Bitcoin Core 0.20.0 Released: What’s New – Bitcoin Magazine

Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.

Solutions

Syscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
  1. Distribution, burns and user-to-user transfers of Reddit Points are entirely carried out on the Syscoin network. This full-on approach to utilizing the Syscoin network provides the most scalability and transaction cost benefits of these scenarios. The tradeoff here is distribution and subscription handling likely migrating away from smart contracts into the application layer.
  2. The Reddit Community Points ecosystem can continue to use existing smart contracts as they are used today on the Ethereum mainchain. Users migrate a portion of their tokens to Syscoin, the scaling network, to gain much lower fees, scalability, and a proven base layer, without sacrificing sovereign ownership. They would use Syscoin for user-to-user transfers. Tips redeemable in ten seconds or less, a high-throughput relay network, and onchain settlement at a block target of 60 seconds.
  3. Integration between Matic Network and Syscoin Platform - similar to Syscoin’s current integration with Ethereum - will provide Reddit Community Points with EVM scalability (including the Memberships ERC777 operator) on the Matic side, and performant simple value transfers, robust decentralized security, and sovereign store-of-value on the Syscoin side. It’s “the best of both worlds”. The trade-off is more complex interoperability.

Syscoin + Matic Integration

Matic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.

Proving Performance & Cost Savings

Our POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
612722: https://sys1.bcfn.ca/block/6d47796d043bb4c508d29123e6ae81b051f5e0aaef849f253c8f3a6942a022ce
612723: https://sys1.bcfn.ca/block/8e2077f743461b90f80b4bef502f564933a8e04de97972901f3d65cfadcf1faf
612724: https://sys1.bcfn.ca/block/205436d25b1b499fce44c29567c5c807beaca915b83cc9f3c35b0d76dbb11f6e
612725: https://sys1.bcfn.ca/block/776d1b1a0f90f655a6bbdf559ff5072459cbdc5682d7615ff4b78c00babdc237
612726: https://sys1.bcfn.ca/block/de4df0994253742a1ac8ac9eec8d2a8c8b0a6d72c53d6f3caa29bb6c171b0a6b
612727: https://sys1.bcfn.ca/block/e5e167c52a9decb313fbaadf49a5e34cb490f8084f642a850385476d4ef10d70
612728: https://sys1.bcfn.ca/block/ab64d989edc71890e7b5b8491c20e9a27520dc45a5f7c776d3dae79057f59fe7
612729: https://sys1.bcfn.ca/block/5e8b7ecd0e36f99d07e4ea6e135fc952bf7ec30164ab6f4d1e98b0f2d405df6d
612730: https://sys1.bcfn.ca/block/d395df3d31dde60bbb0bece6bd5b358297da878f0beb96be389e5f0e043580a3
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.

Cost Savings

Total cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.

Tools, Infrastructure & Documentation

Syscoin Bridge

Mainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
  • Any Standard ERC-20 token to be moved from Ethereum to the Syscoin blockchain as a Syscoin Platform Token (SPT), and back to Ethereum
  • Any SPT to be moved from Syscoin to the Ethereum blockchain as an ERC-20 token, and back to Syscoin

Benefits

  • Permissionless
  • No counterparties involved
  • No trading mechanisms involved
  • No third-party liquidity providers required
  • Cross-chain Fractional Supply - 2-way peg - Token supply maintained globally
  • ERC-20s gain vastly improved transactionality with the Syscoin Token Platform, along with the security of bitcoin-core-compliant PoW.
  • SPTs gain access to all the tooling, applications and capabilities of Ethereum for ERC-20, including smart contracts.
https://preview.redd.it/l8t2m8ldh8e51.png?width=1180&format=png&auto=webp&s=b0a955a0181746dc79aff718bd0bf607d3c3aa23
https://preview.redd.it/26htnxzfh8e51.png?width=1180&format=png&auto=webp&s=d0383d3c2ee836c9f60b57eca35542e9545f741d

Source code

https://github.com/syscoin/?q=sysethereum
Main Subprojects

API

Tools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.

Documentation

Syscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence

Trade-off

The Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.

Cost

Ethereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.

Z-DAG

Zero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).

