Ultimate glossary of crypto currency terms, acronyms and abbreviations
[ 🎶 Thinking Cap ] This post is framed around results of cypher-based queries for the number 1234 against my custom lexicon files built up over a year of phrase inputs (mostly gleaned from newspaper headlines and their 'quoted phrases', or stream of conciousness inspired by them). There are not very many, but the few there are appear to be instructive. I have used some repetition to aid those with trouble remembering numbers. Perhaps NSFW. (For the confused: see here, here and here) If you are brand new to this collection of scrolls, I recommend reading (as much as you can of) this before returning here, which will help to justify my particular focus below (the belt). Did you gnow A=1? There are 26 letters in the English-Latin Alphabet. The basic alphabetic gematria code acknowledges that A=1, B=2, C=3, ..., Z=26 (ie. ordinal gematria). In this basic alphabetic cypher (which is implied if I do not specify):
"Alphabetic Codes" = 123
... "Reveal The Code" = 123
... .. .. "To Reveal All" = 123
If you flip the numeric ordering about (ie. look in the mirror: treat 'Z' as 1, down to 'A' as 26), then...
This ("The ABC") is the name of the earliest alphabet primer textbooks for kids.
The first church primers paralleled the introduction of school textbooks known as “the ABC”
The Alphabet is a vessel for messages:
"Boat" = 123 primes (ie. an Ark ... an Archive ... built using a geometric Architecture of symbols)
If, instead of the basic alphabetic ordinal cyphers above, we use another cypher some call Agrippa's Key, and some call the 'jewish cipher', which is based on the ancient Hebrew and Greek gematria charts, and maps that scheme to the Latin Alphabet, we can ask a catch-phrase question (written more formally than usual)
What's in a name?
"What is in a name?" = 1234 jewish-latin-agrippa
Here we move beyond the three steps of ABC and arrive at the Door of Dalet. Behind it, if we have the write keys, we might discover...
ie. quantum-entanglement: you cannot give birth to your first alphabetic Son, a strong boy named Aleph, and deny he is '1'. You cannot have your second child, a beautiful maiden, Beth, and deny she is '2'. Animals on the ark 2 by 2. You cannot order the alphabet, and deny the letters have ordinal indexes (ie. numbers associated with them - significant others)
Obstetrics is the field of study concentrated on pregnancy, childbirth, and the postpartum period. As a medical specialty, obstetrics is combined with gynaecology under the discipline known as obstetrics and gynecology (OB/GYN) which is a surgical field.
... ( "The Last Proof of Life After Death" = 911 primes )
I have a spell-matching feature that can cross-match multiple cypher results and return the 'closest frequency matches' of all the spells I've ever entered into my gematria tools. At the time of writing the lexicon file is half a megabyte in size (plain text) and contains 37,694 words and phrases. When I ask for the spellings that most closely match: "live forever", I get the following three results as top matches:
'white liquid', 'into the girl', and 'the dilution' (with 8+ cypher matches)
There are a lot of flowery symbolic or metaphorical phrases that it could have returned, but it seems the Heptapods are rather blunt. Again:
"Divine Feminine" = 911 jewish-latin-agrippa
... .. "Sexy Girl" = 911 jewish-latin-agrippa
From... Revelation 9:11 King James Version (KJV):
And they had a king  over them, which is the angel of the bottomless pit, whose name in the Hebrew tongue is Abaddon  , but in the Greek tongue hath his name Apollyon.
This is perhaps a dual - the Abaddon is both Father Beast (and Lord of the Harem, perhaps, given the plural 'them') and the Beastly Progeny (ie. King and Prince):
"Pregnant" = 333 jewish-latin-agrippa
"The Temple" = 333 jewish-latin-agrippa
... "A Baby" = 333 trigonal
The angelic little baby, retrieved from the bottomless pit, is the apple of mommy and daddy's eyes (even though it is very naughty, ruling over their lives for many years after his or her noxious retrieval from the Underworld).
Viva Las Vegas (ie. V.L.V ): 777 (ie. to win at slots):
"A Triple-Seven" = 1234 trigonal | 2,322 squares
The Boeing 777 is a premiere passenger aircraft. The Boeing 787 is called the Dreamliner (ie "The Call" = 787 squares ... of Morpheus) The Boeing 747 is Old Faithful, the Jumbo Jet of Time Air Force One is a 747
"Air Force" = 223 primes
"Winds" = 223 primes
"Goddess" = 223 primes
... "The Law" = 223 primes
... "Air Force" = 223 primes
"Winds" = 223 primes
"The Law" = "Goddess" = 223 primes
She steps on "The Scale" = 223 primes ... ...and hopes she is ...
"Weightless" = 1234 jewish-latin-agrippa
From an old Alphabet Primer:
... He that ne'er learns his ABC, ... For ever will a Blockhead be. ... But he that learns these Letters fair, ... Shall have a Coach to take the Air.
Enregisterment is often partially, rather than completely, true, sort of like an accent viewed through a funhouse mirror.
I was triggered to made this post due to various recent media 'events', this 'crazy' 'news item' the final straw that broke the gimel's black (I link to old reddit theme because it is objectively better ):
These are things we can imagine Alphabet Sages might desire to encode and honour - as much for a mnemonic purpose, as for teaching purposes, or for archiving [...] knowledge [...] or purely for the sake of esoterica itself (ie. wizard just likes math, or architecture, and thus honours math and arches, secretely in words using basic algebra and references to certain idioms and golden numbers. Wizard works for King, shows him tricks. King decrees new Bible edition, and new Dictionary version).
He found me to be of a tractable, inquiring, and fearless disposition. A dash of melancholy is lacking in me, else I would make all, who are inclined to blame the Comte de GABALIS for having concealed nothing from me, confess that I was a not unfit subject for the Occult Sciences. One cannot make great progress in them, it is true, without melancholy; but the little that I possess in no wise disheartened him. You have, he told me a hundred times, Saturn in an angle, in his own house, and retrograde; some day you cannot. fail to be as melancholy as a Sage ought to be; for the wisest of all men, as we learn in the Cabala, had like you Jupiter in the Ascendant, nevertheless so powerful was the influence of his Saturn, though far weaker than yours, that one cannot find proof of his having laughed a single time in all his life. The Amateurs must, therefore, find fault with my Saturn and not with the Comte de GABALIS, if I prefer to divulge their secrets rather than to practise them.
Quant Network: Token valuation dynamics and fundamentals
This post intends to illustrate the dynamics and fundamentals related to the mechanics and use of the Quant Network Utility Token (QNT), in order to provide the community with greater clarity around what holding the token actually means. This is a follow-up on two articles David W previously wrote about Quant Network’s prospects and potential, which you can find here:
For holders not intending to use Overledger for business reasons, the primary goal of holding the QNT token is to benefit from price appreciation. Some are happy to believe that speculation will take the QNT price to much higher levels if and when large-scale adoption/implementation news comes out, whilst others may actually prefer to assess the token’s utility and analyse how it would react to various scenarios to justify a price increase based on fundamentals. The latter is precisely what I aim to look into in this article. On that note, I have noticed that many wish to see institutional investors getting involved in the crypto space for their purchase power, but the one thing they would bring and that is most needed in my opinion is fundamental analysis and valuation expectations based on facts. Indeed, equity investors can probably access 20 or 30 reports that are 15 pages long and updated on a quarterly basis about any blue chip stock they are invested in, but how many of such (professional) analyst reports can you consult for your favorite crypto coins? Let me have a guess: none. This is unfortunate, and it is a further reason to look into the situation in more details. To be clear, this article is not about providing figures on the expected valuation of the token, but rather about providing the community with a deeper analysis to better understand its meaning and valuation context. This includes going through the (vast) differences between a Utility Token and a Company Share since I understand it is still blurry in some people’s mind. I will incorporate my thoughts and perspective on these matters, which should not be regarded as a single source of truth but rather as an attempt to “dig deeper”. In order to share these thoughts with you in the most pertinent manner, I have actually entirely modelled the Quant Treasury function and analysed how the QNT token would react to various scenarios based on a number of different factors. That does not mean there is any universal truth to be told, but it did help in clarifying how things work (with my understanding of the current ruleset at least, which may also evolve over time). This is an important safety net: if the intensity of speculation in crypto markets was to go lower from here, what would happen to the token price? How would Quant Treasury help support it? If the market can feel comfortable with such situation and the underlying demand for the token, then it can feel comfortable to take it higher based on future growth expectations — and that’s how it should be. Finally, to help shed light on different areas, I must confess that I will have to go through some technicalities on how this all works and what a Utility Token actually is. That is the price to pay to gain that further, necessary knowledge and be in a position to assess the situation more thoroughly — but I will make it as readable as I possibly can, so… if are you ready, let’s start!
