# Bitcoin explained: Here's everything you need to know - CNET

• Bitcoin explained: Here's everything you need to know - CNET
• What is Bitcoin? 3 Things to Know About the Cryptocurrency
• What is bitcoin? - CNNMoney
• What Is Bitcoin: Explanation for Beginners in Simple Terms
• Basic Explanation of Cryptocurrency – Hoblib
##### Qtum Official subreddit

Qtum Development and Discussion

##### bitcoin and imperialism

in most of the basic explanations of bitcoin, I see two smiling faces, transferring bitcoin to each other in a coffee shop or market. Do you people really mean it by saying "bitcoin is the future."?
I mean, do people really believe that bitcoin will take down U.S. dollar and its banking system so people would just use bitcoin to buy stuff?
Is it like, all people are somehow going to unite in bitcoin against the system and then the banking system will collapse? Most of the world has been suffering from American imperialism so badly for years, but there hasn't been any solution against to it. Whenever people tried to stand against to it, imperialism just swept them out.
If bitcoin takes over U.S. Dollars, that means the U.S. will lose a huge percent of its power over the world. The U.S. won't let that happen.
So my question is, do you people believe, one day bitcoin will beat u.s. dollar? is that, why they invest in bitcoin?
and sorry, if there are grammatical mistakes.

##### Is this an accurate and basic explanation of what Bitcoin mining is?

As a simple explanation, mining is essentially the use of computer hardware to voluntarily verify transactions on the Bitcoin network. Computers are tasked with “solving blocks” through the use of a proof-of-work (PoW) algorithm, or more simply, computers guess the answer to a very complex computational equation using a trial-and-error strategy (you can learn more about Bitcoin mining here). The first computer(s) to solve the block are awarded a predetermined amount of Bitcoin for their services to the network. As more miners enter the network, these equations become more difficult, and the mining rewards decrease, in an attempt to curb inflation and keep the block creation rate at a static time interval (about 10 minutes).

##### 03-13 22:52 - 'Simple explanation: go to [link] and click the "What is this?!!" button for the basic explanation. Then you can look at the rest of the information. / If you prefer a textual overview: [link] / The longer explanations: / [link]...' by /u/LovelyDay removed from /r/Bitcoin within 1-6min

'''
Simple explanation: go to [link]1 and click the "What is this?!!" button for the basic explanation. Then you can look at the rest of the information.
If you prefer a textual overview: [link]2
The longer explanations:
'''
Author: LovelyDay
1: b*nodes.*om* 2: ***.b*tfire.i*/nodes 3: bitco.in*f*r*m**hreads/***p*05-passed-s*tti*g*-i*for*at*o*-via**oin*ase-tx*-us*r*ag*nt.696/ 4: https://medium.com/@peter_the-excessive-block-gate-how-a-bitcoin-unlimited-node-deals-with-large-blocks-22a4a5c322d4#.vm6eogf1w

##### vectorbt - blazingly fast backtesting and interactive data analysis for quants

I want to share with you a tool that I was continuously developing during the last couple of months.
https://github.com/polakowo/vectorbt

As a data scientist, when I first started flirting with quant trading, I quickly realized that there is a shortage of Python packages that can actually enable me to iterate over a long list of possible strategies and hyper-parameters quickly. Most open-source backtesting libraries are very evolved in terms of functionality, but simply lack speed. Questions like "Which strategy is better: X or Y?" require fast computation and transformation of data. This not only prolongs your lifecycle of designing strategies, but is dangerous after all: limited number of tests is similar to a tunnel vision - it prevents you from seeing the bigger picture and makes you dive into the market blindly.
After trying tweaking pandas, multiprocessing, and even evaluating my strategies on a cluster with Spark, I finally found myself using Numba - a Python library that can compile slow Python code to be run at native machine code speed. And since there were no packages in the Python ecosystem that could even closely match the speed of my own backtests, I made vectorbt.
vectorbt combines pandas, NumPy and Numba sauce to obtain orders-of-magnitude speedup over other libraries. It builds upon the idea that each instance of a trading strategy can be represented in a vectorized form, so multiple strategy instances can be packed into a single multi-dimensional array. In this form, they can processed in a highly efficient manner and compared easily. It also integrates Plotly and ipywidgets to display complex charts and dashboards akin to Tableau right in the Jupyter notebook. You can find basic examples and explanations in the documentation.

Below is an example of doing in total 67,032 tests on three different timeframes of Bitcoin price history to explore how performance of a MACD strategy depends upon various combinations of fast, slow and signal windows:
import vectorbt as vbt import numpy as np import yfinance as yf from itertools import combinations, product # Fetch daily price of Bitcoin price = yf.Ticker("BTC-USD").history(period="max")['Close'] price = price.vbt.split_into_ranges(n=3) # Define hyper-parameter space # 49 fast x 49 slow x 19 signal fast_windows, slow_windows, signal_windows = vbt.indicators.create_param_combs( (product, (combinations, np.arange(2, 51, 1), 2), np.arange(2, 21, 1))) # Run MACD indicator macd_ind = vbt.MACD.from_params( price, fast_window=fast_windows, slow_window=slow_windows, signal_window=signal_windows, hide_params=['macd_ewm', 'signal_ewm'] ) # Long when MACD is above zero AND signal entries = macd_ind.macd_above(0) & macd_ind.macd_above(macd_ind.signal) # Short when MACD is below zero OR signal exits = macd_ind.macd_below(0) | macd_ind.macd_below(macd_ind.signal) # Build portfolio portfolio = vbt.Portfolio.from_signals( price.vbt.tile(len(fast_windows)), entries, exits, fees=0.001, freq='1D') # Draw all window combinations as a 3D volume fig = portfolio.total_return.vbt.volume( x_level='macd_fast_window', y_level='macd_slow_window', z_level='macd_signal_window', slider_level='range_start', template='plotly_dark', trace_kwargs=dict( colorscale='Viridis', colorbar=dict( title='Total return', tickformat='%' ) ) ) fig.show()

From signal generation to data visualization, the example above needs roughly a minute to run.

vectorbt let's you
• Analyze and engineer features for any time series data
• Supercharge pandas and your favorite tools to run much faster
• Test thousands of strategies, configurations, assets, and time ranges in one go
• Test machine learning models
• Build interactive charts/dashboards without leaving Jupyter
The current implementation has limitations though:
• It's still experimental and fast evolving, thus API can change quickly.
• Fast processing means more memory requirements. Above example created multiple DataFrames each taking 46MB of RAM (price, signals, cash, shares, equity, returns, etc). The issue can be mitigated by deleting at least some artifacts as soon as they are created and by disabling caching.
• Usage requires intermediate knowledge of pandas and NumPy to understand what's going on. Numba can be learned faster because of it mimicking NumPy. I tried to make lots of small examples in the documentation to get the idea how everything is glued together.
• The approach of merging vectorized and iterative code differs significantly from classic OOP approach of designing strategies, and will require you to rethink how strategies are formulated and implemented (which is kinda fun).
• Finally, if you're looking for a pure backtesting solution - it's not. It's more of a data mining tool to get to know your market and approach better.

If it sounds cool enough, try it out! I would love if you'd give me some feedback and contribute to it at some point, as the codebase has grown very fast. Cheers.