Benefits

  • Unique fee-market that is more efficient for microtransaction redemption and settlement
  • Uses decentralized means to enable tokens with value transfer scalability that is comparable or exceeds that of credit card networks
  • Provides high throughput and secure fulfillment even if blocks are full
  • Probabilistic and interactive
  • 99.9999% security assurance within 10 seconds
  • Can serve payment channels as a resilience fallback that is faster and lower-cost than falling-back directly to a blockchain
  • Each Z-DAG transaction also settles onchain through Syscoin Core at 60-second block target using SHA-256 Proof of Work consensus
https://preview.redd.it/pgbx84jih8e51.png?width=1614&format=png&auto=webp&s=5f631d42a33dc698365eb8dd184b6d442def6640

Source code

https://github.com/syscoin/syscoin

API

Syscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.

Documentation

Z-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana

Trade-off

Z-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.

Syscoin Specs

Syscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
  • 16MB block bandwidth per minute assuming segwit witness carrying transactions, and transactions ~200 bytes on average
  • SHA256 merge mined with Bitcoin
  • UTXO asset layer, with base Syscoin layer sharing identical security policies as Bitcoin Core
  • Z-DAG on asset layer, bridge to Ethereum on asset layer
  • On-chain scaling with prospect of enabling enterprise grade reliable trustless payment processing with on/offchain hybrid solution
  • Focus only on Simple Value Transfers. MVP of blockchain consensus footprint is balances and ownership of them. Everything else can reduce data availability in exchange for scale (Ethereum 2.0 model). We leave that to other designs, we focus on transfers.
  • Future integrations of MAST/Taproot to get more complex value transfers without trading off trustlessness or decentralization.
  • Zero-knowledge Proofs are a cryptographic new frontier. We are dabbling here to generalize the concept of bridging and also verify the state of a chain efficiently. We also apply it in our Digital Identity projects at Blockchain Foundry (a publicly traded company which develops Syscoin softwares for clients). We are also looking to integrate privacy preserving payment channels for off-chain payments through zkSNARK hub & spoke design which does not suffer from the HTLC attack vectors evident on LN. Much of the issues plaguing Lightning Network can be resolved using a zkSNARK design whilst also providing the ability to do a multi-asset payment channel system. Currently we found a showstopper attack (American Call Option) on LN if we were to use multiple-assets. This would not exist in a system such as this.

Wallets

Web3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
Syscoin-Qt

Explorers

Mainnet: https://sys1.bcfn.ca (Blockbook)
Testnet: https://explorer-testnet.blockchainfoundry.co

Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!

submitted by sidhujag to ethereum [link] [comments]

Monthly Nano News: December 2019 + Year Recap Special

This is what NANO has been up to lately. I don't think I lie if I say it has been quite an amazing year!
See you soon and happy new year! Something nice is coming soon that I have been working on for a while, stay tuned..

December 2019

November 2019

October 2019

September 2019

August 2019

July 2019

June 2019

May 2019

Apr 2019

Mar 2019

Feb 2019

Jan 2019


More news here: https://nanolinks.info/news

https://preview.redd.it/9sw5nkoxlt741.png?width=749&format=png&auto=webp&s=3426d4eafb9430c0304a6d161596102536df4318
submitted by Joohansson to nanocurrency [link] [comments]

Groestlcoin September 2019 Development Release/Update!

For a more interactive view of changes, click here
In our current world; bordering on financial chaos, with tariff wars, Brexit and hyperinflation rife, you can count on Groestlcoin to consistently produce innovation that strikes to take the power away from the few and into the many, even after a full five and a half years of solid development.
Here is what the team has already announced in the last 3 months since the last development update:

What's Being Released Today?

Groestl Nodes

What am I?

Groestl Nodes aims to map out and compare the status of the Groestlcoin mainnet and testnet networks. Even though these networks share the same protocol, there is currently no way to directly compare these coins in a single location. These statistics are essential to evaluate the relative health of both networks.

Features

Source - Website

Groestlcoin Transaction Tool

What am I?

This is a tool for creating unsigned raw Groestlcoin transactions and also to verify existing transactions by entering in the transaction hex and converting this to a human-readable format to verify that a transaction is correct before it is signed.

Features

SourceDownload

Groestlcoin AGCore

What am I?

AGCore is an Android app designed to make it easier to run a Groestlcoin Core node on always-on Android appliances such as set-top boxes, Android TVs and repurposed tablets/phones. If you are a non-technical user of Groestlcoin and want an Android app that makes it easy to run a Groestlcoin Core node by acting as a wrapper, then AG Core is the right choice for you.

What's Changed?

Source - Download

Groestlcoin Electrum

What's Changed?