A Utility Token vs. a Company Share: what is the difference?
It is probably fair to say that many people involved in the crypto space are unfamiliar with certain key financial terms or concepts, simply because finance is not necessarily everyone’s background (and that is absolutely fine!). In addition, Digital Assets bring some very novel concepts, which means that everyone has to adapt in any case. Therefore, I suggest we start with a comparison of the characteristics underpinning the QNT Utility Token and a Quant Network Company Share (as you may know, the Company Shares are currently privately held by the Quant Network founders). I believe it is important to look at this comparison for two reasons:
Most people are familiar with regular Company Shares because they have been traded for decades, and it is often asked how Utility Tokens compare.
Quant Network have announced a plan to raise capital to grow their business further (in the September 2019 Forbes article which you can find here). Therefore, regardless of whether the Share Offering is made public or private, I presume the community will want to better understand how things compare and the different dynamics behind each instrument.
So where does the QNT Utility Token sit in Quant Network company and how does it compare to a Quant Network Company Share? This is how it looks: https://preview.redd.it/zgidz8ed74y31.png?width=1698&format=png&auto=webp&s=54acd2def0713b67ac7c41dae6c9ab225e5639fa What is on the right hand side of a balance sheet is the money a company has, and what is on the left hand side is how it uses it. Broadly speaking, the money the company has may come from the owners (Equity) or from the creditors (Debt). If I were to apply these concepts to an individual (you!), “Equity” is your net worth, “Debt” is your mortgage and other debt, and “Assets” is your house, car, savings, investments, crypto, etc. As you can see, a Company Share and a Utility Token are found in different parts of the balance sheet — and that, in itself, is a major difference! They indeed serve two very different purposes:
Company Shares: they represent a share of a company’s ownership, meaning that you actually own [X]% of the company ([X]% = Number of shares you possess / Total number of shares) and hence [X]% of the company’s assets on the left hand side of the balance sheet.
Utility Tokens: they are keys to access a given platform (in our case, Quant Network’s Operating System: Overledger) and they can serve multiple purposes as defined by their Utility Document (in QNT’s case, the latest V0.3 version can be found here).
As a consequence, as a Company Shareholder, you are entitled to receive part or all of the profits generated by the company (as the case may arise) and you can also take part in the management decisions (indeed, with 0.00000001% of Apple shares, you have the corresponding right to vote to kick the CEO out if you want to!). On the other hand, as a Utility Token holder, you have no such rights related to the company’s profits or management, BUT any usage of the platform has to go through the token you hold — and that has novel, interesting facets.
A Utility Token vs. a Company Share: what happens in practice?
Before we dig further, let’s now remind ourselves of the economic utilities of the QNT token (i.e. in addition to signing and encrypting transactions):
Licences: a licence is mandatory for anyone who wishes to develop on the Overledger platform. Enterprises and Developers pay Quant Network in fiat money and Quant Treasury subsequently sets aside QNT tokens for the same amount (a diagram on how market purchases are performed can be found on the Overledger Treasury page here). The tokens are locked for 12 months, and the current understanding is that the amount of tokens locked is readjusted at each renewal date to the prevailing market price of QNT at the time (this information is not part of the Utility Token document as of now, but it was given in a previous Telegram AMA so I will assume it is correct pending further developments).
Usage: this relates to the amount of Overledger read and write activity performed by clients on an ongoing basis, and also to the transfer of Digital Assets from one chain to another, and it follows a similar principle: fiat money is received by Quant Network, and subsequently converted in QNT tokens (these tokens are not locked, however).
Gateways: information about Gateways has been released through the Overledger Network initiative (see dedicated website here), and we now know that the annual cost for running a Gateway will be 500 QNT whilst Gateway holders will receive a percentage of transaction fees going through their setup.
Minimum holding amounts: the team has stated that there will be a minimum QNT holding amount put in place for every participant of the Overledger ecosystem, although the details have not been released yet.
On the right hand side, you see the simplified Profit & Loss account (“P&L”) which incorporates Total Revenues, from which costs and taxes are deducted, to give a Net Income for the company. A share of this Net Income may be distributed to Shareholders in the form of a Dividend, whilst the remainder is accounted as retained profits and goes back to the balance sheet as Equity to fund further growth for instance. Importantly, the Dividend (if any) is usually a portion of the Net Income so, using an indicative 40% Dividend yield policy, shareholders receive here for a given year 80 out of total company revenues of 1,000.
On the left hand side, you see the QNT requirements arising from the Overledger-related business activity which equal 700 here. Note that this is only a portion of the Total Revenues (1,000) you can see on the right hand side, as the team generates income from other sources as well (e.g. consultancy fees) — but I assume Overledger will represent the bulk of it since it is Quant Network’s flagship product and focus. In this case, the equivalent fiat amount of QNT tokens represents 700 (i.e. 100% of Overledger-related revenues) out of the company’s Total Revenues of 1,000. It is to be noted that excess reserves of QNT may be sold and generate additional revenues for the company, which would be outside of the Overledger Revenues mentioned above (i.e. they would fall in the “Other Revenues” category).
A way to summarise the situation from a very high level is: as a Company Shareholder you take a view on the company’s total profits whereas as a Utility Token holder you take a view on the company’s revenues (albeit Overledger-related). It is however too early to reach any conclusion, so we now need to dig one level deeper again.
More considerations around Company Shares
As we discussed, with a Company Share, you possess a fraction of the company’s ownership and hence you have access to profits (and losses!). So how do typical Net Income results look in the technology industry? What sort of Dividend is usually paid? What sort of market valuations are subsequently achieved? Let’s find out: https://preview.redd.it/eua9sqlt74y31.png?width=2904&format=png&auto=webp&s=3500669942abf62a0ea1c983ab3cea40552c40d1 As you can see, the typical Net Income Ratio varies between around 10% and 20% in the technology/software industry (using the above illustrated peer group). The ratio illustrates the proportion of Net Income extracted from Revenues. In addition, money is returned to Company Shareholders in the form of a Dividend (i.e. a portion of the Net Income) and in the form of Share repurchases (whereby the company uses its excess cash position to buy back shares from Shareholders and hence diminish the number of Shares available). A company may however prefer to not redistribute any of the profits, and retain them instead to fund further business growth — Alphabet (Google) is a good example in this respect. Interestingly, as you can see on the far right of the table, the market capitalisations of these companies reflect high multiples of their Net Income as investors expect the companies to prosper in the future and generate larger profits. If you wished to explore these ideas further, I recommend also looking into the Return on Equity ratio which takes into account the amount of resources (i.e. Capital/Equity) put to work to generate the companies’ profits. It is also to be noted that the number of Company Shares outstanding may vary over time. Indeed, aside from Share repurchases that diminish the number of Shares available to the market, additional Shares may be issued to raise additional funds from the market hence diluting the ownership of existing Shareholders. Finally, (regular) Company Shares are structured in the same wayacross companies and industries, which brings a key benefit of having them easily comparable/benchmarkable against one another for investors. That is not the case for Utility Tokens, but they come with the benefit of having a lot more flexible use cases.
