see it succeed and we're currently between a rock and a hard place trying to get an explanation for "HOW" this is going to happen.
If you're telling us that the intended use for ark is different from what nearly everybody we asked concluded from the marketing, it feels like we bought into a bait and switch or there was a severe breakdown in communication. (edited)
spghtzzz Dethroning won't be an issue though, if everything is measured out in ARK, that's incentive to have/use ARK. (edited)
moonman It can't be measured out in ARK if the main chain has no VM, because the sidechain token HAS to have a valuation in order to do the swaps - in which case there's no point in swapping to ARK in the end anyway @spghtzzz
spghtzzz I'm confused though, isn't that what smartbridge is for?
moonman smartbridge is a text field
jarunik Basically you need native bridging before it can work.
grexx I hear you and I am taking notes on some of the issues. From the very beginning, at least as far as I am concerned, ARK has been about community development and building this out as a team. Unfortunately in this industry, people do like to cannibalize and sometimes it's hard to know how open to be. I think we are seeing a little bit of a conflict between those two philosophies. I think it would only be beneficial to get input and to do some sort of technical sessions with some of the prominent devs in the community for feedback and solidifying some of these topics. All we can do is end up strengthening the final vision. That being said, everyone obviously on the development side keeps very busy and we have multiple time zones, so I am not sure how complicated it would be to setup.
I wish we had an upcoming event everyone could meet up at and have a 3 day whiteboard session lol
goldenpepe
If you're telling us that the intended use for ark is different from what nearly everybody we asked concluded from the marketing This. Ark was marketed to me as a middleman to let other chains communicate 1 reply Today at 7:13 AM View thread
goldenpepe Ark being a platform of forked chains is something different
moonman It can be both with your "philosophical" suggestion of only allowing main chain VM for swaps.
goldenpepe Maybe this is a reason to start marketing/doing PR :wink:
B.Lawrence.Lowe I always thought it would be both. Was I wrong?
goldenpepe It can be both if the VM was on the main chain
grexx I don't think ARK is an eitheor of the above proposed uses, I think the intention is a both.
arigard Isn't aces connecting the block chains?
goldenpepe Mostly on our discord with other devs
ACES is shapeshift
moonman ACES is centralized @arigard
goldenpepe It's not decentralized or trustless
grexx Aces requires trusted intermediaries
atm
moonman We were under the impression - and I think ryano was as well - that ArkVM would allow things like ACES to function trustlessly using a main chain VM implementation
goldenpepe Yea, I remember when ACES was first released and we talked to ryano about it
moonman So it could become more than just "open source shapeshift" (edited)
goldenpepe Even he said smart contracts could be used to do ACES in a trustless manner
But that's not possible without the VM on the main chain
grexx No I mean I get what you are saying. Look if we launch a fully integrated open source ARK blockchain with full ARKVM functionality and anyone in the world can clone it and publish an Ethereum competitor on the spot, we always ran the risk of someone forking/cloning ARK and stealing our thunder, but that is a risk we are willing to take.
We won't intentionally hamstring ourselves
who said that?
grexx ARKVM was on the initial roadmap from Day 1
grexx Technically it was on the roadmap at Crypti
mike The main chain is only to provide communications among bridged chains, and send payments in Ark among addresses, just as TCP/IP is only used to send data among IP addresses. Applications seeking trustless operation can run their own bridged chains with multiple delegates forked from Ark and configured to their own custom configurations, or they can even use a different consensus system altogether. Enterprise applications can run permissioned ledgers using an Ark fork since it is very similar to DPoS, except they control who can be delegates, like EduCTX as an example. ArkVM will be available for those who want to run Solidity contracts, either as their own forked and bridged chain, like if they have complex contracts and/or high volume, or can run their contracts on a public ArkVM chain bridged to Ark. ACES is also available as a trusted listener and relay node option to other chains. There are plenty of options for difference use cases and preferences.
goldenpepe But Mike, wouldn't being forced to fork off your own chain every time you wanted to create your own dapp/smart contract be extremely cumbersome?
jarunik It is already really easy to clone
goldenpepe How is it easy? You need to set up your own servers, find people to be your delegates, acquire a stash of ark
If you end up being your own delegate then there goes decentralization
moonman I understand and agree with the use case OUTSIDE of trust less swaps. But in the context of trustless swaps, which has been Ark's biggest selling point everywhere we asked, it would only be possible if the main chain had VM or a sidechain token had a valuation, in which case there would be no reason to swap back to ark. Were trustless swaps not a big part of the internal goal of what ArkVM aims to accomplish? How would it work with just side chains without stealing Ark's thunder? @mike
ryano I've talked about trust and the design of ACES in many posts. It often gets argued as not being trustless, but I do state that the ACES design is intentionally "trust agnostic" because there are many different views on the right way to build blockchain services. Not all parties believe trustless is even a thing. For example, even in smart contracts that are "trustless" you must trust the code, and very few people will critique the code, so you end up with a single point of trust failure. My personal favorite approach is M of N multisig, and this can reduce trust to a statistically insignificant amount (though by definition, as perhaps with all things, not 100% trustless).