Android Electrum-Specific

OSXWindowsWindows StandaloneWindows PortableLinux - Android
Server SourceServer Installer SourceClient SourceIcon SourceLocale Source

Android Wallet – Including Android Wallet Testnet

What am I?

Android Wallet is a BIP-0032 compatible hierarchial deterministic Groestlcoin Wallet, allowing you to send and receive Groestlcoin via QR codes and URI links.

V7.11.1 Changes

Groestlcoin Java Library SourceSource - DownloadTestnet Download

Groestlwallet

What am I?

Groestlwallet is designed to protect you from malware, browser security holes, even physical theft. With AES hardware encryption, app sandboxing, keychain and code signatures, groestlwallet represents a significant security advance over web and desktop wallets, and other mobile platforms.
Simplicity is groestlwallet's core design principle. Because groestlwallet is "deterministic", your balance and entire transaction history can be restored from just your recovery phrase.

iOS 0.7.3 Changes

Android v89 Changes

iOS SourceAndroid Source - Android DownloadiOS Download

Groestlcoinomi Released

What am I?

Groestlcoinomi is a lightweight thin-client Groestlcoin wallet based on a client-server protocol.

Groestlcoinomi v1.1 Desktop Changes

Groestlcoinomi Android v1.6 Changes

Groestlcoin Java Library SourceAndroid Source
Android DownloadWindows DownloadMac OS DownloadLinux Download

Groestlcoin BIP39 Tool

What's Changed?

Source - Download
submitted by Yokomoko_Saleen to groestlcoin [link] [comments]

Blackcoin ROLL CALL!

Hey all,
Its been a while and I have been neglecting the community here on reddit. A lot of things are new, I'll try to keep it as brief as possible.

"My client is saying something about an 'IBO' wtf is this shit? Is Blackcoin DOOMED?!"
Well, fear you not. Blackcoin is still going forward, but as Blackcoin Lore. The IBO message is relating to rat4's new project of which he is working towards. I wish him all the best on that. The #1 question that I get though, "Should I burn my BLK?" I will give a suggestion that I hope others will find fair.
Blacknet is experimental, not yet released, not yet proven, so if you are willing to risk some of your BLK to be a part of something new, then go do so. Should you expect that it gets released? To a degree, yes. Rat4 always has done well. For me personally, I hadn't burnt my BLK as I am skeptical on the distribution and community upon release. However, I do not want to deter anyone from not participating if they can afford the risks associated with new technology.

"What in the fak is going on with development? Is Blackcoin DOOMED!?"
Janko departed to work on some exclusive blockchain projects of which he had told me about. I'm excited for him and again, wish him all the best. He handed me the title of Lore to continue. Now at the time, I hadn't expected rat4 to also call it off. Lateminer and myself have taken up development under "Lore".

"What does that mean for the original wallet? Is Blackcoin DOOMED!?"
No, not at all. So this maybe a little confusing but bear with me. Rat4's client will continue as Blackcoin Lore. This is the same as how Bitcoin Core treated Bitcoin upon Satoshi's departure. There will be two identities of Blackcoin. The protocol, and the software. The protocol always and will always belong to you, the community. That will always be shaped in the way that holders of BLK will believe is best for BLK. However Lore will be under direction of us to maintain consistency.

To further confuse things, and I'm sorry, Lore previously meant Blackcoin stuff on later Bitcoin. This hasn't been a direction that I had agreed with. Sure the core is stable to that of Bitcoin, but you also share the vulnerabilities. I really do believe that the direction is going forward with rat4's old client and having BLK adapt to it's own challenges. Therefore, Lore is becoming Blackcoin "More" and rat4's client is becoming "Blackcoin Lore". Both of which will be developed by the same team. Consider More as a temporary bridge while Lore goes forward as I understand that there are some serious updates that BLK needs that More provides right now.

"I keep up to date and have known about this for the past month or so! What is really going on?"
Well, I and others need to eat and build ourselves before we can work on projects such as BLK, especially taking over development which is massive. Lateminer has been working every evening on fixing up More while I had to take a break on updating rat4's client to be more 'modern' and with it. The project shift couldn't of come at a worse time for myself as I have been trying to launch a product for my business and couldn't delegate more time than I'd like to. But, delegating time I am.
So updates on this:- Lateminer is pushing a new Blackcoin More release this week.- The new Blackcoin Lore wallet, continuation of the old wallet, has a massive new build and RPC API overhaul.- The RPC API isn't complete yet, I just need to finish it off, then we should expect a new release of BLK Lore.
Things are still happening. But thats just development, you can't focus on development and not anything else.