More considerations around the QNT token
As discussed, the Utility Token model is quite novel and each token has unique functions designed for the system it is associated with. That does not make value assessment easy, since all Utility Tokens are different, and this is a further reason to have a detailed look into the QNT case. https://preview.redd.it/b0xe0ogw74y31.png?width=1512&format=png&auto=webp&s=cece522cd7919125e199b012af41850df6d9e9fd As a start, all assets that are used in a speculative way embed two components into their price: A) one that represents what the asset is worth today, and B) one that represents what it may be worth in the future. Depending on whether the future looks bright or not, a price premium or a price discount may be attached to the asset price. This is similar to what we just saw with Company Shares valuation multiples, and it is valid across markets. For instance, Microsoft generates around USD 21bn in annual Net Income these days, but the cost of acquiring it entirely is USD 1,094bn (!). This speculative effect is particularly visible in the crypto sector since valuation levels are usually high whilst usage/adoption levels are usually low for now. So what about QNT? As mentioned, the QNT Utility model has novel, interesting facets. Since QNT is required to access and use the Overledger system, it is important to appreciate that Quant Network company has three means of action regarding the QNT token:
MANAGING their QNT reserves on an ongoing basis (i.e. buying or selling tokens is not always automatic, they can allocate tokens from their own reserves depending on their liquidity position at any given time),
BUYING/RECEIVING QNT from the market/clients on the back of business activity, and
SELLING QNT when they deem their reserves sufficient and/or wish to sell tokens to cover for operational costs.
Broadly speaking, the above actions will vary depending on business performance, the QNT token price and the Quant Network company’s liquidity position. We also have to appreciate how the QNT distribution will always look like, it can be broken down as follows: https://preview.redd.it/f20h7hvz74y31.png?width=1106&format=png&auto=webp&s=f2f5b63272f5ed6e3f977ce08d7bae043851edd1 A) QNT tokens held by the QNT Community B) QNT tokens held by Quant Network that are locked (i.e. those related to Licences) C) QNT tokens held by Quant Network that are unlocked (i.e. those related to other usage, such as consumption fees and Gateways) D) the minimum QNT amount held by all users of the platform (more information on this front soon) So now that the situation is set, how would we assess Quant Network’s business activity effect on the QNT token? STEP 1: We would need to define the range of minimum/maximum amounts of QNT which Quant Network would want to keep as liquid reserves (i.e. unlocked) on an ongoing basis. This affects key variables such as the proportion of market purchases vs. the use of their own reserves, and the amount of QNT sold back to the market. Also, interestingly, if Quant Network never wanted to keep less than, for instance, 1 million QNT tokens as liquid reserves, these 1 million tokens would have a similar effect on the market as the locked tokens because they would never be sold. STEP 2: We would need to define the amount of revenues that are related to QNT. As we know, Overledger Licences, Usage and Gateways generate revenues converted into QNT (or in QNT directly). So the correlation is strong between revenues and QNT needs. Interestingly, the cost of a licence is probably relatively low today in order to facilitate adoption and testing, but it will surely increase over time. The same goes for usage fees, especially as we move from testing/pilot phases to mass implementation. The number of clients will also increase. The Community version of Overledger is also set to officially launch next year. More information on revenue potential can be found later in this article. STEP 3: We would need to define an evolution of the QNT token price over time and see how things develop with regards to Quant Network’s net purchase/sale of tokens every month (i.e. tokens required - tokens sold = net purchased/sold tokens). Once assumptions are made, what do we observe? In an undistorted environment, there is a positive correlation between Quant Network’s QNT-related revenues and the market capitalisation they occupy (i.e. the Quant Network share of the token distribution multiplied by the QNT price). However, this correlation can get heavily twisted as the speculative market prices a premium to the QNT price (i.e. anticipating higher revenues). As we will see, a persistent discount is not really possible as Quant Treasury would mechanically have to step in with large market purchases, which would provide strong support to the QNT price. In addition, volatility is to be added to the equation since QNT volatility is likely to be (much) higher than that of revenues which can create important year-on-year disparities. For instance, Quant Treasury may lock a lot of tokens at a low price one year, and be well in excess of required tokens the next year if the QNT token price has significantly increased (and vice versa). This is not an issue per se, but this would impact the amount of tokens bought/sold on an ongoing basis by Quant Treasury as reserves inflate/deflate. If we put aside the distortions created by speculation on the QNT price, and the subsequent impact on the excess/deficiency of Quant Network token reserves (whose level is also pro-actively managed by the company, as previously discussed), the economic system works as follows: High QNT price vs. Revenue levels: The value of reserves is inflated, fewer tokens need to be bought for the level of revenues generated, Quant Treasury provides low support to the QNT price, its share of the token distribution diminishes. Low QNT price vs. Revenue levels: Reserves run out, a higher number of tokens needs to be bought for the level of revenues generated, Quant Treasury provides higher support to the QNT price, its share of the token distribution increases. Summary table: https://preview.redd.it/q7wgzpv384y31.png?width=2312&format=png&auto=webp&s=d8c0480cb34caf2e59615ec21ea220d81d79b153 The key here is that, whatever speculation on future revenue levels does to the token in the first place, if the QNT price was falling and reaching a level that does not reflect the prevailing revenue levels of Overledger at a given time, then Quant Treasury would require a larger amount of tokens to cover the business needs which would mean the depletion of their reserves, larger purchases from the market and strong support for the QNT price from here. This is the safety net we want to see, coming from usage! Indeed, in other words, if the QNT price went very high very quickly, Quant Treasury may not be seen buying much tokens since their reserves would be inflated BUT that fall back mechanics purely based on usage would be there to safeguard QNT holders from the QNT price falling below a certain level. I would assume this makes sense for most, and you might now wonder why have I highlighted the bottom part about the token distribution in red? That is because there is an ongoing battle between the QNT community and Quant Treasury — and this is very interesting. The ecosystem will show how big a share is the community willing to let Quant Network represent. The community actually sets the price for the purchases, and the token distribution fluctuates depending on the metrics we discussed. An equilibrium will be formed based on the confidence the market has in Quant Network’s future revenue generation. Moreover, the QNT community could perceive the token as a Store of Value and be happy to hold 80/90% of all tokens for instance, or it could perceive QNT as more dynamic or risky and be happy to only represent 60/70% of the distribution. Needless to say that, considering my previous articles on the potential of Overledger, I think we will tend more towards the former scenario. Indeed, if you wished to store wealth with a technology-agnostic, future proof, globally adopted, revenue-providing (through Gateways) Network of Networks on which most of the digitalised value is flowing through — wouldn’t you see QNT as an appealing value proposition? In a nutshell, it all comes down to the Overledger revenue levels and the QNT holders’ resistence to buy pressure from Quant Treasury. Therefore, if you are confident in the Overledger revenue generation and wish to see the QNT token price go up, more than ever, do not sell your tokens! What about the locked tokens? There will always be a certain amount of tokens that are entirely taken out of circulation, but Quant Network company will always keep additional unlocked tokens on top of that (those they receive and manage as buffer) and that means that locked tokens will always be a subset of what Quant Network possesses. I do not know whether fees will primarily be concentrated on the licencing side vs. the usage side, but if that were to be the case then it would be even better as a higher amount of tokens would be taken out of circulation for good. Finally, as long as the company operates, the revenues will always represent a certain amount of money whereas this is not the case for profits which may not appear before years (e.g. during the first years, during an economic/business downturn, etc.). As an illustration, a company like Uber has seen vast increases in revenues since it launched but never made any profit! Therefore, the demand for the QNT token benefits from good resilience from that perspective. Quant Network vs. QNT community — What proportion of the QNT distribution will each represent?
How much revenues can Overledger generate?