spghtzzz if native function is built in v2, we can see trustless swaps
ryano as far as ACES being shapeshift, this is true to an extent. But shapeshift is like one single provider. A 1 of 1 signature service. With a marketplace we can build a system that has ways to manage trust using well studied trust based marketplace. And despite its name, the trust factor can be minimized towards zero with multisig
goldenpepe Who knows what protocol changes v2 will bring
moonman @ryano There's no such thing as multisig swaps though - that's sort of what it would be if main chain got VM - you could have 51 delegates to "decentralize" the contract and ensure it stays trustless. The current ACES implementation is entirely centralized around the specific node running it.
moonman A marketplace isn't decentralized, it just means you have more trust options. It's not "trust agnostic". You're only trusting one node, but you get to pick the node.
ryano Thats not true if it a multisig service
goldenpepe Another thing: wouldn't the forked chains require a stash of Ark?
moonman The problem with that is you're still trusting the few running them - they're not backed by ARK voters.
goldenpepe From what I remember Mike said, the forked chain's delegates will also be running Ark nodes which is how the forked chains' clients can communicate to Ark
moonman If you could lock ACES down to be ran just under the delegate nodes ran under ARK itself, it could work.
goldenpepe But in order for that to happen, the delegates would need a stash of Ark in order to send Ark txs, no?
grexx I think there has always been an intention to have a marketplace of service providers who could be rated and would allow a more "trusted" environment but I get the argument against that model.
spghtzzz yes, it's a trust of consensus
moonman If ArkVM is being ported, it could be avoided and would renew and bring new faith into Ark if the main chain could become the central trustless hub for swaps. For other dapps I understand the hesitation due to bloat, but due to how the marketing was perceived or communicated I'm afraid that everyone we've spoken to or conversed with about the topic is expecting that specific dapp to play a central role in Ark development/adoption - which is why we were all taken aback when we were told that the main chain wouldn't have VM.
grexx But this here is exactly what led to the discussion above. What you describe here would then basically be a smart contract. Moon Man If you could lock ACES down to be ran just under the delegate nodes ran under ARK itself, it could work. Posted in #generalToday at 6:58 AM
moonman There's no way to lock it down trustlessly though without also having it interwined with ARK
He can't "Force" nodes to run ACES, that's the problem.
Then the issue is we don't know who we are trusting.
Then you get other issues like sybil attacks
ryano I'm trying to dig up an important article on this topic, but you should all get familiar with the advantages and disadvantages of smart contracts vs. M of N multisig
moonman That's why DPoS is good - it solves these issues.
ryano you'll find very material advantages to multisig that are not often discussed, ones that fit very nicely in well studied and proven marketplace-like ecosystems
goldenpepe Aren't atomic swaps basically that?
ryano Were building ACES trust-agnostic for this reason, because if people want to built "trustless" services, which can be argued to be trusted anyways, theres no reason not to provide the ecosystem to communicate their services
but there will be many other services just using multisig to reduce trust
jarunik Someone will sure launch a clone chain which offers VM services
ryano this is how its done in bitcoin and monero, and is more powerful than people let on
moonman And then it overtakes ark if it carries ark features but has a swaps-capable VM, which is our other concern.
jarunik You will better be running it then!
ryano If i have 5 service providers, and a service is set up as a 3 of 5 signature service, those 5 providers are all listening to the external chain, possibly subscribing to different listener sources, and then verifying back to ark, like an oracle, that the requested event occurred. This is a simple binary oracle response, and can be entered as signature. Sign = yes, no sign = no/unsure.
moonman You have to trust those 5 providers though.
ryano You would then need 3 bad actors for this to fail.
moonman And what happens when you have sock puppets
that's how sybil attacks work
You spam the network with sock puppets
goldenpepe Yea even Tor got sybil'd
moonman If you can't add your own sock puppets, then what's the point of having 5 sigs if one person chooses all 5? Then you're just trusting the creator
goldenpepe but tbh, monero is vulnerable to sybil too
moonman The reason ARK will help with this is you are tying the 51 sigs to existing delegates that were voted in by ARK users.
They're "trusted" but decentralized in a method that makes sense given the platform
ryano well, why not use those delegates as your signers then
moonman There's no way to force the delegates to run the service
That's the problem
ryano no forcing anywhere, but incentives
goldenpepe Not unless the ark team embeds aces into ArkCore
B.Lawrence.Lowe What about incentivizing the delegates to run the service somehow?
moonman It won't matter. It's too easy for them to just say "I'm not interested or don't want to" and then you get attacked by those who are running it. It just doesn't make any sense.
moonman A second layer solution doesn't work simply because you can't enforce delegates running the service.
ryano But why do you trust the delegates?
moonman I don't - voters do.
I trust the collective voter choice vs your choice of 5 signatories
B.Lawrence.Lowe Voter here. I tust my delegate. He;s always paid me on time.
moonman It's about who ARK voters trust.