"Is Blackcoin going to be delisted from X? Is Blackcoin DOOMED!?"
No, likely not. We have strong ties to the best leaders in the industry of which we are currently on.

"Why no Binance?"
Well though I do see that Binance is vastly popular, we have to consider legalities of platforms. Binance doesn't have a jurisdiction of which they are lawful to. We don't know where their servers are at. Their employees are mostly private. Those raise red flags to me. That doesn't mean that I am against it. I wouldn't mind putting in a request however, I'm not ready to stick to a strict weekly update that they require until my company's project is launched and new Lore and More is out. At that point, we will update them weekly as well as provide them all information that they require on a regular basis of which we do for every other service of which we are on.

"But the ranking of BLK! WTF!?"
Yeah, I get that. Honestly, I'm not surprised. BLK really nose dived after China called it quits on crypto. 80% of our volume was there and we had the strongest ties with that community. It was devastating and heart breaking to see it collapse almost overnight. The QQ group and Wechat group is still around, still have some die hards. I'm not surprised it had happened.

"We have not heard from you where had you been!?"
Well, I had wanted to walk away from BLK a few times. Usually if there is a team taking care of the project, I feel as if I can focus more on my company. Yet, hadn't left. Mostly everyone else left, I'm still here. I have been keeping the twitter and other things going and as well as established the Proof of Stake Alliance with other projects such as PIVX, Peercoin, Komodo, Navcoin, BitBay, Particle, Phore etc. and we all keep regularly in touch almost every day.

"So what does the Proof of Stake Alliance do?"
Well, all the devs can pool resources together to make the core technology even more sound. While we believe that 3.0 is safe and doesn't have any serious flaws, we do want to improve on it. We are working on a sort of PoS 3.1 which will be basically a total overhaul of the structure of PoS instead of actually changing the security of it.

"PoS 3.1??! Sounds exciting!"
Yes, we originally were running with the name of PoS 4.0 but, since it isn't a security upgrade, but still massive, we decided not to call it that unless there actually is a reason to update the security to ensure that the coin is protected.

"I have a question!"
Leave it below.

I really don't want to let anyone down, or left feeling insecure with their choice on Blackcoin. Its been a rough few months, but we will all pull through.

- Gritt N. Auld
submitted by Grittenald to blackcoin [link] [comments]