Someone posted on here a few days ago asking about forex and forex trading in Kenya, I have gone through the responses and clearly, most people don’t have an idea. It is 3am in the morning and am in a good mood so let me make this post. This will be a comprehensive and lengthy post so grab a pen and paper and sit down. We’ll be here a while.
FIRST OF ALL, who am I..?
I am a forex trader, in Nairobi, Kenya..i have been actively involved in forex since I found out about it in Feb 2016 when I somehow ended up in a wealth creation seminar (lol) in pride inn Westlands, the one close to Mpaka Rd. Luckily for me, it was not one of those AIM global meetings or I’d be on Facebook selling God knows what those guys sell. I did not take it seriously till August of the same year and I have been active ever since.
I don’t teach, mentor or sell a course or signals, I trade my own money. I am also posting from a throwaway account because I don’t want KRA on my ass.
What the fuck is forex and forex trading.
In simple plain English, forex is like the stock market but for currencies. Stock Market = Shares, forex = currencies. If you want more in-depth explanation, google is your friend.
These currencies are pegged on specific countries, united states- dollar, UK- pound, euro zone- euro, Switzerland- Swiss franc, Kenya- Kenya shilling.. you get the point. Now, there are specific events and happenings between these economies that affect the movement and values of the currencies, driving their value (purchasing power up and down). Forex trading exploits these movements to make money. When the value is going up, we buy and vice versa (down –sell)
Is forex trading illegal in Kenya? Is it a scam?
Illegal, no. scam, no. All the banks in the world do it (KCB made about 4 billion from trading forex in 2019)
Have there been scams involving forex in Kenya?
Yes. Here is one that happened recently. This one is the most infamous one yet. Best believe that this is not the end of these type of scams because the stupidity, greed and gullibility of human beings is unfathomable.
However, by the end of this post, I hope you won’t fall for such silliness.
What next how do I make it work..?
Am glad you asked. Generally, there are two ways to go about it. One, you teach yourself. This is the equivalent of stealing our dad’s car and hoping that the pedal you hit is the brake and not the accelerator. It is the route I took, it is the most rewarding and a huge ego boost when you finally make it on your own. Typically, this involves scouring the internet for hours upon hours going down rabbit holes, thinking you have made it telling all your friends how you will be a millionaire then losing all your money. Some people do not have the stomach for that.
The second route is more practical, structured and smarter.
First Learn the basics. There is a free online forex course at www.babypips.com/learn/forex this is merely an introductory course. Basically it is learning the parts of a car before they let you inside the car.
Second, start building your strategy. By the time you are done with the babypips, you will have a feel of what the forex market is, what interests you, etc. Tip..Babypips has a lot of garbage. It is good for introductory purposes but not good for much else, pick whatever stick to you or jumps at you the first time. Nonsense like indicators should be ignored.
The next step is now the most important. Developing the skill and building your strategy. As a beginner, you want to exhaust your naivety before jumping into the more advanced stuff. Eg can you identify a trend, what is a pair, what is position sizing, what is metatrader 4 and how to operate it, what news is good for a currency, when can I trade, what are the different trading sessions, what is technical analysis, what is market sentiment, what are bullish conditions what is emotion management, how does my psychology affect my trading (more on this later) an I a swing, scalper or day trader etc
Here are some nice YouTube channels to watch. These guys are legit..
After a short period of time, you will be able to sniff out bs teachers with relative ease. You will also discover some of your own and expand the list. Two tips, start with the oldest videos first and whichever of these resonates with you, stick with till the wheels fall off.
How long will it take until things start making sense
Give yourself time to grow and learn. This is all new to you and you are allowed to make mistakes, to fail and discover yourself. Realistically, depending on the effort you put in, you will not start seeing results until after 6 months. Could take longeshorter so there is no guarantee.
Social media, Mentality, Psychology and Books
Online, forex trading might not have the best reputation online because it takes hard work and scammers and gurus give it a bad name. However, try to not get sucked into the Instagram trader lifestyle as it is nowhere close to what the reality is. You will not make millions tomorrow or the day after, you might never even make it in this market. But that is the reality of life. Nothing is promised, nothing is guaranteed.
Your mentality, beliefs and ego will be challenged in this market. You will learn things that will make you blood boil, you will ask yourself daily, how is this possible, why don’t they teach this in school..bla bla bla..it will be hard but growth is painful, if it wasn’t we’d all be billionaires. Take a break, take a walk, drink a glass of whatever you like or roll one..detox. Chill with your girl (or man) Gradually you will develop mental toughness that will set you up for life. Personally, I sorta ditched religion and picked up stoicism. Whatever works for you.
Psychology, this is unfortunately one of the most neglected aspects of your personal development in this journey. Do you believe in yourself? Can you stand by your convictions when everyone is against you? Can you get up every day uncertain of the future? There will be moments where you will question yourself, am I even doing the right thing? the right way? It is normal and essential for your growth. People who played competitive sports have a natural advantage here. Remember the game is first won in your head then on the pitch.
Books: ironically, books that helped me the most were the mindset books, Think and grow rich, trading for a living, 4 hour work week, the monk who sold his Ferrari..just google mindset and psychology books, most trading books are garbage. Watch and listen to people who have made it in the investing business. Ray Dalio, warren, Bill Ackman and Carl Icahn.
This is turning out to be lengthier than I anticipated so I’ll try to be brief for the remaining parts.
Brokers
You will need to open up an account with a broker. Get a broker who is regulated. Australian ones (IC Market and Pepperstone) are both legit, reliable and regulated. Do your research. I’d avoid local ones because I’ve heard stories of wide spreads and liquidity problems. International brokers have never failed me. There are plenty brokers, there is no one size fits all recommendation. If it ain’t broke..don’t fix it.
Money transfer.
All brokers accept wire transfers, you might need to call your bank to authorize that, avoid Equity bank. Stanchart and Stanbic are alright. Large withdrawals $10k+ you will have to call them prior. Get Skrill and Neteller if you don’t like banks like me, set up a Bitcoin wallet for faster withdrawals, (Payoneer and Paypal are accepted by some brokers, just check with them.) How much money can I make..? I hate this question because people have perceived ceilings of income in their minds, eg 1 million ksh is too much to make per month or 10,000ksh is too little. Instead, work backwards. What % return did I make this month/ on this trade. Safaricom made 19.5% last year, if you make 20% you have outperformed them. If you reach of consistency where you can make x% per month on whatever money you have, then there are no limits to how much you can make. How much money do I need to start with..? Zero. You have all the resources above, go forth. There are brokers who provide free bonuses and withdraw-able profits. However, to make a fulltime income you will need some serious cash. Generally, 50,000 kes. You can start lower or higher but if you need say 20k to live comfortably and that is a 10% return per month, then you can do the math on how big your account should be. Of course things like compound interest come into play but that is dependent on your skill level. I have seen people do spectacular things with very little funds. Taxes..? Talk to a lawyer or an accountant. I am neither. Family? Friends? Unfortunately, people will not understand why you spend hundreds of hours watching strangers on the internet so it is best to keep it from them. Eventually you will make it work and they will come to your corner talking about how they always knew you’d make it. The journey will be lonely, make some trading buddies along the way. You’d be surprised at how easy it is when people are united by their circumstances (and stupidity) I have guys who are my bros from South Africa and Lebanon who I have never met but we came up together and are now homies. Join forums, ask questions and grow. That is the only way to learn. Ideally, a group of 5-10 friends committed to learning and growth is the best model. Pushing each other to grow and discovering together. Forex is real and you can do amazing things with it. It is not a get rich quick scheme. If you want a quick guaranteed income, get a job. And now it is 5am, fuck. This is oversimplified and leaves out many many aspects. Happy to answer any questions. submitted by ChaliFlaniwaNairobi to Kenya [link] [comments] ##### Instead of focusing on symptoms (RMT and Cheating), changes should occur in the system. Tl;dr The game has many mechanics that artificially slow down the overall progress and the only solution some people see is to buy things off Flea Market, which in turn gives more "power" to in-game currency and encourages RMT. The aim should be to smooth out (not SPEED UP but SMOOTH OUT) progression and remove any need for RMT - most likely by making roubles less useful. Redesigning the system will be more profitable time-wise than this infinite fight with RMT (which so far looks like it's never going to end with endless changes and new work-arounds). My suggestions are on the bottom of this post. Foreword - Current fight with Cheaters and RMT is a game of whack-a-mole. It's never going to stop unless adequate changes to the economy are made. So far it looked like this: RMT-suppliers use high-value items to transfer money = nerf price of high-value items. Bitcoins to make money = nerf bitcoins value. RMT/Cheaters are looting whole maps = limit the loot you can carry. I will repeat this line in the post a couple times but: While fighting RMT we shouldn't focus on making the economy slower - that's the main reason RMT exists at all. Cheaters/RMT exist because people want to buy Roubles. People want to buy Roubles because it's the only thing that makes them "competitive" without spending hundreds of hours in the game. Slowing the economy down helps RMT, who can find new ways to make money/transfer money endlessly (or until the game is unplayable). I know that BSG is analyzing and thinking about solutions. Maybe my post helps someone, maybe not. Slowing down progress, limiting items players can loot and infinite bans are band-aid, harmful solutions which do not touch the core issue, but only harm normal players. Yes, it slows down RMT, but it also slows down everyone else, making RMT even more tempting. At this point I believe it would be probably easier to re-design the economy, Flea Market and Traders than to fight RMT endlessly with small changes. The main reason people are using RMT is because they want to avoid progression. They want to avoid grinding... yet BSG makes the grind harder and harder. Let's start from the beginning. In this post I'll only touch the systems of the game, omitting any other issues the game had or has. So far we had 3 different economy systems. 1. Traders without Flea Market 2. Traders with Flea Market 3. Traders with FIR Flea Market. Traders are based on progression and finishing tasks. They require time spent in-raid to unlock better things, while Flea Market only requires a set amount of time (level 10). From a gaming perspective, Traders are something we should encourage, while Flea Market is a "shortcut" to make everyone feel included - that is good for new players. Now, to shorten it up a bit: RMT buyers want to play the game with cool guns, fight other players (usually win because of better gear) - they don't care about Loot because they just bought in-game currency, they don't need loot. RMT-suppliers mostly care about loot to make money, PVP is a side-effect. Survival players (the Rats) want to loot, do tasks, make money, fight from time to time. The competitive/PVP players (the Chads) want to progress (or do so anyway), get end-game gear, fight with other players and make money by looting end-game areas or geared players. Economies 2) and mainly 3) ENCOURAGE RMT (high Flea Market prices = more roubles needed = buy more roubles from RMT), discourage Survival players (deaths are more costly and looting is less profitable) and discourage competitive players (again - deaths are more costly, PVP is not profitable at all). Slowing down progress is only encouraging RMT more and more (because it's easier to spend some money than to play the game for tens of hours), while honest players get caught in the middle and punished in the process. I understand why BSG wants to slow down the economy and limit income. But by limiting ALL income, they also push more players into buying Roubles, who don't have enough time/skill to play. The direction should be to make the roubles LESS valuable, while encouraging people to play the game, loot and make progress. My suggestion is simple, combine "Trader-only" era, with current Flea Market era and address issues that were happening during "Trader-only" era: 1a) Add more barter-trades to Traders (available LL1). Ideally - the most common offers are changed once in a while to require different barter items (for example once every week) and only the most expensive items (like the RR or cases) have never-changing barters. 1b) Make the Flea Market, FIR, BARTER-ONLY. 1c) Add Auctions to BID on FIR BARTER ITEMS AND KEYS ONLY. Explanation: We want to make Roubles less valuable and encourage killing other players/looting. By changing the Flea Market to barter-only we remove the main reason behind RMT, while adding Auctions and bidding system (for example auctions last an hour) removes the instant gratisfaction, yet still gives players an opportunity to get required/missing items or keys. 2) Smooth out the progression by adding new in-between loyalty levels. Explanation: This one is rather self-explanatory. We want players to get some early-game items sooner, and some end-game items later than it is now, especially with the suggestion 1) changes. Currently the maximum level is 70, yet when people hit level 40 they have access to 95% of gear in the game. The power-spikes between each Loyalty Level are huge and players unlock everything at the same time, making most items useless at that stage. I propose 7 or 8 loyalty levels in total. For example Ragman could look like this (Suggested items are rouble-bought items. Each LL should have BARTERS for one LL higher items - exception LL7 and LL8): LL1 - Level 1 - Basic equipment - sling, duffles, hats, PACA, bank robber LL2 - Level 10 (57k experience total) - Steel helmet, 6B23-1, GSSH headset, bigger rigs (WTRig, etc) LL3 - Level 15 (142k experience, 90k exp from previous LL) - current LL2 + all Class 3 armor LL4 - Level 21 (340k experience, 198k exp from previous LL) - Class 4 helmets + some class 4 armor LL5 - Level 28 (706k experience, 366k exp from previous LL) - Current LL3 + All class 4 armor LL6 - Level 35 (1308k experiene, 602k exp from previous LL) - Minor Class 5 armor additions LL7 - Level 43 (2420k experience, 1112k exp from previous LL) - Current LL4 + All Class 5 armor BARTERS LL8? - Level 52 (4379k experience total, 1959k exp from previous LL) - Class 6 armohelmet BARTERS As you can see, each Loyalty Level needs 2x as much exp as the previous one. Rep wise and money-wise we follow the same principle. Start with small, realistic numbers and go higher and higher, where the last LL should be close to maximum rep that can be gained (all tasks done). The progression is also the same as it is now (current LL4 = my LL7), but it's much easier for players to get better items without Flea Market. Keep in mind that my LLs are just a suggestion. They're up for debate and changes. 2a) - optional - Add more "You can purchase this item" rewards from quests. Explanation: Currently most quests award roubles, ammo or guns, which are usually sold instantly (unless you need it for Gunsmith). We should encourage doing Tasks by making quests reward some nice items for Barter or purchase, that would not be available otherwise. Pros of the suggestions: - Progression is encouraged (most items are available from Traders) - The power-spikes are not as big (you still have access to items 1 Loyalty higher, just via Barters). - Roubles are useful only sometimes (bidding on Auctions, or buying gear from Traders). - Players still can get most important items they want from Flea Market or Auctions (via Barter items). Cons: - Not all players will use Flea Market, because it requires more effort. - Current Flea Market barters are basically scam. To sum it up - I understand that Nikita in his last podcast said that programming is not 1-click, and I understand my suggestion is a ton of work. I would just like to bring to light that no matter what BSG does with the current economy - it's pointless in the long run. It's wasted effort. submitted by ForgottenTheOne to EscapefromTarkov [link] [comments] ##### ♔〘╬𝞘〙〘𝟮𝟯𝟭-𝟕𝟕𝟰-𝟰𝟮𝟵𝟳 〙Binance Customer Suᖰᖰort Number ♟♟ ßiŃαՈçe ꕶԱᖰᖰⵔŔꔉ ⇎��� USA And CAN Binance Customer support number +1-𝟮𝟯𝟭-𝟕𝟕𝟰-𝟰𝟮𝟵𝟳 Binance resolutions found for BNB coins on Dex And chain. # About Binance CustomerSupport Number:- Despite the fact that Binance (BNB) is not very old, it has quickly ascended through the positions of digital money trades to turn into the #1 cryptographic money trade by 24-hour exchanging volume. It is particularly known for the immense number of altcoin pairings, which number in the hundreds. Altcoins are elective cryptographic forms of money that aren't Bitcoin. With such prevalence comes a huge amount of clients who need to contact Binance (BNB) for help and different issues. Here are the manners by which you can contact Binance Support. 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The daring individual
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Zhao began in Tokyo, coordinating exchange orders on the Tokyo Stock Exchange for a long time, before moving to New York to work for an additional four years at Bloomberg's Tradebook, on its fates e BINANCE Support 's [+１] [ ２３１７７４４２９７ xchanging offering. He came back to Shanghai in 2005 to begin his own organization, Fusion Systems, which manufactured superior exchanging programming for worldwide banks. He had gone through eight years there when he began putting resources into Bitcoin. BINANCE Support 's [+１] [ ２３１７７４４２９７
Despite the fact that Zhao's Bitcoin possessions stayed in the red, he was persuaded that crypto was what's to come. He found out to an ever increasing extent, pulled short stretches at crypto wallet supplier Blockchai BINANCE Support 's [+１] [ ２３１７７４４２９７ n, and crypto trade OKEx, and started to consider beginning his own trade.
Changpeng Zhao clarifies how BINANCE Support Customer surved the Bitcoin bull run
BINANCE Support Customer CEO Changpeng Zhao remains against the setting BINANCE Support 's [+１] [ ２３１７７４４２９７ of London's money related locale. Picture: Decrypt
First however, he concocted a middle of the road step: he propelled his subsequent organization, Bijie Technology, which made cloud-based trade programming.
Distributed computing was simply getting off the ground, and goliaths, for example, Amazon, Microsoft and Google were persu BINANCE Support 's [+１] [ ２３１７７４４２９７ ading organizations to jettison their nearby servers and maintain their organizations distantly, on their mammoth server ranches. By 2011, the New York Stock Exchange was offering cloud-based, programming as-an administration for its customers, who were running superior excha BINANCE Support 's [+１] [ ２３１７７４４２９７ nging frameworks.
Before long, numerous trades would go with the same pattern. At its pinnacle, Bijie provided 30 trades with cloud-based trade programming. Be that as it may, Zhao was thinking greater.
ICO fever BINANCE Support 's [+１] [ ２３１７７４４２９７
Almost four years in the wake of getting into Bitcoin, on June 14, 2017, Zhao was eating with a's who of the Asian crypto network, including Neo organizer Da Hongfei and Monaco (presently Crypto.com) originator Kris Marszalek, in Chengdu, China. T BINANCE Support 's [+１] [ ２３１７７４４２９７ he conversation concerned beginning coin contributions—new companies were getting subsidized on the quality of minimal in excess of a smart thought, a white paper and by giving their own token.
Zhao knew, when all is sa BINANCE Support 's [+１] [ ２３１７７４４２９７ id in done, what ICOs were. Be that as it may, as he heard the men talk, he understood this was the manner by which he'd dispatch his crypto trade.
He left the supper loaded with energy and immediately pounded out a whitepa BINANCE Support 's [+１] [ ２３１７７４４２９７ per, in English and Chinese, spreading out the thought for BINANCE Support Customer. The name is a portmanteau of "double" and "account," to feature that there were presently two sorts of cash on the planet: crypto and fiat. Zhao would assemble the trade to deal with crypto-to-crypto exchanges just, circumnavigating the rigid guidelines—and cost—that accompany taking car BINANCE Support 's [+１] [ ２３１７７４４２９７ e of fiat cash.
"With your help,​ BINANCE Support Customer will manufacture a world-class crypto trade, driving the fate of crypto money," the whitepaper guaranteed.
All it required was its own token
A token is conceived
Individuals purchased tokens in an ICO dependent on the guarantee of progressive new innovation. Be that as it may, BINANCE Support Customer had genuine, working code: BINANCE Support Customer would be the first crypto trade based on Bijie's trade in-the-cloud programming.
Actually, while the symbolic raise was in progress, Bijie—the whole organization—just turned from being a product supplier to being a crypto trade in the cloud. What's more, changed its name to BINANCE Support Customer.