Because ultimately that's what powers the platform - trust in ARK and ARK holders
spghtzzz why do you trust a delegate who won't even reduce your TX fees?
goldenpepe I don't get it
ryano even with smart contracts, since were dealing with external chains, you need to trust a source to confirm that something from the outside world happened
spghtzzz explanation provided yesterday in #delegates if that was toward me @goldenpepe
moonman Correct - but it is far less concerning when that source is the 51 delegates.
Rather, when the source is confirmed by the 51 delegates
ryano but now instead of 51 delegates its 51 listener hubs
or even more
moonman Yes, but again, sybil attacks...
B.Lawrence.Lowe Right, and just like a representational government, as a voter I trust my delegate. I thought this is how this worked, yes?
moonman If you select the hubs, it's centralized to YOU selecting them. If you don't, it's open to sybil attacks from sock puppets
If it's limited to the delegates, it makes sense in the context of the ARK ecosystem because you are trusting your currency to those 51 people in the first place
B.Lawrence.Lowe He takes my votes and makes decisions for the community in my best interest, as his constituent, right?
moonman The only way to enforce the consensus is to build it into the core so delegates have to run the platform and keep the swaps "dapp" secure and running.
anyway, I've explained my case. Hopefully what I said made sense.
mike The original plan, and still the plan, is to interconnect other blockchains, which can be existing chains or new ones forked from ark. We have added ArkVM as an option to be added to the deployable chains, and run a public ArkVM chain. Ryano has also come up with ACES, as another, streamlined method to exchange and interact with other chains, which is an example of Ark allowing different methods to be developed to accomplish objectives. A non-turing complete VM meant only to facilitate cross chain swaps is a viable option as well, and can run as a bridged chain.
ryano You could reduce the risk of sybil attacks by doing something similar to how ark does voting. A listener source would have to be tied to an ark address, so you would see their "stake". In this case attempting to run 51 listeners to do a sybil attack would require you to reduce your stake, and likely be less attractive to users
moonman @mike How does the bridged chain function as a method for these swaps though? What do you envision as the technical flow for this?
@ryano You could do that, but then you're doing almost exactly what I mentioned before - making your own ARK clone but with swaps. (edited)
What would be the requirements for running the nodes? How would you force consensus without running its own blockchain?
goldenpepe @mike I recall you saying deployed chains' delegates will also be running Ark nodes which is how these chains will be able to communicate with Ark. But wouldn't that require these forked-chain delegates to maintain a stash of Ark? Wouldn't the chain become completely isolated once their delegate nodes run out of Ark?
moonman If it's not an ARK clone and just listeners - that means no PoW, no DPoS, what are you going to do in your listener code to enforce consensus
The only thing you can do is have more oracles checking the top 51 delegates and matching it with signatures provided by listeners - but then THOSE oracles get sybil attacked!
mergatroid You know on the roadmap where it says all of the goals, and tech documentation is at 25%
B.Lawrence.Lowe @mike "The original plan, and still the plan, is to interconnect other blockchains, which can be existing chains or new ones forked from ark." This answered my main question. As long as by "existing chains" you clearly mean, Bitcoin, Ethereum, Litecoin, Dash, Stratis, Waves, etc.. Not sure how it will all work because I don't code, but if you're confident in getting it done, that works for me.
goldenpepe @mergatroid All the questions we're asking could have been answered with a technical whitepaper, but it doesn't exist and the existing whitepaper is outdated.
mike they would run ark clients, which interact with the Ark chain, the various ark-cli clients that are available, or they can run full nodes with their own copies of the ark blockchain, it's up to the developer of a particular bridged chain how he wants to configure it.
ryano time to update that white paper :stuck_out_tongue:
goldenpepe But the pushbutton deployed chains will all need a stash of ark, no?
spghtzzz it'd be nice for interoperability purposes
mike They will need Ark to write data to the main ark chain using the vendor field. they will not need ark to run listeners and read the vendor field from transactions addressed to that chain.
cannabanana Dudes, all I can say is that this blockchain is less than a full year old. We've been already been looking for a technical writer for a whitepaper 2.0 and techincal whitepaper.
mike if they want to use Ark as a reserve currency to back exchanges between other chains they would need that as well.
mike As canna says, we are hiring for a technical writer to update and add to the documentation, and hiring in general is ramping up now that the SCic is in place.
goldenpepe @mike Do you envision in the future there will be an ark-fork with the VM enabled that will essentially be an ethereum clone where all the devs gather to play with smart contracts/dapps?
mike yes
moonman Do you have any worries that any such chain may overtake ARK itself? @mike
goldenpepe I'm more concerned over that chain becoming bloated which defeats the purpose of moving the VM to its own chain in the first place
mike no, it is for a specific type of use, smart contracts to provide ETH type functionality.
moonman Grexx mentioned a separate chain for each major dapp.
That would reduce/remove bloat
goldenpepe It'll get very confusing if you have a bunch of large open VM-enabled chains.
"Have you seen ArkieKitties?" "Where? On ArkFork1? Fork2?Fork3?"
goldenpepe It'll lead to fragmentation
spghtzzz ecosystem, fragmentation is good