Getting DigiByte listed on Binance - Progress update

There’s been a bunch of requests lately to get DigiByte listed on Binance. I’m here to confirm today that the hold-up in doing-so is not due to anything in our control.
Let me set the scene for you: We have been listed on approx 2x exchanges per week, every week, for the last few months. This has been in part due to some of the Foundation and some incredibly dedicated community members, again keeping in mind none of this is paid work. I want to take this opportunity to acknowledge the many hours that these people put in, filling out forms, chasing exchanges, getting information and technical details to them.
Then, we find out there are other exchanges that we’re listed on, without our knowledge. Again, that’s fantastic, and because we are a decentralized blockchain with the source-code open and freely available on Github, this means there’s nothing preventing Exchanges from doing this. Because the DigiByte Core Wallet has it’s basis on the Bitcoin Core Wallet, if an Exchange has integrated Bitcoin or Litecoin, they have the technical know-how to integrate DigiByte, and it’s not a difficult task.
Back to Binance.
There is a form that Binance request new sign-ups complete. A pretty standard practice, basically to weed out the time-wasters and brand new ICO’s that aren’t worth anything at all. Totally cool, and so this was filled out earlier last year, and again just one day after Christmas. No problems there.
Since then, Binance have requested the completion of a NDA form. Unfortunately this NDA form is completely not applicable to DigiByte, as we are not a central company, we're not an ICO that raised funds, nor do we take any percentage of each newly minted block as other coins do.
I’m sure you’re all well aware that DigiByte relies on the donation of time of all its Foundation Members, as none of us have been given any DigiByte by anybody to survive on, and once the Foundation has been fully established then down the line decisions will be made regarding how those funds are best spent. For now though, everything is done from the generosity of the hearts of those in the Foundation and community, because we believe in this project, it’s merits, and what it stands for.
So this NDA form, we can’t in good faith sign it, as it’s not applicable to us and legally there’s no point in putting ourselves into a situation where things aren’t clear. However, it begs the question: Why is there an NDA form required at all? Anybody can list DigiByte on their own Exchange, and it doesn’t require us to be made privy to any technical or financial details about a company. They basically download the wallet, as you and I would, integrate it into their Exchange through RPC calls to the digibyted, and that’s about it. The RPC / P2P port details are all in the BitcoinTalk thread. No NDA required, and the listing can be completely done without any input / help from the DigiByte Foundation, community or developers.
It gets better though:
On the application form (Keep in mind this has been completed twice now), there are a number of things such as:
You accept that Binance reserves the right to de-list your coin at any time, for any reason, solely at Binance's discretion. * With the answer options being: - Yes, I agree. - No, no need to hit the submit button.
That’s fair, there is no problem with them de-listing DigiByte if they want, Exchanges do it all the time for coins and ICO’s that have a very small volume. DigiByte however has done a few thousand BTC daily volume just on Bittrex alone (Just using them for comparison). Even with the admirable 0.1% fees that Binance charges, that’s still a few BTC every single day in trading-fees alone, which makes it seem like DigiByte would be a worthwhile investment for them to add on their own accord.
So the problem with us accepting donations from the community as an attempt to pay a listing fee to get on to Binance, they could still de-list DigiByte at any time for no good reason, we have to agree to that before they’ll actually accept the submission. On top of this even if we do pay the “Listing fee”, DigiBytes acceptance on to the Exchange is not guaranteed. We would have no come-back for that, no repercussions, nothing that we can do to prevent it. The CEO even states in his “Tips for getting listed”:
High fee does not guarantee listing, but it may increase your review priority. If you don't want to pay a listing fee, simply put 0. Free market will determine the rest.
It gets better,
On top of the NDA requirement, there is no TOS or similar at Binance. While in my eyes this doesn’t prevent DigiByte from being listed (DigiByte is on a few Exchanges without terms of service thanks to their own initiative), it does mean that this isn’t an ideal scenario. Why is this not an ideal scenario? Because there is no legal recourse for any of the users, no obligation to help them, and if they were to take the “Listing fee”, they can literally just take it and run.
I don’t think it would be very responsible of the DigiByte Foundation to arrange crowd-sourcing the funding, for a venture such as this, where there are absolutely no guarantees at all.
While we admire the enthusiasm of the community and your willingness to assist, the last thing we want is for it to all be for nothing. If the community is really keen on donating to a project, we would recommend donating to the recent development that has been undertaken on the iOS wallet, headed up by a community members company. This will be a big step forwards for DigiByte and fills a gaping hole in our arsenal (See: https://github.com/Racecraft/digibytewallet-ios for donation link at the bottom of the page)
In the mean time, we are still pursuing avenues to get us listed, while maintaining true to our honor and integrity, and doing all that we can to look out for the community.
Besides, Binance would make more than this within a few days worth of listing us, based on trading-fees alone, so the "requirement" of a listing fee just does not make sense.
Edit: Made a poor attempt at fixing the formatting coz apparently I still suck at the markup required here to make it look pretty
submitted by Chilling_Silence to Digibyte [link] [comments]