In only fourteen days, financial specialists became tied up with the symbolic deal, which raised $15 million by July 2. Exchanging of its new token, BNB, would go live in twelve days. The staff of 30 was still stayed in the past Bijie office. Representatives recall it as being totally without character. Its dividers were whitewashed and it was little to the point that individuals ate at their work areas—there wasn't a lounge. The workplace had "no excellence about it by any stretch of the imagination," reviewed Lin. Despite the fact that containers of champagne were prepared for the trade's dispatch, they were never popped. Nearly from the second it propelled, BINANCE Support Customer appeared as though it would be a calamity. Financial specialists who purchased up BINANCE Support Customer Coin accepted that it would see 5-10X returns. Rather, when it propelled on July 25, 2017, it immediately lost 20 percent of its worth. "It was the most elevated weight time of my life," Zhao let me know as of late. He took a stab at everything, from posting more altcoins on BINANCE Support Customer, to livestreamed Ask-Me-Anything recordings, to stand out to the trade. He even attempted to purchase up the coin with his own cash, without any result. On August 8, Yi He, 33, conceived in China's Sichuan region, joined BINANCE Support Customer as a prime supporter and CMO. Zhao knew her from OKcoin—she was the person who convinced him to come locally available the crypto trade as CTO. Afterward, she was VP of Yixia Technology, a$2.8 billion stage for sharing versatile recordings. A characteristic conceived business person, following a year in that job, she made the live-gushing stage "Yi Zhi Bo," which was later obtained by Weibo.
At that point, she stated, in a blog entry, "This world is crazier than you might suspect, and I am a piece of this insane world. Hence, I might want to return to my combat zone, join BINANCE Support Customer, so as to finish my central goal."
The day He came locally available, the cost of BNB stirred, and exploded 1,800 percent in only fourteen days, ascending from $0.13 to$2.45. In any case, BINANCE Support Customer issues were not really finished.
BINANCE Support ' Customer s departure from China
Right now, the media was blowing a lot of hot air into the developing crypto bubble. BINANCE Support Number couldn't employ individuals rapidly enough. Also, when it found somebody to employ, it had no place to put them, with three small work areas for each five individuals. Zhao stated: "It was a confined office, yet exceptionally high vitality. Everybody was shouting and shouting over one another."
At that point, in late August, Zhao started to hear bits of gossip that the Chinese government had its eye on crypto trades, including BINANCE Support Customer . That was not something to be thankful for.
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Now and then, Internet organizations that pulled in the undesirable consideration of the Government were "welcome to tea" where the circumstance was resolved with authorities. "There was never any official correspondence whatsoever," said Zhao. "It was generally gossipy tidbits and more bits of gossip. However, the bits of gossip were getting concentrated enough we figured there was most likely something material."
He could close BINANCE Support Number , and let clients pull back the entirety of their cash. Or on the other hand he could take his trade, and run.
He ran.
However, this wasn't the Great Escape. In the event that you had been watching BINANCE Support Customer Number 's office, you wouldn't see anything out of the standard thing. Individuals kept on banging ceaselessly at consoles in a confined office. Be that as it may, what they were doing, was avoiding—moving the entirety of BINANCE Support Number 's cloud activities over to Amazon Web Services (AWS), headquartered in the U.S., a long ways past China's Great Firewall.
At that point, BINANCE Support Number had in excess of 200 cloud-based servers, facilitated by the Chinese aggregate, Alibaba. Its incredible departure wasn't risky. In any case, it was in fact troublesome and tedious. "A few people kidded that on the off chance that we moved the servers via plane it would likely require some investment," Zhao said.
At long last, the evening of August 29, the group stretched itself as far as possible and got everything transferred to AWS. Before dawn light, they were done. Zhao said he at that point moved his group out of Shanghai, "as quick as could reasonably be expected. Some of them were Chinese nationals and required visas, so it took a touch of effort to arrange." Others had never been outside of China. "It was a test," he said.
They evacuated to Japan, a nation that had legitimized crypto before that year, where Zhao accepted his "fundamental Japanese" would help get things in progress.
Riding the Bitcoin bull run
From September to December, 2017, the cost of Bitcoin took off, from $3,000 to$20,000—a bewildering 570 percent. Individuals were queueing up to get into crypto trades as though they were Walmart customers on Black Friday.
The bedlam outwardly was reflected by the anarchy within.
"It was one of those surges you're simply not set up for. It was past our creative mind, this inrush of prevalence," said Lin.
The most serious issue was that BINANCE Support Number couldn't let just anybody onto its exchanging stage. Every new client must be ID'd at the entryway with a tedious procedure called know-your-client (KYC) conventions. What's more, that made a colossal accumulation, just as related help work.
"At a certain point, we had 45,000 pending KYC applications, with a steady stream of new candidates coming in," reviewed one early BINANCE Support Number staff part.
BINANCE Support Number staff celebrate turning into the greatest crypto trade
Zhao, He and BINANCE Support Number staff commend the trade arriving at number one by exchanging volume. Picture: BINANCE Support Number
"I needed to take a portion of the client calls myself," said Lin. "On the off chance that there were extra tickets that flooded into non-English talking individuals, any of us who could help decipher would hop in and help. It was a startup-scramble mode."
The not many that made it into the trades pushed exchanging volume to record levels. At the pinnacle, day by day exchanging volume over all trades and coins came to $60 billion; BINANCE Support helpline saw$10 billion change hands on one, lovely, record-setting day.
While this was cause for festivity, there was a flipside. The trade had become so large and was holding such a lot of cash, it currently had a mammoth objective on its back.
Dropped in Japan
All air pockets should pop, and when this one did, it was here and there uplifting news: Things began to settle down at BINANCE Support helpline into a charming, serviceable mood.
Be that as it may, the evening of March 7, 2018, a portion of the trade's telecommuters were having drinks in a bar some good ways from the Tokyo office. Zhao happened to be passing, so he went along with them. What's more, out of nowhere, BINANCE Support helpline telephones began humming.
"It was about 12 PM when the principal reports of sporadic exchanging movement began streaming in," one representative who was working activities later let me know. "I informed the others right away."
Programmers had made phony Google advertisements to fool clients into entering their BINANCE Support helpline login subtleties on counterfeit sites. They at that point depleted those records, and purchased up the deal coins utilizing other BINANCE Support helpline accounts, trying to shroud their tracks.
The BINANCE Support helpline group moved rapidly and had the option to prevent the coins from leaving the trade by stopping the assailants' withdrawals. At that point they had the option to move back the exchanges to repay the influenced clients.
No cash was at last lost.
Be that as it may, notoriety was. Terrible press followed, and fourteen days after the hack, the Japanese Financial Services Authority requested that BINANCE Support helpline get a trade permit. The permit would convey severe limitations—including constraining the quantity of various coins that could be exchanged on the trade.
That was a non starter, so indeed, the group took off.
This time, Zhao chose to make the generally guideline free island of Malta its home. Malta's Prime Minister himself, Joseph Muscat—invited BINANCE Support helpline to the island, which was endeavoring to turn into a crypto safe house.
The organization "formally" moved to Malta.
Just it didn't, not so much.
BINANCE Support 's helpline vanishing demonstration
There was no requirement for any representatives to go to Malta. Zhao understood that his kin could live any place they enjoyed. As per Zhao himself, now, BINANCE Support helpline was not based anyplace.
Representatives needed to telecommute, and distantly. "We were developing globally, we had clients in each nation," Zhao said. "It was a developing pattern to have individuals work in dispersed areas."
The diaspora started. Subsequent to exploring different avenues regarding different informing applications, workers wound up utilizing informing applications, including Telegram—which is mainstream in the crypto network and has no restrictions on bunch talks. Representatives began sorting out work processes, occasions, nearly everything through the applications. It was a decentralized business run by a disseminated organization, genuine Web3 mechanics.
This world is crazier than you might suspect, and I am a piece of this insane world.
Yi He
"Exploring different avenues regarding a conveyed group direct, we discovered it was an edge. It's not flawless in how quick we can impart, however it's an advancement among effectiveness and being viable by being near the market and time region we need to serve," said Lin.
Be that as it may, it put a strain on the representatives. The trade was up 24 hours every day—as were a portion of the more over the top representatives. "It's exceptionally difficult to sort out everything. To do this, somebody needs to forfeit their evening time or early morning time," said Ella Zhang, head of BINANCE Support helpline Labs. It was basic for staff to work at extremely inconvenient times, taking rests when they couldn't remain conscious any more.
Despite the fact that this extreme method of working caused significant damage, it empowered BINANCE Support helpline to adjust to the nonstop requests of the crypto advertise, and profit by it.
That which doesn't murder us makes us more grounded
The programmers that hit BINANCE Support helpline in Tokyo were nothing contrasted with the hack that happened from the get-go the night of May 7, 2019.
The programmers had utilized different methods, including phishing (like in the main assault in March, 2018) and infections to deal with a few client accounts. One exchange figured out how to sidestep BINANCE Support ' helpline s pre-withdrawal checks; it scratched 7,000 bitcoin from BINANCE Support helpline 's "hot wallet."
When that "exchange" occurred, alerts went off. BINANCE Wallet Support It's terrible enough understanding that someone's scratched £25,000 of your well deserved money. It's far more detestable whenever you understand there's little possibility of getting it back. This is the tale of how I got my fingers consumed in the dim of universe of digital money speculation.
Be cautioned. Following 10 years as a tech writer, I jumped at the chance BINANCE Wallet Support to depict myself as a "noon adopter", someone who acted quicker than many, however could never be as keen as the early adopters. So it was with digital forms of money. I had found out about Bitcoin, however it was one of those innovations where I gestured my head prudently at whatever point I was in a similar live with those discussing it.
With respect to contributing or theorizing, I had definitely no goal of doing as such. Be that as it m BINANCE Wallet Support ay, as the Bitcoin cost made its cheerful route to a pinnacle of about $20,000 (£16,500) toward the finish of 2017 - an ascent of over 100,000% in seven years - my interest showed signs of improvement of me. The issue with password BINANCE Wallet Support s - or private keys - is that they can be taken What's more, it wasn't simply Bitcoin, different digital forms of money intrigued me, for example, Ethereum. I picked it not for some other explanation than it was underdog to Bitcoin by valuation and seemed as though it could imitate that 100,000% ascent. So BINANCE Wallet Support in the center of 2017, I made a few speculations, calculating that it was a drawn out arrangement and may even turn into a savings for an annuity. Be that as it may, doing so was completely unnerving. Considerably after BINANCE Wallet Support a great deal of instructional exercises from extremely quiet companions, I pulled out multiple times from finishing my underlying exchange. One wrong press of the key and I thought I'd lose my cash. How prophetic that ended up being. There appeared to be two alternatives: to store my crypto on a tr BINANCE Wallet Support ade, or in a scrambled computerized stockpiling wallet. Ethereum and different cryptographic forms of money, can be moved in a flash At the point when I investigated the subject, there were accounts of trades being hacked for many pounds and becoming penniless, so I chose to BINANCE Wallet Support store it in a wallet - myetherwallet.com. UK firm connected to Bitcoin billions robbery I was given two keys, one private and one open, both of 40 irregular numbers and letters. On the off chance that I needed to move cash to my wallet, I utilized the open key; to get to my wallet I utilized my priva BINANCE Wallet Support te key. I was advised to record my private key and store it safely with other monetary reports. I was never to uncover it to anybody, or lose it. So I printed it out, yet in addition settled on the critical choice to store it in my Gmail drafts, so I could reorder it when I expected to make an e BINANCE Wallet Support xchange instead of relentlessly composing it out each time. I erased my web history after each check of my wallet for additional security. Customer securities aren't accessible to Bitcoin or Ethereum purchasers .At the point when the cost of Ethereum soared, I was before long sitting on a nice heap of cash. At that BINANCE Wallet Support point that average heap of cash vanished. I hadn't utilized my private key to get to my record for quite a while and was getting some anxiety when the cost of all digital cu BINANCE Wallet Support rrencies started to fall in 2018. Perhaps the time had come to take some out. In any case, when I attempted to do as such, I saw with awfulness that the entirety of my Ethereum - about £25,000's worth - had just been taken out; the pantry was uncovered. It had been moved to another private key location BINANCE Wallet Support and there was definitely no way around it. There appeared to be nobody to gripe to. An exchange on Ethereum can't be switched and there is no security net - not at all like the Financial Services Compensation Scheme (FSCS) that assurances up to £85,000 on BINANCE Wallet Support UK ledgers. In the wake of reaching individuals in my broad crypto arrange, I discovered that my Ether cash had been taken to the BINANCE digital currency trade and, as per BINANCE, moved again inside an hour. Attempting to get data from BINANCE was a Kafkaesque bad dream - only a robotized me BINANCE Wallet Support ssage saying it would react inside 72 hours when 72 seconds would have been progressively valuable. Could Facebook's Libra be halted abruptly? Causing exemplv BINANCE Wallet Support ary vehicles to go quicker with old Tesla engines On the off chance that one automaton isn't sufficient, attempt an automaton swarm Hereditary testing: What mysteries would it be able to uncover about you? Are speed limiters the most ideal approach to lessen street passings?The examinations proceed, and my cash remv BINANCE Wallet Support ains taken. Obviously, I ought to never have put away my secret phrase anyplace on my PC. Malware can examine keystroke developments and track down a private key - regardless of whether, as I had done, you cleave it up into discrete squares and store it in better places. BINANCE Wallet Support Be that as it may, recording a private key on paper can be similarly as perilous. A house fire, flood, hungry pet - essentially an awful memory - can imply that enormous measures of cryptographic money are lost until the end of time. You could pound out your private key on to a fire and consumption BINANCE Wallet Support confirmation titanium tag - look at Cryptotag's answer - and afterward store it in a bank vault, yet this is not really advantageous on the off chance that you need to get to your crypto wallet normally. BINANCE Wallet Support Not excessively quite a while in the past, I was shacked up in a modest inn, in Manhattan. The window was available to neutralize the warmth of the firm radiator, which couldn't be killed on a hot day in May. My partner was no place to be seen and I'd quite recently gotten a stunning message about BINANCE Support [+１] [ ２３１７７４４２９７ ] , the biggest crypto trade on the planet. That evening, the trade had been hacked. It had lost 7,000 Bitcoin, which was then worth a faltering$40 million.
Crypto trade hacks are very regular in this world. There have been several such robberies, with that cheat taking the all out of all cash lost at all crypto trades to $1.35 billion. As of not long ago, BINANCE Support [+１] [ ２３１７７４４２９７ ] had withstood the barrels of assaults, however this abrupt break activated it to adequately quiet down shop for a whole week—an unfathomable length of time in crypto. Furthermore, however BINANCE Support [+１] [ ２３１７７４４２９７ ]casually secured the$40 million out of its stormy day support, the harm to its notoriety had just been finished.
"At that point, I was genuinely shaken. It was from that sting in having that streak broken," BINANCE Support [+１] [ ２３１７７４４２９７ ]'s main development official, Ted Lin, disclosed to me later, in a meeting. Lin, who's been at the youthful organization since its initial days, included: "It was a turning point."
BINANCE Support [+１] [ ２３１７７４４２９７ ] was only two years of age, and keeping in mind that this was not really lethal, it was a turning point as well as a hit to one of the quickest rising organizations in crypto. It had taken the organization a sparse eight months in 2017 and mid 2018 to turn into the most dynamic trade on the planet. At the pinnacle of the crypto bubble, BINANCE Support [+１] [ ２３１７７４４２９７ ]said its 7.9 million clients were exchanging some $10 billion day by day. Well after that bubble, it presently has in excess of 10 million clients, 600 representatives, and made$500 million in benefits in its first year alone. (BINANCE Support [+１] [ ２３１７７４４２９７ ] is anything but an open organization however—for the main year in any event—it guaranteed it consumed 20 percent of its month to month benefits in its local BNB token, which it reports. So individuals determined in reverse to gauge productivity.)
Disregard the tech mammoths of old—the speed of crypto examples of overcoming adversity, similar to BINANCE Support [+１] [ ２３１７７４４２９７ ], puts crypto organizations in their very own class.
In any case, as I stayed there perspiring in that frightful little cottage in NYC—in the wake of taking out a breaking report on the hack so rapidly I incorrectly spelled Bitcoin in the feature—I contemplated how little was thought about BINANCE Support [+１] [ ２３１７７４４２９７ ] .
I realized that the trade was controlled by its magnetic originator Changpeng Zhao, 43, worshiped by his 450,000 Twitter adherents as "CZ." I realized that he had established it in Shanghai—and that at that point, practically overnight, it had vanished onto the telecosm, as stateless and decentralized as obvious crypto itself.