in some senses..
goldenpepe uhhhh
ryano Ark.Kitties
goldenpepe No it isn't lol
moonman It's good for the network, not for user interaction.
goldenpepe ^
ryano depends how its designed i think
can be done well
goldenpepe @ryano I also brought this up
moonman Yeah I think it's a minor issue as well, it can probably have a directory or its own DNS-like service in the wallet
goldenpepe So if I want to create a super cool new dapp, I'll need to fork off my own chain, find people to be my delegates, then give them a bunch of ark
ryano In ethereum you need to know the contract name to interact with it, so why not required to know the ark chain id?
goldenpepe It's too cumbersome
mike separate chains is the preferred method, and for a lot of things requiring complex code, Solidity contracts aren't the best way to go. But for those wanting to port Solidity code to Ark, either on a public chain or their own chain, ArkVM will provide that option.
goldenpepe Yea I was thinking that
Small contracts can exist on a shared chain while large dapps like kitties or an ICO can exist in its own chain
Large projects will have the resources to fork, find delegates, and fund them
But that will still create fragmentation if there exists multiple large public VM chains
mike I see ArkVM as a way to onboard projects and developers from Eth over to Ark, but then they may optimize for more efficient operation by writing code from scratch specific to their needs instead of running on solidity. As an example, non-turing complete application specific code is more reliable in that it has a finite set of states where as Turing complete code has an infinte set of state, not all of which can be known.
if the multiple large public chains are bridged, contracts running on them can still communicate with other contracts running on the other large public VMs.
goldenpepe Bridging them won't help if the dapp you want to access is on ChainA and ChainA takes hours to process a tx because of bloat
mike It's analagous to code running on Amazon servers can communicate with code running on OVH servers via TCP/IP, like delegates now communicate with each other while running on different data centers.
grexx just for reference, the intention is to make discovery extremely easy and for the average user, they will have no idea what chain they are on or how it works.
they will just buy kitties and be happy
goldenpepe @grexx It would be great if the wallet could do that and it would solve fragmentation issues
"Chain-hopping" being completely transparent to the user
grexx that is a top priority
goldenpepe But how will we deal with a certain chain containing data you need being slow?
grexx same way the free market deals with anything
if your service sucks, improve your service or get beat by competition
goldenpepe The bloated chain will lose users?
mike If a public VM degrades in performance then there is a market for another public VM, and the existing one can upgrade its performance to remain competitive.
grexx sidechains can increase capacity through better hardware with the upgrades being made
goldenpepe But blockchains are sticky (to use an economic term), people will be less prone to switch if all their assets exist in that slow chain
Look at bitcoin
grexx but then again like I mentioned way earlier
goldenpepe Slow as fuck but people still use it because they're invested
mike gress is a faster typist than I am...
grexx connected clusters with pegged assets I think are a potential answer
within the sidechains
well if you look at the main ark chain, we have 8s blockchains to maximize use case as currency
but a sidechain depending on its needs wouldn't necessarily have to have 8s and could probably do a lot to increase tps and other factors
those are all things we will min/max on devnet though
mike If a given VM chain becomes bigger than Ark and wags the dog, that is part of the evolution. We don't want to try to force the ecosystem to use Ark but instead attract them to do so. We don't want to be like New York banning railroads from entering New York City to force traffic to use the Erie Canal.
grexx all of crypto is an experiment and we have no idea what models will ultimately come out of it, especially when we make it easy for anyone to launch their own fully capable smart contract enabled blockchain (eth clone)
so there is definitely some inherent risk as with investing in any emerging technology
moonman Pegged assets would address my concern regarding sidechain valuations and their use in swaps, but pegged assets have never worked in crypto except for Tether which is centralized and potentially a fraud.
goldenpepe Didn't someone mention forking ark and printing USD-backed coins?
moonman We did lol
I never said it was a good idea
moonman I was going to mention bitshares @bluffet
Bitshares isn't stable
Their pegs have fluctuated WILDLY in the past
goldenpepe Bitshares got delisted from bittrex and is in deep shit with the SEC though
mike Yes, TCP/IP was originally just to connect academic and research lab computers to share files, evolved to add email, then web, and now all kinds of applications. None of this added functionality was planned or conceived when TCP/IP was first invented.
bluffet I know, moonman. It is a liquidity issue. The market solves it.
moonman Tether never had this issue though (I don't have a good reason for why - bitshares is infinitely better designed yet economically worse than tether)
grexx in 3 years we may look back and think, holy shit, I never saw that coming. People are innovative and when given time, always end up exceeding expectations. I guess we are starry eyed dreamers in that we want to create something that empowers a new generation of innovation and accessibility in the space.
bluffet I liked your discussion today, guys. I learn from it.
grexx bitshares along with all of dan's projects have the problem of being centralized within a small group of connected supporters (edited)
goldenpepe Yea this was a good conversation
submitted by Jarunik to ArkEcosystem [link] [comments]