I suggest we start with the basis of what the Quant Network business is about: connecting networks together, building new-generation hyper-decentralised apps on top (called “mApps”), and creating network effects. Network effects are best defined by Metcalfe’s law which states: “the effect of a telecommunications network is proportional to the square of the number of connected users of the system” (Source: Wikipedia). This is illustrated by the picture below, which demonstrates the increasing number of possible connections for each new user added to the network. This was also recently discussed in a YouTube podcast by QNT community members “Luke” and “Ghost of St. Miklos” which you can watch here. Source: applicoinc.com This means that, as Overledger continues to connect more and more DLTs of all types between themselves and also with legacy systems, the number of users (humans or machines) connected to this Network of Networks will grow substantially — and the number of possible connections between participants will in turn grow exponentially. This will increase the value of the network, and hence the level of fees associated with getting access to it. This forms the basis of expected, future revenue generation and especially in a context where Overledger remains unique as of today and embraced by many of the largest institutions in the world (see the detailed summary on the matter from community member “Seq” here). On top of this network, multi-chain hyper-decentralised applications (‘mApps’) can be built — which are an upgrade to existing dApps that use only one chain at a time and hence only benefit from the user base and functionalities of the given chain. Overledger mApps can leverage on theusers and abilities of all connected chains at the same time, horizontal scaling, the ability to write/move code in any language across chains as required, write smart contracts on blockchains that do not support them (e.g. Bitcoin), and provide easier connection to other systems. dApps have barely had any success so far, as discussed in my first article, but mApps could provide the market with the necessary tools to build applications that can complement or rival what can be found on the Apple or Google Play store. Also, the flexibility of Overledger enables Quant Network to target a large number of industries and to connect them all together. A sample of use cases can be found in the following illustration: https://preview.redd.it/th8edz5b84y31.png?width=2664&format=png&auto=webp&s=105dd4546f8f9ab2c66d1a5a8e9f669cef0e0614 It is to be noted that one of the use cases, namely the tokenisation of the entire world’s assets, represents a market worth hundreds of trillions of USD and that is not even including the huge amount of illiquid assets not currently traded on traditional Capital Markets which could benefit from the tokenisation process. More information on the topic can be found in my previous article fully focused on the potential of Overledger to capture value from the structural shift in the world’s assets and machine-related data/value transfers. Finally, we can look at what well established companies with a similar technology profile have been able to achieve. Overledger is an Operating System for DLTs and legacy systems on top of which applications can be built. The comparison to Microsoft Windows and the suite of Microsoft Software running on top (e.g. Microsoft Office) is an obvious one from that perspective to gauge the longer term potential. As you can see below, Microsoft’s flagship softwares such as Windows and Office each generate tens of billions of USD of revenues every year: Source: Geekwire We can also look at Oracle, the second largest Enterprise software company in the world: Source: Statista We can finally look at what the Apple store and the Google Play store generate, since the Quant Network “mApp store” for the community side of Overledger will look to replicate a similar business model with hyper-decentralised applications: Source: Worldwide total revenue by app store, 2018 ($bn) The above means total revenues of around USD 70bn in 2018 for the Apple store and Google Play store combined, and the market is getting bigger year-on-year! Also, again, these (indicative!) reference points for Overledger come in the context of the Community version of the system only, since the Enterprise version represents a separate set of verticals more comparable to the likes of Microsoft and Oracle which we just looked at.
I hope this article helped shed further light on the QNT token and how the various market and business parameters will influence its behavior over time, as the Quant Network business is expected to grow exponentially in the coming years. In the recent Forbes interview, Quant Network’s CEO (Gilbert Verdian) stated : “Our potential to grow is uncapped as we change and transform industries by creating a secure layer between them at speed. Our vision is to build a mass version of what I call an internet of trust, where value can be securely transferred between global partners not relying on defunct internet security but rather that of blockchain.”. This is highly encouraging with regards to business prospects and also in comparison to what other companies have been able to achieve since the Web as we know it today emerged (e.g. Microsoft, Google, Apple, etc.). The Internet is now entering a new phase, with DLT technology at its core, and Overledger is set to be at the forefront of this new paradigm which will surely offer a vast array of new opportunities across sectors. I believe it is an exciting time for all of us to be part of the journey, as long as any financial commitment is made with a good sense of responsibility and understanding of what success comes down to. “Crypto” is still immature in many respects, and the emergence of a dedicated regulatory framework combined with the expected gradual, selective entrance of institutional money managers will hopefully help shed further light and protect retail token holders from the misunderstandings, misinformation and misconduct which too many have suffered from in the last years. Thanks for your time and interest. Appendix: First article:“The reasons why Quant Network (QNT) will rise to the Top of the crypto sphere in the coming months” Second article:“The potential of Quant Network’s technology to capture value from the structural shift in the World’s assets and machine-related data/value transfers” October 2019 City AM interview of Gilbert Verdian (CEO):Click here October 2019 Blockchain Brad interview of Gilbert Verdian (CEO):Click here July 2019 Blockchain Brad interview of Gilbert Verdian (CEO):Click here February 2019 Blockchain Brad interview of Gilbert Verdian (CEO):Click here ---- About theoriginal authorof the article: My name is David and I spent years in the Investment Banking industry in London. I hold QNT tokens and the above views are based on my own thoughts and research only. I am not affiliated with the Quant Network team in any way. This is not investment advice, please do your own research andunderstandwhat you are buying before doing so. It is also my belief that more than 90% of all other crypto projects will fail because what matters is what is gettingadopted; please do not put more money at risk than you can afford to lose.
I’d like to propose a feature to bitcoin to solve the following problems: - When people read or write private keys it is very easy to mistake a letter or number. - When entering a private key a mistake isn’t identified until the entire key is entered. - When an error is made in providing a private key the location of the error isn’t indicated within the private key. - Private keys stored on paper can be lost if a single character is damaged or poorly transcribed. The solution I’m proposing has two parts. First provide an option to use to the NATO phonetic alphabet when displaying or entertaining private keys. To indicate lower case the word should not be capitalized. Capital letters and numbers should be capitalized. The nato phonetic alphabet is a long-standing international standard (as international as the use of letters and numbers already used in base58) and has been designed to make each letter easily distinguishable when spoken and written. By using whole words, that are easily distinguishable and from a very short word database (58 well known words that are either the English numbers or words that begin with the letter indicated) the likelihood of errors in recovery are reduced. The second part of the solution is to insert checksum letters. If every 5th word is actually a checksum for the previous 4 words, you end up with 13 sentences such as: ALFA tango THREE SIX bravo In this case bravo is actually a checksum for the previous 4 words and can be calculated and verified as the private key is entered. If the user accidentally trumped BRAVO instead of bravo the checksum would immediately indicate an error within these 5 words (in most cases) making for a greatly improved user experience. An additional side effect of this is that even if an entire word is lost on multiple lines, the checksum would probably make guessing the correct words relatively easy. I realize some of these issues have been discussed in relation to bip39, but I hope this is more likely to be adopted by bitcoin core as it uses existing private keys, has no impact on keygen, does not require a standardized and well known word list for every language, and is essential just a display format that hopefully wouldn’t require invasive code changes.