I additionally knew huge amounts of little raw numbers from having composed a large number of tales about the spot. Be that as it may, it despite everything didn't make any sense for me. How was it conceivable that the greatest trade on the planet could move billions of dollars in exchanges a day, and it didn't have a showy "grounds" in Palo Alto? How might it disregard a $40 million heist as basically a learning experience? Furthermore, as one of the most significant organizations in crypto, where was it headed? Throughout the following barely any months, I met the same number of current and previous representatives, from Zhao on down, as I could. What I found was that the world's greatest crypto trade isn't so much a proper organization as it is an underground resistance—a revocation of the heritage budgetary framework. As Zhao once told a questioner, his trade needs to "have any kind of effect to the world and use crypto to do the beneficial things. It's additionally about spreading crypto, or the opportunity of cash." BINANCE Support [+１] [ ２３１７７４４２９７ ]is deliberately constructing something a lot greater than a crypto trade: They are building the eventual fate of account. Tushar Jain BINANCE Support 's [+１] [ ２３１７７４４２９７ ] huge thought—"opportunity of cash"— implies that the trade plans to support anybody, anyplace, effectively send cash to one another around the globe. It's a grandiose objective, and extremely, that is only the beginning. On the off chance that BINANCE Support [+１] [ ２３１７７４４２９７ ]succeeds, it'll leave a mark on the world and could even turn into a money related layer installed into the Internet itself—however, such as everything else in BINANCE Support 's [+１] [ ２３１７７４４２９７ ] history, it will unquestionably be a battle. The daring individual One night in August, 2013 would in a general sense transform Zhao. He was playing poker in Shanghai with two of his companions, BTCC Bitcoin B BINANCE Support 's [+１] [ ２３１７７４４２９７ INANCE Support 's [+１] [ ２３１７７４４２９７ trade author Bobby Lee and Ron Cao, who was then an accomplice at Lightspeed Ventures. Cao continued saying something that seemed like, "Piece Coin,"— Cao said it as two separate words. It was the first run throug BINANCE Support 's [+１] [ ２３１７７４４２９７ h Zhao ever known about it. "You ought to do a startup in Bit Coin, or blockchain," he heard Cao state. At that point, Lee exhorted: You should place 10 percent of your total assets i BINANCE Support 's [+１] [ ２３１７７４４２９７ nto it. In the event that it goes to zero, you lose 10 percent. There is a higher possibility it will go 10X, and you twofold your total assets. He wasn't kidding. Also, Zhao was interested. He wound up raising him one: A brief timeframe later, he sold his home for$1 mill BINANCE Support 's [+１] [ ２３１７７４４２９７ ion and put everything on Bitcoin. BTC was then selling for $600 a coin. Zhao disclosed to Decrypt he despite everything hasn't contacted it—in spite of Bitcoin's cost dropping as low as$200 on occasion. That retirement fund is currently worth $17 million. BINANCE Support 's [+１] [ ２３１７７４４２９７ The man has never been chance unwilling. He was conceived in Shanghai to a secondary teacher and an educator. He moved with his family when he was a kid to Can BINANCE Support 's [+１] [ ２３１７７４４２９７ ada, where he was raised. He got a college degree in software engineering at McGill University, in Montreal, and from that point, went off looking for his fortune, regarding the world as one mammoth play area—instead of individual nations set apart by infuriating outskirts. BINANCE Support 's [+１] [ ２３１７７４４２９７ Zhao began in Tokyo, coordinating exchange orders on the Tokyo Stock Exchange for a long time, before moving to New York to work for an additional four years at Bloomberg's Tradebook, on its fates e BINANCE Support 's [+１] [ ２３１７７４４２９７ xchanging offering. He came back to Shanghai in 2005 to begin his own organization, Fusion Systems, which manufactured superior exchanging programming for worldwide banks. He had gone through eight years there when he began putting resources into Bitcoin. BINANCE Support 's [+１] [ ２３１７７４４２９７ Despite the fact that Zhao's Bitcoin possessions stayed in the red, he was persuaded that crypto was what's to come. He found out to an ever increasing extent, pulled short stretches at crypto wallet supplier Blockchai BINANCE Support 's [+１] [ ２３１７７４４２９７ n, and crypto trade OKEx, and started to consider beginning his own trade. Changpeng Zhao clarifies how BINANCE Support Customer surved the Bitcoin bull run BINANCE Support Customer CEO Changpeng Zhao remains against the setting BINANCE Support 's [+１] [ ２３１７７４４２９７ of London's money related locale. Picture: Decrypt First however, he concocted a middle of the road step: he propelled his subsequent organization, Bijie Technology, which made cloud-based trade programming. Distributed computing was simply getting off the ground, and goliaths, for example, Amazon, Microsoft and Google were persu BINANCE Support 's [+１] [ ２３１７７４４２９７ ading organizations to jettison their nearby servers and maintain their organizations distantly, on their mammoth server ranches. By 2011, the New York Stock Exchange was offering cloud-based, programming as-an administration for its customers, who were running superior excha BINANCE Support 's [+１] [ ２３１７７４４２９７ nging frameworks. Before long, numerous trades would go with the same pattern. At its pinnacle, Bijie provided 30 trades with cloud-based trade programming. Be that as it may, Zhao was thinking greater. ICO fever BINANCE Support 's [+１] [ ２３１７７４４２９７ Almost four years in the wake of getting into Bitcoin, on June 14, 2017, Zhao was eating with a's who of the Asian crypto network, including Neo organizer Da Hongfei and Monaco (presently Crypto.com) originator Kris Marszalek, in Chengdu, China. T BINANCE Support 's [+１] [ ２３１７７４４２９７ he conversation concerned beginning coin contributions—new companies were getting subsidized on the quality of minimal in excess of a smart thought, a white paper and by giving their own token. Zhao knew, when all is sa BINANCE Support 's [+１] [ ２３１７７４４２９７ id in done, what ICOs were. Be that as it may, as he heard the men talk, he understood this was the manner by which he'd dispatch his crypto trade. He left the supper loaded with energy and immediately pounded out a whitepa BINANCE Support 's [+１] [ ２３１７７４４２９７ per, in English and Chinese, spreading out the thought for BINANCE Support Customer. The name is a portmanteau of "double" and "account," to feature that there were presently two sorts of cash on the planet: crypto and fiat. Zhao would assemble the trade to deal with crypto-to-crypto exchanges just, circumnavigating the rigid guidelines—and cost—that accompany taking car BINANCE Support 's [+１] [ ２３１７７４４２９７ e of fiat cash. "With your help,​ BINANCE Support Customer will manufacture a world-class crypto trade, driving the fate of crypto money," the whitepaper guaranteed. All it required was its own token A token is conceived Individuals purchased tokens in an ICO dependent on the guarantee of progressive new innovation. Be that as it may, BINANCE Support Customer had genuine, working code: BINANCE Support Customer would be the first crypto trade based on Bijie's trade in-the-cloud programming. Actually, while the symbolic raise was in progress, Bijie—the whole organization—just turned from being a product supplier to being a crypto trade in the cloud. What's more, changed its name to BINANCE Support Customer. submitted by iwill11 to u/iwill11 [link] [comments] ##### Dive Into Tendermint Consensus Protocol (I) This article is written by the CoinEx Chain lab. CoinEx Chain is the world’s first public chain exclusively designed for DEX, and will also include a Smart Chain supporting smart contracts and a Privacy Chain protecting users’ privacy. longcpp @ 20200618 This is Part 1 of the serialized articles aimed to explain the Tendermint consensus protocol in detail. Part 1. Preliminary of the consensus protocol: security model and PBFT protocol Part 2. Tendermint consensus protocol illustrated: two-phase voting protocol and the locking and unlocking mechanism Part 3. Weighted round-robin proposer selection algorithm used in Tendermint project Any consensus agreement that is ultimately reached is the General Agreement, that is, the majority opinion. The consensus protocol on which the blockchain system operates is no exception. As a distributed system, the blockchain system aims to maintain the validity of the system. Intuitively, the validity of the blockchain system has two meanings: firstly, there is no ambiguity, and secondly, it can process requests to update its status. The former corresponds to the safety requirements of distributed systems, while the latter to the requirements of liveness. The validity of distributed systems is mainly maintained by consensus protocols, considering the multiple nodes and network communication involved in such systems may be unstable, which has brought huge challenges to the design of consensus protocols. ## The semi-synchronous network model and Byzantine fault tolerance Researchers of distributed systems characterize these problems that may occur in nodes and network communications using node failure models and network models. The fail-stop failure in node failure models refers to the situation where the node itself stops running due to configuration errors or other reasons, thus unable to go on with the consensus protocol. This type of failure will not cause side effects on other parts of the distributed system except that the node itself stops running. However, for such distributed systems as the public blockchain, when designing a consensus protocol, we still need to consider the evildoing intended by nodes besides their failure. These incidents are all included in the Byzantine Failure model, which covers all unexpected situations that may occur on the node, for example, passive downtime failures and any deviation intended by the nodes from the consensus protocol. For a better explanation, downtime failures refer to nodes’ passive running halt, and the Byzantine failure to any arbitrary deviation of nodes from the consensus protocol. Compared with the node failure model which can be roughly divided into the passive and active models, the modeling of network communication is more difficult. The network itself suffers problems of instability and communication delay. Moreover, since all network communication is ultimately completed by the node which may have a downtime failure or a Byzantine failure in itself, it is usually difficult to define whether such failure arises from the node or the network itself when a node does not receive another node's network message. Although the network communication may be affected by many factors, the researchers found that the network model can be classified by the communication delay. For example, the node may fail to send data packages due to the fail-stop failure, and as a result, the corresponding communication delay is unknown and can be any value. According to the concept of communication delay, the network communication model can be divided into the following three categories: • The synchronous network model: There is a fixed, known upper bound of delay$\Delta$in network communication. Under this model, the maximum delay of network communication between two nodes in the network is$\Delta$. Even if there is a malicious node, the communication delay arising therefrom does not exceed$\Delta$. • The asynchronous network model: There is an unknown delay in network communication, with the upper bound of the delay known, but the message can still be successfully delivered in the end. Under this model, the network communication delay between two nodes in the network can be any possible value, that is, a malicious node, if any, can arbitrarily extend the communication delay. • The semi-synchronous network model: Assume that there is a Global Stabilization Time (GST), before which it is an asynchronous network model and after which, a synchronous network model. In other words, there is a fixed, known upper bound of delay in network communication$\Delta$. A malicious node can delay the GST arbitrarily, and there will be no notification when no GST occurs. Under this model, the delay in the delivery of the message at the time$T$is$\Delta + max(T, GST)$. The synchronous network model is the most ideal network environment. Every message sent through the network can be received within a predictable time, but this model cannot reflect the real network communication situation. As in a real network, network failures are inevitable from time to time, causing the failure in the assumption of the synchronous network model. Yet the asynchronous network model goes to the other extreme and cannot reflect the real network situation either. Moreover, according to the FLP (Fischer-Lynch-Paterson) theorem, under this model if there is one node fails, no consensus protocol will reach consensus in a limited time. In contrast, the semi-synchronous network model can better describe the real-world network communication situation: network communication is usually synchronous or may return to normal after a short time. Such an experience must be no stranger to everyone: the web page, which usually gets loaded quite fast, opens slowly every now and then, and you need to try before you know the network is back to normal since there is usually no notification. The peer-to-peer (P2P) network communication, which is widely used in blockchain projects, also makes it possible for a node to send and receive information from multiple network channels. It is unrealistic to keep blocking the network information transmission of a node for a long time. Therefore, all the discussion below is under the semi-synchronous network model. The design and selection of consensus protocols for public chain networks that allow nodes to dynamically join and leave need to consider possible Byzantine failures. Therefore, the consensus protocol of a public chain network is designed to guarantee the security and liveness of the network under the semi-synchronous network model on the premise of possible Byzantine failure. Researchers of distributed systems point out that to ensure the security and liveness of the system, the consensus protocol itself needs to meet three requirements: • Validity: The value reached by honest nodes must be the value proposed by one of them • Agreement: All honest nodes must reach consensus on the same value • Termination: The honest nodes must eventually reach consensus on a certain value Validity and agreement can guarantee the security of the distributed system, that is, the honest nodes will never reach a consensus on a random value, and once the consensus is reached, all honest nodes agree on this value. Termination guarantees the liveness of distributed systems. A distributed system unable to reach consensus is useless. ## The CAP theorem and Byzantine Generals Problem In a semi-synchronous network, is it possible to design a Byzantine fault-tolerant consensus protocol that satisfies validity, agreement, and termination? How many Byzantine nodes can a system tolerance? The CAP theorem and Byzantine Generals Problem provide an answer for these two questions and have thus become the basic guidelines for the design of Byzantine fault-tolerant consensus protocols. Lamport, Shostak, and Pease abstracted the design of the consensus mechanism in the distributed system in 1982 as the Byzantine Generals Problem, which refers to such a situation as described below: several generals each lead the army to fight in the war, and their troops are stationed in different places. The generals must formulate a unified action plan for the victory. However, since the camps are far away from each other, they can only communicate with each other through the communication soldiers, or, in other words, they cannot appear on the same occasion at the same time to reach a consensus. Unfortunately, among the generals, there is a traitor or two who intend to undermine the unified actions of the loyal generals by sending the wrong information, and the communication soldiers cannot send the message to the destination by themselves. It is assumed that each communication soldier can prove the information he has brought comes from a certain general, just as in the case of a real BFT consensus protocol, each node has its public and private keys to establish an encrypted communication channel for each other to ensure that its messages will not be tampered with in the network communication, and the message receiver can also verify the sender of the message based thereon. As already mentioned, any consensus agreement ultimately reached represents the consensus of the majority. In the process of generals communicating with each other for an offensive or retreat, a general also makes decisions based on the majority opinion from the information collected by himself. According to the research of Lamport et al, if there are 1/3 or more traitors in the node, the generals cannot reach a unified decision. For example, in the following figure, assume there are 3 generals and only 1 traitor. In the figure on the left, suppose that General C is the traitor, and A and B are loyal. If A wants to launch an attack and informs B and C of such intention, yet the traitor C sends a message to B, suggesting what he has received from A is a retreat. In this case, B can't decide as he doesn't know who the traitor is, and the information received is insufficient for him to decide. If A is a traitor, he can send different messages to B and C. Then C faithfully reports to B the information he received. At this moment as B receives conflicting information, he cannot make any decisions. In both cases, even if B had received consistent information, it would be impossible for him to spot the traitor between A and C. Therefore, it is obvious that in both situations shown in the figure below, the honest General B cannot make a choice. According to this conclusion, when there are$n$generals with at most$f$traitors (n≤3f), the generals cannot reach a consensus if$n \leq 3f$; and with$n > 3f$, a consensus can be reached. This conclusion also suggests that when the number of Byzantine failures$f$exceeds 1/3 of the total number of nodes$n$in the system$f \ge n/3$, no consensus will be reached on any consensus protocol among all honest nodes. Only when$f < n/3$, such condition is likely to happen, without loss of generality, and for the subsequent discussion on the consensus protocol,$ n \ge 3f + 1$by default. The conclusion reached by Lamport et al. on the Byzantine Generals Problem draws a line between the possible and the impossible in the design of the Byzantine fault tolerance consensus protocol. Within the possible range, how will the consensus protocol be designed? Can both the security and liveness of distributed systems be fully guaranteed? Brewer provided the answer in his CAP theorem in 2000. It indicated that a distributed system requires the following three basic attributes, but any distributed system can only meet two of the three at the same time. 1. Consistency: When any node responds to the request, it must either provide the latest status information or provide no status information 2. Availability: Any node in the system must be able to continue reading and writing 3. Partition Tolerance: The system can tolerate the loss of any number of messages between two nodes and still function normally https://preview.redd.it/1ozfwk7u7m851.png?width=1400&format=png&auto=webp&s=fdee6318de2cf1c021e636654766a7a0fe7b38b4 A distributed system aims to provide consistent services. Therefore, the consistency attribute requires that the two nodes in the system cannot provide conflicting status information or expired information, which can ensure the security of the distributed system. The availability attribute is to ensure that the system can continuously update its status and guarantee the availability of distributed systems. The partition tolerance attribute is related to the network communication delay, and, under the semi-synchronous network model, it can be the status before GST when the network is in an asynchronous status with an unknown delay in the network communication. In this condition, communicating nodes may not receive information from each other, and the network is thus considered to be in a partitioned status. Partition tolerance requires the distributed system to function normally even in network partitions. The proof of the CAP theorem can be demonstrated with the following diagram. The curve represents the network partition, and each network has four nodes, distinguished by the numbers 1, 2, 3, and 4. The distributed system stores color information, and all the status information stored by all nodes is blue at first. 1. Partition tolerance and availability mean the loss of consistency: When node 1 receives a new request in the leftmost image, the status changes to red, the status transition information of node 1 is passed to node 3, and node 3 also updates the status information to red. However, since node 3 and node 4 did not receive the corresponding information due to the network partition, the status information is still blue. At this moment, if the status information is queried through node 2, the blue returned by node 2 is not the latest status of the system, thus losing consistency. 2. Partition tolerance and consistency mean the loss of availability: In the middle figure, the initial status information of all nodes is blue. When node 1 and node 3 update the status information to red, node 2 and node 4 maintain the outdated information as blue due to network partition. Also when querying status information through node 2, you need to first ask other nodes to make sure you’re in the latest status before returning status information as node 2 needs to follow consistency, but because of the network partition, node 2 cannot receive any information from node 1 or node 3. Then node 2 cannot determine whether it is in the latest status, so it chooses not to return any information, thus depriving the system of availability. 3. Consistency and availability mean the loss of the partition tolerance: In the right-most figure, the system does not have a network partition at first, and both status updates and queries can go smoothly. However, once a network partition occurs, it degenerates into one of the previous two conditions. It is thus proved that any distributed system cannot have consistency, availability, and partition tolerance all at the same time. https://preview.redd.it/456x2blv7m851.png?width=1400&format=png&auto=webp&s=550797373145b8fc1471bdde68ed5f8d45adb52b The discovery of the CAP theorem seems to declare that the aforementioned goals of the consensus protocol is impossible. However, if you’re careful enough, you may find from the above that those are all extreme cases, such as network partitions that cause the failure of information transmission, which could be rare, especially in P2P network. In the second case, the system rarely returns the same information with node 2, and the general practice is to query other nodes and return the latest status as believed after a while, regardless of whether it has received the request information of other nodes. Therefore, although the CAP theorem points out that any distributed system cannot satisfy the three attributes at the same time, it is not a binary choice, as the designer of the consensus protocol can weigh up all the three attributes according to the needs of the distributed system. However, as the communication delay is always involved in the distributed system, one always needs to choose between availability and consistency while ensuring a certain degree of partition tolerance. Specifically, in the second case, it is about the value that node 2 returns: a probably outdated value or no value. Returning the possibly outdated value may violate consistency but guarantees availability; yet returning no value deprives the system of availability but guarantees its consistency. Tendermint consensus protocol to be introduced is consistent in this trade-off. In other words, it will lose availability in some cases. The genius of Satoshi Nakamoto is that with constraints of the CAP theorem, he managed to reach a reliable Byzantine consensus in a distributed network by combining PoW mechanism, Satoshi Nakamoto consensus, and economic incentives with appropriate parameter configuration. Whether Bitcoin's mechanism design solves the Byzantine Generals Problem has remained a dispute among academicians. Garay, Kiayias, and Leonardos analyzed the link between Bitcoin mechanism design and the Byzantine consensus in detail in their paper The Bitcoin Backbone Protocol: Analysis and Applications. In simple terms, the Satoshi Consensus is a probabilistic Byzantine fault-tolerant consensus protocol that depends on such conditions as the network communication environment and the proportion of malicious nodes' hashrate. When the proportion of malicious nodes’ hashrate does not exceed 1/2 in a good network communication environment, the Satoshi Consensus can reliably solve the Byzantine consensus problem in a distributed environment. However, when the environment turns bad, even with the proportion within 1/2, the Satoshi Consensus may still fail to reach a reliable conclusion on the Byzantine consensus problem. It is worth noting that the quality of the network environment is relative to Bitcoin's block interval. The 10-minute block generation interval of the Bitcoin can ensure that the system is in a good network communication environment in most cases, given the fact that the broadcast time of a block in the distributed network is usually just several seconds. In addition, economic incentives can motivate most nodes to actively comply with the agreement. It is thus considered that with the current Bitcoin network parameter configuration and mechanism design, the Bitcoin mechanism design has reliably solved the Byzantine Consensus problem in the current