14 Things We Learned Creating a Million Dollar Hyperdeflationary Currency (DRAFT)

14 Things We Learned Creating a Million Dollar Hyperdeflationary Currency (DRAFT)
Four months ago we made a reddit post announcing a social experiment to create a “self-destructing currency” called BOMB. The reactions were polarizing, to say the least:
Some comments were positive
A currency that no one wants to spend but everyone wants to have would result in an ever growing value. However, it might only be on paper because no one wants to spend it. I wonder what will happen. I really hope this gains popularity, very interesting.
Many comments were negative
Aaand this is why crypto is viewed with such cynicism. People can literally create their own private currencies in their basements.
Multiple comments were entertaining
LOL, I wonder how many FBI safeguards this will trigger.
The success and legitimacy of the project were still to be determined, but one thing was for sure: people were curious.

The Big Bang


On January 15th, we launched one million BOMB into the digital abyss known as the blockchain. The rules of the currency were simple:
  • Only 1,000,000 BOMB would be created.
  • Each time the BOMB is transferred, 1% is destroyed
  • There would never be a newly created BOMB.
Over the following months, more than 750,000 tokens were distributed for free, over 3,000 individuals participated, and over 20,000 BOMB were burned through transfers and trading (2% of total supply). The social communities grew into the multiple thousands, and many respected projects began getting involved.
The intention was not to be used as a transactional currency, but rather a consistently deflating and decentralized store of value.
The problem we were attempting to solve (or at least experiment with) is the token velocity problem that plagues many of the tokens in the market today.
The goal was to become the deflationary currency of the decentralized world. Many currencies focus on speed, cost, and privacy. We focus on deflation.

https://preview.redd.it/da1yr3z2qf031.png?width=600&format=png&auto=webp&s=1cea93246a0ce9bb96dd63708371ba66512e8420

The Journey


The reaction of the events over the next months took us down a winding road of adventure and a fair share of heart attacks. One day we would get an endorphin rush after the co-creator of the #OccupyWallStreet movement wrote an article; the next day we would find a major vulnerability in the code that would literally cause us to re-issue tokens.
Through it all, the journey has been a rewarding one, and we learned a lot along the way. Here are the top 14 things we learned while creating a million dollar hyper deflationary currency.

1) A Deflationary Asset Can Survive... So Far At Least.


One of the biggest things we wanted to learn when starting the social experiment was to ask:
“Can a deflationary asset survive?”

Good question in theory, but how do you measure that? Do you measure it by price? Do you measure it by how many people hold it? Do you measure by usage?
Within the community, one of our members recently public a “The Bomb Report”, a case study breakdown of some really interesting statistics and analysis of the currency and the success/failures it has had so far.

Total Bombs Burned per Day


Total Bombs Burned Over Time


Price vs. Total Percentage Bomb Burned

2) If You Build it, They Won’t Come


The blockchain industry consists of some of the most talented technical and visionary minds in the world. However, despite this, most average consumers haven’t experienced a blockchain application or used the currencies built on top of it.
While there is still plenty of time for true mass adoption to occur, it has become clear that the amount of technical value being developed is not equating to the amount of activity or users.
We believe this is not for lack of building, but for lack of storytelling and communication. Average consumers don’t resonate with technological features, they resonate with the stories and the advantages within a solution.
Bitcoin, the most successful cryptocurrency to date, has one of the best stories behind it. An anonymous and mystical figure behind the name of Satoshi Nakamoto took his passion and pain from the financial crisis of 2008 to create a better solution.
The building behind BOMB wasn’t intensive or complex at all, just a few dozen lines of code in solidity. But that wasn’t our story. Our story was our journey and social experimentation of a deflationary currency. That is why people joined, and this is what keeps people intrigued still to this day.

3) Hodling is Still Alive & Kicking


Despite the average airdrop value sitting over $200 per participant, 84.5% of people have not touched or moved their BOMB. Out of 3073 current addresses, 2604 people would rather hold than sell their BOMB.

4) The Cryptocurrency Industry is Skeptical by Default


Despite giving away all our tokens for free and answering questions as transparently as possible, the default response was skepticism; and rightfully so.
Despite over $13,000,000,000 in public capital allocated to the decentralized world in the first half of 2018 alone, over 1000 projects are now dead. Many of the people who joined the industry joined during this time and still feel the resentment to this day.
While it will probably take many years to overcome this skepticism, and may never go away, we learned it is important to take every comment and negative remark in stride. Some are valid concerns, but a majority aren’t actually mad or disgruntled with you, but at the industry as a whole.