Long-term investment in an undervalued blockchain-based wallet of Osclass Android application
Learn fundamental principles of earning money Having plenty of bargaining and having received some additional income, some traders who become interested in the fundamental principles of earning money on the exchange come to the choice of long-term investment and try to be guided by the postulate of one of the leaders of the stock market, Woren Buffett, “the principle of investing in undervalued projects". Invest in shares of foreign companies, already formed giants, such as Apple, Alphabet, Tesla, Microsoft, Intel, Amd, Nvidia, Alibaba, Uber, Airnb, Naspers, or invest in the development of their software and create your own organizational structure, your a team of like-minded people and create a useful product in demand in the international community. The greatest prospects for making money when developing an individual product are to fill an unrealized niche of demanded services. Having analyzed hundreds of investment projects, I came to the conclusion that for me personally, as for most investors, the most relevant developments in the field of mobile software and artificial intelligence are the most relevant, because such projects have the prospect of generating more profit (i.e., they are the most investment attractive). Because Since 2003, I have been working in the field of developing Internet announcement services (free classified ads). A product created on the basis of Osclass open source software with the Android application has become the prototype for the implementation of the project in the field of growing blockchain developments, offline Internet wallets that do not require the presence of banks and intermediaries. Bitcoin-based cryptocurrencies served as an example for creating your own token (cryptocurrency), which provides a guarantee of calculating the cost of a product using third-party analytics services, such as Google Analytics, which track leads (sales) of site services. Thus, it became possible to create your own site (product) index and bring it to the virtual Internet cryptocurrency exchange with a cost regulated by automated calculation of the sales volume of the service. This model has become so attractive that in a project that begins its implementation anywhere in the world, any investors have the opportunity to invest funds regardless of status and location using Bitcoin, Ezereum and other cryptocurrencies. Such projects of financial instruments managed to raise several billion dollars in a matter of months, for example: EOS ($ 2.6 billion), Tezos ($ 1.2 billion), etc. That is. projects raised more money than would be necessary only on the faith of investors and the massive adoption (degree of scalability) of cryptocurrencies. I came to the conclusion that our product is universal because it meets such factors as: scalability, multilingualism, cross-platform, openness, security, design, etc. After all, the site has been translated into dozens of languages, uses open source code, is safe. The project provides modules and plugins that can be developed by anyone who knows the PHP programming language (analogous to C ++) and creates various useful services needed in his country or region and sells / transfers these plugins to all project partners thus making the company stronger, and accordingly all its members are richer. Think about where else such projects are offered on the market, who can give you the opportunity to earn from $1 - 18,000 (similar to Amazon) in a matter of years (say 3-10 years) by further withdrawing to any decentralized cryptocurrency exchange? According to my observations, no one. Although everything has a place to be - perhaps you will show some better than projects and can offer more optimal investment conditions. #investments #investing #osclass #blockchain #bitcoin #undervalued #project ###
If you have not already seen it, I made a challenge two days ago where I hid 6 different hidden messages in a text file, well, here is the solution. If you have not checked out the original challenge I highly suggest you do that before you continue reading! (Link below) I’m just gonna add a few links right here; Challenge #1 Challenge #1: Solution Challenge #2 As you might already know u/whaliam has kindly offered a 5$ reward in bitcoin to a random person who found all 6 hidden messages. Except for the fact that, nobody actually found all six, in fact, one was never found by anyone! So I had to roll all the people who found the remaining five, and the winner is... drumroll or whateveru/treebus! A PM will be sent shortly! (Sorry u/Torvaun) Now, the solutions.
Again, obligatory THIS HAS SPOILERS!!!!
I should mention that the text this is based on is not actually readable text in any language, it’s dummy text written in the 1500s known as Lorem impsum
“Herobrine is real”
Solution: You might notice that a lot of capitalization is weird in this text, which is intentional as by filtering out all capital letters (except for the first line), you get what Mojang has been hiding from us all this time!
“Leave me alone”
Solution: Another thing you might find is that lines are separated kind of suspiciously. This is, of course, intentional as by reading the first letter of every line downwards you get “Leave me alone”
Solution: The text is riddled with “13..13” marking certain letters scattered around; “Exam13p13le”. By taking all of these letters and (as hinted by the number) decoding them in a rot13 decoder, you will get the above-mentioned message.
Solution: the capitalization of the very first line can actually be decoded as binary ASCII code. By interpreting small letters as 0 and big letters as 1 you get the output: “horse” (if I’m being honest, the only reason that word is so short is that I’m lazy :p)
Solution: the end of the file has a bunch of hidden tabs and spaces, which are hard to see unless you have an editor configured to specifically see them. These can then be translated as Morse code, using single tabs as short, and double tabs as long, where each signal is separated by single spaces, and characters separated by triple spaces.
Solution: Looking at the last “paragraph” in the text, you simply start from the first character, or the “top left”, and read diagonally, or downwards and to the right. (Note, this is easier if you have a monospaced font, meaning all letters are of equal width.) Nobody actually managed to find that last one, although u/treebus did think of some clever techniques that I didn’t even consider, including using line length and punctuation as a way to hide something (Alphabet numbering/morse/binary etc...) Good job to anyone who managed to solve any of the challenges! I’d love to make more of these but I need more ideas from you guys for something new I could try to hide some messages in, or if you know any other techniques I could have used. Any feedback is appreciated! :D
Metaverse and why the shilling is justified, in my opinion.
There's been a few posts on Metaverse lately & I decided to look into it. Im excited about some of the things I learned and wish to share some of it with you: a. Metaverse (like NEO & QTUM) is a smart contract platform based on Digital Identity and Digital Assets. However, it expands on these features by introducing Oracles (Similar to ChainLink). Their vision is to attract big businesses and have 30 established projects on the platform already. They have clients like ZenAir that already have 100M customers. b. Metaverse has a parent company called ViewFin (Similar to NEO's OneChain) which is an established and legitimate blockchain company based out of China. They have more than 60 employees backing the project. c. The CEO of Metaverse, Eric Gu, was involved in the NEO project prior to developing Metaverse. (No, not Eric Zhang but Eric Gu has confirmed in an interview that he was one of the cofounders of NEO). This goes to show that he has several years of experience in the field and cant be written off. The CTO also won an award at the Arch Summit 2017, attesting to their legitimacy. d. Metaverse (ETP) has an insanely low amount of coins in total. Circulating Supply is 22M and total supply is 52M. It only has a market supply of 39M at the time this was written. This is not even a thirtieth (yes 1/30) of the total market cap of NEO and shows that it is severely undervalued. e. Quoting them.. ' The Chinese people dont write in alphabets, they write in characters. To tell them to write a programming language in alphabets is to double the difficulties for them. In Metaverse, you dont need to write anything. Just tell us what you need; eg: a token or a digital identity and the details, we will create it for you. No smart contract programming is required and this is attractive to the business people. If you really need a smart contract, Metaverse has API' I found this bit very interesting because it goes to show how NEO/Ethereum & Metaverse are actually targeting different customer bases. Metaverse is tailored for big businesses as opposed to developers, since coding smart contracts could be a little intimidating for the former, especially for those from East Asia, because they need to learn English before they can code in a language like Solidity, the one powering Ethereums smart contracts. f. Another thing I noticed is that it is only listed on Bitfinex so far. As we all know, Bitfinex is picky with their coins and is known to only list legitimate coins. ( Bitcoin, Litecoin, Ethereum, NEO, OmiseGo, Ripple, IOTA, QTUM, Dash, Monero etc.) Once we see more exchanges adding it, I can only see the value going up. NOTE: I own some ETP and am, by no means, a financial advisor. I simply did my due dilligence, absorbed whatever information I could & took the best possible decisions I could.
Hashrate: went from 54 to 76 PH/s, the low was 50 and the new all-time high is 100 PH/s. BeePool share rose to ~50% while F2Pool shrank to 30%, followed by coinmine.pl at 5% and Luxor at 3%. Staking: 30-day average ticket price is 95.6 DCR (+3.0) as of Sep 3. During the month, ticket price fluctuated between a low of 92.2 and high of 100.5 DCR. Locked DCR represented between 3.8 and 3.9 million or 46.3-46.9% of the supply. Nodes: there are 217 public listening and 281 normal nodes per dcred.eu. Version distribution: 2% at v1.4.0(pre) (dev builds), 5% on v1.3.0 (RC1), 62% on v1.2.0 (-5%), 22% on v1.1.2 (-2%), 6% on v1.1.0 (-1%). Almost 69% of nodes are v.1.2.0 and higher and support client filters. Data snapshot of Aug 31.