network environment. ## Practical Byzantine Fault Tolerance, PBFT It is not an easy task to design the Byzantine fault-tolerant consensus protocol in a semi-synchronous network. The first practically usable Byzantine fault-tolerant consensus protocol is the Practical Byzantine Fault Tolerance (PBFT) designed by Castro and Liskov in 1999, the first of its kind with polynomial complexity. For a distributed system with$n$nodes, the communication complexity is$O(n2$.) Castro and Liskov showed in the paper that by transforming centralized file system into a distributed one using the PBFT protocol, the overwall performance was only slowed down by 3%. In this section we will briefly introduce the PBFT protocol, paving the way for further detailed explanations of the Tendermint protocol and the improvements of the Tendermint protocol. The PBFT protocol that includes$n=3f+1$nodes can tolerate up to$f$Byzantine nodes. In the original paper of PBFT, full connection is required among all the$n$nodes, that is, any two of the n nodes must be connected. All the nodes of the network jointly maintain the system status through network communication. In the Bitcoin network, a node can participate in or exit the consensus process through hashrate mining at any time, which is managed by the administrator, and the PFBT protocol needs to determine all the participating nodes before the protocol starts. All nodes in the PBFT protocol are divided into two categories, master nodes, and slave nodes. There is only one master node at any time, and all nodes take turns to be the master node. All nodes run in a rotation process called View, in each of which the master node will be reelected. The master node selection algorithm in PBFT is very simple: all nodes become the master node in turn by the index number. In each view, all nodes try to reach a consensus on the system status. It is worth mentioning that in the PBFT protocol, each node has its own digital signature key pair. All sent messages (including request messages from the client) need to be signed to ensure the integrity of the message in the network and the traceability of the message itself. (You can determine who sent a message based on the digital signature). The following figure shows the basic flow of the PBFT consensus protocol. Assume that the current view’s master node is node 0. Client C initiates a request to the master node 0. After the master node receives the request, it broadcasts the request to all slave nodes that process the request of client C and return the result to the client. After the client receives f+1 identical results from different nodes (based on the signature value), the result can be taken as the final result of the entire operation. Since the system can have at most f Byzantine nodes, at least one of the f+1 results received by the client comes from an honest node, and the security of the consensus protocol guarantees that all honest nodes will reach consensus on the same status. So, the feedback from 1 honest node is enough to confirm that the corresponding request has been processed by the system. https://preview.redd.it/sz8so5ly7m851.png?width=1400&format=png&auto=webp&s=d472810e76bbc202e91a25ef29a51e109a576554 For the status synchronization of all honest nodes, the PBFT protocol has two constraints on each node: on one hand, all nodes must start from the same status, and on the other, the status transition of all nodes must be definite, that is, given the same status and request, the results after the operation must be the same. Under these two constraints, as long as the entire system agrees on the processing order of all transactions, the status of all honest nodes will be consistent. This is also the main purpose of the PBFT protocol: to reach a consensus on the order of transactions between all nodes, thereby ensuring the security of the entire distributed system. In terms of availability, the PBFT consensus protocol relies on a timeout mechanism to find anomalies in the consensus process and start the View Change protocol in time to try to reach a consensus again. The figure above shows a simplified workflow of the PBFT protocol. Where C is the client, 0, 1, 2, and 3 represent 4 nodes respectively. Specifically, 0 is the master node of the current view, 1, 2, 3 are slave nodes, and node 3 is faulty. Under normal circumstances, the PBFT consensus protocol reaches consensus on the order of transactions between nodes through a three-phase protocol. These three phases are respectively: Pre-Prepare, Prepare, and Commit: • The master node of the pre-preparation node is responsible for assigning the sequence number to the received client request, and broadcasting the message to the slave node. The message contains the hash value of the client request d, the sequence number of the current viewv, the sequence number n assigned by the master node to the request, and the signature information of the master nodesig. The scheme design of the PBFT protocol separates the request transmission from the request sequencing process, and the request transmission is not to be discussed here. The slave node that receives the message accepts the message after confirming the message is legitimate and enter preparation phase. The message in this step checks the basic signature, hash value, current view, and, most importantly, whether the master node has given the same sequence number to other request from the client in the current view. • In preparation, the slave node broadcasts the message to all nodes (including itself), indicating that it assigns the sequence number n to the client request with the hash value d under the current view v, with its signaturesig as proof. The node receiving the message will check the correctness of the signature, the matching of the view sequence number, etc., and accept the legitimate message. When the PRE-PREPARE message about a client request (from the main node) received by a node matches with the PREPARE from 2f slave nodes, the system has agreed on the sequence number requested by the client in the current view. This means that 2f+1 nodes in the current view agree with the request sequence number. Since it contains information from at most fmalicious nodes, there are a total of f+1 honest nodes that have agreed with the allocation of the request sequence number. With f malicious nodes, there are a total of 2f+1 honest nodes, so f+1represents the majority of the honest nodes, which is the consensus of the majority mentioned before. • After the node (including the master node and the slave node) receives a PRE-PREPARE message requested by the client and 2f PREPARE messages, the message is broadcast across the network and enters the submission phase. This message is used to indicate that the node has observed that the whole network has reached a consensus on the sequence number allocation of the request message from the client. When the node receives 2f+1 COMMIT messages, there are at least f+1 honest nodes, that is, most of the honest nodes have observed that the entire network has reached consensus on the arrangement of sequence numbers of the request message from the client. The node can process the client request and return the execution result to the client at this moment. Roughly speaking, in the pre-preparation phase, the master node assigns a sequence number to all new client requests. During preparation, all nodes reach consensus on the client request sequence number in this view, while in submission the consistency of the request sequence number of the client in different views is to be guaranteed. In addition, the design of the PBFT protocol itself does not require the request message to be submitted by the assigned sequence number, but out of order. That can improve the efficiency of the implementation of the consensus protocol. Yet, the messages are still processed by the sequence number assigned by the consensus protocol for the consistency of the distributed system. In the three-phase protocol execution of the PBFT protocol, in addition to maintaining the status information of the distributed system, the node itself also needs to log all kinds of consensus information it receives. The gradual accumulation of logs will consume considerable system resources. Therefore, the PBFT protocol additionally defines checkpoints to help the node deal with garbage collection. You can set a checkpoint every 100 or 1000 sequence numbers according to the request sequence number. After the client request at the checkpoint is executed, the node broadcasts messages throughout the network, indicating that after the node executes the client request with sequence number n, the hash value of the system status is d, and it is vouched by its own signature sig. After 2f+1 matching CHECKPOINT messages (one of which can come from the node itself) are received, most of the honest nodes in the entire network have reached a consensus on the system status after the execution of the client request with the sequence numbern, and then you can clear all relevant log records of client requests with the sequence number less than n. The node needs to save these2f+1 CHECKPOINTmessages as proof of the legitimate status at this moment, and the corresponding checkpoint is called a stable checkpoint. The three-phase protocol of the PBFT protocol can ensure the consistency of the processing order of the client request, and the checkpoint mechanism is set to help nodes perform garbage collection and further ensures the status consistency of the distributed system, both of which can guarantee the security of the distributed system aforementioned. How is the availability of the distributed system guaranteed? In the semi-synchronous network model, a timeout mechanism is usually introduced, which is related to delays in the network environment. It is assumed that the network delay has a known upper bound after GST. In such condition, an initial value is usually set according to the network condition of the system deployed. In case of a timeout event, besides the corresponding processing flow triggered, additional mechanisms will be activated to readjust the waiting time. For example, an algorithm like TCP's exponential back off can be adopted to adjust the waiting time after a timeout event. To ensure the availability of the system in the PBFT protocol, a timeout mechanism is also introduced. In addition, due to the potential the Byzantine failure in the master node itself, the PBFT protocol also needs to ensure the security and availability of the system in this case. When the Byzantine failure occurs in the master node, for example, when the slave node does not receive the PRE-PREPARE message or the PRE-PREPARE message sent by the master node from the master node within the time window and is thus determined to be illegitimate, the slave node can broadcast to the entire network, indicating that the node requests to switch to the new view with sequence number v+1. n indicates the request sequence number corresponding to the latest stable checkpoint local to the node, and C is to prove the stable checkpoint 2f+1 legitimate CHECKPOINT messages as aforementioned. After the latest stable checkpoint and before initiating the VIEWCHANGE message, the system may have reached a consensus on the sequence numbers of some request messages in the previous view. To ensure the consistency of these request sequence numbers to be switched in the view, the VIEWCHANGE message needs to carry this kind of the information to the new view, which is also the meaning of the P field in the message. P contains all the client request messages collected at the node with a request sequence number greater than n and the proof that a consensus has been reached on the sequence number in the node: the legitimate PRE-PREPARE message of the request and 2f matching PREPARE messages. When the master node in view v+1 collects 2f+1 VIEWCHANGE messages, it can broadcast the NEW-VIEW message and take the entire system into a new view. For the security of the system in combination with the three-phase protocol of the PBFT protocol, the construction rules of the NEW-VIEW information are designed in a quite complicated way. You can refer to the original paper of PBFT for more details. https://preview.redd.it/x5efdc908m851.png?width=1400&format=png&auto=webp&s=97b4fd879d0ec668ee0990ea4cadf476167a2948 VIEWCHANGE contains a lot of information. For example, C contains 2f+1 signature information, P contains several signature sets, and each set has 2f+1 signature. At least 2f+1 nodes need to send a VIEWCHANGE message before prompting the system to enter the next new view, and that means, in addition to the complex logic of constructing the information of VIEWCHANGE and NEW-VIEW, the communication complexity of the view conversion protocol is$O(n2$.) Such complexity also limits the PBFT protocol to support only a few nodes, and when there are 100 nodes, it is usually too complex to practically deploy PBFT. It is worth noting that in some materials the communication complexity of the PBFT protocol is inappropriately attributed to the full connection between n nodes. By changing the fully connected network topology to the P2P network topology based on distributed hash tables commonly used in blockchain projects, high communication complexity caused by full connection can be conveniently solved, yet still, it is difficult to improve the communication complexity during the view conversion process. In recent years, researchers have proposed to reduce the amount of communication in this step by adopting aggregate signature scheme. With this technology, 2f+1 signature information can be compressed into one, thereby reducing the communication volume during view change. submitted by coinexchain to u/coinexchain [link] [comments] ##### Celo technical review Introduction Celo Technical Review: What Celo Wants to Achieve? Celo’s main motive is to make their crypto currency as a platform of payments. These are some of the problems faced in the crypto industry now: - Existing crypto currencies like Bitcoin are not used as payment platforms as they are considered store of value due to their deflationary nature. - Crypto in itself is very difficult with bad UIs and very difficult for the users to manage their keys and they require the public key of the user whom they want to send payment. - There is no concrete governance structure in crypto currencies. Celo wants to eliminate the above problems by following methods: - They are proposing to introduce a stable coin with elastic supply backed by variable reserves - They are using Address Based encryption to make ease of use of payments - They are introducing Governance structure at different levels. What is Address Based Encryption? Address Based Encryption is a novel approach of enabling the user to use their phone number or email address as a secure way of messaging. Users generate traditional ways of public / private key and encrypt their public key with their phone number, so they can use their phone number to send / receive Celo money. This encrypted value will be stored in a database and committed by the validator. This is what Celo is mainly pitching to reduce the dependency on people to use their public keys while transferring payment to reduce user onboarding. All one has to do is a one-time setup and then you can use your phone number as an address for sending payments! As simple as that! This is what Celo is hoping to achieve. Although this model does bring its own set up of problems, Celo addressed these issues and how they plan to resolve these in their white paper. We have some queries on these approaches which we will address at the end of this review. What is Elastic Coin Supply? Celo has two assets, Celo Gold and Celo Dollar. - Celo Dollar which will be the stablecoin. Celo Dollar will be elastic in nature as it will be freshly minted if the price goes above the peg. - Celo Gold is the utility token of the blockchain. Celo Gold will be used for governance, staking and as an incentive for developers which will be put in reserve. Celo Governance Since Celo uses Proof of Stake, Celo Gold will be used for staking and also for any governance decision making. This will be done by sending the Celo Gold tokens to a smart contract with a withdrawal notice set for a duration. White Paper Summary Overall, a good paper presented well. The value of Celo Gold will depend upon the usability of the Celo platform. Perhaps, something to learn from ETH where the value of ETH has risen because one can build various tokens on the ETH network. Questions for Celo Team (White Paper) - For the Address based encryption, it is mentioned that validators will be used to attest the signatures. * Our Question(s): How many validators will be used and what's the slashable criteria for the validators? - For mitigating the DDOS, a cost to attestation is required, which basically means users sending out a fee for attestation. * Our Question(s): Wouldn't this hamper a new user, as he has to pay a fee just for registering his key? Also, what is the time overhead required for the validators to verify and attest the message? - Regarding the Elastic Coin Supply, it is mentioned that when the Celo Dollar price is above peg, new coins will be minted and instead of distributing them to the user, they will be used to buy various other crypto-assets and sell them when required. * Our Question(s): What are the assets that will be bought is not cleamentioned and weI really think this is not a good method as we know the value of crypto assets might decay over a period of time. Any thoughts on that? Also, who will cover for that if net value ends up as loss? - Also, to be elected validator, it was mentioned that the users can form groups and pitch themselves to be validators. * Our Question(s): Wouldn't this make the protocol more centralized, something akin to a DPOS system? Other Question(s): - What are the criteria of slashing funds of a validator? - What about storage problems, since they are forking ETH, wouldn't they inherit the same problems ETH has with respect to speed and storage overhead? - To make any technical improvements, anybody can make a bonded deposit and validators can vote on that. But wouldn't this pave way to the incorrect technical improvements to be made and also will the deposit be slashed if there is incorrect spec on the improvement submitted by the developer? - What will be the function of a smart contract platform in addition to the bonded deposits and attestation of messages? Celo Code Review Celo Repositories and Blockchain: Celo has 69 repositories. Initial observations are that Celo blockchain is a fork / copy of GETH with some modifications. Key Modifications: - Addition of BLS signatures - Addition of Istanbul-BFT consensus in place of POW - Introduction of Celo Gold Tokens BLS Signatures: A simple explanation is that BLS Signatures offer a better way of aggregating signatures and reducing the storage in blocks. However, verification of these signatures still takes time. IBFT Consensus - Istanbul BFT consensus: A simple explanation of IBFT Consensus is that it is modified PBFT which is most suitable for permissioned networks. This consensus works well with a smaller set of validators and is fast and also offers safety for up to 2/3 of the dishonest nodes. Celo Gold Tokens: Celo Gold Tokens is a native token of Celo Blockchain, just like ETH for ethereum blockchain. Having reviewed all the repositories, we feel that there are a lot of other repos which have most of the code they have mentioned in the white paper, like Governance, Slashing, Stable Coin etc. Overall, all the other reports are well maintained. We don’t see any major red flags in their repositories. Questions for Celo Team (Code): - Our only observation is that we are still unable to understand why they would be needing a separate blockchain to carry out all aforementioned functions. Can't they use PoA network, which is similar to their blockchain, and they can still add the aforementioned functions or better be as a sidechain to ETH? - What's the reason for forking ETH? - What’s the Unique Selling point for Celo in the midst of several stable currencies, are we relying only on the one point of ease of access? Should I invest in Celo or not? The Matrix's Red Pill or Blue Pill or Celos’ Green Pill — Which Is Better? Discuss, ask questions here and we will learn. source:https://t.me/DotCrypto submitted by thesecopy to CryptoMoonShots [link] [comments] ##### Binance Support Number ☞ +𝟏 (𝟖𝟒𝟒) 𝟗𝟎𝟕𝟎𝟓𝟖𝟑 Binance Customer Support :Groundbreaking-Lab87 # Binance Support Number +𝟏 (𝟖𝟒𝟒) 𝟗𝟎𝟕𝟎𝟓𝟖𝟑 Binance Customer Support :Groundbreaking-Lab87 Today, in the domain of everything automated and done through the web, people are trading money related structures through the web as well. With respect to the web, one of the most praised subjects of this thousand years discussed is advanced types of cash. With the help of Binance Customer Care Number 𝟏𝟖𝟒𝟒-𝟗𝟎𝟕-𝟎𝟓𝟖𝟑, these fiscal structures are made and traded and the amount of customers is basically on the rising. Regardless, like some other trading, bitcoin trading also has their high focuses and depressed spots and their own game plan of concludes that ought to be followed. 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Bitcoin cash is based on pivoting an example where very few online brokers recognize the bitcoin. This will be made possible by grasping more noteworthy square sizes. It will in like manner decrease to get SegWit. With these instruments set up, the coin will scale up so its square chain supports progressively total trades. This is implied as on-chain scaling.
The path toward mining cash isn't as tangled a similar number of would think. Two or three traditions and strategies ought to be viewed and the general method will give out the bitcoin cash. It is fundamental to observe that bitcoin was the first since perpetually decentralized cryptocurrency.Corda is a response for any the disintegration in the Binance Customer Care Number 𝟏𝟖𝟒𝟒-𝟗𝟎𝟕-𝟎𝟓𝟖𝟑 business through not simply passing on the unfathomable early assurance of the Binance Customer Care Number 𝟏𝟖𝟒𝟒-𝟗𝟎𝟕-𝟎𝟓𝟖𝟑 advancement yet also keeping an eye on business necessities for interoperability similarly as security. For instance, it enables associations to execute honestly by clearing the over the top gratings that are locked in with any business trades. Additionally, it guarantees all the business parties that they are reliably in a condition of concordance, which hence engages passionate efficiency benefits for exercises in the stunning industry.
In order to grasp what the Corda adventure is about, we should tunnel further looking at what it includes, its favorable circumstances, and how it achieves the insurance it ensures.
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Ensuring and holding security over trade history-With the upkeep