5) Going from 0 to 1 is 10x harder than 1 to 10


Like most projects, when we started, our followers and community count started at zero.
During the first few weeks of sharing the story of BOMB with a few friends, the growth was extremely slow (relative to what it is today) at maybe 1–5 people per day.
Nobody wants to be the first to the party. When you’re walking down the street, everyone assumes the crowded bar is better than the empty bar. The one thing you can do to overcome this early stage is making your early adopters feel like absolute VIPs.
More than the early adopters getting more free tokens than everyone else, myself and the co-creators spent endless hours on telegram talking with each and every single person who joined. There was not a lost soul who wandered into our group that didn’t get an overly ambitious introduction.
This is the core and foundation that will set everything in motion. While I no longer introduce myself to every new person to the group, our community does, and its an amazing feeling.

6) Clear & Concise Communication is Everything


When I first started telling my friends about BOMB, the natural response was “What else does it do?”
We as humans have a natural instinct to think more is better. Many founders start with a very clear mission to create something like a comfortable chair but they end up explaining their product as an “Anti-Gravitational Sitting Apparatus to Disrupt the Entire Furniture Industry with Built-in LED Lights and Omni-Rocking Functionality”
The problem is when we try to communicate this vision to the world, our vision becomes convoluted and messy. The most successful projects to date consist of the ones doing one thing better than anyone else.
When people explain what BOMB is, they explain it very clearly and concisely: A deflationary currency. When people explain how BOMB works, they easily recall and reference the three rules of the currency as stated above.

7) Transparently Bad News is Better than No News


The biggest “OH SNAP” moment for BOMB occurred in February, just a few weeks after airdropping our creation to the world. A community member following the project found an error on the code that could open up the currency to exploitation in the future.
Rather than attempting to hide the situation, we made a medium post to explain the situation and news to the community.
Just a few weeks ago, many of our community members began to get anxious about a potential exchange listing that was taking longer than expected. While frustrating to take criticism for items we couldn’t control, we wrote a 19 thread tweet storm titled “Transparency Update”. Despite the negative news, the community loved it and felt closer to the project than ever.
People many times don’t mind what happened, as long as they understand why you did it, and the reasoning behind it. Yes, there will always be that 10% that won’t accept your answer. But the people who truly care about your vision and value will stick with you. Those are the people who matter.

8) You Don’t Need to Spend $25,000 on an Exchange


Getting on an exchange after raising zero capital was definitely hard. We made a commitment early on that we would never ask our community for money, so everything we did had to be extremely scrappy and resourceful.
To help get us off the ground, a few of our early members kept talking about a community/technology called ParJar. In short, this was a telegram bot we could implement that allowed our community to openly trade BOMB instantly and feeless whenever they wanted.
There are a lot of items that helped us build our community, but we believe ParJar gave us more native engagement than any other campaign we have done. This organic incentivization ecosystem for individuals to exchange assets was and continues to be the backbone and foundation for our growth.

9) Not All Exchanges Are Created Equal


Even at the peak of the bear market, exchanges attempted to charge anywhere between $20,000 and $250,000; and those were the low-level ones. We definitely couldn’t afford this.
After doing more research, we narrowed down our goals with exchanges and what we were trying to accomplish. While many projects immediately want to get on the “bigger volume” markets, research showed there were only a handful of exchanges that had real volume. The rest were doing a lot of wash trading.
Instead of going after the top level exchanges, we focused on connecting with other respected and up-and-coming exchanges that would be willing to work with us on integration. The deflationary features inside our contract make us incompatible with many exchanges. This was a full-time job in itself.
After many months of searching, we were able to really connect with the team at DDEX (an exchange that is venture backed by reddit’s co-founder) that saw the potential in BOMB and took a chance on us.

10) Liquidity Premium is a Real Thing


While I have heard the term ‘Liquidity Premium’ before, I didn’t quite know how this would impact a deflationary currency. In short, a liquidity premium occurs when something costs more/less because it has high/low liquidity.
The best way for me to think of this is a house. Although houses are valuable, they many times take months to be sold or liquidated for cash. Because of this, prices can be up to 20–30% lower than it would be if it were liquid.
In relation to BOMB, our goal from the beginning was to decrease token velocity as much as possible. The side effect of this was low liquidity.
As soon as we reached Mercatox (a centralized exchange that didn’t burn the tokens) BOMB value increased by nearly 25–50% overnight.
Of course, we can probably attribute some of this to new eyeballs and demand, but it has been interesting to watch the arbitrage between a DEX (burns BOMB) and a CEX (doesn’t burn BOMB).