Obelisk posted 3 email updates in August. DCR1 units are reportedly shipping with 1 TH/s hashrate and will be upgraded with firmware to 1.5 TH/s. Batch 1 customers will receive compensation for missed shipment dates, but only after Batch 5 ships. Batch 2-5 customers will be receiving the updated slim design. Innosilicon announced the new D9+ DecredMaster: 2.8 TH/s at 1,230 W priced $1,499. Specified shipping date was Aug 10-15. FFMiner DS19 claims 3.1 TH/s for Blake256R14 at 680 W and simultaneously 1.55 TH/s for Blake2B at 410 W, the price is $1,299. Shipping Aug 20-25. Another newly noticed miner offer is this unit that does 46 TH/s at 2,150 W at the price of $4,720. It is shipping Nov 2018 and the stats look very close to Pangolin Whatsminer DCR (which has now a page on asicminervalue).
www.d1pool.com joined the list of stakepools for a total of 16. Australian CoinTreeadded DCR trading. The platform supports fiat, there are some limitations during the upgrade to a new system but also no fees in the "Early access mode". On a related note, CoinTree is working on a feature to pay household bills with cryptocurrencies it supports. Three new OTC desks were added to exchanges page at decred.org. Two mobile wallets integrated Decred:
Coinomiadded Decred to their Android and iOS wallets. In addition to the Apple App Store and Google Play you can download the APK directly. Coinomi features an integrated cryptocurrency exchange and is the first company to offer a mobile Decred wallet.
Reminder: do your best to understand the security and privacy model before using any wallet software. Points to consider: who controls the seed, does the wallet talk to the nodes directly or via middlemen, is it open source or not?
Bit Dialsannounced DCR support via GloBee at their bitdials.eu luxury boutique. Their separate supercar and classic car shop bitcars.eu also accepts DCR, either via GloBee or with manual invoicing in case of privacy concerns.
Targeted advertising report for August was posted by @timhebel. Facebook appeal is pending, some Google and Twitter campaigns were paused and some updated. Read more here. Contribution to the @decredproject Twitter account has evolved over the past few months. A #twitter_ops channel is being used on Matrix to collaboratively draft and execute project account tweets (including retweets). Anyone with an interest in contributing to the Twitter account can ask for an invitation to the channel and can start contributing content and ideas there for evaluation by the Twitter group. As a result, no minority or unilateral veto over tweets is possible. (from GitHub)
Meetup in Puebla City, Mexico, organized by @elian. (photo, slides, missed in July issue)
@joshuam discussed Decred and decentralized organizations with Craig Laundy, Federal Minister for Small Business, the Workplace, and Deregulation with the Australian Government, at @YBFVentures. (photos)
Meetup at @TheBlockCafe in Lisbon, Portugal. @mm presented "Decred 101 - Governance with Skin in the Game" and @moo31337 talked about Decred's 2018 roadmap. (photos: 123)
Meetup in Taipei, Taiwan. @morphymore made a short intro of Decred and noted: "After the talk, many have approached to tell me that they literally don’t hear of Decred until today, and are interested in finding out more about the merit of a hybrid consensus system.". Longer report here, some photos and a video are here.
@eSizeDave introduced Decred to the SILC Undergraduate Program students at @YBFVentures. (photo)
OKEx Global Meetup Tour in Ho Chi Minh City, Vietnam. @joshuam gave a brief presentation covering the history of Decred, how the project functions, and the importance of governance. Afterwards he joined a panel discussion and spoke about Decred's incentives for long term viability. (video, video, photo)
Blockchain Futurist Conference in Toronto, Canada. @zubairzia0 noted: "Devs and the community were held in high regard for the people who knew about decred ... one positive thing I remember was someone defending us saying 'Decred does not need a booth', I believe that comment was reflective of the quality of projects being showcased at the conference.". (photo)
Meetup at @YBFVentures in Melbourne, Australia. @joshuam discussed Decred with Graham Stuart, U.K. Minister for International Trade. (news, photos)
Small meetup with Jackson Palmer in Melbourne, Australia. (photo)
Hawthorne Street Fair in Portland, USA. Raedah Group was out answering questions about crypto and Decred. (photos)
Blockchain APAC in Melbourne, Australia. @joshuam joined a panel discussion with reps from banking, university and ISO/TC 307. @eSizeDave reports: "This enterprise conference was indeed a whole lot better than I expected. The presentations were actually full of very worthwhile information from credible people, articulated aptly to a very government, academic, and corporate crowd, who genuinely took on board valuable insights. Good to know some of these key people are Decred holders and stakers as well. I got to use the entire day to speak directly with some of the most pivotal personalities in this particular populace. Ongoing relationships have been built and strengthened.". (photos: 123)
For those willing to help with the events:
BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning) The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)
One private work channel was successfully migrated to Matrix.
Stylish room avatars were set.
@Haon has prepared a short guide to help new Matrix users get started and join the Decred rooms.
A thread was started to discuss changes to Decred jargon with the intent to make it more consistent and accessible to newcomers. The question whether changing "official" terminology requires stakeholder approval was touched in this thread and in #documentation.
Project fund transparency and constitution were extensively discussed on Reddit and in #general.
Pre-proposal to use Politeia to approve Politeia as a legitimate decision-making tool for Decred.
Reddit: substantive discussion about Decred cons; ecosystem fund; a thread about voter engagement, Politeia UX and trolling; idea of a social media system for Decred by @michae2xl; how profitable is the Obelisk DCR1. Chats: cross-chain trading via LN; plans for contractor management system, lower-level decision making and contractor privacy vs transparency for stakeholders; measuring dev activity; what if the network stalls, multiple implementations of Decred for more resilience, long term vision behind those extensive tests and accurate comments in the codebase; ideas for process for policy documents, hosting them in Pi and approving with ticket voting; about SPV wallet disk size, how compact filters work; odds of a wallet fetching a wrong block in SPV; new module system in Go; security of allowing Android app backups; why PoW algo change proposal must be specified in great detail; thoughts about NIPoPoWs and SPV; prerequisites for shipping SPV by default (continued); Decred vs Dash treasury and marketing expenses, spending other people's money; why Decred should not invade a country, DAO and nation states, entangling with nation state is poor resource allocation; how winning tickets are determined and attack vectors; Politeia proposal moderation, contractor clearance, the scale of proposals and decision delegation, initial Politeia vote to approve Politeia itself; chat systems, Matrix/Slack/Discord/RocketChat/Keybase (continued); overview of Korean exchanges; no breaking changes in vgo; why project fund burn rate must keep low; asymptotic behavior of Decred and other ccs, tail emission; count of full nodes and incentives to run them; Politeia proposal translations and multilingual environment. An unusual event was the chat about double negatives and other oddities in languages in #trading.
DCR started the month at USD 56 / BTC 0.0073 and had a two week decline. On Aug 14 the whole market took a huge drop and briefly went below USD 200 billion. Bitcoin went below USD 6,000 and top 100 cryptos lost 5-30%. The lowest point coincided with Bitcoin dominance peak at 54.5%. On that day Decred dived -17% and reached the bottom of USD 32 / BTC 0.00537. Since then it went sideways in the USD 35-45 / BTC 0.0054-0.0064 range. Around Aug 24, Huobi showed DCR trading volume above USD 5M and this coincided with a minor recovery. @ImacallyouJawdy posted some creative analysis based on ticket data.
StopAndDecrypt published an extensive article "ASIC Resistance is Nothing but a Blockchain Buzzword" that is much in line with Decred's stance on ASICs. The ongoing debates about the possible Sia fork yet again demonstrate the importance of a robust dispute resolution mechanism. Also, we are lucky to have the treasury. Mark B Lundeberg, who found a vulnerability in atomicswap earlier, published a concept of more private peer-to-peer atomic swaps. (missed in July issue) Medium took a cautious stance on cryptocurrencies and triggered at least one project to migrate to Ghost (that same project previously migrated away from Slack). Regulation: Vietnam bans mining equipment imports, China halts crypto events and tightens control of crypto chat groups. Reddit was hacked by intercepting 2FA codes sent via SMS. The announcement explains the impact. Yet another data breach suggests to think twice before sharing any data with any company and shift to more secure authentication systems. Intel and x86 dumpsterfire keeps burning brighter. Seek more secure hardware and operating systems for your coins. Finally, unrelated to Decred but good for a laugh: yetanotherico.com.