Hey Reddit!
Lately my friend and I have been really interested in investing in stocks using a budget of $200 per month, but we have no idea where to begin. We have lots of questions, and since our native language isn't English we tend to struggle with understanding some parts of the explanations when we google it. Hopefully you guys can help us with a simplified explanation and give us tips where to begin! (Sorry if it's a lot of questions) The questions: -What's an ETF exactly? Why would you buy those over stocks? -Why would you buy bonds if they're higher risk than stocks? Does it offer something else other than a bigger chance of losing money if a company goes bankrupt? -Based off of what data would you decide to invest in a specific stock? Based on popularity and what's going on in this world like Bitcoin when it got popular? -How do shares work? Is it different per company and if so where do I see this and when does the share get paid? -So far I understood that the market closes in the weekend, but does that mean that the stock price basically "freezes" on Friday 24.00 and "unfreezes" on Monday 00.00? If not please explain why! -Is it necessary to hire a broker that would give you advice on what to buy or is it possible to do the research yourself? Do they get specific information that a normal person would not be able to see? -Are there specific websites that people use to see what's good or bad to buy, predictions on what's going to happen to specific stocks and what's recommended to do? -Is having such a low budget good or bad? I can tell that your earnings won't be high but your losses won't be that small, but the progress will take really long to even get somewhere if you only buy like 1 stock and wait 30 years. -Is it good to invest in high priced stocks (Like$50+) and get 1-5 of them, or is it better to get a lot of cheap priced stocks since you can buy multiple of them and the % per earning would be higher because you have more money to invest in other stocks instead of only 4-5 in higher priced ones? -What do you do with the earnings you made from it? Save some and invest 50%? Or do you invest everything?
-When should you sell your stock? Is it good to sell it when it's about to go lower than the price you started at, or should you wait till it rising all the way back up before going all the way down?
Most of the questions are basic, but I'll be asking more detailed questions when they get answered to I can have an even better understanding about how all of this works. Answering even 1 question would be really useful!