Price After Mercatox Listing


11) The Market Decides Value, Not the Founders


One of the biggest questions we got in the early days was:
How much are BOMB worth?
When we explained that the tokens were being given away for free, many equated this to no value.
In traditional coins or tokens, the value is determined (or at least decided) by the founders at the price they are willing to sell them at. If XYZ project decides to launch an ICO and sell them at $1, that is the given “value” of the token.
The problem with this premise is that this initial value is completely arbitrary and theoretical until it can be actively traded. I can attempt to sell my car for $250,000, but if the market will only pay me $250, that’s what its worth.
If we learned one thing from the 2018 bear market, its that the founder’s of projects are very bad at knowing the intrinsic value of their own tokens; many times 90–99% off.
Rather than giving our token an arbitrary number, we gave every single token away for free and let the world decide its value.

12) Capital is a Luxury, Not a Necessity


In the startup world, people many times reference the Lean Startup approach. The premise is pretty simple, get your idea into the world for as little amount of money as possible, and see if the world is willing to give it value. In the cryptocurrency world, everything seems to be backward.
Cryptocurrencies spend months planning an ICO, then another few years developing a project, only to find out if their idea is worth building. Millions of dollars are spent on the building before confirming the demand.
IF you truly believe you have an idea that people want or need, and IF you are willing/able to build an MVP first, and IF you want to build a community fueled project; give a portion away for free and let the market decide your fate.
Then, if the market gives it a thumbs up, you have some liquid capital to build your grand vision; all while raising zero capital.

13) Code is Replicable, Community is Not


One mission of BOMB from the beginning was to hopefully provide a financial case study for other people to learn from and implement into their own tokenomic structure.
We anticipated and expected others to do this. But, what we did not expect is the number of exact copy cats that would arise of the first weeks. At this time on Etherscan, there are more than five other replicas of BOMB that people created.
While we were originally discouraged at others attempting to directly imitate our project, we quickly learned that what made BOMB special was no the code, but the community of people around what we were creating.
You can copy code, but you can’t copy a community.

14) People Who Truly Believe in Something Will Go Above and Beyond


To this day, we haven’t paid anything beyond a few #BombUp rewards to our community. And yet, they do some of the most creative, amazing, and impressive creations we could have ever asked for.

Report: An in-depth financial and data-driven report on BOMB explosions, price, and analytics trends.
Art: Everything from designs to stickers for the community to use and play with.
Bomb Up: A community member-run group that gives away BOMB every day for playing telegram games.
Articles: Some of the most passionate people writing in-depth articles about the project.
Languages: Alternative languages that wanted to discuss BOMB in Russian and German.

Conclusion


There is no doubt that to some, BOMB will be nothing more than a meme coin, and we are okay with that.
One of the most fascinating parts of this experiment has been watching our original meaning, goal, and vision of BOMB change and evolve for other people over time. Instead of attempting to control the dialogue, we let the community interpret the project in whatever way they want.
This individual empowerment has truly given the currency a life of its own and the amount of fun, insight, and overall awesome people we have been able to connect within our short lifespan has been nothing short of amazing.
At the current rate of deflation, if the current pace stays constant the last BOMB is expected o be destroyed by 2031.

BombLytics Bot

_______________________________________________

If you would prefer reading or sharing this story through a medium format, here is the link.
submitted by Kowallo to u/Kowallo [link] [comments]

Dogecoin will be more profitable than bitcoin in the long run. Laugh now. Cry later.