About This Issue
This is the 5th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are welcome too. Some areas are collecting content, pre-release review or translations to other languages. Check out @Richard-Red's guide how to contribute to Decred using GitHub without writing code. Credits (Slack names, alphabetical order): bee, Haon, jazzah, Richard-Red and thedecreddigest.
Final version 1.3.0 of the core software was released bringing all the enhancements reported last month to the rest of the community. The groundwork for SPV (simplified payment verification) is complete, another reduction of fees is being deployed, and performance stepped up once again with a 50% reduction in startup time, 20% increased sync speed and more than 3x faster peer delivery of block headers (a key update for SPV). Decrediton's integrations of SPV and Politeia are open for testing by experienced users. Read the full release notes and get the downloads on GitHub. As always, don't forget to verify signatures. dcrd: completed several steps towards multipeer downloads, improved introduction to the software in the main README, continued porting cleanups and refactoring from upstream btcd. Currently in review are initial release of smart fee estimator and a change to UTXO set semantics. The latter is a large and important change that provides simpler handling, and resolves various issues with the previous approach. A lot of testing and careful review is needed so help is welcome. Educational series for new Decred developers by @matheusd added two episodes: 02 Simnet Setup shows how to automate simnet management with tmux and 03 Miner Reward Invalidation explains block validity rules. Finally, a pull request template with a list of checks was added to help guide the contributors to dcrd. dcrwallet: bugfixes and RPC improvements to support desktop and mobile wallets. Developers are welcome to comment on this idea to derive stakepool keys from the HD wallet seed. This would eliminate the need to backup and restore redeem scripts, thus greatly improving wallet UX. (missed in July issue) Decrediton: bugfixes, refactoring to make the sync process more robust, new loading animations, design polishing. Politeia: multiple improvements to the CLI client (security conscious users with more funds at risk might prefer CLI) and security hardening. A feature to deprecate or timeout proposals was identified as necessary for initial release and the work started. A privacy enhancement to not leak metadata of ticket holders was merged. Android: update from @collins: "Second test release for dcrandroid is out. Major bugs have been fixed since last test. Latest code from SPV sync has been integrated. Once again, bug reports are welcome and issues can be opened on GitHub". Ask in #dev room for the APK to join testing. A new security page was added that allows one to validate addresses and to sign/verify messages, similar to Decrediton's Security Center. Work on translations is beginning. Overall the app is quite stable and accepting more testers. Next milestone is getting the test app on the app store. iOS: the app started accepting testers last week. @macsleven: "the test version of Decred Wallet for iOS is available, we have a link for installing the app but the builds currently require your UDID. Contact either @macsleven or @raedah with your UDID if you would like to help test.". Nearest goal is to make the app crash free. Both mobile apps received new design themes. dcrdata: v3.0 was released for mainnet! Highlights: charts, "merged debits" view, agendas page, Insight API support, side chain tracking, Go 1.11 support with module builds, numerous backend improvements. Full release notes here. This release featured 9 contributors and development lead @chappjc noted: "This collaboration with @raedahgroup on our own block explorer and web API for @decredproject has been super productive.". Up next is supporting dynamic page widths site wide and deploying new visual blocks home page. Trezor: proof of concept implementation for Trezor Model T firmware is in the works (previous work was for Model One). Ticket splitting: updated to use Go modules and added simnet support, several fixes. docs: beginner's guide overhaul, multiple fixes and cleanups. decred.org: added 3rd party wallets, removed inactive PoW pools and removed web wallet. @Richard-Red is building a curated list of Decred-related GitHub repositories. Welcome to new people contributing for the first time: @klebe, @s_ben, @victorguedes, and PrimeDominus! Dev activity stats for September: 219 active PRs, 197 commits, 28.7k added and 18.8k deleted lines spread across 6 repositories. Contributions came from 4-10 developers per repository. (chart)
Hashrate: started and ended the month around 75 PH/s, hitting a low of 60.5 and a new high of 110 PH/s. BeePool is again the leader with their share varying between 23-54%, followed by F2Pool 13-30%, Coinmine 4-6% and Luxor 3-5%. As in previous months, there were multiple spikes of unidentified hashrate. Staking: 30-day average ticket price is 98 DCR (+2.4). The price varied between 95.7 and 101.9 DCR. Locked DCR amount was 3.86-3.96 million DCR, or 45.7-46.5% of the supply. Nodes: there are 201 public listening nodes and 325 normal nodes per dcred.eu. Version distribution: 5% are v1.4.0(pre) dev builds (+3%), 30% on v1.3.0 (+25%), 42% on v1.2.0 (-20%), 15% on v1.1.2 (-7%), 6% on v1.1.0. More than 76% of nodes run v1.2.0 and higher and therefore support client filters. Data as of Oct 1.
Obelisk posted two updates on their mailing list. 70% of Batch 1 units are shipped, an extensive user guide is available, Obelisk Scanner application was released that allows one to automatically update firmware. First firmware update was released and bumped SC1 hashrate by 10-20%, added new pools and fixed multiple bugs. Next update will focus on DCR1. It is worth a special mention that the firmware source code is now open! Let us hope more manufacturers will follow this example. A few details about Whatsminer surfaced this month. The manufacturer is MicroBT, also known as Bitwei and commonly misspelled as Bitewei. Pangolinminer is a reseller, and the model name is Whatsminer D1. Bitmain has finally entered Decred ASIC space with their Antminer DR3. Hash rate is 7.8 TH/s while pulling 1410 W, at the price of $673. These specs mean it has the best GH/W and GH/USD of currently sold miners until the Whatsminer or others come out, although its GH/USD of 11.6 already competes with Whatsminer's 10.5. Discussed on Reddit and bitcointalk, unboxing video here.
@matheusd started tests on testnet several months ago. I contacted him so we could integrate with the pool in June this year. We set up the machine in July and bought the first split ticket on mainnet, using the decredbrasil pool, on July 19. It was voted on July 30. After this first vote on mainnet, we opened the tests to selected users (with more technical background) on the pool. In August we opened the tests to everyone, and would call people who want to join to the #ticket_splitting channel, or to our own Slack (in Portuguese, so mostly Brazilian users). We have 28 split tickets already voted, and 16 are live. So little more than 40 split tickets total were bought on decredbrasil pool. (@girino in #pos-voting)
KuCoin exchange listed DCBTC and DCETH pairs. To celebrate their anniversary they had a 99% trading fees discount on DCR pairs for 2 weeks. Three more wallets integrated Decred in September:
Atomic desktop wallet added Decred in version 0.1.31. The team answered many questions on Reddit.
AnyBit wallet added Decred. It features built-in price and news tracking. Notably, the source code is open for their Android and iOS wallets.
Coboadded Decred support into their Android and iOS wallets.
ChangeNow announced Decred addition to their Android app that allows accountless swaps between 150+ assets. Coinbase launched informational asset pages for top 50 coins by market cap, including Decred. First the pages started showing in the Coinbase app for a small group of testers, and later the web price dashboard went live.
The birth of a Brazilian girl was registered on the Decred blockchain using OriginalMy, a blockchain proof of authenticity services provider. Read the full story in Portuguese and in English.
Advertising report for September is ready. Next month the graphics for all the ads will be changing.
Marketing might seem quiet right now, but a ton is actually going on behind the scenes to put the right foundation in place for the future. Discovery data are being analyzed to generate a positioning strategy, as well as a messaging hierarchy that can guide how to talk about Decred. This will all be agreed upon via consensus of the community in the work channels, and materials will be distributed. Next, work is being done to identify the right PR partner to help with media relations, media training, and coordination at events. While all of this is coming up to speed, we believe the website needs a refresher reflecting the soon to be agreed upon messaging, plus a more intuitive architecture to make it easier to navigate. (@Dustorf)
Raedah Group went on the streets of Portland, USA with a pretty blue tent. (photos)
Meetup at Binzantin Cafe in Taipei, Taiwan. @morphymore: "There were 20-ish attendees, and about half of them have joined the Chinese FB group. Most of them don't hear about Decred before, but have expressed the interest in learning more about it after the event. Overall, it's a good exposure for Decred in the Taiwan community.". A report with photos was posted on Facebook, more photos are here and here.