Backup Wallet.dat

"1) I can backup my wallet by exporting a wallet.dat file. Do I have to do this everytime I receive more BBP? Or just whenever I add a new key? 2) How do I add new keys? 3) Can I generate and see the private key so that I can write it down/print it and store it somewhere safe?" -znffal
1) think of your wallet.dat file as your passbook in a passbook savings account. You have to have that .dat file to be able to access (and prove you SHOULD have access) to the BBP stored in your account addresses. Exporting it once is all you need.
2) Adding new keys? The passphrase (password) you use is the only "key" you would have in an encrypted wallet (besides the .dat file). If you mean new addresses, you can get those by going under File and Sending (or Receving) Addresses and hit "new".
3) Clicking Encrypt Wallet will be where you choose a passphase, I don't know you can see it other than when you enter it.
To put a real world example or two.
Example One: You don't ever encrypt or backup your wallet. If I borrowed/stole/hacked your computer, I could send all your coins to my wallet (no passphrase).
Example Two: You encrypt your wallet with the passphrase "secret" but don't backup the wallet.dat file, then your computer crashes and you lose all your data. Since you didn't have a copy of the wallet.dat file, your coins would be lost.
Example Three: You backup your wallet.dat but don't encrypt it. Your computer crashes and all your data is lost, but you re-download the QT program, restore your wallet.dat, all your coins are still in you wallet. But if you lose your USB drive that has the wallet.dat on it, and I find it, I can put your wallet.dat on another computer and send all your coins to my wallet.
Example Four: You encrypt your wallet and back up the wallet.dat file. If I hack/borrow your computer, unless I guess your passphrase your coins are safe. If you computer crashes, your can restore your wallet.dat file to another computer and your coins are safe.
In short, Encrypt your wallet (passpharse) and then backup (copy) the wallet.dat file to at least two locations." -616westwarmoth
"Find your wallet.dat file, copy it to a flash drive or any other secure place. If your computer crashes, you'll always have the wallet.dat and can put it on a new machine. It will have to resync a bit when you do, but you'll never lose your "key" to the wallet. Speaking of keys, you should password protect your wallet and make sure to remember it!"
"Yes you must have a copy of the wallet.dat somewhere. So multiple back up copies are a good idea. If you lose the wallet.dat file the coins will be in limbo but there will be no way to recreate the file. One thing to remember is it doesn't matter if the wallet.dat file is "current", it can be 10 years old on a flash drive and you can download a new client, put the wallet.dat file into the machine and you'll be good." -616westwarmoth
"In addition to this, whenever you reboot the node after more than 24 hours of being synced, we back your wallet.dat up into the "backups" folder. This is useful if you ever accidentally delete your wallet.dat.
Also, if you want a paper backup, you can do a 'dumpprivkey accountaddress' command from the RPC." -Rob
"wallet is a collection of private keys"
"there are other ways to achieve high security. You can make a new wallet, encrypt it with a long password, send coins to it, put it on a flash drive and put it in cold storage, then download the hard drive cleaning program and erase the wallet.dat sectors from your PC. And of course, keep a printed copy of the private key on paper and put it in a safe. Put the usb in the safe also. Burn a cd rom with the wallet.dat file and put it in the safe." -Rob
How to safely back up your wallet https://dashpay.atlassian.net/wiki/spaces/DOC/pages/1867878/How+to+safely+back+up+your+wallet
Keep Your Crypto #SAFU (CZ's Tips) https://www.binance.com/en/blog/421499824684900429/Keep-Your-Crypto-SAFU-CZs-Tips
References: https://bitcointalk.org/index.php?topic=2042657.msg23955128#msg23955128 http://forum.biblepay.org/index.php?topic=27.0 https://bitcointalk.org/index.php?topic=2388064.msg27797529#msg27797529
To Read: https://en.bitcoin.it/wiki/Wallet https://en.bitcoin.it/wiki/Storing_bitcoins https://bitcoin.org/en/secure-your-wallet
NOTE: As of version 1.4.3.1 we have updated to HD wallets, so you should not need to worry about keypools anymore if you have upgraded
"Regarding the Sanctuary, you receive payments always to the same address (key), so the keypool is not consumed for those payments. But when you click to generate a new address on the "Receive" tab, one key will be deducted from the keypool. Also, sometimes new addresses are automatically generated and the keypool is consumed, for example when solo mining and finding a block, a new address could be used for the block reward.
You can always check your current keypool size by typing "getwalletinfo" in the RPC console and see "keypoolsize" and "keys_left". It's only concerning if they are a low number and you plan to generate new addresses in your wallet. They start from 1000. If the number gets too low, you can just type "keypoolrefill" to refill them back to 1000 and then you should backup the wallet. But from my experience the wallet automatically refills the keypool from time to time (or after certain actions like transactions), because I see that my wallet file keeps getting larger and the "keys_left" returns to 1000.
The only issue is if you actively use your wallet on multiple computers (for example cloud mining or simply sometimes using the wallet on your laptop), then one wallet could refill the keypool with new addresses and the other one will not, or they will generate different new addresses. If I understand this correctly, for example, you could receive a payment on a new address generated in one wallet; your old balance will be there on both wallets, but only the one wallet where you generated the new address would show the new payment. Then you should copy the wallet.dat file to other computers, to update them.
If you use the wallet on just one computer, you should just backup the wallet from time to time (or when you see it has increased in size). Qt also backups wallet.dat automatically, those can be found in the folder %AppData%\BiblepayCore\backups, you will see that they also have timestamps in their names and possibly different sizes." -inblue
https://bitcointalk.org/index.php?topic=2388064.msg27391534#msg27391534
submitted by togoshige to BiblePay [link] [comments]

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