Now, of course by the title of this thread, you would think I was an avid supporter of dogecoin. You would be right. Even though I have a doge bias, if you're still unsure about dogecoins, I think it is worth your time to fancy this. Come, let's delve into the speculate world of speculation where speculators find satisfaction in speculating all day.
Ok, dogecoin daily transaction volume in the past two weeks has equated to over a million GREENBACKS twice. We are talking US dollars here. Those worthless little things that have value because that's what the law says. You gotta lay down the LAW! GREENBACKS! One of them for the loaf of bread. Exclude tax. Suckas!
We might as well even be stating that the daily transaction of dogecoin exceeded 1 million individually packaged loaves*(Shibe edit) of bread. It sounds better anyway.
There is no dogecoin to USD. If you happen to find someone that you trust and do some sort of wire transaction or paypal thing thats great, there are many trustworthy shibes around here. But some of us say we are Shibes and are not Shibes, but rather the Anti-Shibe. You need to be much aware. Very concern. Im a trustworthy Shibe, but I can tell you right now though, I am not coming off my dogecoins for the USD price they are at right now, that would be such not smart.
That million dollars that was traded twice in those 24 hour intervals was done all in btc or ltc, because cryptsy sets the standard right now for daily volume in doge and thats all they deal in. If dogecoin were available in USD, more people would rush to buy dogecoins. As it stands they are still such confuse about getting their hands on even a bitcoin. Now we have to tell them to convert that btc into doge. Its enough to make the masses head explode. They will catch on eventually. It already appears they are. However, USD to doge on exchange sites would dramatically increase the demand for doge which would get him to the moon a lot faster.
Right now doge wants to take off so bad. But, he is still a puppy. Very patience, Shiba Inu. Such reward. So future. Let me explain.
Dogecoins are being mined in crazy numbers right now because that is what the algorithm (correct me if Im wrong) was set to. We have already gotten an entire quarter of coins distributed about the internet right now. You would think this amount of creation would cause an incentive to sell because of the increased supply. You would be right.
However, the demand is so high, even still, despite the fact that there is no exchange site with USD to doge, that doge the miners are selling to create all that sell pressure is not enough to stop its increase. Right now it looks like we are holding very near .0000005 btc/doge
If doge could be traded into USD right now on exchange sites, sell wall would be smashed to pieces. At my university, everyone is talking about dogecoin, but no one knows how to get them. Thats the biggest question I get asked. All these people want to get their hands on doge. This is a lot more than a few million dollars here if you think about all the other major schools all across the country. These are millennials. Millennials are going to be buying into this like crazy because growing up all they experienced was financial ruin all around them which was a direct result of the Federal Reserve Banking system. They do not trust banks, but they do trust math geniuses, apparently (cough, satoshi. cough cough)
Dogecoin is literally blowing up right now and it could be much greater. It will be much greater. Doge so low right now. Such buy. Much reward. When all of the coins are mined and doge can be traded into USD on exchange sites, things will become very interesting. The formula will be set to lift-off on full blasters. Some greedy shibes may lose their shirts because of trying to buy and sell to the moon. But remember Shibes, this is a trip to space. We don't have time to stop and pee. You should have done that on one of the legs of the launch pad. If you try to stop and pee, you will burn yourself on the rocket boosters. WOW
I really dont know where dogecoin will be in a year. I can only speculate that value. Its going to be close to exiting Earth's atmosphere though you can take that to the bank.
Oh, and if you laughed when you read this post because you think doge wont moon, sit and stay, go ahead and cry a little bit now too so you dont have to deal with all the overwhelming amount of feels you are soon to experience.
Such concern. How not such buy? Come wif to moon? None of this is possible by ourselves. This community is so strong and such growth too. WOW almost 30k Shibes in just over a month.
Im going to end on this. You can keep your bitcoin. Ill take my 2.2 million dogecoins over that any day. Edit: The reason I said 2.2 million is because thats what one btc equals right now. Im mining them. I don't have that much. I do have 100k from mining the past week and a half., though :)
submitted by abel1337 to dogecoin [link] [comments]

Bitcoin's True Value, Fake Crypto Exchange Volume, & Massive Adoption News BITCOIN Ready to EXPLODE!? Why $BTC is UNSTOPPABLE & $100,000 is INEVITABLE!! Bitcoin's Shocking Volume Problem - Will It Collapse the Prices of the Crypto Markets? OTCBTC CEO: The Woman Powering Bitcoin - Xdite Cheng But how does bitcoin actually work? - YouTube

We derive the Bitcoin exchange rate dynamics by solving the exchange rate equation of the standard flexible-price monetary model to investigate any characteristics of Bitcoin like a currency. This step, and the advent of bitcoin exchanges such as Mt. Gox, demonstrated that bitcoin could be sold for the most liquid of all goods, the extant currency, and was therefore gaining in liquidity itself, even though there is no record of it being used as a medium of exchange at this point. However, given that bitcoin was designed from the ground up to be money, with all the technical ... Distribution of market share among Bitcoin currency exchanges by reported trade volume, April 2011 to November 2013 (Source: bitcoincharts.com). While we cannot know for certain what has motivated the spate of DDoS attacks on Bitcoin currency exchanges, there are several plausible explanations for why someone might do so. One possible explanation is that Coinbase is adding their main platform volume onto their exchange candles after-the-fact to dishonestly boost their volume numbers. However, I think this is pure, intentional fraud. Even if the Coinbase platform has 100x the activity of the exchange, it is extremely unlikely that there would not be a single minute without any trade volume for the entire months ... and the failure of the bitcoin exchange MtGox are thus specific examples of how information affects price volatility. Another significant variable is trade volume, which also displays a positive influence on the volatility. The last significant variable turned out to be a constructed positive trend, suggesting that increasing acceptance of bitcoin decreases its volatility. Key words: bitcoin ...

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Bitcoin's True Value, Fake Crypto Exchange Volume, & Massive Adoption News

The logistic map connects fluid convection, neuron firing, the Mandelbrot set and so much more. Fasthosts Techie Test competition is now closed! Learn more a... Today's video is on the crypto exchange FTX. This is an exchange that allows you to long/short multiple altcoins with little liquidation risk. Here is the ex... What do you believe the real value of Bitcoin is? Crypto exchanges massively faking volume, Bitcoin futures, and massive adoption news from around the globe. Sorry guys, I accidently deleted all ... In a future where Bitcoin is popular and pervasive, Bitcoin mining is about much more than mining for profit. There are many facets of Bitcoin mining that not only high volume, large Bitcoin ... Bitcoin's shocking volume problem laid bare in Bitwise report, Tim Draper promotes Bitcoin in Argentina, and the truth about censorship resistance. LINKS Win $100 in Bitcoin - spread crypto ...

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