@joshuam made a Decred Jacket appearance at Singapore Grand Prix. (photos)
NewTech PDX meetup in Portland, USA. Raedah Group presented Decred and reported "lots of new converts". (photos)
North Shore Bitcoin & Blockchain in Glenview, USA. @dustorf gave a five minute overview of Decred and noted: "There were only about 25 people, but about 1/3 of them were aware of Decred prior. (...) Our simple presence and explanation of the project moved opinion from 'another shitcoin they sold after mining' to 'an interesting and viable project worthy of further investigation'.". (photos: 12)
Bitcoin Meetup CDMX in Mexico City on Oct 6. @elian will be talking about Decred at the oldest Bitcoin meetup in Mexico.
SF Blockchain Week in San Francisco, USA on Oct 9. @lukebp will discuss DPoS vs PoS on a panel 9:30a-10:15a at the Titans of Tech Stage, Hilton Union Square.
Decred Meetup in Casablanca, Morocco on Oct 27. @butterfly will host the event and talk about Decred in French.
Texas Bitcoin Conference Austin, USA on Oct 27-28. @BAB: "The great thing about this is that it will also be a Decred Summit. We will have half of the conference dedicated to Decred topics, updates, etc."
Websummit in Lisbon, Portugal on Nov 5-8. @moo31337 will be on a panel discussing "2018: A Rollercoaster Year for Cryptocurrencies"
We'll begin shortly reviewing conferences and events planned for the first half of 2019. Highlights are sure to include The North American Bitcoin Conference in Miami (Jan 16-18) and Consensus in NYC (May 14-16). If you have suggestions of events or conferences Decred should attend, please share them in #event_planning. In 2019, we would like to expand our presence in Europe, Asia, and South America, and we're looking for community members to help identify and staff those events. (@Dustorf)
August issue of Decred Journal was translated to Russian. Many thanks to @DZ! Rency cryptocurrency ratings published a report on Decred and incorporated a lot of feedback from the community on Reddit. September issue of Chinese CCID ratings was published (snapshot), Decred is still at the bottom. Videos:
The underbelly of blockchain Governance - fiat licensing and our code with Marco Peerboom and Chris DeRose (youtube, tweet, decred, missed in August issue) Insightful dialogue about men's underwear, licenses, subtleties of GPL, BSD wars, tiling window managers and much more.
Introduction to Decred (Korean, youtube) @Killawhale collected a lot of feedback from the community and produced this video to spread the word in Korea.
Perspectives on Governance from Nathan Wilcox, Jonathan Zeppettini, Vitalik Buterin (z.cash)
Decred - an example of governance (Portuguese, youtube)
Decred, the crypto that wants to compete with Bitcoin (French, youtube)
Exodus.io Live with Marco from Decred! (youtube) Marco joins Exodus.io to discuss what makes DCR an asset that will stand the test of time.
Building Decred With Systems Development Lead Marco Peereboom - Governance, Politeia, Lightning (youtube) Topics: early days, Politeia, the structure of Decred, dcrtime, Lightning Network, attracting users and developers, future plans (DEX, Schnorr signatures, privacy, DAEs).
Decentralized autonomous funding of blockchain projects by @Richard-Red (medium, discussion on decred and dashpay)
The trouble with infrastructure, "thin" protocols in particular, is that someone has to build them at a cost. e.g. LN takes a ton of work, doesn't necessarily generate value itself, but it magnifies the value of BTC or whatever coin that uses it. I see the DEX in a similar light - whoever creates it is not going to make a bunch of money from it, but it will magnify the value of the underlying asset(s) that end up having a deep order book on the DEX. (@jy-p in #dex)
Twitter: why decentralized governance and funding are necessary for network survival and the power of controlling the narrative; learning about governance more broadly by watching its evolution in cryptocurrency space, importance of community consensus and communications infrastructure. Reddit: yet another strong pitch by @solar; question about buyer protections; dcrtime internals; a proposal to sponsor hoodies in the University of Cape Town; Lightning Network support for altcoins. Chats: skills to operate a stakepool; voting details: 2 of 3 votes can approve a block, what votes really approve are regular tx, etc; scriptless script atomic swaps using Schnorr adaptor signatures; dev dashboard, choosing work, people do best when working on what interests them most; opportunities for governments and enterprise for anchoring legal data to blockchain; terminology: DAO vs DAE; human-friendly payments, sharing xpub vs payment protocols; funding btcsuite development; Politeia vote types: approval vote, sentiment vote and a defund vote, also linking proposals and financial statements; algo trading and programming languages (yes, on #trading!); alternative implementation, C/C++/Go/Rust; HFTs, algo trading, fake volume and slippage; offline wallets, usb/write-only media/optical scanners vs auditing traffic between dcrd and dcrwallet; Proof of Activity did not inspire Decred but spurred Decred to get moving, Wikipedia page hurdles; how stakeholders could veto blocks; how many votes are needed to approve a proposal; why Decrediton uses Electron; CVE-2018-17144 and over-dependence on single Bitcoin implementation, btcsuite, fuzz testing; tracking proposal progress after voting and funding; why the wallet does not store the seed at all; power connectors, electricity, wiring and fire safety; reasonable spendings from project fund; ways to measure sync progress better than block height; using Politeia without email address; concurrency in Go, locks vs channels. #support is not often mentioned, but it must be noted that every day on this channel people get high quality support. (@bee: To my surprise, even those poor souls running Windows 10. My greatest respect to the support team!)
In September DCR was trading in the range of USD 34-45 / BTC 0.0054-0.0063. On Sep 6, DCR revisited the bottom of USD 34 / BTC 0.0054 when BTC quickly dropped from USD 7,300 to 6,400. On Sep 14, a small price rise coincided with both the start of KuCoin trading and hashrate spike to 104 PH/s. Looking at coinmarketcap charts, the trading volume is a bit lower than in July and August. As of Oct 4, Decred is #18 by the number of daily transactions with 3,200 tx, and #9 by the USD value of daily issuance with $230k. (source: onchainfx) Interesting observation by @ImacallyouJawdy: while we sit at 2018 price lows the amount locked in tickets is testing 2018 high.
ASIC for Lyra2REv2 was spotted on the web. Vertcoin team is preparing a new PoW algorithm. This would be the 3rd fork after two previous forks to change the algorithm in 2014 and 2015. A report titled The Positive Externalities of Bitcoin Mining discusses the benefits of PoW mining that are often overlooked by the critics of its energy use. A Brief Study of Cryptonetwork Forks by Alex Evans of Placeholder studies the behavior of users, developers and miners after the fork, and makes the cases that it is hard for child chains to attract users and developers from their parent chains. New research on private atomic swaps: the paper "Anonymous Atomic Swaps Using Homomorphic Hashing" attempts to break the public link between two transactions. (bitcointalk, decred) On Sep 18 Poloniex announced delisting of 8 more assets. That day they took a 12-80% dive showing their dependence on this one exchange. Circle introduced USDC markets on Poloniex: "USDC is a fully collateralized US dollar stablecoin using the ERC-20 standard that provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors.". Coinbase announced new asset listing process and is accepting submissions on their listing portal. (decred) The New York State Office of the Attorney General posted a study of 13 exchanges that contains many insights. A critical vulnerability was discovered and fixed in Bitcoin Core. Few days later a full disclosure was posted revealing the severity of the bug. In a bitcointalk thread btcd was called 'amateur' despite not being vulnerable, and some Core developers voiced their concerns about multiple implementations. The Bitcoin Unlimited developer who found the bug shared his perspective in a blog post. Decred's vision so far is that more full node implementations is a strength, just like for any Internet protocol.
About This Issue
This is the 6th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are also welcome: some areas are adding content, pre-release review or translations to other languages. Credits (Slack names, alphabetical order): bee, Dustorf, jz, Haon, oregonisaac, raedah and Richard-Red.
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