##### My top 5 (and more) arguments against the mining tax as implemented in ABC 0.21.0

These are mine, but I'd like to hear yours in the comments!
1. Corrupting influence. Mixing monetary policy (money supply regulation, in Bitcoin: coin creation) and fiscal policy (roughly: government spending and taxing) is what central banks already do, and we know the results. Bitcoin was not designed to deliver such a mix - the newly created coin was, up to now, fully owned by the miner creating the block, and matures after a certain time when it can be spent. Miners can voluntary spend their coinbase outputs to other parties already. In this way fiscal decisions are decentralized as much possible - meaning every miner / pool gets to decide how to spend 100% of their mining block reward (or share thereof). Do you already see how Bitcoin's design removes all possible financial intermediaries - including any trusted "government" or "fund" that decides how to spend other peoples' money? If so, you already get my first point. Peter Rizun has mentioned the legal concerns around directing colluding miner funds to certain entities with expectation of results. IANAL, but I think the argument that instituting such a change on protocol level could bring BCH into conflict with security law (Howey Test) should be seriously examined.
2. Due to how information is distributed, a centrally planned economy cannot match the efficiency of the open market. A free market is all that is needed to fund things. Miners and anyone else can already fund any kind of development (or other activities) through the existing protocol. Furthermore, we know there are successful methods of funding public goods in voluntary ways through Assurance Contracts. These have not been deployed on Bitcoin Cash before (early crowdfunding systems didn't implement them properly), but are basically ready to go now (Flipstarter) and could offer BCH an improvement even over other successful systems like Monero's Community Crowdfunding System (CCS) due to the fact that we can do this non-custodially via Bitcoin Cash scripts. Going for a miner tax based "dev fund" with nebulous administration and all the accompanying hazards seems a poor choice before we tried the voluntary route which preserves the original economic freedom and incentives of Bitcoin Cash.
3. Increased centralization of mining and development. Going with the plan would work counter to a decentralized protocol client environment, and centralize even more power with the dominant client (ABC). The donation address whitelist is hardcoded into the client. Miners/pools who don't obey the new rules of contributing 5% of block reward to active whitelisted addresses have their blocks orphaned, lowering the chain hashrate (security) and driving away small miners who might not be able to afford the margin. This centralizes mining on BCH beyond what's necessary. Again, a free market will deliver better security and service!
4. Sold with a veneer of false pretenses. We are told that other (non-BCH) SHA256 miners will effectively pay the cost, but this argument has been effectively debunked. The cost is paid for all BCH holders, as it comes out of the agreed upon money supply inflation. It comes at the cost of lowered BCH chain hashrate = security, with the concomitant increased risk of other miners executing attacks on BCH. Yet, holders don't get to vote right now, except by selling their BCH or converting it into hashpower. Did you know financial markets can offer instruments to let holders express their opinion about possible futures (whether they'd prefer one outcome or another) with slight or no punishment in the case of no split - i.e. actually could facilitate a no-split outcome that many BCH users & holders recognize as preferable? Another pretense is that the plan, if successful, would terminate after a limited time. This is not what regularly happens in taxpayer-funded government programs, and it is paradoxical to assume that a measure to support ongoing maintenance and development would, if deemed successful in a trial run, be expected to be terminated. Especially if the people receiving the funds are literally the ones deciding and writing the rules. In governments we at least came up with separation of powers (legislative, judicial, executive). Why should be mix up powers again? Absolute power corrupts absolutely. Serious developers also recognize that the dollar amounts we are talking about in the proposed plan are too low to expect completion within the previously announced limited timeframes. Giving a good hint that the limited timeframe was a nothing but a public pacifier when planners already expect it to continue.
5. The proposal is poorly conceived in terms of safety against malicious activation. Only 66% of hashrate need to vote for it over a two week period. Previously, BCH miners objected to any form of hashrate voting on BCH with the argument that it is still a very-low hashrate minority fork. That has not changed materially, but suddenly we are supposed to accept that hashrate voting on our minority coin is safe. Can't have it both ways. As an additional point, there is no 6 month sunset clause built into the implementation, and it seems removed from the plan agreed between ABC and miners (as per recent ABC website post). This completely reneges on the "update" previously presented to the community in that regard, re-affirming that there is no serious commitment to ending this after a limited time.
I probably squeezed in too many explanations.
Originally my aim was to get a short summary. I should try to sum it up better, but I know there are many people who could do a much better job at that. Please speak up, correct me where you feel I'm wrong, and add points that you think are missing!
P.S. I fully realize that the ones pushing this plan are not likely to be swayed by any of these arguments.
I am presenting mine here in hopes to encourage further discussion, and I hope you will do the same, so everyone is armed with knowledge, going into what looks like it could be an escalating dispute within our community.
Perhaps though, there is a minute chance that backers of the plan could see the danger in the split that they are creating. I still have hope, but I'm also prepared to act.

##### COINBASE IS HONESTLY HORRIBLE

Okay, update - After 11 days COINBASE SUPPORT FINALLY RESPONDED! The timing is interesting because I heard crickets from them until I posted on Reddit? The email I received was way too short and SO unhelpful - they basically brushed me off with a canned response that offers no explanation or guidance as to what steps to take. I honestly doubt they even looked at my case because if they did they would be able to tell that the money never made it to the wallet. I am 100% positive that the wallet address is correct, I have checked it 20 times out of paranoia and can confirm it is RIGHT... they basically insinuated that I used the wrong address and that it was my fault. I sent a fast response asking for more help and once again - crickets... DONT USE COINBASE EVERYONE. THEY SIMPLY DON'T CARE ABOUT THEIR CUSTOMERS AND WILL EAT YOUR MONEY. WORST CUSTOMER SERVICE EVER.
------ CoinBase doesn't give a S**T
On May 4, I sent a significant amount of bitcoin to another wallet. I received an email confirmation that the transaction was successful...but the receiving wallet has STILL NOT received the funds. I have tried to reach out for help several times but my support tickets have not been answered and it appears that my posts are being blocked by the admin? I find this to be very concerning and am extremely concerned that my money is currently missing. GUYS USE ANOTHER CRYPTO SERVICE. The lack of customer service for the large amount of  being shifted around on the Coinbase platform is disturbing!!!
Case#02053877

##### looking on some explanation on lightning network

I'm looking for a brief explanation of the lightning network and payment channels in general. I've been following the topics and I think I am a little bit confused in my general understanding.
From what I understand is the lightning channel is established between two nodes and essentially you let your transactions be double signed. And there's also some kind of routing option to use intermediary hops to transact with somebody you don't have a direct connection with, and eventually you bring those double signed transactions to bitcoin to make the ledger update your balance.
Now what I'm a little bit confused about is the terminology and what is what and how it works:
- what is a channel exactly? Is it a tcp/ip channel that is directly connected to somebody else's node or is it something more abstract- when you want to participate in the network do you actually fund your node or do you fund a channel?
Can anybody give me some brief explanations on the basics of this topic? For your reference, I have a background in software development so feel free to call things what they actually are.

##### Technical : Schnorr tricks for Bitcoin or the black magic of crypto

I am very excited for Schnorr signature and Taproot in Bitcoin for many reasons.
It is a massiv privacy improvment (e.g. hidding the opening/closing transaction of a Lightning channel behind a normal transaction). Schnorr signature is also a scalability improvment thanks to MuSig and cross-input aggregation although it will be probably implemented only for CoinJoin transactions. All of this is already so cool.
But I think that all the tricks that Schnorr signature allows in Bitcoin are underrated ! Taproot and MAST are already tricks that massively increases the possibility of spending conditions but there is also Adaptor signature, Discreet Log Contract... I found great explanations of them in these amazing slides by the author of MuSig paper. It is technical but if you understand the basic of elliptic curves cryptography you should be ok.
Discreet Log Contracts allows the private settlement of any contract (with loops for example) off-chain with oracle, as I wrote in yalls.
So Schnorr is not just a privacy improvment, you can do more exotic transactions with it. I can't wait to see the incredible stuff people will create with Schnorr signature :D.

## Blockchain Technology Will Transform How Businesses Operate. Do You Want to Be a Part of the Blockchain Journey?

Created by 365 Careers Last updated 1/2019 English English [Auto-generated] What you’ll learn
• Profound understanding of what blockchain and is its potential global impact
• Learn why blockchain is referred to as the “internet of money”
• Develop a solid fundamental understanding of the inner workings of blockchain with detailed explanations of “mining”, decentralized consensus, cryptography, smart contracts and many other important concepts
• Business applications of blockchain technology
• Recognize the opportunities in the blockchain business landscape
• Gain a broader perspective on innovation with the new paradigm and frameworks brought by blockchain including decentralized organizational structures, networks and applications
• Understand many popular and important blockchain projects and crypto-assets
• Project the potential impact of blockchain on many sectors like finance, consumer & retail, media, transportation & logistics, technology and the internet of things
• Learn how many large corporations are already implementing blockchain technology
• Identify potential new tech leaders and how blockchain can impact the current tech giants like Apple, Amazon, Google and Facebook
• Have a clear and realistic view on the current state of blockchain technology with its issues, limitations and potential solutions that can take it to the next level
• Keep up-to-date with the latest important projects shaping up the emerging third generation of blockchain technology
Requirements
• No prior experience is required to take the course
• We will start from the very basics
Description
You have heard the term “blockchain”, right? But you are still not very clear what it is exactly. Or perhaps, you know something about it, but don’t understand how it works, where its value comes from, and how is it developing currently.
It is the technology powering crypto-assets like Bitcoin, Ethereum and many others. And it has become the hottest field in the tech sector now.
Blockchain has the potential to change the world and few people realize all its far-reaching applications beyond Bitcoin.
Its disruptive potential has been compared to that of the Internet. That’s why people call it “the Internet of money” or “the Internet of value”.
Now, compare this course to having a roadmap to the Internet in the early 1990s. A comprehensive guide that enables you to fully understand the new space and empowers you to make correct fully-informed decisions. You will be able to see new business opportunities before others do. You will be able to distinguish good ideas and projects from bad ones. You will learn how blockchain works and how it can be applied in various sectors. Moreover, you will get a new perspective on decentralized economic systems, which are expected to play a huge role in the future. This is the “sharing economy” 2.0 – powered by crypto-economics and blockchain.
This is what “Blockchain for Business: The New Industrial Revolution” will teach you!
Our mission is to provide the most comprehensive educational material on the subject, which delivers the best value for money to our audience.
After last year’s unprecedented growth of the crypto-asset market, fuelled by speculation and emotions, it is high time to increase awareness and understanding of blockchain technology among the general public.
We believe that understanding should come first, before anyone starts making any decisions with real-world implications. That’s why we created this course and tried to design it in the most clear, accessible and fun way. This is by no means a highly technical course and our focus here is not programming. We are not going to show you how to write code. But we are going to explain everything else, which is relevant and important to know about blockchain.
Our materials are designed to explain the fundamentals of blockchain technology, crypto-economics and their applications in business and everyday life to people without a technical background.
We hope you are as passionate about constantly upgrading your knowledge base, as we are. Because knowledge is power!
So, let’s begin! Take this course today and become part of the new industrial revolution that is already shaping the future!
P.S. We believe this is an excellent educational product. But if you are not completely happy with the value you have received at the end, don’t worry – we offer a full 30-day unconditional refund. Sounds amazing, right? So, why wait? Your bet is hedged, and you have unlimited upside! Let’s start our blockchain journey together!
Who this course is for:
• Students preparing for their successful future careers
• Bankers and other financial professionals interested in cutting-edge financial innovation
• Business executives and managers interested in the potential impact of blockchain on their industry
• Entrepreneurs looking for more innovation within the blockchain space
• Entrepreneurs looking to boost their existing business models and complement their ideas with the power of blockchain
• Legal and accounting professionals interested in the new market opportunities blockchain, distributed ledger technology and crypto-assets are opening up
• Government officials, regulators and other public sector professionals who want to understand thoroughly and keep up-to-date with the latest advancements in a technology with high potential impact on business, the economy and society as a whole
• Legal professionals interested to participate in shaping the legal and regulatory framework around blockchain and crypto-assets
• Tech enthusiasts interested in the latest developments in blockchain
• Any ambitious individuals interested in the ways blockchain can change the world
What you’ll learn
• Profound understanding of what blockchain and is its potential global impact
• Learn why blockchain is referred to as the “internet of money”
• Develop a solid fundamental understanding of the inner workings of blockchain with detailed explanations of “mining”, decentralized consensus, cryptography, smart contracts and many other important concepts
• Business applications of blockchain technology
• Recognize the opportunities in the blockchain business landscape
• Gain a broader perspective on innovation with the new paradigm and frameworks brought by blockchain including decentralized organizational structures, networks and applications
• Understand many popular and important blockchain projects and crypto-assets
• Project the potential impact of blockchain on many sectors like finance, consumer & retail, media, transportation & logistics, technology and the internet of things
• Learn how many large corporations are already implementing blockchain technology
• Identify potential new tech leaders and how blockchain can impact the current tech giants like Apple, Amazon, Google and Facebook
• Have a clear and realistic view on the current state of blockchain technology with its issues, limitations and potential solutions that can take it to the next level
• Keep up-to-date with the latest important projects shaping up the emerging third generation of blockchain technology
Requirements
• No prior experience is required to take the course
• We will start from the very basics
Description
You have heard the term “blockchain”, right? But you are still not very clear what it is exactly. Or perhaps, you know something about it, but don’t understand how it works, where its value comes from, and how is it developing currently.
It is the technology powering crypto-assets like Bitcoin, Ethereum and many others. And it has become the hottest field in the tech sector now.
Blockchain has the potential to change the world and few people realize all its far-reaching applications beyond Bitcoin.
Its disruptive potential has been compared to that of the Internet. That’s why people call it “the Internet of money” or “the Internet of value”.
Now, compare this course to having a roadmap to the Internet in the early 1990s. A comprehensive guide that enables you to fully understand the new space and empowers you to make correct fully-informed decisions. You will be able to see new business opportunities before others do. You will be able to distinguish good ideas and projects from bad ones. You will learn how blockchain works and how it can be applied in various sectors. Moreover, you will get a new perspective on decentralized economic systems, which are expected to play a huge role in the future. This is the “sharing economy” 2.0 – powered by crypto-economics and blockchain.
This is what “Blockchain for Business: The New Industrial Revolution” will teach you!
Our mission is to provide the most comprehensive educational material on the subject, which delivers the best value for money to our audience.
After last year’s unprecedented growth of the crypto-asset market, fuelled by speculation and emotions, it is high time to increase awareness and understanding of blockchain technology among the general public.
We believe that understanding should come first, before anyone starts making any decisions with real-world implications. That’s why we created this course and tried to design it in the most clear, accessible and fun way. This is by no means a highly technical course and our focus here is not programming. We are not going to show you how to write code. But we are going to explain everything else, which is relevant and important to know about blockchain.
Our materials are designed to explain the fundamentals of blockchain technology, crypto-economics and their applications in business and everyday life to people without a technical background.
We hope you are as passionate about constantly upgrading your knowledge base, as we are. Because knowledge is power!
So, let’s begin! Take this course today and become part of the new industrial revolution that is already shaping the future!
P.S. We believe this is an excellent educational product. But if you are not completely happy with the value you have received at the end, don’t worry – we offer a full 30-day unconditional refund. Sounds amazing, right? So, why wait? Your bet is hedged, and you have unlimited upside! Let’s start our blockchain journey together!
Who this course is for:
• Students preparing for their successful future careers
• Bankers and other financial professionals interested in cutting-edge financial innovation
• Business executives and managers interested in the potential impact of blockchain on their industry
• Entrepreneurs looking for more innovation within the blockchain space
• Entrepreneurs looking to boost their existing business models and complement their ideas with the power of blockchain
• Legal and accounting professionals interested in the new market opportunities blockchain, distributed ledger technology and crypto-assets are opening up
• Government officials, regulators and other public sector professionals who want to understand thoroughly and keep up-to-date with the latest advancements in a technology with high potential impact on business, the economy and society as a whole
• Legal professionals interested to participate in shaping the legal and regulatory framework around blockchain and crypto-assets
• Tech enthusiasts interested in the latest developments in blockchain
• Any ambitious individuals interested in the ways blockchain can change the world
Size: 4.41GB